Annual Report 2012 - ORCO Germany

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In 2011
49 investment properties (EUR 492.0million) financed by bank loans located in special purpose entities are fully pledged for EUR 300.0 million.
(a)
Investments / Acquisitions
- EUR 0.5 million in Germany mainly on Kurfustendamm 102 (transferred to asset held for sale asset at the end of 2011) for EUR 0.2
million.
(b)
Asset sales
During the year, the net book value (“NBV”) of the assets sold represents EUR 8.6 million, for a total sale price of EUR 9.3 million with a total net gain
compared to the December 2010 DTZ valuation amounting to EUR 0.7 million and composed of the following disposals:
- Invalidenstrasse in Berlin (NBV of EUR 5.2 million) at the sale price of EUR 5.6 million;
- Brunnenstrasse 156 in Berlin (NBV of EUR 3.4 million) at the sale price of EUR 3.7 million;
(c)
Revaluation through the income statement
In Germany, the total amount of increase in fair value amounts to EUR 13.1 million of which EUR 12.8 million on freehold buildings and EUR 0.3
million on land banks;
(d) Transfers
Freehold buildings – Main outgoing assets:
4 investment properties in Germany which have been transferred to assets held for sale:
- Hüttenstrassen in Düsseldorf for EUR 6.5 million;
- Kurfurstendamm 102 in Berlin for EUR 6.3 million;
- Bergfriedstrasse 2,4,6 & Ritterstrasse 114 in Berlin for EUR 3.7 million;
- Kufurstenstrasse 13-14 in Berlin for EUR 2.4 million.
Land banks:
The Group is expecting to sell 1 land bank property in Germany which have been transferred in assets held for sale:
- Ackerstrasse 83-84 in Berlin for EUR 0.7 million.
ANNUAL CONSOLIDATED FINANCIAL STATEMENTS | 30