CG malls europe - Commerz Real

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Commerz Real Estate Master FCP – SIF NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT DECEMBER 31, 2009 17. Retained earnings 18. Changes in working capital The change in the Fund’s working capital is derived as follows: 19. Consolidated entities Entities included in the scope of the consolidation as at December 31, 2009 are as follows: Financial Statements 97
98 Commerz Real Estate Master FCP – SIF NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT DECEMBER 31, 2009 19. Consolidated entities (continued) During 2009, the Group breached a 25% Equity covenant which is incorporated in the loan agreement between Espacio León Propco S.L. and Eurohypo AG. Despite the covenant breach the lender did not request accelerated repayment of the loan. During two consecutive years the equity of Espacio León Propco., S.L. has fallen below 50% of the amount of its nominal share capital. Pursuant to Spanish Law, this would constitute a cause of mandatory dissolution. However, Royal Decree Law 10/2008 (the RD) established that, for the purposes of mandatory dissolution, any losses due to, amongst others, deterioration of the value of fixed assets shall not be considered, allowing for a 2-year suspension on the mandatory dissolution. This 2-year suspension would have seized on December 31, 2009 but was extended until December 31, 2011 in March 2010 (please refer to Note 25 for further details). As the losses which were encountered by Espacio León since the acquisition of the investment property were mainly due to deterioration of the value of the property Royal Decree Law is applicable to Espacio León until December 31, 2011. 20. Related party transactions Pursuant to the Private Placement Memorandum dated July 13, 2007 the Fund has appointed Commerz Real AG as Investment Advisor with the responsibility to prepare the purchase and sale of commercial real estate properties for the Fund and advise the Fund with respect to asset management. (a) Management Fee The Management Company is entitled to receive a Management Fee in an amount of 0.50% per annum of the Gross Asset Value of the Fund, with rebates being granted to Investors depending on the Aggregate Investment Amount of such Investor and to Investors subscribing for Units at the Initial Closing or acquiring Units before June 30, 2008 (see below). The reduced Management Fee percentage is determined by reference to a fee waterfall, with the applicable percentage decreasing as the Aggregate Investment Amount increases. Aggregate Investment Amount Applicable Management Fee percentage €0 - €50 million 0.50% €50 million or more 0.45% The applicable Management Fee percentage for Investors subscribing for Units at the Initial Closing or acquiring Units before June 30, 2008 shall be 0.45% for a period of 10 years commencing with the Initial Closing; accordingly, the Management Company will pay each such Unitholder corresponding rebates of the Management Fee in respect of Units subscribed by such Unitholder at the Initial Closing or acquired by such Unitholder before June 30, 2008. After the expiry of 10 years commencing with the Initial Closing the applicable Management Fee percentage and the entitlement to any rebate of the Management Fee for Investors subscribing for Units at the Initial Closing or acquiring Units before June 30, 2008 shall be calculated in the same manner as for all other Unitholders. As at December 31, 2009 the Fund disclosed Management Fees amounting to EUR 3,077,666 (as at December 31, 2008: EUR 3,335,217).
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Annual Report 2009 as at 31 Decembe
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2 General Information Fund name: CG
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Almada Forum
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6 Financials Balance Sheet by Fund
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Almada Forum
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10 Manager‘s Report on the Fund O
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12 For 2010, the Economist Intellig
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14 Larger shopping centres of more
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16 Shopping Centre Prime Initial Yi
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18 As the figure above shows, many
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20 All three Luxembourg companies a
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22 5.2 Forum Montijo The acquisitio
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24 The following list shows the per
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26 6.2.1 Service and Management Cha
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28 Property Report 1. Portfolio Ove
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30 Tenancy information Almada Forum
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32 The following table shows the to
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34 Almada Forum As at 31 December 2
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36 Shops by group of activity - lev
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38 Almada Forum these malls are loc
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40 Located next to the main entranc
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42 Shops by group of activity - Gro
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44 Forum Montijo Forum Montijo Catc
Page 47 and 48: 46 4. Espacio León The city of Le
Page 49 and 50: 48 Parking Parking Espacio León fl
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Page 56 and 57: 2.1 Internal Loan Portfolio The tab
Page 58 and 59: With the purchase of Almada Cda. an
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Page 62: Financial Statements Financial Stat
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CG malls europe - Commerz Real

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