short report

Valuation Report 

DTZ Zadelhoff Tie Leung GmbH DTZ Valuation zertifiziert nach DIN EN ISO 9001 

Linkstraße 2 

10785 Berlin 

Tel. +49(0)30 20 17 05-0 Fax +49(0)30 20 17 05 499 

www dtz.com 

Geschäftsführer: Rainer Hamacher • Estanislau Torrent Janer 

HRB 55026 • Amtsgericht Frankfurt/Main • Sitz der Gesellschaft: Frankfurt/Main • USt- D-Nr. DE 114232401 

Berlin • Düsseldorf • Frankfurt am Main • Hamburg • Leipzig • München • Hannover 

Elad Germany GmbH 

Mr Erez Yaari 

Lietzenburger Straße 107 

10707 Berlin 

Valuation 

Terra Heimbau Portfolio 

286 Properties in 

20 Property Clusters, 

Germany 

Valuation date: 01.09.2011 

Report date: 22.05.2012 

Private & Confidential


Valuation 

Private & Confidential 

Contents Page 

1 Introduction ......................................................................................................... 7 

2 Inspections .......................................................................................................... 7 

3 Compliance with Appraisal and Valuation Standards ...................................... 9 

4 Status of Valuer and Conflicts of Interest .......................................................... 9 

5 Professional Indemnity Insurance ..................................................................... 9 

6 Purpose of Valuation ........................................................................................... 9 

7 Basis of Valuation ..............................................................................................10 

7.1 Market Value ....................................................................................................... 10 

7.2 Market Rent ......................................................................................................... 11 

8 Taxation and Costs ............................................................................................11 

9 VAT ......................................................................................................................11 

10 General Assumptions and Sources of Information ..........................................11 

10.1 Legal Issues ........................................................................................................ 12 

10.2 Title ...................................................................................................................... 12 

10.3 Condition of Structure and Services, Deleterious Materials, Plant and 

Machinery and Goodwill .................................................................................... 13 

10.4 Environmental Matters / Contamination ........................................................... 15 

10.5 Areas ................................................................................................................... 16 

10.6 Statutory Requirements and Planning .............................................................. 16 

10.7 Leasing and Tenant Structure ........................................................................... 17 

10.8 Residential Leases ............................................................................................. 18 

11 Information provided and Plausibility Check ...................................................20 

Approval: 22 05.12 STG 20120522_Elad_F DTZ VAL Page: 2 of 50


Valuation 


12 Portfolio Analysis ...............................................................................................21 

12.1 Portfolio Overview .............................................................................................. 21 

12.2 Lettable Areas ..................................................................................................... 23 

12.3 Type of Properties .............................................................................................. 23 

12.4 Residential Unit Sizes ........................................................................................ 24 

12.5 Vacancy Rates .................................................................................................... 24 

12.6 Rental Levels ...................................................................................................... 25 

13 Residential 2011 Market Overview ....................................................................26 

13.1 Residential Stock ............................................................................................... 26 

13.2 Residential Demand ........................................................................................... 28 

13.3 Market Prices ...................................................................................................... 31 

14 Valuation Methodology ......................................................................................34 

14.1 Overall Approach and Analysis ......................................................................... 34 

14.2 General DCF Assumptions ................................................................................ 34 

14.3 Revenues ............................................................................................................ 35 

14.4 Cost Assessment ............................................................................................... 36 

14.5 Exit Capitalisation Rate ...................................................................................... 38 

14.6 Discount Rate ..................................................................................................... 38 

14.7 Saleability ........................................................................................................... 39 

15 Valuation Summary ............................................................................................39 

16 Confidentiality and Disclosure ..........................................................................40 


Appendices 

A DTZ Confirmation of Instructions 

B Overview – Valuation Results 

C Property Templates 

D Sensitivity Analysis 

E Ap�praisersEducation 

F Standard Terms and Conditions 


Valuation 



Executive Summary 

Valuation Terra Heimbau Portfolio 2011 

Subject of Valuation 


Valuation 


Subject of this valuation are the 286 properties in 20 property clusters included in the Terra 

Heimbau Portfolio. The Valuation is based on the data available as at 15 September 2011. 

The valuation date adopted is 1 September 2011. 

Description of the Portfolio 

All properties of the Terra Heimbau Portfolio are located in the Rhine-Ruhr area in the federal 

state North Rhine-Westphalia. The Portfolio has eight property clusters in Dortmund, three 

property clusters in Hattingen as well as two property clusters in Gelsenkirchen, Gladbeck 

and Castrop-Rauxel, respectively. The remaining three property clusters are in Dusseldorf, 

Herne and Marl. 

The total lettable area of the Portfolio amounts to 128,547 sq m with 127,409 sq m residential 

area and 1,138 sq m commercial area. Furthermore, the Portfolio comprises 454 car parking 

spaces. 

About 4% of the lettable area in the Portfolio was constructed before 1945. Further 85% were 

built between 1945 and 1970 and 11% were constructed after 1970. 

As at the valuation date, 25,779 sq m of residential area and 771 sq m of commercial area 

are vacant. Additionally, 140 car parking spaces are currently vacant. The Portfolio has an 

overall vacancy rate of 20.7%. 

The total current rent for residential and commercial area as well as the car parking spaces 

and the additional income receivable from the Portfolio is approximately €5,560,000 per 

annum. 


Market Rent 


Valuation 


We are of the opinion that the Market Rent of the Portfolio, as at 1 September 2011, based 

on individual property assessments subject to the Assumptions and comments in this 

valuation report and in the Appendices is as follows: 

€6,940,000 (rounded) 

(In words: six million, nine hundred forty thousand euro) 

Market Value 

We are of the opinion that the Market Value of the Portfolio, as at 1 September 2011, based 

on individual property assessments subject to the Assumptions and comments in this 

valuation report and in the Appendices is as follows: 

€62,380,000 (rounded) 

(In words: sixty-two million, three hundred eighty thousand euro) 

This equates to €485 per sq m lettable area and a multiplier of 11.22 on current rent. 

Volatility of Capital and Market Rent Performance 

Considering the individual locations, the quality of the buildings and the current tenant 

structure, it is assumed that the rental income remains relatively stable in the foreseeable 

future. However, we would like to emphasise that most of the properties of the Portfolio face 

a considerable backlog of repair. Without undertaking the necessary refurbishment works 

immediately, it is likely that rental income will decrease significantly and the Market Rent 

reported will not be achieved. 

Likely Occupational and Investor Demand and Likely Categories of Purchasers 

The properties are mostly in poor to fair condition and predominantly located in basic to fair 

residential locations. Given the size, specification and location of the properties, individual 

properties will attract investors with a regional focus. 



Mr Erez Yaari 

Lietzenburger Straße 107 

10707 Berlin 

For the attention of Erez Yaari 

Dear Mr Yaari 

Valuation of the Terra Heimbau Portfolio 

1 Introduction 


Valuation 


DTZ Zadelhoff Tie Leung GmbH DTZ Valuation zertifiziert nach DIN EN ISO 9001 

Linkstraße 2 

10785 Berlin 

Tel. +49(0)30 20 17 05-0 Fax +49(0)30 20 17 05 499 

www dtz.com 

Geschäftsführer: Rainer Hamacher • Estanislau Torrent Janer 

HRB 55026 • Amtsgericht Frankfurt/Main • Sitz der Gesellschaft: Frankfurt/Main • USt- D-Nr. DE 114232401 

Berlin • Düsseldorf • Frankfurt am Main • Hamburg • Leipzig • München • Hannover 

22 May 2012 

Our ref: Stephan Griese 

Direct tel: +49 (0) 30 201 705 - 403 

Direct fax: +49 (0) 30 201 705 - 499 

e-mail: stephan.griese@dtz.com 

In accordance with the instruction dated 15 July 2011, we have conducted the valuation of 

the above mentioned Portfolio (in the following “the Portfolio”) in order to advise you of our 

opinion on the Portfolio‟s Market Value as at 1 September 2011. The valuation is based on 

the data available as at 15 September 2011. As instructed, we have assumed that the 

information provided by Elad Germany GmbH and Hausverwaltung Matthias Rothe e.K. is 

complete and fully reflects the situation as at the valuation date. 

2 Inspections 

For this valuation we have inspected a sample of Properties in all 20 property clusters 

externally and internally.

Portfolio Overview 


Valuation 


ID Cluster City Address 

Type of 

inspection 

1 Dusseldorf Dusseldorf Hasselsstr. 16, 18, 20, 22 Full 

2 Hattingen I Hattingen 

An der Hunsebeck 25, Heinrich-Zille-Str. 2, 

Käthe-Kollwitz-Str. 1, 3, 5, 15 

Full 

3 Hattingen II Hattingen 

An der Hunsebeck 27, Heinrich-Zille-Str. 4, 6, 

Käthe-Kollwitz-Str. 1a, 3a 

Full 

4 Hattingen III Hattingen Käthe-Kollwitz-Str.10 Full 

5 Herne Herne Edmund-Weber-Str. 242-262 (even), 262A 

Almastr. 1-25 uneven, Horsterstr. 241-251 

Full 

6 Gladbeck I Gladbeck (uneven), 241A, 243A, 245 A, B, Marienstr. 28- 

42 (even) 

Full 

7 Gladbeck II Gladbeck 

Bohnekampstr. 29-65 (uneven), Knappenstr. 1, 

Eisenstr. 2 

Hultschiner Str. 2-8 (even), 1, 3, Reichenberger 

Full 

8 Gelsenkirchen I Gelsenkirchen Str.14, 17-39 (uneven), 19a, 37a, Schönauer 

Str. 1-8, Trautenauer Str. 1, 3, 5, 7 

Full 

9 

Gelsenkirchen 

II 

Gelsenkirchen 

Laurentiusstr. 9-23 (uneven), 11A, B, 15A-C, 

Sandstr. 45-55 (uneven) 

Full 

10 Marl Marl 

Ostpreußenstr. 1-8, 10-36 (even), 

Pommernstr. 2-4 

Full 

11 Castrop-Rauxel 

I 

Castrop-Rauxel 

Briloner Str. 32-34 (even), 42-44 (even), 

52-54 (even) 

Full 


II 



56-60 (even) 

Full 

13 Dortmund I Dortmund Brüchtenweg 23 Full 

14 Dortmund II Dortmund Vogelpothsweg 25, Oberbank 5-7 (uneven) Full 

15 Dortmund III Dortmund Echeloh 4-32 (even) Full 

16 Dortmund IV Dortmund Echeloh 33-39 (uneven) Full 

17 Dortmund V Dortmund Echeloh 51-59 (uneven) Full 

18 Dortmund VI Dortmund Kirchlinder Str. 4-8 (even), Zollernstr. 1A 

Kosselstr. 46-48 (even), Jungferntalstr. 71-81 

Full 

19 Dortmund VII Dortmund (uneven), 98-100 (even), 85-113 (uneven), 

76-94 (even) 

Erpinghofstr. 24-34 (even), 34A, 48-58 (even), 

Full 

20 Dortmund VIII Dortmund 

61-67 (uneven), Rupinghofstr. 1-23 (uneven), 

2-24 (even), Travemannstr. 5-9 (uneven), 

Welkener Str. 25-31 (uneven) 

Full 

The inspections were carried out by Stephan Griese MRICS (DTZ) between 6 and 8 

September 2011. Where possible, we have inspected residential and commercial units of 

different layout and refurbishment status. 


3 Compliance with Appraisal and Valuation Standards 


Valuation 


We confirm that the valuation has been prepared in accordance with the appropriate sections 

of the Valuation Standards (“VS”) contained within the RICS Valuation Standards – Global, 

7th Edition (the “Red Book”). This is an internationally accepted standard of valuation. 

4 Status of Valuer and Conflicts of Interest 

We confirm that we have undertaken the valuations acting as external valuers. In this 

respect, we have prepared a Desktop Opinion on Value for Elad Germany GmbH in July 

2011. Besides that, we can confirm that we have no current, anticipated or recent fee earning 

involvement with any other party in connection with this valuation. 

DTZ Zadelhoff Tie Leung GmbH was a wholly owned subsidiary of DTZ Holdings plc (the 

“Group”) until 5 December 2011, when all the trading subsidiaries of the Group (the 

“Subsidiaries”) were sold to UGL Limited (“UGL”). In the Group‟s financial year ending 30 

April 2011, the proportion of fees payable by the Fund/Company to the total fee income of 

the Group was less than 5%. UGL‟s financial year end is 30 June. We anticipate that the 

proportion of fees payable by the Fund/Company to the Subsidiaries in the financial year to 

30 June 2012 will remain at less than 5%. 

5 Professional Indemnity Insurance 

We confirm that our Professional Indemnity Insurance covers claims of up to €7.0 million. 

DTZ Zadelhoff Tie Leung GmbH accepts liability for this instruction up to a maximum of 

€7.0 million. 

6 Purpose of Valuation 

This valuation was originally required for internal and acquisition purposes. The values stated 

in this report are aggregated rounded single property values. No adjustments have been 

made on portfolio level. 

We confirm that we have given our full consent to the inclusion of the valuation in its entirety 

within the 2012 Q1 financial statements of Elad Europe Ltd. due to be published in Israel in 

May 2012. 


7 Basis of Valuation 


Valuation 


Our Opinion of the Market Value of the Portfolio has been primarily assessed by using the 

current rental income as well as an estimate of the future potential income generated by the 

use of the properties, supported by comparable recent market portfolio transactions on arm's 

length terms. 

In accordance with your instructions, we have undertaken our valuations on the following 

bases: 

a. Market Value 

b. Market Rent 

Our valuation is subject to our Standard Valuation Terms, Conditions and Assumptions which 

are included in the Appendix. In the event that any of our Assumptions prove to be incorrect, 

our valuation should be reviewed. 

7.1 Market Value 

The value of the Portfolio has been assessed in accordance with the relevant parts of the 

current RICS Valuation Standards - Global. In particular, we have assessed Market Value in 

accordance with VS 3.2. Under these provisions, the term “Market Value” means: 

”The estimated amount for which a property should exchange on the date of valuation 

between a willing buyer and a willing seller in an arm's-length transaction after proper 

marketing wherein the parties had each acted knowledgeably, prudently and without 

compulsion.“ 

In undertaking our valuation on the basis of Market Value we have applied the conceptual 

framework which has been settled by the International Valuation Standards Committee and 

which is included in VS 3.2. 


7.2 Market Rent 


Valuation 


Market Rent as defined in VS 3.3 of the Red Book. Under VS 3.3 the term “Market Rent” 

means: 

”Th eestimated amountf orwhi ch aproperty, orspa cewithi n aproperty, shoul dlea se)l(et on 

the date of valuation between a willing lessor and a willing lessee on appropriate lease terms 

in an arm's-length transaction after proper marketing wherein the parties had acted 

knowledgeabl,y prudentl yan dwithout compulsio.n“ 

The Market Rent will normally be used to indicate the amount for which a vacant property 

may be let, or for which a let property maybe re-let when the existing lease terminates as at 

the valuation date. Market Rent is not a suitable basis for settling the amount of rent payable 

under a rent review provision in a lease, where the actual definitions and Assumptions have 

to be used. 

8 Taxation and Costs 

We have not made any adjustment to reflect any liability to taxation that may arise on 

disposal, nor for any costs associated with disposal incurred by the owner. No allowance has 

been made to reflect any liability to repay any government or other grants, taxation allowance 

or lottery funding that may arise on disposal. 

We have made a deduction to reflect purchaser‟s costs. Please note that the federal state of 

North Rhine-Westphalia will increase the property transfer tax to 5% as at 1 October 2011. 

As the valuation date is 1 September 2011 we have reflected the current property transfer 

tax of 3.5%. 

9 VAT 

The capital valuations and rentals included in this Valuation Report are net of value added 

tax at the prevailing rate. 

10 General Assumptions and Sources of Information 

An “Assumption” is stated in the Glossary to the Red Book to be a “supposition taken to be 

true”. Assumptions are facts, conditions or situations affecting the subject of, or approach to, 

a valuation that, by agreement, need not be verified by a valuer as part of the valuation 

process. In undertaking our valuations, we have made a number of Assumptions and have 

relied on certain sources of information. In the event that any of these Assumptions prove to 

be incorrect, our valuations should be reviewed. 


10.1 Legal Issues 


Valuation 


Legal issues, particularly the interpretation of matters relating to land registers and leases, 

may have a significant impact on the value of a property. Where we have expressed our 

opinion on legal issues affecting the valuation, then such opinion is subject to verification by 

the client with a suitably qualified lawyer. In these circumstances, we accept no responsibility 

or liability for the true interpretation of the legal position of the client or other parties in 

respect of the valuation of each of the properties. 

10.2 Title 

We have not been provided with the copies of the land register extracts for each property. 

However, we have been provided with an executive summary of the respective land registry 

extracts by Elad Germany GmbH. According to the information provided, the Portfolio 

consists of freehold and leasehold properties. The following properties are subject to 

leasehold agreements: 

� Gladbeck II: Bohnekampstr. 57, 59, 61, 63, 65 

� Marl: Ostpreußenstr. 1-8, 10-36 even, Pommernstr. 2-4 

According to the information provided by Elad Germany GmbH, the landlord and the 

beneficiary of the leasehold agreement are identical. This circumstance was reflected in the 

discount rate; however, we would like to point out that this has only a negligible influence on 

value. For the following six properties a waiver for compensation of any damage resulting 

from mining activities (“Bergschadensverzicht”) is entered in the land register: 

� Gladbeck II: Bohnekampstr. 29-65 uneven, Knappenstr. 1, Eisenstr. 2 

� Gelsenkirchen I: Hultschiner Str. 2-8 even, 1, 3, Reichenberger Str. 14, 17-39 

uneven, 19a, 37A, Schönauer Str. 1-8, Trautenauer Str. 1, 3, 5, 

7 

� Gelsenkirchen II: Laurentiusstr. 9-23 uneven, 11A, B, 15A-C, 

Sandstr. 45-55 uneven 

� Dortmund III: Echeloh 4-32 even 

� Dortmund IV: Echeloh 33-39 uneven 

� Dortmund V: Echeloh 51-59 uneven 



Valuation 


This means that the respective landlord will bear the risk of damage resulting from mining 

activities, ranging from smaller repairs, such as the repair of smaller cracks, up to the 

demolition and reconstruction of the related buildings. We have not been provided with 

relevant documents and have no information on individual details of the agreements. For the 

purposes of the valuation we reflected a risk premium in the discount and cap rate of 

between 0.25 and 0.5% for the affected properties. However, we strongly advise to 

undertake a survey by an expert for mining activities and mining damage to fully assess the 

related risks and costs. For further details we refer to the Template Reports attached. 

Furthermore, and if not stated otherwise in the Template Reports, we assume that the entries 

stated in section II of the land register, building encumbrances, possible rights of way, 

easements or restrictive covenants, disputes or onerous or unusual outgoings do not have a 

detrimental influence on the value. We have also assumed that the properties are free from 

mortgages, charges or other encumbrances. 

Due to the age and the nature of the Portfolio, it is unlikely that the existing properties are not 

constructed in accordance with the applicable laws and regulations. Thus, we do not assume 

restrictions arising out of this issue. 

The interpretation of the legal documents/disputes is a matter for lawyers and as such we 

accept no responsibility or liability for the true interpretation of the legal position. 

10.3 Condition of Structure and Services, Deleterious Materials, Plant and Machinery 

and Goodwill 

Due regard has been paid to the apparent state of repair and condition of each of the 

inspected properties, but condition surveys have not been undertaken, nor have woodwork 

or other parts of the structures which are covered, unexposed or inaccessible, been 

inspected. Therefore, we are unable to report that the properties are structurally sound or 

free from any defects. For the purposes of the valuation we have reflected the costs 

assessed by Drees & Sommer (Technical Due Diligence Report dated 1 September 2011). 

We have made the Assumption that the properties are free from any rot, infestation, adverse 

toxic chemical treatments, and structural or design defects other than such as may have 

been mentioned in the body of our Valuation Report and the appendices. 

We have not arranged for investigations to be made to determine whether high alumina 

cement concrete, calcium chloride additive or any other deleterious materials have been 

used in the construction or any alterations, and therefore we cannot confirm that the 

properties are free from risk in this regard. For the purposes of this valuation, we have made 

the Assumption that any such investigation would not reveal the presence of such materials 

in any adverse condition. 



