CG malls europe - Commerz Real

Commerz Real Estate Master FCP – SIF
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS AT DECEMBER 31, 2009
14. Property management fees
Property management fees are comprised of a fixed percentage charged on key turnover factors, such as rental income,
key monies, mall income, as well as cession and transfer fees. For the financial year 2009 property management fees of
EUR 3,090,809 (2008: EUR 3,765,539) have been incurred by the Group.
15. Finance income and costs
Until the end of the reporting period 2009 the Fund incurred interest expenses of EUR 18,716,878 (2008: EUR
19,475,264). In addition to that the Fund incurred EUR 818,128 of bank charges (2008: EUR 815,929). Furthermore, until
December 31, 2009 EUR 959,115 (2008: EUR 1,115,347) of amortizations of three loans which were acquired in the
course of the acquisitions of the Portuguese and Spanish properties were included in the interest expense capture.
The movements in amortization of above mentioned loans are as follows:
The finance costs of the Fund can be summarised as follows:
Financial Statements
At the same time EUR 104,053 of finance income was recognised in the financial year 2009 (2008: EUR 554,795) which
comprises mainly of interest income on cash held on bank accounts in the different entities of the Group.
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