Valuation 


No mining, geological or other investigations have been undertaken to certify that the sites 

are free from any defect as to foundations. In this respect we would like to emphasise that a 

number of properties suffer from the past and present mining activities within the Rhine–Ruhr 

area. Usual building damage are inclined buildings and settlement cracks. Although being 

reflected in the capex schedule prepared by Drees & Sommer, we are of the opinion that the 

costs reflected for the remedy of the existing damage are assessed on the lower end of the 

range. In this respect, we strongly advise to undertake a survey by an expert for mining 

activities and mining damage to fully assess the related risks and costs. 

We have made the Assumption that the load bearing qualities of the sites of the properties 

are sufficient to support the buildings constructed thereon. We have also made the 

Assumption that there are no abnormal ground conditions, nor archaeological remains 

present, which might adversely affect the present or future occupation, development or value 

of any of the properties. 

No tests have been carried out as to electrical, electronic, heating, plant and machinery, 

equipment or any other services nor have the drains been tested. However, we have made 

the Assumption that all services are functioning satisfactorily. 

No allowance has been made in this valuation for any items of plant or machinery not 

forming part of the service installations of the buildings. We have specifically excluded all 

items of plant, machinery and equipment installed wholly or primarily in connection with the 

occupant‟s businesses. 

We have also excluded furniture and furnishings, fixtures, fittings, vehicles, stock and loose 

tools. Further, no account has been taken in our valuations of any goodwill that may arise 

from the present occupation of any of the properties. Refurbishment costs related to the 

German Energy Conservation Ordinance (EnEV) have been reflected in accordance with the 

Technical Due Diligence Report prepared by Drees & Sommer. If not stated otherwise in the 

Template Reports, we have made the Assumption that there are no further significant cost 

implications for the Portfolio arising from the introduction of the EU building „Energy Pass‟. 

It is a condition of DTZ Zadelhoff Tie Leung GmbH or any related company, or any qualified 

employee, providing advice and opinions as to value, that the client and/or third parties 

(whether notified to us or not) accept that the Valuation Report in no way relates to, or gives 

warranties as to, the condition of the structure, foundations, soil and services. 


10.4 Environmental Matters / Contamination 


Valuation 


We have not made enquiries regarding the Portfolio in order to, as far as reasonably 

possible, establish the potential existence of contamination arising from previous or present 

uses of the sites and any adjoining sites. According to the information provided in the 

Technical Due Diligence prepared by Drees & Sommer, parts of the following property may 

be potentially contaminated: 

� Dortmund II: Vogelpothsweg 25, Oberbank 5-7 uneven 

Our inspections have provided no visible evidence that there is a significant risk of 

contamination in respect to the inspected properties. However, we would like to emphasise 

that most of the buildings were constructed between 1945 and 1970 and hazardous building 

materials such as asbestos were widely used in the construction of buildings. For the 

purposes of the valuation we have reflected the related refurbishment costs assessed by 

Drees & Sommer. For further details please also refer to the Technical Due Diligence 

prepared by Drees & Sommer. 

Other than as referred to above, we have not made any investigations into past or present 

uses, either of the properties or any neighbouring land, to establish whether there is any 

contamination or potential for contamination of the subject properties. Commensurate with 

our Assumptions set out above we have made no allowance in these valuations for any 

effect in respect of actual or potential contamination of land or buildings. 

A purchaser in the market might, in practice, undertake further investigations than those 

undertaken by us. If it is subsequently established that additional contamination exists at any 

of the properties or on any neighbouring land or that any of the premises have been, or are 

being, put to any contaminative use then this might reduce the values now reported. You are 

advised to ensure your professional advisors take up the usual enquiries on your behalf, in 

respect of possible contamination, before entering a financial commitment concerning the 

properties. 


10.5 Areas 


Valuation 


We have not measured the properties in the Portfolio. Hausverwaltung Matthias Rothe e.K. 

acting as asset manager has provided us with information on the lettable areas of the 

properties that are subject to our valuation. We have relied on these areas and have not 

checked them on site by a quantity survey. We have not been provided with any floor plans 

or “as-built” drawings of the properties. We have made the Assumption that the lettable areas 

supplied to us have been calculated in accordance with local market practice (§ 42 II. BV/ 

WoFlV as at 1 January 2004). To verify the completeness and plausibility of the floor areas, 

we double-checked a sample of the rental areas in the lease overview against the areas 

stated in other relevant documents. 

Should the lettable areas be measured and result in a materially different area, or mix of area 

types, this will affect the Portfolio value. We have been provided neither with building 

consents nor any building descriptions of the properties. 

10.6 Statutory Requirements and Planning 

We have obtained the planning status from the Technical Due Diligence prepared by Drees 

& Sommer. Furthermore, we have made verbal enquiries at the relevant planning authorities 

for all property clusters of the Portfolio. We have not made any enquiries as to the possibility 

of highway proposals, comprehensive development schemes and other ancillary planning 

matters that could affect the property value. We have made the Assumption that there are no 

such proposals that will have an adverse effect on value. 

Moreover, we have made verbal enquiries at the relevant authorities regarding the listing 

status for all property clusters of the Portfolio and included the findings in our valuation. We 

have made the Assumption that the buildings have been constructed in full compliance with 

valid town planning and building regulations approvals, that, where necessary, they have the 

benefit of current fire certificates, and that the properties are not subject to any outstanding 

statutory notices as to their construction, use or occupation. 


10.7 Leasing and Tenant Structure 


Valuation 


For the valuation we have relied on tenant data included in the database provided to us by 

Hausverwaltung Matthias Rothe e.K. The following properties are subject to social housing 

rent restrictions: 

Cluster City Address Expiry date 

Hattingen II Hattingen 

An der Hunsebeck 27, Heinrich-Zille-Str. 4, 6, 

Käthe-Kollwitz-Str. 1a, 3a 

2030-2064 

Dortmund II Dortmund Vogelpothsweg 25, Oberbank 5-7 (uneven) 2029-2081 

Dortmund VI Dortmund Kirchlinder Str.4-8 (even), Zollernstr. 1A 2080 

Gladbeck II Gladbeck 

Bohnekampstr. 29-65 (uneven), Knappenstr. 1, 

Eisenstr. 2 

31.08.2013 

In this respect we have made the Assumption that properties subject to long-term social 

housing programs (Hattingen II, Dortmund II, Dortmund VI) will not profit from increasing 

Market Rents as achievable rents and potential tenants are determined by the local 

authorities. 

With regard to the lease contracts, we have assumed that they are in proper adequate form 

with no onerous clauses or requirements. We have assumed that both the landlord and the 

tenants have performed their respective covenants under the leases, to include those 

relating to the repair of the buildings, and we have not been informed of the contrary. We 

have assumed that the operating costs are recoverable from the tenant according to BetrKV 

(“Betriebskostenverordnung”). 

We would like to emphasise that the rent roll provided includes several tenancies, where no 

rental payment is stated. We have requested but not yet received any information regarding 

these tenancies. For the purposes of the valuation we have assumed that these units are 

vacant. 

We have also assumed that the current use of the properties is in accordance with the 

leases, that there are no tenancies or sub-tenancies for any parts of any of the buildings 

other than those we have mentioned in our Template Reports in the Appendix and that there 

are no unusual restrictions on assignment or sub-letting of the properties for residential 

purposes. 

We have not undertaken investigations into the financial strengths of the tenants. Unless we 

have become aware by general knowledge or have been specifically advised to the contrary 

we have made the Assumption that the tenants are financially in a position to meet their 

obligations. Unless otherwise advised we have also made the Assumption that there are no 

material arrears of rent or service charges, breaches of covenants, current or anticipated 

tenant disputes. 



Valuation 


However, our valuations reflect the type of tenants actually in occupation or responsible for 

meeting lease commitments, or likely to be in occupation, and the market‟s general 

perception of their creditworthiness. 

We have also made the Assumption that wherever rent reviews or lease renewals are 

pending or impending, with anticipated reversionary increases, all notices have been served 

validly within the appropriate time limits. 

10.8 Residential Leases 

Termination: Tenants in Germany have strong statutory protection, in particular regarding 

lease termination and increase of rents. Since residential tenancies are typically concluded 

for an indefinite period, it is very difficult for the landlord to terminate the contract unless 

there has been a breach of contract or the landlord can provide a valid reason (e.g. 

redevelopment or owner-occupation). 

Maintenance Costs: Costs for maintenance and repair are generally borne by the landlord 

with the exception of smaller repairs (“kleine Instandhaltungsmaßnahmen”) and decorative 

repairs (“Schönheitsreparaturen”): 

Smaller repairs include the repair of technical facilities, water and gas facilities, 

heating and stoves as well as windows and door locks. In this respect there are strict 

limits on the amount that can be passed on to the tenant, unless damage has been 

caused by the tenant. 

Decorative repairs include any kind of painting and redecoration within the apartment. 

In the absence of an agreement to the contrary, the tenant is not responsible for smaller or 

decorative repairs. It is the landlord's obligation to maintain the premises in an appropriate 

condition. However, most landlords insist to have a clause put into the rental agreement that 

stipulates that the tenant has to carry out decorative repairs during the lease term. We would 

like to point out that, with regard to the points stated above, a lot of renovation clauses stated 

in older residential leases have become invalid. 

Rental Level: Residential rents in Germany are heavily influenced by the respective rent- 

index (“Mietspiegel”). Under Federal Law (Article 558 Bürgerliches Gesetzbuch or BGB), the 

“Mietspiegel” effectively sets rental limits by district in line with the average rent (“ortsübliche 

Vergleichsmiete”) within each district for units of comparable type, location, size, fit-out- 

quality and age. The initial rent is agreed by negotiation between landlord and tenant. If the 

tenancy involves a building already included in the “Mietspiegel”, then the rent must not 

exceed the local comparable rent. 


Rent increases may only be made under the following circumstances: 


Valuation 


� If the rent has remained unchanged for 15 months, an increase up to the limit allowed by 

the “Mietspiegel” is possible. The rent increase is limited to a maximum of 20% 

(“Kappungsgrenze”) within a three-year period; 

� If the landlord has improved the quality of the property by upgrading facilities or 

refurbishment, he may raise the rents by up to 11% (besides the 20% referred to above); 

� Via inflation-linked increases (“Indexmieten”), which need to be agreed at the start of the 

tenancy agreement (not common practice); 

� Via progressive increases (step rents), which need to be agreed at the start of the 

tenancy agreement (not common practice). 

The only tenancies that are not included in the “Mietspiegel” are those concluded in new 

developments completed after the current “Mietspiegel” has been established. In preparing a 

“Mietspiegel” (they are prepared every 2 years), only rents which have been agreed on new 

tenancies or revised on existing tenancies after the publication of the previous “Mietspiegel” 

(i.e. effectively the „open-market‟ rents), as well as all step rents and index rents, are 

included in calculating the local comparable rents. The calculation takes account of any 

change in rent over the preceding four-year period. In practice this means that landlords 

affected by the “Mietspiegel” can benefit from the uplift in Market Rents, which are then 

incorporated into each new “Mietspiegel”. 


11 Information provided and Plausibility Check 


Valuation 


Our valuation is based on the information provided by Elad Germany GmbH and 

Hausverwaltung Matthias Rothe e.K. We have assumed that the information supplied to us in 

respect of the properties is both complete and correct. It follows that we have assumed that 

the details of all matters likely to affect value within the client‟s collective knowledge have 

been made available to us and that the information is up to date. 

We have based the valuation on the following sources of information: 

� Rent roll as at 22 August 2011, received on 7 September 2011 

� Technical Due Diligence and Appendices prepared by Drees & Sommer dated 1 

September 2011, received on 6 September 2011 

� Executive Summary of a Legal Due Diligence prepared by CMS Hasche Sigle undated, 

received 9 September 2011 

� Copies of the relevant cadastral plans, received on 6 September 2011 

� Information regarding the subsidy status, received on 13 September 2011 

We have undertaken several plausibility checks for the rent roll provided. The rent roll 

provided was checked for obvious errors and logical inconsistencies to avoid using wrong 

and/or incomplete data for the valuation, particularly check of consistence and completeness 

of the database and check of appropriate size per unit type. 

Incorrect data was checked, and the client was asked for verification of the data. In a few 

cases we have made plausible adjustments in accordance with the client. In this respect, we 

would like to point out that there are several pending requests, which could have an impact 

on the value reported. 


12 Portfolio Analysis 

12.1 Portfolio Overview 


Valuation 


All properties of the Terra Heimbau Portfolio are located in the Rhine-Ruhr area within the 

federal state North Rhine-Westphalia. The Portfolio comprises eight property clusters in 

Dortmund, three property clusters in Hattingen as well as two property clusters in 

Gelsenkirchen, Gladbeck and Castrop-Rauxel, respectively. The remaining three property 

clusters are in Dusseldorf, Herne and Marl. The map below shows the locations of the 

Portfolio properties: 


The Portfolio comprises the following 20 property clusters: 

ID Cluster City Address 


Valuation 


1 Dusseldorf Dusseldorf Hasselsstr. 16, 18, 20, 22 

2 Hattingen I Hattingen 


Käthe-Kollwitz-Str. 1, 3, 5, 15 

3 Hattingen II Hattingen 


6, Käthe-Kollwitz-Str. 1a, 3a 

4 Hattingen III Hattingen Käthe-Kollwitz-Str.10 

5 Herne Herne Edmund-Weber-Str. 242-262 (even), 262A 

Almastr. 1-25 uneven, Horsterstr. 241-251 

6 Gladbeck I Gladbeck 

(uneven), 241A, 243A, 245 A, B, Marienstr. 

28-42 (even) 

7 Gladbeck II Gladbeck 

Bohnekampstr. 29-65 (uneven), 

Knappenstr. 1, Eisenstr. 2 

Hultschiner Str. 2-8 (even), 1, 3, 

8 Gelsenkirchen I Gelsenkirchen 

Reichenberger Str.14, 17-39 (uneven), 

19a, 37a, Schönauer Str. 1-8, Trautenauer 

Str. 1, 3, 5, 7 

9 Gelsenkirchen II Gelsenkirchen 

Laurentiusstr. 9-23 (uneven), 11A, B, 15A- 

C, Sandstr. 45-55 (uneven) 

10 Marl Marl 

Ostpreußenstr. 1-8, 10-36 (even), 

Pommernstr. 2-4 

11 Castrop-Rauxel I Castrop-Rauxel 


52-54 (even) 

12 Castrop-Rauxel II Castrop-Rauxel 


56-60 (even) 

13 Dortmund I Dortmund Brüchtenweg 23 

14 Dortmund II Dortmund Vogelpothsweg 25, Oberbank 5-7 (uneven) 

15 Dortmund III Dortmund Echeloh 4-32 (even) 

16 Dortmund IV Dortmund Echeloh 33-39 (uneven) 

17 Dortmund V Dortmund Echeloh 51-59 (uneven) 

18 Dortmund VI Dortmund Kirchlinder Str. 4-8 (even), Zollernstr. 1A 

Kosselstr. 46-48 (even), Jungferntalstr. 71- 

19 Dortmund VII Dortmund 

81 (uneven), 98-100 (even), 85-113 

(uneven), 76-94 (even) 

Erpinghofstr. 24-34 (even), 34A, 48-58 

20 Dortmund VIII Dortmund 

(even), 61-67 (uneven), Rupinghofstr. 1-23 

(uneven), 2-24 (even), Travemannstr. 5-9 

(uneven), Welkener Str. 25-31 (uneven) 


12.2 Lettable Areas 


Valuation 


According to the tenancy schedule the total lettable area of the 20 property clusters amounts 

to 128,547 sq m in North Rhine-Westphalia. With 54,400 sq m, the largest agglomeration is 

in Dortmund. 

The following table shows the lettable area per location: 

Location Federal state Lettable Area Residential Commercial 

Dortmund 

Hattingen 

Gelsenkirchen 

Gladbeck 

Other 

North Rhine- 

Westphalia 

North Rhine- 

Westphalia 

North Rhine- 

Westphalia 

North Rhine- 

Westphalia 

North Rhine- 

Westphalia 

12.3 Type of Properties 

54,400 sq m 53,482 sq m 918 sq m 

19,815 sq m 19,595 sq m 220 sq m 

16,259 sq m 16,259 sq m 0 sq m 

13,577 sq m 13,577 sq m 0 sq m 

24,497 sq m 24,497 sq m 0 sq m 

The majority of the properties have been constructed between 1945 and 1970 and are 

located in primarily fair residential areas. The buildings are residential or mixed used with a 

small percentage of commercial areas. Most of the properties are in partly refurbished 

condition and in fairly poor condition, a minor share has recently been refurbished or is 

completely unrefurbished. The chart below shows the construction dates of the properties in 

relation to the lettable area: 

Year of construction 

11% 

4% 

Approval: 22 05.12 STG 20120522_Elad_F DTZ VAL Page: 23 of 50 

85% 

< 1945 

1946-1970 

> 1970


Valuation 


None of the property clusters are listed and none of the property clusters are subject to 

preservation statutes (“Erhaltungssatzung”). Furthermore, the Portfolio comprises a minor 

share of leasehold properties located in Gladbeck and Marl. This circumstance was reflected 

in the discount rate, however, we would like to point out that this has only a negligible 

influence on value. The following chart demonstrates the share of leasehold properties in 

relation to the lettable area: 

12.4 Residential Unit Sizes 

The average residential unit size in the Portfolio is approximately 60 sq m, which broadly 

corresponds to a two-bedroom apartment with kitchen, bathroom and living room. This size is 

slightly below the common unit size in Germany. 

12.5 Vacancy Rates 

12% 

Title 

The Portfolio has 26,551 sq m of vacant space, which equates to an overall vacancy rate of 

21%. The property clusters showing the highest vacancy rates are „Dortmund V‟ (55%), 

„Castrop-Rauxel I‟ (35%) and „Dortmund III‟ (34%). 


88% 

Freehold 

Leasehold

12.6 Rental Levels 


Valuation 


The total income of the Portfolio is currently at €5,559,551 per annum. The table below 

shows the properties with the highest income share: 

City Current rent p.a. In % of portfolio income 

Dortmund VII €552,123 9.9% 

Dortmund IV €508,180 9.1% 

Hattingen I €494,014 8.9% 

Marl €462,362 8.3% 

Gelsenkirchen I €447,055 8.0% 

The Portfolio currently generates an average residential rent of €4.44 per sq m per month 

and an average commercial rent of €5.66 per sq m per month. 


13 Residential 2011 Market Overview 

13.1 Residential Stock 


Valuation 


According to current information provided by the Federal Statistical Office, at the end of 2009 

around 40,184,000 residential units with approx. 3,479 million sq m were registered in 

Germany. The average residential unit size amounts to 86.6 sq m. Regarding the ownership 

structure, 40% are owned by owner occupiers, 37% by smaller companies and only 23% by 

professional suppliers like public or private housing companies or associations. 

Ownership structure of the residential unit stock in Germany 

23% 

37% 

Source: Bundesvereinigung der Spitzenverbände der Immobilienwirtschaft, Statistisches Bundesamt 

40% 

Owner occupiers and smaller companies, for whom letting is not the main business, make up 

a significant proportion, leading to market fragmentation. 

Owner-Occupants 

Smaller Companies 

Professional Providers 

Compared to other real estate sectors, the residential market is characterised by stable 

development of vacancy rates over the last years. According to the current Techem- 

empirica-vacancy index 2009, the vacancy rate for residential units in residential buildings 

with three or more apartments stood at 3.7%, representing no increase compared to 2008. In 

East Germany (including Berlin) it decreased from 8.5% in 2001 to 5.8% in 2009, largely due 

to demolition of oversupply. In West Germany the vacancy rate increased slightly from 2.1% 

to 2.9% over the same period. The development is shown in the following chart. 


Vacancy rate (multi-family houses) 2001-2009 

9% 

8% 

7% 

6% 

5% 

4% 

3% 

2% 

1% 

0% 

Source: Techem / empirica 


Valuation 


The federal states of Hamburg (1.4%), Bavaria (2.1%) and Baden-Wuerttemberg (2.2%) 

exhibit the lowest vacancy rates, while Saxony (7.7%) and Saxony-Anhalt (8.0%) have the 

highest vacancy rates. Berlin has an average vacancy rate of 3.8%. 

Vacancy rates (apartment buildings) federal states 

6,000,000 

5,000,000 

4,000,000 

3,000,000 

2,000,000 

1,000,000 

0 

Source: Techem / empirica 

2001 2002 2003 2004 2005 2006 2007 2008 2009 

Vacancy Rate East Vacancy Rate West Total 

Occupied Units Vacant Units Vacancy Rate 


18% 

16% 

14% 

12% 

10% 

8% 

6% 

4% 

2% 

0%


Valuation 


The forecast of housing demand by the Bundesinstitut für Bau-, Stadt- und Raumforschung 

implies that by the year 2025 vacancy rates will rise, particularly in apartment buildings. 

According to current information provided by the Federal Statistical Office, between January 

and March 2011 building permissions for 5,972,000 sq m residential area were chartered, 

meaning an increase of approx. 5% compared to Q4 2010 and an increase of approx. 28% 

compared to Q1 2010. Hence, the trend initiated at the end of 2009 continued. 

13.2 Residential Demand 

Transaction Volume: 

According to BulwienGesa in 2010, 129 residential portfolios with a total volume of approx. 

69,400 units were sold. The total investment volume is estimated to have been approx. 

€3.67billion, representing an increase of approx. 15% in comparison to 2009. After a slump 

in activities in the third quarter of 2010, the number of transactions and the investment 

volume has been constantly rising to approx. 29,100 units and approx. €1,340,000,000, 

meaning the highest levels in the last two years. Hence, demand has recovered 

extraordinarily fast and rapidly. However, in Q2 2011 another large decrease can be 

observed. 

The following chart shows the transaction volume and the number of traded units per quarter 

since Q2 2009: 

Transaction volume of residential portfolios and number of traded units 

€ 1,600,000,000 

€ 1,400,000,000 

€ 1,200,000,000 

€ 1,000,000,000 

€ 800,000,000 

€ 600,000,000 

€ 400,000,000 

€ 200,000,000 

€ 0 

Source: BulwienGesa 

Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 

Transaction volume (€) Residential units 

35,000 units 

30,000 units 

25,000 units 

20,000 units 

15,000 units 

10,000 units 

5,000 units 

0 units 

In comparison to Q2 2010, the average sale price per sq m increased from €740 to €834, 

reaching the second highest level in the last two years. In Q2 2011 the average number of 

units per deal has been significantly lower as in Q1 (331 units compared to 571 units). 


The following data table shows the major transactions in Q2 2011: 

Date Purchaser Vendor City/Region 

Source: DTZ Research 

Number of 

units (total) 

Purchase 

price in € 

Lettable area 

in 

sq m 

(estimated) 


Valuation 


Price in € per sq 

m 

(estimated) 

Jun-11 Akelius GmbH Orco Property Group Hamburg n/a n/a 6,762 n/a 

Jun-11 

May-11 

May-11 

May-11 

May-11 

Closed property 

funds and private 

investors 

FF RE 

Immobilienverwaltun 

g AG 

Foncière 

Développement 

Logements (FDL) 

Predominant 

institutional 

investors 

Conwert Immobilien 

Invest SE 

Schroders German 

Residential Fund 

(SGRF) 

Reinbek, 

Aschaffenburg 

254 19,000,000 n/a n/a 

Financial investor Berlin 1,104 27,000,000 63,200 427 

Private investor Berlin 716 49,994,224 50,296 994 

Corpus Sireo Asset 

Management 

Residential GmbH 

May-11 Industria Allianz Group 

Apr-11 TAG Immobilien 

Apr-11 

Two german 

institutional 

investors 

Hamburg, Berlin, 

Wuppertal, 

Düsseldorf, Hilden, 

Langenfeld, Köln, 

4,926 n/a n/a n/a 

RREEF, Prelios Berlin 1,849 n/a 125,805 n/a 

Peakside Real Estate 

Fund I 

Foncière 



Hamburg, 

Hannover, Leipzig, 

Essen, Bonn, 

Heidelberg, 

767 65,000,000 n/a n/a 

Berlin 612 n/a 43,500 n/a 

Essen, Düsseldorf 627 41,800,000 n/a n/a 

Apr-11 Akelius GmbH MEAG Köln, Bonn 274 n/a n/a n/a 

Apr-11 

Foncière 



Apr-11 Brack Capital 

Apr-11 

Apr-11 

n/a Berlin 1,053 83,800,000 80,000 1,015 

Leipziger Wohnungs- 

und Baugesellschaft 

(LWB) 

GSG Oldenburg Bau- 

Baum 

und 

Unternehmensgruppe 

Wohngesellschaft 

GWG Gesellschaft 

für Wohnungs- und 

Gewerbebau BW 

AG 

HDI-Gerling 

Lebensversicherung 

AG 

Leipzig 2,596 72,800,000 n/a n/a 

Oldenburg 912 n/a 53,000 n/a 

Hamburg 252 n/a 11,650 n/a 

Mar-11 Akelius n/a Berlin 300 n/a n/a n/a 

Mar-11 

Unknown housebuilding 

association 

Investment trust from 

Berlin 

Salzgitter 200 n/a 14,000 n/a 

Mar-11 Corestate Capital n/a Region Rhein-Ruhr 2,100 85,000,000 n/a n/a 



Valuation 


According to the estate agency network DIP, a total of €21.8 billion was invested in 

residential accommodation in 2010. In comparison to 2009 this shows a rise of 4%. A further 

increase is anticipated in 2011. 

According to Engel & Völkers, approximately €14 billion worth of sales contracts were signed 

in 2010 in the segment of mixed-use buildings, an increase of 8% compared to 2009. No 

further increase is expected in 2011. 

Forecast of Demand: 

According to the population projection of the Federal Statistical Office, by the year 2025 a 

decrease of population from approximately 82 to 79 million is expected. But this process will 

go along with domestic migration, mostly of young people, as already can be observed, 

especially towards conurbations with attractive employment opportunities. This will cause 

further increases in population and further surplus demand in growth regions. On the losing 

side in the competition for population there will be many regions in former East Germany. 

According to a scenario calculation („Variant 1-W1‟ - lower limit of the “middle” population) of 

the population projection of the Federal Statistical Office, the population decline in the 

eastern federal states amounts to 8.5% by 2025. The development of less economically 

powerful regions in former West Germany will be similar, too. But according to Deutsche 

Bank Research regions with a high degree of uncertainty in population and economic 

development will gain some interest from opportunistic investors. 

Overall demand for residential accommodation throughout Germany is expected to grow 

over the next ten years, despite of the declining population. The key reasons are the change 

in lifestyle causing growth in the number of single-person households, the reduction of the 

average size of households and the replacement requirements due to aging of the estates. 

The Federal Statistical Office predicts that by the year 2025 the number of households will 

rise by 0.45 million to 40.49 million. Demand will increase for both affordable housing and 

high-quality accommodation, particularly in city centre locations, due to the increasing spread 

of household income. 

According to two scenarios in the forecast of residential unit demand by the Bundesinstitut 

für Bau-, Stadt- und Raumforschung, housing units in Germany will need to increase by 2025 

at an average of 183,000 (lower variant) or 256,000 (upper variant) per year. Thereof, 

154,000 alternatively 215,000 units account to West Germany and 29,000 alternatively 

41,000 to East Germany. In this respect, the increasing demand will come from owner 

occupiers (increase by 15.5%) and not from new tenants (decline by 4.9%). Especially 

demand for rented flats is expected to decrease by an average of 0.5% per year. 

Nevertheless a relatively high investment potential for new apartment buildings (ownership 



Valuation 


and tenancy) is seen in Berlin, the Rhein-Main-Taunus district and the southern regions of 

Bavaria and Baden-Wuerttemberg. 

13.3 Market Prices 

Letting Market: 

According to the BulwienGesa Real Estate Index 1975-2010, average residential rents in 

2010 for first occupation throughout Germany rose by 2.5%. This figure was also close to the 

average rents for re-letting, which increased by 2.3%. 

This increase developed differently across the regional markets. The increase across the top 

eight markets in Germany between Q1 2010 and Q1 2011 can be seen in the following chart 

based on the current survey of Empirica concerning the asking rents for residential units 

between 60-80 sq m that are in good condition and constructed after 2000. 

Development of average rents of apartments (60 to 80 sq m with good quality, 

constructed after 2000) between Q1 2010 and Q1 2011 

€ 14.00 

€ 12.00 

€ 10.00 

€ 8.00 

€ 6.00 

€ 4.00 

€ 2.00 

€ 0.00 

Source: empirica 

The highest increase in rent, 12%, was seen in Berlin, with a rent of €8.64 per sq m per 

month. The average rent per sq m per month in Dusseldorf and Stuttgart increased by 5%. In 

Hamburg and Munich there was an increase of 4% per month. In Frankfurt/Main and 

Cologne the average asking rent increased by 2.9% and 2.3%, respectively. The average 

asking rent in Leipzig increased by 1%. 

Q1 2010 Q1 2011 



Valuation 


Compared to Q4 2010 the average rents rose by 1% in Munich, Stuttgart, Berlin and Leipzig 

and by 0.3% in Frankfurt/Main. In Dusseldorf they remained stable and in Hamburg and 

Cologne they decreased by 1% and 1.3%, respectively. The highest residential rents are 

currently achieved in Munich (€12.65 per sq m per month), Frankfurt (€11.64 per sq m per 

month) and Hamburg (€11.23 per sq m per month). The towns/cities of Gera (€5.07 per sq m 

per month), Pirmasens (€5.03 per sq m per month) and Hof (€4.80 per sq m per month) have 

the lowest achievable rents. 

But according to the HSH Nordbank, compared to Q1 2011, in Q2 2011 only a very slight 

increase of 0.25% has been observed for all cities in Germany overall. However, on the basis 

of continuing pressure on the housing markets in the conurbations, for example caused by 

the increasing migration from the eastern and southern countries of the EU and the already 

mentioned internal migration, a sharper increase is suspected for the next time. 

Investment Market: 

As well as the letting market, the investment market has also been somewhat volatile in the 

past, especially in comparison to other European countries. This is due to the previously 

mentioned ownership structure of the market. After the financial crisis the multipliers and 

average sales prices for residential accommodation recovered on a lower level. They 

remained on a constant level in 2009 and 2010 as shown below. 

Average sale prices and multipliers 2005 - 2010 

€ 900 

€ 800 

€ 700 

€ 600 

€ 500 

€ 400 

€ 300 

€ 200 

€ 100 

€ 0 

Source: DTZ Research 

2005 2006 2007 2008 2009 2010 

Average sale price (€ per sq m) Multipliers 


18.0 

16.0 

14.0 

12.0 

10.0 

8.0 

6.0 

4.0 

2.0 

0.0


Valuation 


Multipliers show a development ranging from 7-to 10-times for opportunistic portfolios and up 

to 20-times for large newly built premises or residential developments. The average multiplier 

in 2010 remained stable at approximately 12.7%. Multipliers in prosperous local markets 

have remained stable or have (even) slightly increased, whereas markets which are affected 

by decreasing population are characterised by falling multipliers. 

According to a survey conducted by the “Deutsche Städtetag”, in which a total of 56 cities 

were analysed, the purchase prices for residential accommodation increased in 60% of the 

cities. A decline was only noticed in every tenth city. High growth of more than 10% was 

seen in the segment of undeveloped plots which were ready for development as apartment 

houses in Hamburg, Munich and Frankfurt. In 2011 only a slight decrease in prices is 

expected in certain areas, but the overall majority is expected to increase. The development 

of prices and sales is expected to continue. 

According to Engel & Völkers, the yields in the segment of residential buildings and mixed- 

use buildings with slight commercial percentage fluctuated in 2010 depending on the 

location: to below 5% in Munich, up to 8% in Hamburg and Berlin and more than 10% in 

Duisburg and Brunswick. It is anticipated that purchase prices will increase in 2011. 


14 Valuation Methodology 

14.1 Overall Approach and Analysis 


Valuation 


The Portfolio has been valued on individual cluster (economic unit) level. We have estimated 

the Market Value by using the Discounted Cash Flow (DCF) approach over a ten-year 

period. For properties containing undeveloped sites we have assessed the land value on the 

basis of the guidance land value. Each property has been valued individually with the 

Portfolio Market Value being the sum of the individual cluster values. 

Our valuation is based on the information provided and on the Assumptions as described in 

this Report and Appendices. 

14.2 General DCF Assumptions 

In our Discounted Cash Flow calculations, we have made the following general Assumptions 

and considerations: 

The valuation is undertaken asset by asset; the total value shows the aggregation of 

the single asset values. 

The valuation date is 1 September 2011. 

The cut-off date is 22 August 2011. 

The Market Rent was estimated on the basis of our market research as well as on the 

basis of recent lettings. We have adopted the Market Rent on a single property level 

depending on the market situation as well as on the condition of the building. 

We have reflected an average lease term of 10 years for the residential leases. 

The cost and income inflation was assumed at 1.7% per annum (based on statistic 

data). 

Actual rents were adjusted to market level by linear growth over 8 years (periods 1 - 8) 

and the Market Rent was adapted to inflation on a yearly basis. 

The capital expenditure has been adopted in accordance with the information provided 

in the Technical Due Diligence prepared by Drees & Sommer. 

The rental growth is based on the DTZ Assumption that Market Rents for the individual 

properties will be achieved in year 8. 

We have assumed that vacant units will be relet within three years. Where we have 

assumed permanent vacancy, the vacancy rate will be reduced to this level within three 

years. We have assumed a constant adjustment from year 1 to year 3. 


We have reflected a turnover vacancy of 2.5 - 7.5%. 


Valuation 


Properties subject to long-term social housing programs will not profit from increasing 

Market Rents as achievable rents and potential tenants are determined by the local 

authorities. 

14.3 Revenues 

14.3.1 Net Rental Income 

The Portfolio has a current income of €5,559,551 per annum (including residential, 

commercial and all other revenues) as at the date of valuation. The assumed rental income 

in year 1 totals €5,705,382 per annum. The net operating income, after deducting non- 

recoverable costs from the year 1 income is €3,315,168 per annum. 

14.3.2 Market Rents 

Market Rents were assessed on individual property level based on a market and location 

evaluation by research and the results of our inspections. In particular Market Rents were 

estimated in relation to the respective year of construction, the size of the properties, the 

condition of the properties and the location and situation of the properties. The estimation of 

the Market Rents is essential for calculating the Market Value. 

14.3.3 Rental Growth 

According to the rent roll provided, the overall current average rent for residential and 

commercial units excluding parking and other is approximately €4.44 per sq m per month. 

Based on our market research as well as on information regarding recent lettings provided by 

the client, we are of the opinion that an overall estimated Market Rent for residential and 

commercial units for the Portfolios is approximately €4.60 per sq m per month (3.6% above 

the current income per sq m). 

Based on an assumed average lease term of 10 years we have reflected a tenant fluctuation 

of 10% per annum for the predominantly residential buildings. We have increased the current 

income reflecting that the rental growth is capped by the respective Market Rent (real): 

For those properties which are let at rents below market level („under-rented‟) rental 

growth is based on the Assumption that the Market Rents for the individual properties 

will be achieved in year 10. The period corresponds to the assumed average lease 

term. 



Valuation 


For those properties which are let at rents above market level 

(„over-rented‟), the decrease in rent has been spread evenly over the period of the 

cash flow, achieving the estimated Market Rent in year 10. 

Our estimated Market Rent reflects the current market situation as well as capital 

expenditure and related renovation works. 

14.4 Cost Assessment 

Within each cash flow we have calculated the net operating income by deducting the non- 

recoverable costs from the gross income. These costs are in line with other similar residential 

portfolios that have been managed appropriately. 

14.4.1 Non-Recoverable Costs 

We have assumed ongoing maintenance costs of 5% of the potential annual income. We 

have adopted additional costs for a sinking fund based on an individual cost assessment 

according to the “II Berechnungsverordnung” and adjustments according to the respective 

refurbishment status of the properties. 

Furthermore, management fees were calculated with €220 per unit, following the German 

guideline “II. Berechnungsverordnung”. Regarding credit and collection loss we have 

assumed an overall average of 2% for the Portfolio and have reflected this for the individual 

properties in the cash flow. 

We have not been provided with any information on additional non-recoverable costs. We 

have made our own estimate regarding additional non-recoverable costs, vacancy costs as 

well as renovation costs for re-letting. Our own cost Assumptions are in line with similar 

residential portfolios that have been managed appropriately. 

Vacancy costs are assumed at individual property level at an overall average of €1.00 per 

sq m per vacant month. Additionally, we have assumed renovation costs for re-letting of 

between €25 and 75 per sq m considering the inspected or assumed condition of the units. 


14.4.2 Capital Expenditure 


Valuation 


We have reflected capital expenditure as stated in the Technical Due Diligence prepared by 

Drees & Sommer. The total amount is €6,675,400 and was fully reflected in our cash flow in 

accordance to the timeline proposed by Drees & Sommer. For further information please 

refer to the Property Templates in the Appendix. The following table shows the capital 

expenditure included in our Valuation: 

Cluster Address 

Capital 

expenditure 

Dusseldorf Hasselsstr. 16, 18, 20, 22 €11,800 

Hattingen I 

An der Hunsebeck 25, Heinrich-Zille-Str. 2, Käthe-Kollwitz-Str. 1, 

3, 5, 15 €122,980 

Hattingen II 

An der Hunsebeck 27, Heinrich-Zille-Str. 4, 6, Käthe-Kollwitz-Str. 

1a, 3a €100,620 

Hattingen III Käthe-Kollwitz-Str.10 €457,800 

Herne Edmund-Weber-Str. 242-262 (even), 262A €129,800 

Gladbeck I 

Almastr. 1-25 uneven, Horsterstr. 241-251 (uneven), 241A, 243A, 

245 A, B, Marienstr. 28-42 (even) €1,891,100 

Gladbeck II Bohnekampstr. 29-65 (uneven), Knappenstr. 1, Eisenstr. 2 

Hultschiner Str. 2-8 (even), 1, 3, Reichenberger Str.14, 17-39 

€57,400 

Gelsenkirchen I (uneven), 19a, 37a, Schönauer Str. 1-8, Trautenauer Str. 1, 3, 5, 

7 €88,600 

Gelsenkirchen Laurentiusstr. 9-23 (uneven), 11A, B, 15A-C, Sandstr. 45-55 

II 

(uneven) €197,750 

Marl Ostpreußenstr. 1-8, 10-36 (even), Pommernstr. 2-4 €1,324,200 


I 

Briloner Str. 32-34 (even), 42-44 (even), 52-54 (even) 

€81,545 


II 

Briloner Str. 36-40 (even), 46-50 (even), 56-60 (even) 

€91,955 

Dortmund I Brüchtenweg 23 €76,500 

Dortmund II Vogelpothsweg 25, Oberbank 5-7 (uneven) €528,850 

Dortmund III Echeloh 4-32 (even) €46,000 

Dortmund IV Echeloh 33-39 (uneven) €192,400 

Dortmund V Echeloh 51-59 (uneven) €45,500 

Dortmund VI Kirchlinder Str. 4-8 (even), Zollernstr. 1A €204,700 

Dortmund VII 

Kosselstr. 46-48 (even), Jungferntalstr. 71-81 (uneven), 98-100 

(even), 85-113 (uneven), 76-94 (even) 

Erpinghofstr. 24-34 (even), 34A, 48-58 (even), 61-67 (uneven), 

€90,600 

Dortmund VIII Rupinghofstr. 1-23 (uneven), 2-24 (even), Travemannstr. 5-9 

(uneven), Welkener Str. 25-31 (uneven) €935,300 

Please note, that we have reflected the capital expenditure in line with the proposed 

timetable stated in the Technical Due Diligence prepared by Drees & Sommer. In the respect 

of the reflected amount, we have adopted the capital expenditure in accordance with the 

following scheme: 



Valuation 


� Year 1: Capital expenditure has fully been reflected as stated in the Technical 

Due Diligence prepared by Drees & Sommer. 

� Year 2-10: Capital expenditure has been offset against the sinking fund reserves. 

In the event that capital expenditure exceeds the sinking fund reserves we have fully 

reflected the surplus costs in our Valuation. 

14.5 Exit Capitalisation Rate 

We have reflected exit capitalisation rates at an individual property level. The exit yields are 

based on the characteristics of the properties taking into consideration the capital 

expenditure spent on the properties within the past years. Exit cap rates are applied to the 

net operating income of the respective year. The exit yields applied reflect our opinion of the 

location and situation, relation of market vs. current rents, the tenure of the assets, the age 

and design of the assets and the local demand and occupier market. Where available, we 

have also considered local market information such as block sales as a cross-reference for 

the capital value per sq m. 

For six of the properties a waiver for compensation of any damage resulting from mining 

activities (“Bergschadensverzicht”) is entered in the land register. This means that the 

respective landlord will bear all related refurbishment costs. For the purposes of the valuation 

we reflected a risk premium in the discount and exit capitalisation rate of between 0.25 and 

0.5% for the affected properties. 

14.6 Discount Rate 

The discount rate is based on the yields achievable within the current capital market with an 

additional consideration of potential specific risk for real estate assets. 

In order to set an appropriate discount rate we have had regard to long-term risk-free capital 

investments (current yields on public loans with maturity in 9 to 10 years) and added an 

individual risk premium reflecting i.e. location, situation, demographic characteristics, type of 

property, year of construction and refurbishment status. The nominal discount rates vary 

from 6.28 to 8.82%. 


14.7 Saleability 


Valuation 


Overall the properties are located in basic to fair residential locations. The properties are 

typically in poor to fair condition and let slightly below market terms. Most properties have 

adequately-sized lettable areas which, considering the tenant improvements assumed in this 

valuation, allow re-letting at Market Rent level. However, we would like to emphasise that 

most of the properties of the Portfolio face a considerable backlog of repair. Without 

undertaking the necessary refurbishment works immediately, it is likely that rental income will 

decrease significantly and the Market Rent reported will not be achieved. 

Given the size, specification and location of the properties, individual properties will appeal to 

investors with a regional focus. 

15 Valuation Summary 

We are of the opinion that the Market Value as at the valuation date 1 September 2011 of the 

freehold interest in the Properties described in the Appendices, which comprise the Portfolio, 

subject to the existing tenancies and subject to the Assumptions and comments in this 

Valuation Report and the Appendices is as follows: 

€62,380,000 (rounded) 

(In words: sixty-two million, three hundred eighty thousand euro) 

This equates to €485 per sq m lettable area and a multiplier of 11.22 on current rent. 


16 Confidentiality and Disclosure 


Valuation 


The contents of this Valuation Report and Appendices are confidential to Elad Germany 

GmbH for the specific purpose to which they refer and are for their use only. Consequently, 

and in accordance with current practice, no responsibility is accepted to any other party in 

respect of the whole or any part of their contents. Before this Valuation Report, or any part 

thereof, is reproduced or referred to, in any document, circular or statement, and before its 

contents, or any part thereof, are disclosed orally or otherwise to a third party, the valuer‟s 

written approval as to the form and context of such publication or disclosure must first be 

obtained. For the avoidance of doubt such approval is required whether or not DTZ Zadelhoff 

Tie Leung GmbH are referred to by name and whether or not the contents of our Valuation 

Report are combined with others. 

Yours faithfully 

ppa. Martin Greiner MRICS i. V. Stephan Griese MRICS 

Associate Director, Valuation Associate Director, Valuation 

FOR AND ON THE BEHALF OF FOR AND ON THE BEHALF OF 

DTZ ZADELHOFF TIE LEUNG GMBH DTZ ZADELHOFF TIE LEUNG GMBH 

Reviewed by 

ppa. Klaus Dallafina MRICS, HypZert (F) 

Senior Director 

Head of Valuation Germany 

FOR AND ON THE BEHALF OF 

DTZ ZADELHOFF TIE LEUNG GMBH 


Appendices 

A DTZ Confirmation of Instructions 

B Overview – Valuation Results 

C Property Templates 

D Sensitivity Analysis 

E Ap�praisersEducation 

D Standard Terms and Conditions 


Valuation 



Appendix A 


Valuation 




18 May 2012 

1063ELA 

PRIVATE & CONFIDENTIAL 

www.dtz.com

Terra Heimbau Portfolio | Elad Germany GmbH 

Contents 

Cover Letter 3 

Scope of Instruction 4 

Fee 7 

Closing and Signature 8 

Confirmation by Client 9 

© DTZ 20120518 DTZ Offer_Terra DTZ VAL Page 2 of 9


Cover Letter 

Erez Yaari 

ELAD GERMANY GmbH 

Lietzenburger Str. 107 

10707 Berlin 

GERMANY 

Dear Mr Yaari 

Amendment of the Terra Heimbau Portfolio 2011 Valuation Report 

Email: martin.greiner@dtz.com 

Phone: +49 (0) 30 201705 404 

Fax: +49 (0) 30 201705 499 

18 May 2012 

We have valued the Terra Heimbau Portfolio for ELAD GERMANY GmbH (ELAD) as at 1 September 

2011 for acquisition purposes. DTZ Zadelhoff Tie Leung GmbH (DTZ) will be instructed by ELAD to 

amend the respective report for publication in a stock exchange prospectus. 

An update of the 2011 valuation results is not part of this instruction. 

DTZ Zadelhoff Tie Leung GmbH DTZ Valuation is certified according to DIN EN ISO 9001 

Bürohaus an der Alten Oper · 

Neue Mainzer Straße 69-75 

60311 Frankfurt am Main 

Telefon: +49 (0) 69 92100 0 

Telefax: +49 (0) 69 92100 192 

www.dtz.com 

Geschäftsführer: Rainer Hamacher Estanislau Torrent Janer 

HRB 55026 Amtsgericht Frankfurt am Main Sitz der Gesellschaft: Frankfurt am Main USt-ID-Nr. DE 114232401 Berlin Düsseldorf Frankfurt Hamburg Leipzig München


Scope of Instruction 

Offer no. 1063ELA 

Date of offer 18 May 2012 

Client 

Erez Yaari 

ELAD GERMANY GmbH 

Lietzenburger Str. 107 

10707 Berlin 

GERMANY 

Subject property Terra Heimbau Portfolio 

Number of properties 286 Properties in 19 property clusters 

Location Dortmund, Düsseldorf, Hattingen, Herne, Gladbeck, Gelsenkirchen, Marl, 


Use type Residential 

Interest to be valued Freehold 

Total area Approximately 128,500 sq m 

Date of valuation 01 September 2011 

Purpose of valuation We understand that our 2011 Valuation Report is to be published in a stock 

exchange prospectus for a capital increase. 

Scope of work Market Value 

Special Assumptions An update of the 2011 valuation results is not part of this instruction. 

The valuation is based on the data available as at 15 September 2011. 

Methodology We valuation methodology is DCF. 

The valuation corresponds to aggregated individual values. 

Services from third parties n/a 

Status of valuer We confirm that we have undertaken the valuation acting as an External Valuer 

qualified for the purposes of the valuation and have the necessary knowledge, 

skills and understanding. 

Regulation The regulatory framework is the RICS Valuation Standards. 



Definition of value RICS 

The Market Value of the properties will be assessed based on the definitions in 

accordance with RICS Valuation – Professional Standards, Global edition, 

effective from 30 March 2012, issued by The Royal Institution of Chartered 

Surveyors. In particular the Market Value will be assessed in accordance with 

Valuation Standard (VS) 3.2. Under the provisions of this the term „Market Value' 

means: 

"The estimated amount for which a property should exchange on the date of 

valuation between a willing buyer and a willing seller in an arm‟s-length 

transaction after proper marketing wherein the parties had each acted 

knowledgeably, prudently and without compulsion." 

Compliance with the standards may be subject to monitoring under the 

institution‟s conduct and disciplinary regulations. 

TEGoVA 

The Market Value of the properties will be assessed based on the definition of 

Market Value as defined by IVSC/TEGoVA (Blue Book, S 4.10 IVSC/TEGoVA) 

Unless otherwise directed by legislation (see below), the definition of Market 

Value under the IVSC/TEGoVA regulations is identical with the RICS definition 

above. 

ImmoWertV 

The determination of the Market Value (Verkehrswert) is carried out on the basis 

of the regulation “Verordnung über die Grundsätze für die Ermittlung der 

Verkehrswerte von Grundstücken (Immobilienwertermittlungsverordnung – 

ImmoWertV)“ dated 19 May 2010. 

The Market Value is defined in § 194 BauGB as follows “The price which would 

be achieved in an ordinary transaction as at the date of valuation, taking into 

account existing legal circumstances and the characteristics, general condition 

and location of the property or other object of assessment, without consideration 

of extraordinary or personal circumstances.” 

BelWertV 

The determination of the Mortgage Lending Value is carried out on the basis of 

the regulation of the German Ordinance on the Mortgage Lending Value 

(BeIWertV) and according to the definition of § 16 German Pfandbrief Act 

(Pfandbriefgesetz). 

Definition of the Mortgage Lending Value: 

(1) The value on which the lending is based (mortgage lending value) is the value 

of the property which based on experience may throughout the life of the lending 

be expected to be generated in the event of sale, unattached by temporary, e.g. 

economically induced, fluctuations in value on the relevant property market and 

excluding speculative elements. 

(2) To determine the mortgage lending value, the future marketability of the 

property is to be taken as a basis within the scope of a prudent valuation, by 

taking into account long-term sustainable aspects of the property, the normal and 

local market conditions, the current use and alternative appropriate uses of the 

property. 

With properties overseas § 25 BelWertV is additionally to be complied with, along 

with the principles of the Association of German Pfandbrief Banks (vdp) for the 

"determination of the Mortgage Lending Value according to BelWertV based on 

foreign valuations" (most recent version of 01.02.2010, see appendix). 



Inspection No further inspections. 

Format We understand that the preferred valuation format is a Valuation Report including 

property templates on cluster level. 

Number of copies The Report will be prepared as PDF version and in English language. 

Quality and source of 

information 

We will make the Assumption that the information supplied to us until September 

2011 by the client or their respective advisors in respect of the portfolio is both 

sufficient and correct. 

Where we have received insufficient or no information on environmental, 

technical, legal and statutory issues, we will make the Assumption that, if 

investigations were made to an appropriate extent, nothing would be discovered 

sufficient to affect value. 

Conflict of interest DTZ has valued the Terra Heimbau Portfolio for ELAD as at 1 September 2011 

for acquisition purposes. We do not expect that any conflict arises in preparing 

the advice requested. 

DTZ Zadelhoff Tie Leung GmbH was a wholly owned subsidiary of DTZ Holdings 

plc (the “Group”) until 5 December 2011, when all the trading subsidiaries of the 

Group (the “Subsidiaries”) were sold to UGL Limited (“UGL”). In the Group‟s 

financial year ending 30 April 2012, the proportion of fees payable by the 

Fund/Company to the total fee income of the Group was less than 5%. UGL‟s 

financial year end is 30 June. We anticipate that the proportion of fees payable 

by the Fund/Company to the Subsidiaries in the financial year to 30 June 2012 

will remain at less than 5%. 

Liability Notwithstanding anything to the contrary contained elsewhere in the instruction 

the total liability of DTZ arising under or in connection with this Instruction shall 

not in any event exceed 10% of the Market Value or a maximum of €7,000,000. 

Reliance The contents of this Offer Letter and any documents produced relating to projects 

under the scope of this Offer Letter are confidential to the party to whom they are 

addressed for the specific purpose to which they refer and are for their use only. 

Consequently, and in accordance with current practice, no responsibility is 

accepted to any other party in respect of the whole or any part of its contents. 

In case DTZ Zadelhoff Tie Leung GmbH is to assume liability towards third 

parties for its assessment; this is only permissible on the basis of a separate fee 

agreement. 

Disclosure Before the valuation and/or valuation report, or any part thereof, is reproduced or 

referred to, in any document, circular or statement, and before its contents, or 

any part thereof, are disclosed orally or otherwise to any other third party, the 

valuer‟s written approval as to the form and context of such publication or 

disclosure must first be obtained. The permission for publication in a stock 

exchange prospectus is granted. 



Fee 

Base net fee 

VAT VAT will be charged at 19% 

Our fee is based on actual time spent, and has been calculated according to our 

normal hourly rates. These rates depend on the qualification of the individuals 

involved. 

Additional fee In the case that a significant level of additional work is required during the 

valuation process, which had not been agreed under the terms of original offer for 

valuation services, an additional fee may be charged after consultation with 

yourselves. Any additional fee will be calculated at a daily rate. 

After completion of the valuation report, additional work which has not been 

caused by DTZ Zadelhoff Tie Leung but e.g. through changes in relevant 

valuation information will be charged at a daily rate of 

Schedule of payment Fee ex post: 100% of base fee + VAT, to be paid within two weeks following 

invoicing. 

Should the issuance of the final report be delayed by more than one month, for 

reasons beyond the control of DTZ Zadelhoff Tie Leung GmbH, we reserve the 

right to invoice prior to the date of issuance of the final report. 

Audit procedures No audit procedures required. 

Validity We will be bound to this offer up to and until 22 May 2012. 

Timing The report will be provided within four working days after written confirmation of 

the offer by the client. In the case that the project start is delayed, the timing may 

be affected. 



Closing and Signature 

We trust that this quotation meets your requirements and look forward to receiving written confirmation of your 

instructions by signature, completion of invoice address and return of this letter. 

Please do not hesitate to contact us if there are any points which require further discussion. 

Yours sincerely 

ppa. Martin Greiner MRICS i. V. Tino Müller MRICS, CIS HypZert (F/M) 

Associate Director Associate Director 

Head of Residential Valuation Valuation 

FOR AND ON BEHALF OF FOR AND ON BEHALF OF 

DTZ ZADELHOFF TIE LEUNG GMBH DTZ ZADELHOFF TIE LEUNG GMBH 



Confirmation by Client 

The instructions are confirmed by name of company. 

With my signature, I hereby permit the use of key data regarding the instruction by DTZ Zadelhoff Tie Leung 

GmbH for marketing purposes. Any such data will be utilised in a generalised form only and will be made 

anonymous. DTZ Zadelhoff Tie Leung GmbH confirms that confidential information will not be disclosed in this 

process. 

Contact person 

Billing address 

Contact person for invoicing 

matters 

(Name and Surname in CAPITAL LETTERS) 

Authorised signature and official company stamp 

(Name and Surname) 


General Contractual Conditions of DTZ Zadelhoff Tie Leung GmbH 

Scope of application 

(1) These contractual condi ions apply to contracts between DTZ Zadelhoff 

Tie Leung GmbH (afterwards called DTZ or the Contractor) and its 

Clients for surveys, studies, consultancy and o her orders, unless 

expressly agreed o herwise in writing or mandated by law. 

(2) The Client's general terms and condi ions are only binding on the 

Contractor if this has been expressly agreed in writing. 

(3) The contractual relationship between the Client and the Contractor 

provides no additional protec ive effect in favour of a third party. If in an 

excep ional individual case hird par ies might derive rights from the 

contractual rela ionship, hen the rules laid down in No. 6 also apply to 

them. 

(4) Versions in another language are purely for information purposes; only 

the German version is authorita ive. 

Scope and fulfilment of the order 

(1) The Contractor is responsible for providing the consultancy activities 

described in the contract, and not a specific economic result. The 

Contractor is only obliged to compile a written report on progress and 

the result, specifically for presentation to a third party, if he contract 

expressly specifies this. If the Contractor has to present the results of 

his work in writing then only he written presentation is authoritative. 

Oral declarations and information from employees of the Contractor 

over and above the order are always non-binding. The Contractor's 

work is completed when the necessary analyses, resulting conclusions 

and recommendations have been completed and explained to the 

Client, or in he event of a written presenta ion being agreed, when this 

is delivered to the Client. 

(2) The Contractor may make use of expert hird par ies to fulfil his 

contractual obligations. 

(3) The Contractor shall only examine the data given to him by he Client, 

and in particular figures, for obvious errors. O herwise the Contractor 

may assume the given data to be correct and complete. 

(4) The Client cannot require the order to be carried out by a specific 

advisor. 

(5) If the conditions which form the basis of the conclusions and 

recommendations change after he end of he order, the Contractor is 

not obliged to point out these changes or resulting consequences to the 

Client. 

(6) Changes and supplements to he order must be made in writing. 

(7) Subsidiary oral agreements are not valid. The requirement of written 

form also applies for material declarations (e g. notice of termination, 

release agreement). 

(8) The order does not cover any legal or tax advice, ra her it takes the 

exis ing legal and tax conditions as given. This does not exclude nonbinding 

advice being given in individual cases, however there is no 

liability for this. If necessary we can provide contact to professionally 

experienced legal advisors. 

The Client's duty of declaration and cooperation 

(1) The Client is obliged, at his expense, to provide the Contractor wi h all 

information and physical resources necessary for the proper fulfilment 

of the order, also without special request. During the contractual 

relationship the Client must inform he Contractor without delay of all 

occurrences which may influence he provision of he contractually 

agreed services. The Contractor is not obliged to check he correctness 

of such information. 

(2) On request from the Contractor, the Client must confirm the correctness 

and completeness of he documents he presents and of his informa ion 

and oral declarations in a written declaration formulated by the 

Contractor. 

(3) The Client must ensure hat there is a suitable back-up, security and 

virus checking process set up on each computer workplace provided, 

and must also apply these means whilst the contract is being fulfilled in 

accordance with general data processing practice. 

Time for performance 

(4) If a deadline is agreed for the completion of the order, this shall extend 

appropriately in the event of force majeure and for the period of any 

temporary hindrance preventing work for which the Contractor is not 

responsible. The party affected by such hindrance must immediately 

notify the o her party of the existence of any hindrance to work and the 

probable duration of any delay. 

(5) If the Client breaches his duty of coopera ion in accordance wi h No. 3 

and the Contractor has no ified of this, hen agreed schedules and/or 

deadlines shall be regarded as extended by the period that the Client 

needs to meet the duty of cooperation. The Contractor is released from 

his duty of performance for this time. Any additional expense arising to 

he Contractor due to the breach of the duty of cooperation must be 

reimbursed by the Client. The Contractor's right to terminate the 

contractual relationship without notice if the Client breaches the duty of 

coopera ion is unaffected by this. 

Guarantee 

If guarantee provisions are applicable on account of the type of services 

to be provided in accordance with the contract, the following conditions 

apply: 

(1) The Client has a claim for any defects caused by the Contractor to be 

remedied, as long as this remedying is possible at reasonable expense. 

If the defect cannot be remedied or if the remedies fail, the Client retains 

he right to withdraw from the contract or to reduce payment 

appropriately. If the Client is a businessman he may only withdraw if 

he work provided is without interest to him due to failure of the remedy. 

No. 6 applies to claims for damages exceeding this. 

(2) Obvious defects must be notified in wri ing by he Client within two 

weeks of delivery of service. If the Client is a businessman, public law 

legal en ity or a public law special government estate obvious defects 

must immediately be notified in wri ing, and non-obvious defects 

immediately when they become apparent. Otherwise, defects must be 

notified not later han within twelve months of delivery of service. If the 

Client does not promptly no ify of he defect, any claim for his remedy is 

excluded if he client is a businessman, a public law legal en ity or a 

public law special government estate. 

(3) Apparent errors, e g. typographic mistakes, miscalculations and formal 

errors, in a report or survey, etc., completed by he Contractor, may be 

corrected by he Contractor at any time and wi h regard to third par ies, 

too. Errors which might cause recommenda ions and conclusions to 

become questionable jus ify the Contractor to withdraw hem, including 

from hird par ies. The Client is first given the opportunity to comment. 

Liability 

The following applies to the reimbursement of damages: 

(1) In case of an intentional or grossly negligent breach of a duty and in 

case we culpably cause harm to the life, body or health we are liable 

without limitation for the damages thereby caused unless he liability is 

limited by statutory law. 

(2) In case of a grossly negligent breach of contract by one of our senior 

executives our liability for damages to property and financial loss is 

limited to the damage typical and predictable under such contract 

(vertragstypisch vorhersehbarer Schaden). 

(3) In case of minor negligence we are liable for damages to property and 

financial loss only to he extend such damages are caused by the 

breach of an essen ial contractual duty. However our liability is limited to 

he damage typical and predictable under such contract 


(4) Any liability for damages exceeding the liability described above is 

hereby waived regardless the basis and nature of such claim. This 

especially applies to claims based on tort (sec. 823 and 831 German 

Civil Code) but not to claims based on he German Act on Product 

Liability (Produkthaftungsgesetz). 

(5) We are not liable if the Client takes entrepreneurial decisions on the 

basis of our work, which then and on their own give rise to a loss (e.g. in 

connection with he evaluation of a market situa ion or a 

recommendation for use wi h regard to business policies). 

© DTZ Date: 27 October 2004 Page 1 of 2

General Contractual Conditions of DTZ Zadelhoff Tie Leung GmbH 

(6) We are not liable 

a) for non-observance or incorrect observance of foreign law. 

b) for the correctness of the manufacturer's information on the 

reliability or performance of a data processing system 

recommended by DTZ. 

c) for warranty defects wi h which a data processing system 

recommended by DTZ is affected. 

d) for warranty defects which arise from software which we nonbindingly 

recommend. 

Intellectual property protection 

(1) The Client is responsible for the surveys, reports, organisation plans, 

drafts, drawings, lists and calculations completed by the Contractor 

within the framework of the order only being used for the purposes 

contractually agreed and not being published without the express 

consent of the Contractor in each case. Passing on the consultancy 

works to a hird party, including to companies allied with the Client, 

requires express written consent from the Contractor. 

(2) The Contractor is not liable to either a third party or the Client in case 

that he Client – whe her or not enti led – makes he results of the work 

available to third par ies; the Client releases DTZ from all third party 

claims in this event. 

(3) If a copyright or other protected right arises through the work being 

carried out by DTZ, then the Client is en i led to a non-exclusive, nontransferrable 

single usage right wi hin the framework of he intended 

purpose of the contract concluded with the Client. 

(4) Prior consent from the Contractor is required for use of the work results 

for advertising purposes. 

(5) The (usage) rights granted to the Client do not prevent either DTZ 

Zadelhoff Tie Leung GmbH or another direct or indirect entity belonging 

to the world-wide „DTZ“ group from making future use of techniques, 

ideas, concepts or expertise which are gained whilst fulfilling the 

contract and are suitable for general use. 

Return of documents 

(1) After he end of the consultancy agreement, the Contractor must on 

request from he Client return all documents that the Client or a third 

party has given him during he fulfilment of he order. This does not 

apply to correspondence between he parties nei her to documents for 

which the Client already holds an original or copy, or for duplicates of 

surveys, reports, organisation plans, drafts, drawings, lists and 

calculations completed within he framework of the order. The 

Contractor may make copies of the documents which were given to him 

for the fulfilment of the order and retain these. 

(2) The Contractor may refuse to release documents received from the 

Client for the fulfilment of he order until his claims are met. This does 

not apply if the Client is only in arrears with a small por ion of his 

payment. 

Confidentiality, Data protection 

(1) The Contractor undertakes to maintain discretion about all data and 

informa ion concerning the Client and not generally known, which 

become known to him whilst fulfilling the order. 

(2) DTZ is authorised to process personal data entrusted to it within he 

framework of the intended purpose of the order or to have this 

processed by a third party. DTZ shall take the necessary care hat its 

staff or third parties commissioned by it observe the legislation on data 

protection. 

Fee, offset 

(1) Besides his fee, he Contractor has a claim to reimbursement of 

expenses and payment of the then legal amount of sales tax. The 

Contractor can demand reasonable advances on his fee and his 

reimbursement of expenses. 

(2) The fee is due on presentation of invoice and is payable immediately 

without deductions. 

(3) If payment obliga ions are not met promptly the Contractor is entitled to 

make further provision of work dependent on the satisfaction of his 

claims. 

(4) If invoiced sums are not paid within 30 days of receipt of invoice, he 

Contractor is furthermore en i led to charge interest at the rate of 8 % 

points above the base interest rate. This does not exclude enforcement 

of further claims for delay. 

(5) Offsetting against claims of the Contractor for he fee and 

reimbursement of expenses is only permitted with claims which are not 

contested or are legally set. 

(6) Several Clients are liable join ly and severally. 

Termination 

(1) Consultancy agreements can be terminated with a period of notice of 

fourteen days, unless he consultancy agreement provides for the 

fulfilment of consultancy or procedural support projects that are limited 

by time or circumstance, and it is for a flat fee (where relevant plus 

reimbursement of additional expenses). The right to terminate without 

notice is unaffected. No ice of termina ion must be given in writing to be 

effective. 

Applicable law, place of jurisdiction, other 

(1) German law applies exclusively to the order, its fulfilment and claims 

arising from his. 

(2) If the Client is a businessman as defined by he German Commercial 

Code, or a public law legal en ity or a public law special government 

estate, then he place of jurisdiction for all disputes is he legal domicile 

of DTZ, or at DTZ's discretion also the legal domicile of the Client. 

(3) Rights from the contractual rela ionship with the Contractor may only be 

transferred by the Client with prior consent from the Contractor. 

© DTZ Date: 27 October 2004 Page 2 of 2

Appendix B 


Valuation 


Valuation 

01.09.2011 

Value Overview 

ID City Address 

Assumed year of 

construction 

Assumed status Total lettable area 

of refurbishment in sq m 

Vacant Area 

in sq m 

Current Income 

p.a. 

(incl. parking/ 

others) 

Düsseldorf Düsseldorf Hasselsstr.16-22 even 1967 partly 1,454 253 93,969 € 

Hattingen I Hattingen 

Hattingen II Hattingen 

An der Hunsebeck 25, Heinrich Zille Str. 2, Käthe-Kollwitz- 

Str. 1, 3, 5, 15 

An der Hunsebeck 27, Heinrich Zille Str. 4-6 even, Käthe- 

Kollwitz-Str. 1a, 3a 

1967 partly 8,610 411 494,014 € 

1974 partly 7,027 248 330,082 € 

Hattingen III Hattingen Käthe-Kollwitz-Str.10 1967 partly 4,179 855 194,157 € 

Herne Herne Edmund-Weber-Str. 242-262 even, 262a 1950 partly 3,795 369 190,310 € 

Gladbeck I Gladbeck 

Almastr. 1-25 uneven, Horsterstr. 241-251 uneven, 241A, 

243A, 245 A,B, Marienstr. 28-42 even 

1959 partly 9,827 2,969 367,328 € 

Gladbeck II Gladbeck Bohnekampstr. 29-65 uneven, Knappenstr. 1, Eisenstr. 2 1961 partly 3,749 253 194,477 € 

Gelsenkirchen I Gelsenkirchen 

Gelsenkirchen II Gelsenkirchen 

Hultschiner Str. 2-8 even, 1, 3, Reichenberger Str.14, 17-39 

uneven, 19a, 37a, Schönauer Str. 1-8, Trautenauer Str. 

1,3,5,7 

Laurentiusstr. 9-23 uneven, 11A, B, 15A-C, Sandstr. 45-55 

uneven 

1950 partly 10,540 2,663 447,055 € 

1914 not 5,719 1,535 229,454 € 

Marl Marl Ostpreußenstrasse 1-8, 10-36 even, Pommernstr. 2-4 1950 partly 11,599 3,213 462,362 € 

Castrop-Rauxel I Castrop-Rauxel Briloner Straße 32-34 even, 42-44 even, 52-54 even 1967 partly 3,570 1,259 116,821 € 

Castrop-Rauxel II Castrop-Rauxel Briloner Straße 36-40 even, 46-50 even, 56-60 even 1967 partly 4,079 374 155,787 € 

Dortmund I Dortmund Brüchtenweg 23 1967 partly 1,776 177 65,518 € 

Dortmund II Dortmund Vogelpothsweg 25, Oberbank 5-7 uneven 1980 partly 3,554 1,111 138,552 € 

Dortmund III Dortmund Echeloh 4-32 even 1964 partly 10,356 3,506 404,597 € 

Dortmund IV Dortmund Echeloh 33-39 uneven 1964 partly 11,662 2,498 508,180 € 

Dortmund V Dortmund Echeloh 51-59 uneven 1964 partly 1,011 551 44,394 € 

Dortmund VI Dortmund Kirchlinder Str.4-8 even, Zollernstr. 1A 1979 partly 3,500 467 147,408 € 

Dortmund VII Dortmund 

Dortmund VIII Dortmund 

Kosselstr. 46-48 even, Jungferntalstr. 71-81 uneven, 98- 

100 even, 85-113 uneven, 76-94 even 

Erpinghofstr. 24-34 even, 34A, 48-58 even, 61-67 uneven, 

Rupinghofstr. 1-23 uneven, 2-24 even, Travemannstr. 5-9 

uneven, Welkener Str. 25-31 uneven 

1962 partly 12,060 1,580 552,123 € 

1953 not 10,481 2,260 422,963 € 

TOTAL 128,547 26,551 5,559,551 € 

Potential Income 

p.a. 

(incl. Parking/ 

others) 

113,715 € 

505,166 € 

333,611 € 

217,731 € 

208,096 € 

508,565 € 

203,552 € 

576,647 € 

296,897 € 

612,429 € 

171,921 € 

167,563 € 

74,536 € 

184,154 € 

574,925 € 

611,584 € 

57,743 € 

166,682 € 

646,896 € 

516,704 € 

6,749,119 € 

Market Income 

p.a. 

(incl. Parking/ 

others) 

114,424 € 

488,439 € 

334,525 € 

208,531 € 

213,077 € 

532,141 € 

208,372 € 

560,114 € 

297,430 € 

655,235 € 

186,392 € 

200,756 € 

90,600 € 

178,433 € 

560,777 € 

598,261 € 

60,950 € 

166,682 € 

731,481 € 

553,368 € 

6,939,988 € 

German Multiplier Market Value 

18.09 

10.73 

9.09 

8.24 

11.56 

10.07 

10.80 

12.53 

9.59 

10.60 

12.84 

10.91 

12.21 

10.83 

12.85 

9.25 

10.81 

10.85 

15.21 

9.93 

11.22 

1,700,000 € 

5,300,000 € 

3,000,000 € 

1,600,000 € 

2,200,000 € 

3,700,000 € 

2,100,000 € 

5,600,000 € 

2,200,000 € 

4,900,000 € 

1,500,000 € 

1,700,000 € 

800,000 € 

1,500,000 € 

5,200,000 € 

4,700,000 € 

480,000 € 

1,600,000 € 

8,400,000 € 

4,200,000 € 

62,380,000 € 

Market Value 

per sq m 

1,170 € 

616 € 

427 € 

383 € 

580 € 

377 € 

560 € 

531 € 

385 € 

422 € 

420 € 

417 € 

450 € 

422 € 

502 € 

403 € 

475 € 

457 € 

696 € 

401 € 

485 €

Appendix C 


Valuation 


Property type 


Remaining economic life 

Site area 

Tenure 

SHORT REPORT 

Düsseldorf 

Property Key Figures 

Rent restriction 

Total lettable area 

Vacancy rate 

Monumental protection 

SWOT-Analysis 

Apartment building 

1967 

n/a 

n/a 

Freehold 

No 

1,454 sq m 

17.42% 

No 

DTZ No. 

Cluster 

Sub-Portfolio 

Date of Valuation 

Income year 1 

Current gross rental income 

Potential gross rental income 

Market gross rental income 

Non-recoverable expenses 

as % of GRI 

NOI (month 1x12) 

Net Cash Flow 

Strenghts Weaknesses 

Almost fully let at date of inspection, 

Reasonable state of repair, 

Partly fitted with balconies 

40597 Düsseldorf 

Opportunities Threats 

Adding balconies to the rear, 

Improvement of external appearance, 

Renting out vacant apartments at Market Rent 

Property and Location Rating 

Valuation Result 

Yield Profile Multiplier 

Current rental income 

Potential rental income 

Market rental income 

18.1 

14.9 

NIY 

3.90% 

5.01% 

5.05% 

Page 1 

Düsseldorf 

Cluster 01 

n/a 

01.09.2011 

Located in a basic residential area, 

High noise exposure caused by neighbouring factory 

Apartments being vacated are l kely to need refurbishment 

works, 

Only fair demand due to industrial surroundings 

93,969 € 

113,715 € 

114,424 € 

24,927 € 

26.53% 

69,042 € 

66,042 € 

Property 2 1 = very good, 6 = poor Location 4 1 = very good, 6 = poor 

14.9 

Purchaser's costs 

per sq m 

6.40% 10,661 9€ 

1,170 € 

Market Value 

1,700,000 €

Location and Property Description 

Location Description 

Use 

Quality of area 

Description of 

location 

Additional 

comments 

(suitability of the 

location) 

State of 

refurbishment 

Building 

construction 

Facade 

DTZ No. 

Cluster 

Sub-Portfolio 


1 Prime residential area 

Noise exposure 1 Low 

2 

3 

Good residential area 

Fair residential area 

4 

2 

3 

Medium 

High 

4 Basic residential area 

4 Very high 

1 Town centre 

Potential 1 

2 

3 

Close to town centre 

Peripheral location 

3 

environmental 

issues 

2 

3 

4 High density housing location (Plattenbau) 

Location rating 1 

The Property is located adjacent to an industrial 

2 

complex. 

3 

4 

5 

6 

External Building Description 

Type of building 

1 

2 

3 

4 

5 

6 

1 

2 

3 

4 

1 Timber 

1 As new 

2 

3 

Brickwork 

Reinforced concrete 

2 

2 

3 

No obvious damage 

Minor damage noted 

4 Prefabricated slabs 

4 Serious defects noted 

1 Rendered 

1 As new 

2 

3 

Rendered with stucco 

Exposed concrete 

1 

2 

3 



4 Face brick facade 4 Serious defects noted 

Thermal insulation Yes 

Roof 1 Pitched roof 

1 As new 

2 

3 

Hipped roof 

Mansard roof 

2 

2 

3 



4 Flat roof 4 Serious defects noted 

Roof covering Roof tiles 

Windows 1 Wooden - single glazing 

1 As new 

2 

3 

Wooden - insulated glazing 

Plastic 

3 

2 

3 



4 Metal 


Balconies 1 Yes - facing the street 

1 As new 

2 

3 

Yes - not facing the street 

Loggia 

2 

2 

3 



4 No 


Attics 1 Developed attic space 

1 Thermally insulated 

1 

2 Non-developed attic space 2 No insulation 

Entrance 

1 Residential area (single-family houses) 

Infrastructure 1 Less than 100 m 

2 

3 

Residential area (multi-family houses) 

Mixed-use area 

3 

(distance to 

public transport) 

2 

3 

Less than 500 m 

Less than 1,000 m 

4 Predominantly commercial 

4 More han 1,000 m 

1 

2 

3 

SHORT REPORT 

Düsseldorf 


Single-family house 

Semi-detached house 

Apartment building (multi-family house) 

Residential block 

Mixed-use 

Other 

New-built / redeveloped 

Fully refurbished 

Partly refurbished 

Unrefurbished 

New/completely refurbished 


Unrefurbished 

3 

3 

1 

Page 2 

1 Residential use 

2 Mixed-use 

3 Commercial use 

Additional 

comments 

Excellent 

Very good 

Good 

Fair 

Fairly poor 

Poor 

1 

2 

1 

Düsseldorf 

Cluster 01 

n/a 

01.09.2011 

No visible issues 

Potential risk on site 

Potential risk in the vicinity 

3 

2 

2 

2 

No. of buildings 

No. of floors (incl. 

ground floor) 

No. of residential units 

No. of other units 

No. of parking spaces 

Year of construction 1967 

Remaining economic 

lifetime 

Guidance land value 

(€/sq m) 

27 

6 

n/a 

n/a 

The drainage of the roof and balconies are partly 

damaged. Only hree units have balconies. 

1 

3 

0 

1 

3 

3 

4

DTZ No. 

Cluster 

Sub-Portfolio 


Electrical 1 New/completely renewed 

Electrical wiring 1 New/recently renewed 

installations 2 

within residential 3 

Largely renewed 

Partly renewed 

2 

2 Out-dated 

units 

4 Out-dated 

Water and 1 New/recently renewed 

sewage pipes 2 Out-dated 

Staircases 1 New/completely renewed 

2 

3 



2 

Warm water 

supply 

1 

2 

Central 

Boiler 

4 Out-dated 

Lifts 1 Yes 

Heating 1 Central heating gas/oil 

2 No 

2 

3 

Apartment heating 

District heating 

1 

Potential hazar- 1 No visible issues 

4 Stove heating 

dous materials 2 Evidence of use of hazardous materials 

Installed ca. 1996 

Additional 

comments 

SHORT REPORT 

Düsseldorf 



Internal Building Description 

Additional 

comments 

Description of the Residential Units 

Layout of the 

residential units 

Additional 

comments 

Visible Damage 

1 Very good 

Tenant structure 1 Very good 

2 

3 

Good 

Fair 

2 

2 

3 

Good 

Fair 

4 Poor 4 Weak 

Düsseldorf 

Cluster 01 

n/a 

01.09.2011 

Layout bathroom 1 Bathroom including WC 

Fit-out bathroom 1 Ba h 

2 

3 

Bathroom and seperate WC 

Two bathrooms 

1 

2 

3 

Shower 

Ba h and shower 

4 Bath/WC outside accommodation 

Refurbished Partly refurbished 

Floor covering 1 None 

2 Tiled 

Kitchen 1 No kitchen 

3 PVC 

2 

3 

Fitted kitchen 

Kitchenette 

4 

4 Wood, parquet or laminate flooring 

4 Seperate kitchen 

Refurbished Fully refurbished 

We were not able to inspect all residential units, the comments stated above are according to the information provided during the 

inspection. 

Facade/structure 1 Cracks in masonry no Accommodation 1 Mould no 

2 Damaged facade 

yes 

2 Pipeline cracks no 

3 Damaged drainage yes 3 Water damage no 

4 Visible concrete steel no 4 Insufficient/damaged ventilation (bath) no 

5 Damaged balconies no 5 Damaged windows no 

6 Salt crystallisa ion no 6 Damaged/insufficient heating no 

7 View comment no 

Roof 1 Soiling with bird excrement no 

2 Infestation with vermin no Cellar 

1 Moisture penetration 

no 

3 Dry rot no 2 Cracks in masonry 

no 

4 Leaking roof no 

3 Infestation with vermin no 

5 Damaged chimney no 

Entrance and 1 Vandalised/damaged staircases 

no 

common areas 

2 

Damaged entryways (broken letterboxes, 

damaged doorbells etc.) 

no 

According to the technical due diligence prepared by Drees&Sommer the following repair works are required and have been 

reflected in our valuation: Repair of rainwater pipes; repair of defects related to fire protection. 

Page 3 

1 

1 

2 

2 

1 

3 

1 

4

Access 1 External areas only 

Additional 

comments 

2 

3 

SHORT REPORT 

Düsseldorf 



Summary: Building Quality 

We were able to inspect two occupied residential units. 

Comments on Lettability and Saleability 

Lettability 2 1 = very good, 4 = poor 

Additional 

comments 

DTZ No. 

Cluster 

Sub-Portfolio 


External 1 Very good 

Internal 

1 Very good 

2 Good 

2 Good 

3 

4 

Fair 

Below average 

2 

3 

4 

Fair 

Below average 

5 Poor 

5 Poor 

6 Ruinous 

6 Ruinous 

Comments on Inspection 

Additional 

comments 

External and internal areas 

External, internal and accommoda ion 

The property is in a fair condition and shows a 

considerable vacancy. However, we assume that 

the lettability is good and therefore only minor 

additional measures are required to reach a high 

occupancy. 

3 

Page 4 

Number of units 

inspected 

Düsseldorf 

Cluster 01 

n/a 

01.09.2011 

Residential Commercial 

2 0 

Saleability 2 1 = very good, 4 = poor 

The property is in a fair condition but shows a 

considerable vacancy; the demand for comparable 

properties is good. We assume that the saleability is 

good and only minor promotional measures are 

required. 

2

Area and Income Analysis 

Valuation Assumptions 

Structural vacancy 

Marketing costs 

Tenant improvements 

Maintenance costs p.a. 

Management costs p.a. 

Vacancy costs p.a. 

SHORT REPORT 

Düsseldorf 


Total lettable units 27 0 

6 


Units let 

Area let 

Vacant units 

Vacant area 

Vacancy rate area 

Vacancy rate units 

Current rent sq m/month 

Current rent unit/month 

Current rent p.a. 

Market rent sq m/month 

Market rent unit/month 

Market rent p.a. 

Residential 

0.0% 

0.0 month's rent 

DTZ No. 

Cluster 

Sub-Portfolio 


Lettable area by use Current rental income by use 

Residential 

100% 

1,454 sq m 

1,200 sq m 

253 sq m 

17.42% 

14.81% 

6.45 € 

336.66 € 

92,918 € 

6.50 € 

349.92 € 

113,373 € 

Residential Commercial Parking 

25.00 €/sq m 

9.50 €/sq m 

220.00 €/unit 

12.00 €/sq m 

Valuation Approach 

For the Market Value calculations we have adopted a Discounted Cash Flow approach, based on a 10-year time horizon. The 

Properties have been valued to ‘Market Value’ in accordance with VS 3.2 of the Valuation Standards (edition 7), published by the 

RICS, London. 

Full details of the underlying assumptions regarding rental changes, inflation rates, transferable and non-recoverable service 

charges are shown in our valuation report. 

Page 5 

14.60 € 

0.00 € 

0.0% 0.0% 

0.0 month's rent 0.0 month's rent 

25.00 €/sq m 0.00 €/unit 

Düsseldorf 

Cluster 01 

n/a 

01.09.2011 

Commercial Parking 

Others 

Total 

0 sq m 0 sq m 0 sq m 

23 0 6 

0 sq m 0 sq m 

4 0 0 


0.00% 

0.00% 

0 € 

0.00 € 

0.00 € 

0 € 

14.60 € 0.00 € 270.03 € 

6.56 € 

0.00 € 288.95 € 

1,051 € 0 € 114,424 € 

9.50 €/sq m 40.00 €/unit 

2.0% of potential rent 

12.00 €/sq m 0.00 €/unit 

0 

0 29 

0 

1,454 sq m 

253 sq m 

0.00% 0.00% 17.42% 

0.00 € 0.00 € 0.00 € 

0.00 € 

0.00% 0.00% 

1,051 € 

0.00 € 

Parking 

1% 

Residential 

99% 

33 

0 sq m 1,200 sq m 

0 € 

4 

12.12% 

6.52 € 

93,969 €

Cash Flow Analysis 

Gross Revenue 

Potential Base Rental Revenue 

Absorption and Turnover Vacancy 

Effective Base Rental Revenue 

Parking 

Subsidies 

Rental Guarantee 

O her Revenue (antennas) 

Total Other Revenue 

Total Gross Revenue 

% Growth 

Operating Expenses 

Management Costs 

Credit and Collection Loss 

Ongoing Maintenance Costs 

Parking Maintenance Costs 

Vacancy Costs 

Sinking Fund 

O her Costs 

Total Operating Expenses 

% of Gross Revenue 

Net Operating Income 

Leasing and Capital Costs 

Renovation Costs 

Leasing Commissions 

Capital Expenditure 

Total Leasing and Capital Costs 

Net Cash Flow 

% Growth 

Running Net Yield 

Present Cash Flow Value @6.28% Discount Rate 

Present Resale Value @4.75% Cap Rate 

Gross Value 

1,772,537 € 

Gross Value per sq m 1,219 € 

Purchaser's Costs 

SHORT REPORT 

Düsseldorf 


Year 0 Year 1 Year 2 Year 3 Year 4 

69,042 74,978 83,836 92,985 

-3,001 -17,198 -5,286 -5,376 

639,703 € 

1,132,835 € 

6.4% 

Net Value 1,665,919 € 

Market Value 1,700,000 € 

Market Value per sq m 1,170 € 

Multiple (current rent) 18.1 x 

Multiple (potential rent) 14.9 x 

Net Initial Yield 3.9% 

Direct Cap Rate 3.7% 

DTZ No. 

Cluster 

Sub-Portfolio 


112,664 114,642 116,648 118,703 120,833 123,001 125,208 127,454 129,741 131,947 134,190 

-19,746 -15,936 -9,569 -2,981 -3,032 -3,084 -3,136 -3,189 -3,244 -3,299 -3,355 

92,918 98,706 107,079 115,722 117,801 119,917 122,072 124,265 126,497 128,648 130,835 

1,051 1,069 1,087 1,106 1,125 1,144 1,163 1,183 1,203 1,224 1,244 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

1,051 1,069 1,087 1,106 1,125 1,144 1,163 1,183 1,203 1,224 1,244 

93,969 99,775 108,167 116,827 118,925 121,061 123,235 125,448 127,701 129,871 132,079 

6 2% 8.4% 8.0% 1.8% 1.8% 1 8% 1.8% 1.8% 1.7% 1.7% 

-5,961 -6,062 -6,165 -6,270 -6,377 -6,485 -6,595 -6,708 -6,822 -6,938 -7,056 

-1,879 -1,996 -2,163 -2,337 -2,379 -2,421 -2,465 -2,509 -2,554 -2,597 -2,642 

-4,698 -4,778 -4,860 -4,942 -5,026 -5,112 -5,199 -5,287 -5,377 -5,468 -5,561 

-240 -244 -248 -252 -257 -261 -266 -270 -275 -279 -284 

-3,038 -2,452 -1,472 -459 -466 -474 -482 -491 -499 -507 -516 

-9,110 -9,265 -9,422 -9,582 -9,745 -9,911 -10,079 -10,251 -10,425 -10,602 -10,782 

0 0 0 0 0 0 0 0 0 0 0 

-24,927 -24,797 -24,331 -23,842 -24,250 -24,664 -25,086 -25,515 

26.8% 25.1% 22.7% 20.6% 20.6% 20.6% 20 6% 20.5% 

-3,001 -5,197 -5,286 -5,376 -3,210 -3,265 -3,320 -3,377 -3,434 -3,492 -3,552 

0 0 0 0 0 0 0 0 0 0 0 

0 -12,001 0 0 0 0 0 0 0 0 0 

66,042 57,780 78,550 87,609 91,465 93,132 94,829 96,556 98,315 99,987 101,687 

-12.5% 35.9% 11.5% 4.4% 1.8% 1 8% 1.8% 1.8% 1.7% 1.7% 

3.7% 3.3% 4.4% 4.9% 5.2% 

Net Cash Flow in € 

Net Operating Income in € 

120.000 

100.000 

Page 6 

80.000 

60.000 

40.000 

20.000 

0 

120.000 

100.000 

80.000 

60.000 

40.000 

20.000 

0 

Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 

94,675 96,396 98,149 99,933 

-3,210 -3,265 -3,320 -3,377 

5.3% 5.3% 5.4% 

Net Cash Flow 

Düsseldorf 

Cluster 01 

n/a 

01.09.2011 

-25,951 -26,392 -26,841 

20.5% 20.5% 20.5% 

101,749 103,479 105,238 

-3,434 -3,492 -3,552 

5.5% 5.6% 5.7% 

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 



7,0% 

6,0% 

5,0% 

4,0% 

3,0% 

2,0% 

1,0% 

0,0% 

30,0% 

25,0% 

20,0% 

15,0% 

10,0% 

5,0% 

0,0% 

Running Yield in % 

Total Operating Expenses in %

Site Information 

DTZ No. 

Cluster 

Sub-Portfolio 


Site area 1,441 sq m 

Guideline land value €/sq m 

Thereof surplus land 0 sq m 

Date of guideline land value 

Adjusted site value €/sq m 

Address 

Contamination 

Land charges 

(according to 

Drees&Sommer) 

Mining damage 

and risks (acc. to 

Drees&Sommer) 

Leasehold No 

Listed status 

Ground rent (€ p.a.) 0 

Expiry of leasehold 

Planning Situation 

Designated use Commercial area (FNP) 

Site ratio coverage (GRZ) 

Plot ratio (GFZ) 

Additional comments 

No preservation or design statute 

Land Register 

Extract dated 

Local court of 

Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 

Not registered in the register of contaminated sites; No commercial or industrial land use; No hints for soil 

contamination in the past; Environmental risk is considered low; No public land charges 

No obviously subsidence damages observed during on-site inspection; Risk of subsidence damages is 

considered non existing 

Zoning plan Yes 

Legally binding development plan No 

No. / Name of development plan 

Development plan dated 

SHORT REPORT 

Düsseldorf 


Hasselsstr. 16-22 

22.08.2011 

Düsseldorf 

14096 

20 

167 

Terra Heimbau 407 

No restrictions 

Düsseldorf 

Cluster 01 

n/a 

01.09.2011 

Comments We have not been provided with extracts from the land register. The information stated above is obtained from 

a summary schedule prepared by CMS Hasche Sigle. 

Page 7 

n/a 

n/a 

n/a 

No 

n/a

Site Plan 

SHORT REPORT 

Düsseldorf 

40597 

Subject property 

Düsseldorf 

Page 8 

DTZ No. 

Cluster 

Sub-Portfolio 


Düsseldorf 

Cluster 01 

n/a 

01.09.2011

Rental and Investment Evidence 

Rental Table (Mietspiegel) 

Düsseldorf 

City 

Recent Lease Agreements 

Address 

Hasselsstr. 16 

Hasselsstr. 18 

Asking Rental Comparables (Immobilienscout24.de) 

Address 

Date 

Büngerstr. 18, Düsseld. 08.09.2011 

Büngerstr. 14, Düsseld. 08.09.2011 

40599 Düsseldorf 08.09.2011 

Zoppoter Str., Düsseldorf 08.09.2011 

Sales Comparables from Board of Valuers 

83 sq m 

Zoppoter Str. 21, Düssel. 08.09.2011 38 sq m 

Graudenzer Straße 02.07.1905 

SHORT REPORT 

Düsseldorf 

40597 

Asking Sales Comparables (Immobilienscout24.de) 

Asking rent 

DTZ No. 

Cluster 

Sub-Portfolio 


Date Minimum 

Average Maximum 

01.07.2011 

Date 

16.02.2010 

51 sq m 

Monthly rent 

6.02 €/sq m 2-room apartment, ground floor, partly refurbished 

6.38 €/sq m 1-room apartment, 1st floor, partly refurbished 

7.14 €/sq m 3-room apartment, partly refurbished, better location 

7.51 €/sq m 2-room apartment, not refurbished, better location 

Page 9 

5.76 €/sq m 

6.40 €/sq m 

Hasselsstr. 18 01.11.2010 50 sq m 6.40 €/sq m 

Address 

Date 

Fürther Straße 03.07.1905 

Stendaler Straße 03.07.1905 

Oranienburger Straße 03.07.1905 

Address Date 

40597 Düsseldorf 15.09.2011 

Düsseldorf 

5.75 €/sq m 

Area 

01.11.2010 52 sq m 

Area 

55 sq m 

45 sq m 

47 sq m 

Am Schönenkamp 03.07.1905 266 sq m 

6.60 €/sq m 

7.45 €/sq m 

Comments 


Area Price p. sq m 

621 sq m 

Comments 

Düsseldorf 

Cluster 01 

n/a 

01.09.2011 

928 € 3-storey apartment building, built 1969, worse condition 

234 sq m 1,120 € 3-st. apartment build., built 1965, better locat., worse condit. 

313 sq m 

791 sq m 

40229 Düsseldorf 15.09.2011 487 sq m 

40599 Düsseldorf 15.09.2011 


Comments 

2,100 sq m 1,167 € 3-4-storey apartment building, better location, worse condit. 

342 sq m 

1,208 € 3-st. apartm. building, built 1962, better locat., worse condit. 

1,214 € 3-st. apartm. build., built 1984, better location, worse condit. 

1,335 € 3-st. apartment. build., built 1960, better locat., worse condit. 

1,427 € 4-storey apartment building, better location 

1,434 € 3-storey apartment building, better location

Property Photos 

SHORT REPORT 

Düsseldorf 


Photo 1 Photo 2 



Page 10 

DTZ No. 

Cluster 

Sub-Portfolio 


Düsseldorf 

Cluster 01 

n/a 

01.09.2011

Property type 



Site area 

Tenure 

SHORT REPORT 

Hattingen I 




Vacancy rate 


SWOT-Analysis 

45527 Hattingen 


1967 

n/a 

n/a 

Freehold 

No 

8,610 sq m 

4.77% 

No 

DTZ No. 

Cluster 

Sub-Portfolio 


Income year 1 





as % of GRI 


Net Cash Flow 


Almost fully let, 

Low modernisation ratio of units 

Well located next to the town centre of Hattingen, 

All units fitted with balconies 



Higher fit-out and uplift potential 







10.7 

10.5 

NIY 

6.37% 

6.57% 

6.27% 

Page 1 

Hattingen I 

Cluster 02 

n/a 

01.09.2011 


works 

494,014 € 

505,166 € 

488,439 € 

139,620 € 

28.26% 

354,393 € 

292,903 € 


10.9 


per sq m 

5.80% 30,485 4€ 

616 € 

Market Value 

5,300,000 €



Use 



location 

Additional 

comments 


location) 

State of 

refurbishment 

Building 

construction 

Facade 

DTZ No. 

Cluster 

Sub-Portfolio 




2 

3 



3 

2 

3 

Medium 

High 


4 Very high 

1 Town centre 

Potential 1 

2 

3 



2 

environmental 

issues 

2 

3 



2 

3 

4 

5 

6 



1 

2 

3 

4 

5 

6 

1 

2 

3 

4 

1 Timber 

1 As new 

2 

3 

Brickwork 


3 

2 

3 





1 Rendered 

1 As new 

2 

3 



1 

2 

3 






1 As new 

2 

3 

Hipped roof 

Mansard roof 

4 

2 

3 




Roof covering Bitumen 


1 As new 

2 

3 


Plastic 

3 

2 

3 



4 Metal 



1 As new 

2 

3 


Loggia 

1 

2 

3 



4 No 




2 


Entrance 



2 

3 



2 

(distance to 


2 

3 





1 

2 

3 

SHORT REPORT 

Hattingen I 






Mixed-use 

Other 




Unrefurbished 



Unrefurbished 

3 

3 

2 

Page 2 


2 Mixed-use 


Additional 

comments 

Excellent 

Very good 

Good 

Fair 

Fairly poor 

Poor 

1 

2 

2 

Hattingen I 

Cluster 02 

n/a 

01.09.2011 




3 

3 

2 

2 



ground floor) 




24 



lifetime 


(€/sq m) 

4 

7 

112 

0 

n/a 

n/a 

1 

1 

1 

3

DTZ No. 

Cluster 

Sub-Portfolio 








3 

2 Out-dated 

units 

4 Out-dated 




2 

3 



3 

Warm water 

supply 

1 

2 

Central 

Boiler 

4 Out-dated 

Lifts 1 Yes 


2 No 

2 

3 



3 




Installed n/a 

Additional 

comments 

SHORT REPORT 

Hattingen I 




Additional 

comments 


Layout of the 


Additional 

comments 


1 Very good 


2 

3 

Good 

Fair 

3 

2 

3 

Good 

Fair 

4 Poor 4 Weak 

Hattingen I 

Cluster 02 

n/a 

01.09.2011 



2 

3 


Two bathrooms 

1 

2 

3 

Shower 



Refurbished Not refurbished 


2 Tiled 


3 PVC 

2 

3 


Kitchenette 

4 





inspection. According to the information provided during inspection the accomodations are in different state of repair. Generally, 

we assume that extensive refurbishment works are required in order to re-let the apartments. 

Facade/structure 1 Cracks in masonry no Accommodation 1 Mould yes 


yes 

2 Pipeline cracks yes 

3 Damaged drainage no 3 Water damage no 








no 


no 





no 

common areas 

2 



no 


reflected our in valuation: Cleaning and painting of the facade; roof repair; repair waterproofing of external basement walls. 

Page 3 

2 

2 

2 

1 

1 

3 

1 

3


Additional 

comments 

2 

3 

SHORT REPORT 

Hattingen I 






Additional 

comments 

DTZ No. 

Cluster 

Sub-Portfolio 



Internal 

1 Very good 

2 Good 

2 Good 

3 

4 

Fair 

Below average 

3 

3 

4 

Fair 

Below average 

5 Poor 

5 Poor 

6 Ruinous 

6 Ruinous 


Additional 

comments 



The property is in a fair condition and almost all 

units are currently let. We assume that the lettability 

is fair and therefore only minor additional measures 

are required to increase occupancy. 

3 

Page 4 


inspected 

Hattingen I 

Cluster 02 

n/a 

01.09.2011 


2 0 


The property is in a fair condition and almost all 

units are currently let; the demand for comparable 

properties is fair. We assume that the saleability is 

fair so that additional promotional measures are 

required. 

4









SHORT REPORT 

Hattingen I 



24 


Units let 

Area let 

Vacant units 

Vacant area 









Residential 

2.5% 


DTZ No. 

Cluster 

Sub-Portfolio 



Residential 

100% 

8,610 sq m 

8,199 sq m 

411 sq m 

4.77% 

4.46% 

4.92 € 

376.99 € 

484,051 € 

478,476 € 


75.00 €/sq m 

11.50 €/sq m 

220.00 €/unit 

12.00 €/sq m 




RICS, London. 



Page 5 

34.59 € 

0.00 € 

0.0% 0.0% 


75.00 €/sq m 0.00 €/unit 

Hattingen I 

Cluster 02 

n/a 

01.09.2011 


Others 

Total 


107 0 20 

4.75 € 

365.14 € 

0 sq m 0 sq m 

5 0 4 


0.00% 

0.00% 

0 € 

0.00 € 

0.00 € 

0 € 

41.51 € 0.00 € 324.16 € 

4.85 € 

0.00 € 306.96 € 

9,963 € 0 € 488,439 € 

11.50 €/sq m 40.00 €/unit 


12.00 €/sq m 0.00 €/unit 

0 

0 127 

0 

136 

8,610 sq m 

411 sq m 

0.00% 0.00% 4.77% 

0.00 € 0.00 € 0.00 € 

0.00 € 

16.67% 0.00% 

9,963 € 

0.00 € 

Parking 

2% 

Residential 

98% 

0 sq m 8,199 sq m 

0 € 

9 

6.62% 

5.02 € 

494,014 €


Gross Revenue 




Parking 

Subsidies 





% Growth 






Vacancy Costs 

Sinking Fund 

O her Costs 









Net Cash Flow 

% Growth 




Gross Value 

5,560,955 € 

Gross Value per sq m 646 € 


SHORT REPORT 

Hattingen I 



354,393 333,821 342,046 350,433 

-61,490 -127,529 -68,260 -69,421 

1,988,002 € 

3,572,954 € 

5.8% 

Net Value 5,256,102 € 


Market Value per sq m 616 € 





DTZ No. 

Cluster 

Sub-Portfolio 


495,203 513,301 520,024 526,807 533,586 540,454 547,410 554,457 561,595 571,142 580,852 

-11,153 -44,273 -41,660 -38,946 -39,608 -40,281 -40,966 -41,662 -42,370 -43,091 -43,823 

484,051 469,027 478,364 487,861 493,979 500,173 506,445 512,795 519,225 528,052 537,029 

9,963 10,639 11,335 12,052 12,257 12,465 12,677 12,892 13,112 13,334 13,561 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

9,963 10,639 11,335 12,052 12,257 12,465 12,677 12,892 13,112 13,334 13,561 

494,014 479,666 489,699 499,913 506,235 512,638 519,121 525,687 532,337 541,386 550,590 

-2 9% 2.1% 2.1% 1.3% 1.3% 1 3% 1.3% 1.3% 1.7% 1.7% 

-24,839 -25,262 -25,691 -26,128 -26,572 -27,024 -27,483 -27,950 -28,425 -28,909 -29,400 

-9,880 -9,593 -9,794 -9,998 -10,125 -10,253 -10,382 -10,514 -10,647 -10,828 -11,012 

-24,701 -25,121 -25,548 -25,982 -26,424 -26,873 -27,330 -27,794 -28,267 -28,747 -29,236 

-960 -976 -993 -1,010 -1,027 -1,044 -1,062 -1,080 -1,099 -1,117 -1,136 

-4,931 -9,321 -8,771 -8,199 -8,338 -8,480 -8,624 -8,771 -8,920 -9,072 -9,226 

-74,309 -75,573 -76,857 -78,164 -79,493 -80,844 -82,218 -83,616 -85,038 -86,483 -87,953 

0 0 0 0 0 0 0 0 0 0 0 

-139,620 -145,845 -147,653 -149,481 -151,978 -154,518 -157,100 -159,726 

28.8% 31.1% 30.9% 30.6% 30.8% 30.9% 31 0% 31.1% 

-61,490 -67,119 -68,260 -69,421 -65,779 -66,897 -68,035 -69,191 -70,367 -71,564 -72,780 

0 0 0 0 0 0 0 0 0 0 0 

0 -60,410 0 0 0 0 0 0 0 0 0 

292,903 206,292 273,786 281,012 288,478 291,223 293,987 296,771 299,574 304,667 309,846 

-29 6% 32.7% 2.6% 2.7% 1.0% 0 9% 0.9% 0.9% 1.7% 1.7% 

5.3% 3.7% 4.9% 5.1% 5.2% 



350.000 

300.000 

250.000 

200.000 

150.000 

100.000 

Page 6 

50.000 


354,257 358,120 362,021 365,962 

0 

450.000 

400.000 

350.000 

300.000 

250.000 

200.000 

150.000 

100.000 

50.000 

0 

-65,779 -66,897 -68,035 -69,191 

5.2% 5.3% 5.3% 

Net Cash Flow 

Hattingen I 

Cluster 02 

n/a 

01.09.2011 

-162,395 -165,156 -167,963 

31.3% 31.3% 31.3% 

369,941 376,230 382,626 

-70,367 -71,564 -72,780 

5.4% 5.5% 5.6% 




6,0% 

5,0% 

4,0% 

3,0% 

2,0% 

1,0% 

0,0% 

35,0% 

30,0% 

25,0% 

20,0% 

15,0% 

10,0% 

5,0% 

0,0% 




DTZ No. 

Cluster 

Sub-Portfolio 







Address 

Contamination 

Land charges 

(according to 

Drees&Sommer) 

Mining damage 


Drees&Sommer) 

Leasehold No 

Listed status 




Designated use Residential area (FNP) 





Land Register 

Extract dated 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 

Not registered in the register of contaminated sites; Environmental risk is considered low; No public land 

charges 

No obviously subsidence damages observed during on-site inspection; No risk estimation poss ble 





SHORT REPORT 

Hattingen I 


An der Hunsebeck 25, Heinrich-Zille-Str. 2, Käthe-Kollwitz-Str. 1, 3, 5, 15 

18.08.2011 

Hattingen I 

Cluster 02 

n/a 

01.09.2011 

Hattingen 

2216 

7 

219, 220, 235, 241, 242, 243 


Parcel 235: 

Limited personal easement, right to build, run and maintain a transformer substation together with high and low 

voltage cables, in favour of Aktiengesellschaft für Versorgungs-Unternehmen, Gevelsberg. 



Page 7 

n/a 

n/a 

n/a 

No 

n/a

Site Plan 

SHORT REPORT 

Hattingen I 

45527 


Hattingen 

Page 8 

DTZ No. 

Cluster 

Sub-Portfolio 


Hattingen I 

Cluster 02 

n/a 

01.09.2011



City 

not applicable 


Address 

Heinrich-Zille-Str. 2 

Käthe-Kollwitz-Str. 1 


Address 

Date 

Welperstr. 47, Hattingen 12.09.2011 


Diepenbeck 3, Hattingen 12.09.2011 


SHORT REPORT 

Hattingen I 

45527 


57 sq m 

A. d. Hunseb. 16, Hatting. 12.09.2011 57 sq m 


Asking rent 

DTZ No. 

Cluster 

Sub-Portfolio 


Date Minimum 


15.06.2011 

57 sq m 

Monthly rent 

3.57 €/sq m 2-room apartment, ground floor, not refurbished 

4.81 €/sq m 2-room apartment, attic floor, partly refurbished 

4.94 €/sq m 2,5-room apartment, 3rd floor, partly refurbished 

5.15 €/sq m 3-room apartment, 3rd floor, partly refurbished 

Page 9 

4.01 €/sq m 

4.43 €/sq m 

Heinrich-Zille-Str. 2 01.06.2011 56 sq m 4.45 €/sq m 

Date 

Hattingen 

Käthe-Kollwitz-Str. 1 01.06.2011 76 sq m 


Address 

No recent transactions 

Date 

Address Date 

45701 Herten 16.09.2011 

Area 

01.07.2011 79 sq m 

4.67 €/sq m 

01.08.2011 76 sq m 4.74 €/sq m 

Area 

70 sq m 

70 sq m 

78 sq m 

42277 Wuppertal 15.09.2011 7,052 sq m 

42555 Velbert 15.09.2011 

58300 Wetter 16.09.2011 

Comments 

5.70 €/sq m 3,5-room apartment, not refurbished, better location 



Comments 

Comments 

Hattingen I 

Cluster 02 

n/a 

01.09.2011 

2,896 sq m 323 € 8-storey apartment building, worse condition, worse location 

7,928 sq m 

1,540 sq m 

423 € 6-storey apartment building, worse condition 

454 € 7-storey-apartment building, worse condition 

682 € 5-storey apartment building, better location


SHORT REPORT 

Hattingen I 





Page 10 

DTZ No. 

Cluster 

Sub-Portfolio 


Hattingen I 

Cluster 02 

n/a 

01.09.2011

Property type 



Site area 

Tenure 

SHORT REPORT 

Hattingen II 




Vacancy rate 


SWOT-Analysis 



1974 

n/a 

n/a 

Freehold 

Yes 

7,027 sq m 

3.53% 

No 

DTZ No. 

Cluster 

Sub-Portfolio 


Income year 1 





as % of GRI 


Net Cash Flow 






Rent increase after expiry of rent restrictions 







9.1 

9.0 

NIY 

6.59% 

6.70% 

6.73% 

Page 1 

Low modernisation ratio of units, 

Rent restrictions until 2030-2064, 

Unattractive external appearance 

Hattingen II 

Cluster 02a 

n/a 

01.09.2011 

High modernisation costs prior to re-letting activities of the 

accommodations 

330,082 € 

333,611 € 

334,525 € 

122,724 € 

37.18% 

207,358 € 

156,521 € 


9.0 


per sq m 

6.40% 18,922 5€ 

427 € 

Market Value 

3,000,000 €



Use 



location 

Additional 

comments 


location) 

State of 

refurbishment 

Building 

construction 

Facade 

DTZ No. 

Cluster 

Sub-Portfolio 




2 

3 



3 

2 

3 

Medium 

High 


4 Very high 

1 Town centre 

Potential 1 

2 

3 



2 

environmental 

issues 

2 

3 



2 

3 

4 

5 

6 



1 

2 

3 

4 

5 

6 

1 

2 

3 

4 

1 Timber 

1 As new 

2 

3 

Brickwork 


3 

2 

3 





1 Rendered 

1 As new 

2 

3 



1 

2 

3 




Thermal insulation No 


1 As new 

2 

3 

Hipped roof 

Mansard roof 

4 

2 

3 






1 As new 

2 

3 


Plastic 

3 

2 

3 



4 Metal 



1 As new 

2 

3 


Loggia 

3 

2 

3 



4 No 




2 


Entrance 



2 

3 



2 

(distance to 


2 

3 





1 

2 

3 

SHORT REPORT 

Hattingen II 






Mixed-use 

Other 




Unrefurbished 



Unrefurbished 

3 

4 

3 

Page 2 


2 Mixed-use 


Additional 

comments 

Excellent 

Very good 

Good 

Fair 

Fairly poor 

Poor 

1 

3 

2 

Hattingen II 

Cluster 02a 

n/a 

01.09.2011 




3 

3 

2 

3 



ground floor) 






lifetime 


(€/sq m) 

5 

2-6 

114 

0 

5 

n/a 

n/a 

1 

2 

1 

3

DTZ No. 

Cluster 

Sub-Portfolio 








4 

2 Out-dated 

units 

4 Out-dated 




2 

3 



4 

Warm water 

supply 

1 

2 

Central 

Boiler 

4 Out-dated 

Lifts 1 Yes 


2 No 

2 

3 



1 





Additional 

comments 

SHORT REPORT 

Hattingen II 




Additional 

comments 


Layout of the 


Additional 

comments 


1 Very good 


2 

3 

Good 

Fair 

3 

2 

3 

Good 

Fair 

4 Poor 4 Weak 

Hattingen II 

Cluster 02a 

n/a 

01.09.2011 



2 

3 


Two bathrooms 

1 

2 

3 

Shower 





2 Tiled 


3 PVC 

2 

3 


Kitchenette 

4 







Facade/structure 1 Cracks in masonry yes Accommodation 1 Mould yes 


yes 


3 Damaged drainage yes 3 Water damage no 

4 Visible concrete steel yes 4 Insufficient/damaged ventilation (bath) yes 







no 


no 

4 Leaking roof yes 




no 

common areas 

2 



yes 


reflected in our valuation: Cleaning and painting of the facade; roof repair; repair waterproofing of external basement walls. 

Page 3 

2 

2 

1 

1 

1 

3 

1 

4


Additional 

comments 

2 

3 

SHORT REPORT 

Hattingen II 






Additional 

comments 

DTZ No. 

Cluster 

Sub-Portfolio 



Internal 

1 Very good 

2 Good 

2 Good 

3 

4 

Fair 

Below average 

4 

3 

4 

Fair 

Below average 

5 Poor 

5 Poor 

6 Ruinous 

6 Ruinous 


Additional 

comments 



The property is in a fairly poor condition and almost 

all units are currently let. We assume that the 

lettability is fair, however, as the property is subject 

to social subsidies the lettability is also depending 

on the guidlines of the local housing authorities. 

3 

Page 4 


inspected 

Hattingen II 

Cluster 02a 

n/a 

01.09.2011 


3 0 


The property is in a fairly poor condition and almost 

all units are currently let; he demand for 

comparable properties is low particularly due to the 

social subsidies. We assume that the saleability is 

significantly limited so that substantial promotional 

measures are required and an extended marketing 

period can be expected. 

4









SHORT REPORT 

Hattingen II 



5 


Units let 

Area let 

Vacant units 

Vacant area 









Residential 

2.5% 


DTZ No. 

Cluster 

Sub-Portfolio 



Residential 

100% 

7,027 sq m 

6,778 sq m 

248 sq m 

3.53% 

3.51% 

4.04 € 

248.87 € 

328,510 € 

332,953 € 


75.00 €/sq m 

12.50 €/sq m 

220.00 €/unit 

12.00 €/sq m 




RICS, London. 



Page 5 

26.20 € 

0.00 € 

0.0% 0.0% 


75.00 €/sq m 0.00 €/unit 

Hattingen II 

Cluster 02a 

n/a 

01.09.2011 


Others 

Total 


110 0 3 

4.05 € 

249.63 € 

0 sq m 0 sq m 

4 0 2 


0.00% 

0.00% 

0 € 

0.00 € 

0.00 € 

0 € 

43.67 € 0.00 € 243.42 € 

4.07 € 

0.00 € 240.27 € 

1,572 € 0 € 334,525 € 

12.50 €/sq m 40.00 €/unit 


12.00 €/sq m 0.00 €/unit 

0 

0 113 

0 

119 

7,027 sq m 

248 sq m 

0.00% 0.00% 3.53% 

0.00 € 0.00 € 0.00 € 

0.00 € 

40.00% 0.00% 

1,572 € 

0.00 € 

Parking 

% 

Residential 

100% 

0 sq m 6,778 sq m 

0 € 

6 

5.04% 

4.06 € 

330,082 €


Gross Revenue 




Parking 

Subsidies 





% Growth 






Vacancy Costs 

Sinking Fund 

O her Costs 









Net Cash Flow 

% Growth 




Gross Value 

3,145,861 € 



SHORT REPORT 

Hattingen II 



207,358 191,873 196,658 201,550 

-50,837 -102,739 -54,219 -55,140 

1,034,118 € 

2,111,742 € 

6.4% 

Net Value 2,956,636 € 







DTZ No. 

Cluster 

Sub-Portfolio 


332,039 346,521 352,522 358,628 364,841 371,163 377,594 384,136 390,792 397,435 404,192 

-3,529 -28,031 -27,499 -26,940 -27,398 -27,864 -28,338 -28,819 -29,309 -29,808 -30,314 

328,510 318,490 325,023 331,687 337,443 343,299 349,256 355,317 361,482 367,628 373,877 

1,572 1,776 1,987 2,205 2,242 2,280 2,319 2,359 2,399 2,439 2,481 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

1,572 1,776 1,987 2,205 2,242 2,280 2,319 2,359 2,399 2,439 2,481 

330,082 320,266 327,010 333,892 339,685 345,579 351,575 357,675 363,881 370,067 376,358 

-3 0% 2.1% 2.1% 1.7% 1.7% 1.7% 1.7% 1.7% 1.7% 1.7% 

-25,111 -25,538 -25,972 -26,414 -26,863 -27,320 -27,784 -28,256 -28,737 -29,225 -29,722 

-6,602 -6,405 -6,540 -6,678 -6,794 -6,912 -7,032 -7,154 -7,278 -7,401 -7,527 

-16,504 -16,785 -17,070 -17,360 -17,655 -17,955 -18,261 -18,571 -18,887 -19,208 -19,534 

-200 -203 -207 -210 -214 -218 -221 -225 -229 -233 -237 

-2,979 -6,921 -6,790 -6,652 -6,765 -6,880 -6,997 -7,116 -7,237 -7,360 -7,485 

-71,328 -72,540 -73,773 -75,028 -76,303 -77,600 -78,919 -80,261 -81,625 -83,013 -84,424 

0 0 0 0 0 0 0 0 0 0 0 

-122,724 -128,393 -130,353 -132,342 -134,594 -136,885 -139,214 -141,583 

37.4% 40 3% 40.1% 39.9% 39.9% 39.9% 39 9% 39.8% 

-50,837 -53,312 -54,219 -55,140 -54,383 -55,308 -56,248 -57,204 -58,176 -59,165 -60,171 

0 0 0 0 0 0 0 0 0 0 0 

0 -49,426 0 0 0 0 0 0 0 0 0 

156,521 89,134 142,439 146,410 150,708 153,387 156,113 158,888 161,712 164,461 167,257 

-43.1% 59.8% 2.8% 2.9% 1.8% 1 8% 1.8% 1.8% 1.7% 1.7% 

5.0% 2.8% 4.5% 4.7% 4.8% 



180.000 

160.000 

140.000 

120.000 

100.000 

Page 6 

80.000 

60.000 

40.000 

20.000 


205,091 208,694 212,361 216,092 

0 

250.000 

200.000 

150.000 

100.000 

50.000 

0 

-54,383 -55,308 -56,248 -57,204 

4.9% 5.0% 5.1% 

Net Cash Flow 

Hattingen II 

Cluster 02a 

n/a 

01.09.2011 

-143,993 -146,440 -148,930 

39.8% 39.8% 39.8% 

219,888 223,627 227,428 

-58,176 -59,165 -60,171 

5.1% 5.2% 5.3% 




6,0% 

5,0% 

4,0% 

3,0% 

2,0% 

1,0% 

0,0% 

45,0% 

40,0% 

35,0% 

30,0% 

25,0% 

20,0% 

15,0% 

10,0% 

5,0% 

0,0% 




DTZ No. 

Cluster 

Sub-Portfolio 







Address 

Contamination 

Land charges 

(according to 

Drees&Sommer) 

Mining damage 


Drees&Sommer) 

Leasehold No 

Listed status 









Land Register 

Extract dated 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 

Not registered in the register of contaminated sites; Environmental risk is considered low; Public land charges 

concerning Käthe-Kollwitz-Str. 1a and 3a 






SHORT REPORT 

Hattingen II 


An der Hunsebeck 27, Heinrich-Zille-Str. 4-6, Käthe-Kollwitz-Str. 1a, 3a 

18.08.2011 

Hattingen 

2216 

7 

247, 248, 274, 346, 368, 384, 387 



Hattingen II 

Cluster 02a 

n/a 

01.09.2011 



Page 7 

n/a 

n/a 

n/a 

No 

n/a

Site Plan 

SHORT REPORT 

Hattingen II 

45527 


Hattingen 

Page 8 

DTZ No. 

Cluster 

Sub-Portfolio 


Hattingen II 

Cluster 02a 

n/a 

01.09.2011



City 



Address 

An der Hunsebeck 27 



Address 

Date 




Welperstr. 59, , Hattingen 12.09.2011 

SHORT REPORT 

Hattingen II 

45527 


57 sq m 



Asking rent 

DTZ No. 

Cluster 

Sub-Portfolio 


Date Minimum 


01.03.2011 

59 sq m 

Monthly rent 





Page 9 

3.91 €/sq m 

3.97 €/sq m 

Heinrich-Zille-Str. 4 01.02.2011 67 sq m 4.01 €/sq m 

Date 

Hattingen 

Heinrich-Zille-Str. 4 01.01.2011 44 sq m 


Address 


Date 

Address Date 

45701 Herten 16.09.2011 

Area 

01.08.2011 43 sq m 

4.05 €/sq m 

01.02.2011 44 sq m 4.26 €/sq m 

Area 

70 sq m 

70 sq m 

78 sq m 

42277 Wuppertal 15.09.2011 7,052 sq m 

42555 Velbert 15.09.2011 

58300 Wetter 16.09.2011 

Comments 




Comments 

Comments 

Hattingen II 

Cluster 02a 

n/a 

01.09.2011 

2,896 sq m 323 € 8-storey apartment building, worse condition 

7,928 sq m 

1,540 sq m 

423 € 6-storey apartment building, standard fit-out 

454 € 7-storey-apartment building, balconies 

682 € 5-storey apartment building, better location, better condition


SHORT REPORT 

Hattingen II 





Page 10 

DTZ No. 

Cluster 

Sub-Portfolio 


Hattingen II 

Cluster 02a 

n/a 

01.09.2011

Property type 



Site area 

Tenure 

SHORT REPORT 

Hattingen III 




Vacancy rate 


SWOT-Analysis 



1967 

n/a 

n/a 

Freehold 

No 

4,179 sq m 

20.45% 

No 

DTZ No. 

Cluster 

Sub-Portfolio 


Income year 1 





as % of GRI 


Net Cash Flow 






Reletting of vacant apartments after completion of 

refurbishment 







8.2 

7.3 

NIY 

6.70% 

8.09% 

7.54% 

Page 1 

Low modernisation ratio of units, 

Significant capex required, 

High-rise building, 

Fairly high vacancy rate, 

Unattractive external appearance 

Hattingen III 

Cluster 03 

n/a 

01.09.2011 

194,157 € 

217,731 € 

208,531 € 

80,374 € 

41.40% 

113,783 € 

88,850 € 


accommodations, 

Above-average maintenance costs due to high-rise building 

structure 


7.7 


per sq m 

6.40% 10,217 7€ 

383 € 

Market Value 

1,600,000 €



Use 



location 

Additional 

comments 


location) 

State of 

refurbishment 

Building 

construction 

Facade 

DTZ No. 

Cluster 

Sub-Portfolio 




2 

3 



3 

2 

3 

Medium 

High 


4 Very high 

1 Town centre 

Potential 1 

2 

3 



2 

environmental 

issues 

2 

3 



2 

3 

4 

5 

6 



1 

2 

3 

4 

5 

6 

1 

2 

3 

4 

1 Timber 

1 As new 

2 

3 

Brickwork 


3 

2 

3 





1 Rendered 

1 As new 

2 

3 



3 

2 

3 






1 As new 

2 

3 

Hipped roof 

Mansard roof 

4 

2 

3 






1 As new 

2 

3 


Plastic 

3 

2 

3 



4 Metal 



1 As new 

2 

3 


Loggia 

3 

2 

3 



4 No 




2 


Entrance 



2 

3 



2 

(distance to 


2 

3 





1 

2 

3 

SHORT REPORT 

Hattingen III 






Mixed-use 

Other 




Unrefurbished 



Unrefurbished 

4 

4 

3 

Page 2 


2 Mixed-use 


Additional 

comments 

Excellent 

Very good 

Good 

Fair 

Fairly poor 

Poor 

1 

3 

2 

Hattingen III 

Cluster 03 

n/a 

01.09.2011 




4 

4 

4 

3 



ground floor) 




12 



lifetime 


(€/sq m) 

n/a 

n/a 

Some of the windows are still wooden framed and in 

need of replacement. The property has a mobil 

phone base station antenna, located on the roof of 

the building. 

1 

11 

60 

2 

1 

2 

1 

3

DTZ No. 

Cluster 

Sub-Portfolio 








4 

2 Out-dated 

units 

4 Out-dated 




2 

3 



3 

Warm water 

supply 

1 

2 

Central 

Boiler 

4 Out-dated 

Lifts 1 Yes 


2 No 

2 

3 



1 




Installed n/a 

Additional 

comments 

SHORT REPORT 

Hattingen III 




Additional 

comments 


Layout of the 


Additional 

comments 


1 Very good 


2 

3 

Good 

Fair 

3 

2 

3 

Good 

Fair 

4 Poor 4 Weak 

Hattingen III 

Cluster 03 

n/a 

01.09.2011 



2 

3 


Two bathrooms 

1 

2 

3 

Shower 





2 Tiled 


3 PVC 

2 

3 


Kitchenette 

4 









yes 



4 Visible concrete steel no 4 Insufficient/damaged ventilation (bath) yes 

5 Damaged balconies yes 5 Damaged windows yes 






no 


no 





no 

common areas 

2 



yes 

At the date of inspection the elevator was not working. According to the technical due diligence prepared by Drees&Sommer the 

following repair works are required and have been reflected in our valuation: Repair of concrete reinforcement; cleaning and 

painting of facade; replacement of windows and entrance doors; renewal of roof sealing; repair of defects related to fire 

protection. 

Page 3 

2 

2 

2 

1 

1 

3 

1 

3


Additional 

comments 

2 

3 

SHORT REPORT 

Hattingen III 






Additional 

comments 

DTZ No. 

Cluster 

Sub-Portfolio 



Internal 

1 Very good 

2 Good 

2 Good 

3 

4 

Fair 

Below average 

4 

3 

4 

Fair 

Below average 

5 Poor 

5 Poor 

6 Ruinous 

6 Ruinous 


Additional 

comments 



The property is in a fairly poor condition and shows 

a considerable vacancy. We assume that the 

lettability is significantly limited (particularly due to 

the high-rise building structure) and vacancy can be 

expected to remain high so that substantial 

measures are required to increase occupancy. 

3 

Page 4 


inspected 

Hattingen III 

Cluster 03 

n/a 

01.09.2011 


5 0 



a considerable vacancy; the demand for 

comparable properties is low. We assume that the 

saleability is significantly limited so that substan ial 

promo ional measures are required and an 

extended marke ing period can be expected. 

5









SHORT REPORT 

Hattingen III 



12 


Units let 

Area let 

Vacant units 

Vacant area 









5.0% 


DTZ No. 

Cluster 

Sub-Portfolio 



Commercial 

5% 

Residential 

3,959 sq m 

3,324 sq m 

635 sq m 

16.03% 

15.00% 

4.73 € 

308.37 € 

188,720 € 

4.50 € 

296.92 € 

203,094 € 

Residential 

95% 


75.00 €/sq m 

12.50 €/sq m 

220.00 €/unit 

12.00 €/sq m 




RICS, London. 



Page 5 

37.76 € 

0.00 € 

100.0% 0.0% 


75.00 €/sq m 0.00 €/unit 

Hattingen III 

Cluster 03 

n/a 

01.09.2011 


Others 

Total 

220 sq m 0 sq m 0 sq m 

51 0 12 

0 sq m 0 sq m 

9 2 0 

220 sq m 0 sq m 0 sq m 

100.00% 

100.00% 

0 € 

4.00 € 

0.00 € 

0 € 

37.76 € 0.00 € 248.92 € 

4.62 € 

0.00 € 254.06 € 

5,437 € 0 € 208,531 € 

12.50 €/sq m 40.00 €/unit 


12.00 €/sq m 0.00 €/unit 

2 

2 65 

0 

4,179 sq m 

855 sq m 

0.00% 0.00% 20.45% 

0.00 € 0.00 € 0.00 € 

0.00 € 

0.00% 0.00% 

5,437 € 

0.00 € 


3% 

76 

0 sq m 3,324 sq m 

Residential 

97% 

0 € 

Others 

11 

14.47% 

4.87 € 

194,157 €


Gross Revenue 




Parking 

Subsidies 





% Growth 






Vacancy Costs 

Sinking Fund 

O her Costs 









Net Cash Flow 

% Growth 




Gross Value 

1,698,699 € 



SHORT REPORT 

Hattingen III 



113,783 112,481 122,638 133,015 

-24,933 -67,780 -37,076 -37,707 

521,849 € 

1,176,849 € 

6.4% 

Net Value 1,596,521 € 







DTZ No. 

Cluster 

Sub-Portfolio 


212,293 236,249 239,362 242,419 245,214 248,042 250,904 253,801 256,732 261,096 265,535 

-23,574 -47,122 -40,202 -33,033 -33,594 -34,165 -34,746 -35,337 -35,938 -36,549 -37,170 

188,720 189,127 199,160 209,386 211,620 213,877 216,158 218,464 220,794 224,548 228,365 

5,437 5,376 5,311 5,243 5,332 5,423 5,515 5,609 5,704 5,801 5,900 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

5,437 5,376 5,311 5,243 5,332 5,423 5,515 5,609 5,704 5,801 5,900 

194,157 194,504 204,472 214,629 216,952 219,300 221,673 224,072 226,498 230,349 234,264 

0 2% 5.1% 5.0% 1.1% 1.1% 1.1% 1.1% 1.1% 1.7% 1.7% 

-13,520 -13,750 -13,984 -14,221 -14,463 -14,709 -14,959 -15,213 -15,472 -15,735 -16,002 

-3,883 -3,890 -4,089 -4,293 -4,339 -4,386 -4,433 -4,481 -4,530 -4,607 -4,685 

-9,708 -9,873 -10,041 -10,211 -10,385 -10,562 -10,741 -10,924 -11,109 -11,298 -11,490 

-480 -488 -496 -505 -513 -522 -531 -540 -549 -559 -568 

-10,254 -10,770 -9,237 -7,649 -7,779 -7,911 -8,046 -8,183 -8,322 -8,463 -8,607 

-42,529 -43,252 -43,987 -44,735 -45,495 -46,269 -47,055 -47,855 -48,669 -49,496 -50,338 

0 0 0 0 0 0 0 0 0 0 0 

-80,374 -82,023 -81,834 -81,614 -82,975 -84,359 -85,766 -87,197 

42.6% 43.4% 41.1% 39.0% 39.2% 39.4% 39.7% 39.9% 

-24,933 -36,457 -37,076 -37,707 -26,672 -27,126 -27,587 -28,056 -28,533 -29,018 -29,511 

0 0 0 0 0 0 0 0 0 0 0 

0 -31,324 0 0 0 0 -46,328 -47,115 -47,916 -48,731 -49,559 

88,850 44,701 85,561 95,308 107,304 107,815 61,992 61,705 61,398 62,441 63,503 

-49.7% 91.4% 11.4% 12.6% 0.5% -42.5% -0.5% -0.5% 1.7% 1.7% 

5.2% 2.6% 5.0% 5.6% 6.3% 



120.000 

100.000 

Page 6 

80.000 

60.000 

40.000 

20.000 


133,976 134,941 135,907 136,876 

0 

160.000 

140.000 

120.000 

100.000 

80.000 

60.000 

40.000 

20.000 

0 

-26,672 -27,126 -73,915 -75,171 

6.3% 3.6% 3.6% 

Net Cash Flow 

Hattingen III 

Cluster 03 

n/a 

01.09.2011 

-88,651 -90,158 -91,691 

40.2% 40.2% 40.2% 

137,847 140,190 142,573 

-76,449 -77,749 -79,071 

3.6% 3.7% 3.7% 




7,0% 

6,0% 

5,0% 

4,0% 

3,0% 

2,0% 

1,0% 

0,0% 

50,0% 

45,0% 

40,0% 

35,0% 

30,0% 

25,0% 

20,0% 

15,0% 

10,0% 

5,0% 

0,0% 




DTZ No. 

Cluster 

Sub-Portfolio 







Address 

Contamination 

Land charges 

(according to 

Drees&Sommer) 

Mining damage 


Drees&Sommer) 

Leasehold No 

Listed status 









Land Register 

Extract dated 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 

Not registered in the register of contaminated sites; No commercial or industrial land use; No hints for soil 







SHORT REPORT 

Hattingen III 



18.08.2011 

Hattingen III 

Cluster 03 

n/a 

01.09.2011 

Hattingen 

2304 

7 

93, 158, 159, 171, 172 


Parcels 93, 159, 172: 

Limited personal easement, right to build, run and maintain a high pressure gas pipe line together with 

construction and use limitations for the owner of the property in favour of Aktiengesellschaft für Versorgungs- 

Unternehmen, Gevelsberg. 

Parcel 172: 

Right to build a 10 KV station together with a right of access to the property, in favour of Aktiengesellschaft für 

Versorgungs-Unternehmen, Gevelsberg. 



Page 7 

n/a 

n/a 

n/a 

No 

n/a

Site Plan 

SHORT REPORT 

Hattingen III 

45527 


Hattingen 

Page 8 

DTZ No. 

Cluster 

Sub-Portfolio 


Hattingen III 

Cluster 03 

n/a 

01.09.2011



City 



Address 




Address 

Date 





SHORT REPORT 

Hattingen III 

45527 


57 sq m 



Asking rent 

DTZ No. 

Cluster 

Sub-Portfolio 


Date Minimum 


01.06.2011 

59 sq m 

Monthly rent 





Page 9 

3.54 €/sq m 

3.81 €/sq m 

Käthe-Kollwitz-Str. 10 15.07.2011 59 sq m 3.88 €/sq m 

Date 

Hattingen 

Käthe-Kollwitz-Str. 10 01.08.2011 59 sq m 


Address 


Date 

Address Date 

45701 Herten 16.09.2011 

Area 

01.06.2011 59 sq m 

3.91 €/sq m 

15.06.2011 59 sq m 3.91 €/sq m 

Area 

70 sq m 

70 sq m 

78 sq m 

42277 Wuppertal 15.09.2011 7,052 sq m 

42555 Velbert 15.09.2011 

58300 Wetter 16.09.2011 

Comments 




Comments 

Comments 

Hattingen III 

Cluster 03 

n/a 

01.09.2011 

2,896 sq m 323 € 8-storey apartment building, simple fit-out 

7,928 sq m 

1,540 sq m 

423 € 6-storey apartment building, better condition 

454 € 7-storey-apartment building, better condition 

682 € 5-storey apartment building, better location, better condition


SHORT REPORT 

Hattingen III 





Page 10 

DTZ No. 

Cluster 

Sub-Portfolio 


Hattingen III 

Cluster 03 

n/a 

01.09.2011

SHORT REPORT 

Herne 


Property type 



Site area 

Tenure 



Vacancy rate 


SWOT-Analysis 


1950 

n/a 

n/a 

Freehold 

No 

3,795 sq m 

9.72% 

No 

DTZ No. 

Cluster 

Sub-Portfolio 


Income year 1 





as % of GRI 


Net Cash Flow 


Let on market level, 



Units fitted with balconies 

44651 Herne 


Higher fit-out and uplift potential, 

Sustainable high occupancy at market rent 







11.6 

10.6 

NIY 

5.40% 

6.16% 

6.37% 

Page 1 

Herne 

Cluster 04 

n/a 

01.09.2011 

Located in a basic residential area, 

High noise exposure caused by neighbouring railway track 



190,310 € 

208,096 € 

213,077 € 

63,922 € 

33.59% 

126,387 € 

100,691 € 


10.3 


per sq m 

6.40% 14,087 8€ 

580 € 

Market Value 

2,200,000 €



Use 



location 

Additional 

comments 


location) 

State of 

refurbishment 

Building 

construction 

Facade 

DTZ No. 

Cluster 

Sub-Portfolio 




2 

3 



2 

2 

3 

Medium 

High 


4 Very high 

1 Town centre 

Potential 1 

2 

3 



3 

environmental 

issues 

2 

3 



A railway track is located adjacent. 

2 

3 

4 

5 

6 



1 

2 

3 

4 

5 

6 

1 

2 

3 

4 

1 Timber 

1 As new 

2 

3 

Brickwork 


2 

2 

3 





1 Rendered 

1 As new 

2 

3 



1 

2 

3 






1 As new 

2 

3 

Hipped roof 

Mansard roof 

1 

2 

3 






1 As new 

2 

3 


Plastic 

3 

2 

3 



4 Metal 



1 As new 

2 

3 


Loggia 

2 

2 

3 



4 No 




2 


Entrance 



2 

3 



2 

(distance to 


2 

3 





1 

2 

3 

SHORT REPORT 

Herne 

44651 Herne 





Mixed-use 

Other 




Unrefurbished 



Unrefurbished 

3 

3 

3 

Page 2 


2 Mixed-use 


Additional 

comments 

Excellent 

Very good 

Good 

Fair 

Fairly poor 

Poor 

1 

3 

1 

Herne 

Cluster 04 

n/a 

01.09.2011 




3 

2 

2 

2 



ground floor) 






lifetime 


(€/sq m) 

Roof and windows have been renewed 

approximately 20 years ago. 

3 

3 

72 

0 

0 

n/a 

n/a 

1 

3 

3 

3

DTZ No. 

Cluster 

Sub-Portfolio 








3 

2 Out-dated 

units 

4 Out-dated 




2 

3 



4 

Warm water 

supply 

1 

2 

Central 

Boiler 

4 Out-dated 

Lifts 1 Yes 


2 No 

2 

3 



1 





Additional 

comments 

SHORT REPORT 

Herne 

44651 Herne 



Additional 

comments 


Layout of the 


Additional 

comments 


1 Very good 


2 

3 

Good 

Fair 

3 

2 

3 

Good 

Fair 

4 Poor 4 Weak 

Herne 

Cluster 04 

n/a 

01.09.2011 



2 

3 


Two bathrooms 

1 

2 

3 

Shower 





2 Tiled 


3 PVC 

2 

3 


Kitchenette 

4 









yes 










no 


no 





no 

common areas 

2 



no 


reflected in our valuation: Repair of external facilities (stairs); cleaning and painting of facade; repair roof drain; renewal of electric 

installations; repair of defects related to fire protection. 

Page 3 

2 

2 

1 

2 

1 

3 

1 

3


Additional 

comments 

2 

3 

SHORT REPORT 

Herne 

44651 Herne 





Additional 

comments 

DTZ No. 

Cluster 

Sub-Portfolio 



Internal 

1 Very good 

2 Good 

2 Good 

3 

4 

Fair 

Below average 

3 

3 

4 

Fair 

Below average 

5 Poor 

5 Poor 

6 Ruinous 

6 Ruinous 


Additional 

comments 



The property is in a fair condition and most units are 

currently let. We assume hat the lettability is good 

and therefore only minor additional measures are 

required to maintain high occupancy. 

3 

Page 4 


inspected 

Herne 

Cluster 04 

n/a 

01.09.2011 


5 0 



currently let; the demand for comparable properties 

is fair. We assume that the saleability is fair so that 

additional promotional measures are required. 

3









SHORT REPORT 

Herne 

44651 Herne 


0 


Units let 

Area let 

Vacant units 

Vacant area 









Residential 

1.5% 


DTZ No. 

Cluster 

Sub-Portfolio 



Residential 

100% 

3,795 sq m 

3,426 sq m 

369 sq m 

9.72% 

9.72% 

4.63 € 

243.99 € 

190,310 € 

4.75 € 

250.37 € 

213,077 € 


75.00 €/sq m 

10.50 €/sq m 

220.00 €/unit 

12.00 €/sq m 




RICS, London. 



Page 5 

0.00 € 

0.00 € 

0.0% 0.0% 


75.00 €/sq m 0.00 €/unit 

Herne 

Cluster 04 

n/a 

01.09.2011 


Others 

Total 


65 0 0 

0 sq m 0 sq m 

7 0 0 


0.00% 

0.00% 

0 € 

0.00 € 

0.00 € 

0 € 

0.00 € 0.00 € 243.99 € 

4.75 € 

0.00 € 250.37 € 

0 € 0 € 213,077 € 

10.50 €/sq m 40.00 €/unit 


12.00 €/sq m 0.00 €/unit 

0 

0 65 

0 

3,795 sq m 

369 sq m 

0.00% 0.00% 9.72% 

0.00 € 0.00 € 0.00 € 

0.00 € 

0.00% 0.00% 

0 € 

0.00 € 

Residential 

100% 

72 

0 sq m 3,426 sq m 

0 € 

7 

9.72% 

4.63 € 

190,310 €


Gross Revenue 




Parking 

Subsidies 





% Growth 






Vacancy Costs 

Sinking Fund 

O her Costs 









Net Cash Flow 

% Growth 




Gross Value 

2,342,103 € 



SHORT REPORT 

Herne 

44651 Herne 


126,387 124,329 133,973 143,949 

-25,696 -59,802 -34,755 -35,345 

803,125 € 

1,538,979 € 

6.4% 

Net Value 2,201,225 € 







DTZ No. 

Cluster 

Sub-Portfolio 


208,096 215,652 219,830 224,128 228,628 233,219 237,902 242,680 247,553 251,761 256,041 

-17,786 -25,513 -20,043 -14,379 -14,624 -14,873 -15,125 -15,382 -15,644 -15,910 -16,180 

190,310 190,138 199,787 209,749 214,005 218,347 222,777 227,297 231,909 235,851 239,861 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

190,310 190,138 199,787 209,749 214,005 218,347 222,777 227,297 231,909 235,851 239,861 

-0.1% 5.1% 5.0% 2.0% 2.0% 2 0% 2.0% 2.0% 1.7% 1.7% 

-15,840 -16,109 -16,383 -16,662 -16,945 -17,233 -17,526 -17,824 -18,127 -18,435 -18,748 

-3,806 -3,803 -3,996 -4,195 -4,280 -4,367 -4,456 -4,546 -4,638 -4,717 -4,797 

-9,515 -9,677 -9,842 -10,009 -10,179 -10,352 -10,528 -10,707 -10,889 -11,074 -11,263 

0 0 0 0 0 0 0 0 0 0 0 

-4,428 -5,371 -4,220 -3,027 -3,079 -3,131 -3,184 -3,238 -3,293 -3,349 -3,406 

-30,333 -30,849 -31,373 -31,907 -32,449 -33,001 -33,562 -34,132 -34,713 -35,303 -35,903 

0 0 0 0 0 0 0 0 0 0 0 

-63,922 -65,809 -65,814 -65,800 -66,932 -68,084 -69,256 -70,448 

33.6% 34 6% 32.9% 31.4% 31.3% 31.2% 31.1% 31.0% 

-25,696 -34,174 -34,755 -35,345 -27,489 -27,956 -28,431 -28,914 -29,406 -29,906 -30,414 

0 0 0 0 0 0 0 0 0 0 0 

0 -25,628 0 0 0 0 0 0 0 0 0 

100,691 64,527 99,219 108,604 119,584 122,307 125,090 127,935 130,843 133,067 135,329 

-35 9% 53.8% 9.5% 10.1% 2.3% 2 3% 2.3% 2.3% 1.7% 1.7% 

4.3% 2.8% 4.2% 4.6% 5.1% 



160.000 

140.000 

120.000 

100.000 

Page 6 

80.000 

60.000 

40.000 

20.000 


147,072 150,263 153,521 156,849 

0 

180.000 

160.000 

140.000 

120.000 

100.000 

80.000 

60.000 

40.000 

20.000 

0 

-27,489 -27,956 -28,431 -28,914 

5.2% 5.3% 5.5% 

Net Cash Flow 

Herne 

Cluster 04 

n/a 

01.09.2011 

-71,660 -72,879 -74,118 

30.9% 30.9% 30.9% 

160,249 162,973 165,743 

-29,406 -29,906 -30,414 

5.6% 5.7% 5.8% 




7,0% 

6,0% 

5,0% 

4,0% 

3,0% 

2,0% 

1,0% 

0,0% 

40,0% 

35,0% 

30,0% 

25,0% 

20,0% 

15,0% 

10,0% 

5,0% 

0,0% 




DTZ No. 

Cluster 

Sub-Portfolio 







Address 

Contamination 

Land charges 

(according to 

Drees&Sommer) 

Mining damage 


Drees&Sommer) 

Leasehold No 

Listed status 









Land Register 

Extract dated 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 

3 backfilled bomb craters on the property; No hints for soil contamination in the past; Environmental risk is 

considered low; No public land charges 


considered low 





SHORT REPORT 

Herne 

44651 Herne 

Edmund-Weber-Str. 242-262a 

22.08.2011 

Herne 

Cluster 04 

n/a 

01.09.2011 

Herne-Wanne 

18066 

64 

300, 334, 335, 336, 483, 485 


Parcel 300, 483: 

Right to build, run and maintain a pipe together with construction and use limitations for the owner, in favour of 

Emschergenossenschaft, Essen. 



Page 7 

n/a 

n/a 

n/a 

No 

n/a

Land Register 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 

SHORT REPORT 

Herne 

Extract dated 22.08.2011 

44651 Herne 

Page 8 

DTZ No. 

Cluster 

Sub-Portfolio 


Herne 

Cluster 04 

n/a 

01.09.2011 

Herne-Wanne 

18076 

64 

497 


Right to build, run and maintain a pipe together with construction and use limitations for the owner, in favour of 

Emschergenossenschaft, Essen. 



Land Register 

Extract dated 

Comments

Site Plan 

SHORT REPORT 

Herne 

44651 


Herne 

Page 9 

DTZ No. 

Cluster 

Sub-Portfolio 


Herne 

Cluster 04 

n/a 

01.09.2011



Herne 

City 


Address 

Edmund-Weber-Str. 260 

Edmund-Web.-Str. 262a 


Address 

Date 

44651 Herne 12.09.2011 

44651 Herne 12.09.2011 

Westfalenstr. 5, Herne 27.09.2011 

Edm.-Web.-Str. 271, Hern 12.09.2011 

12.09.2011 


Martinistraße 01.07.1905 

SHORT REPORT 

Herne 

44651 

70 sq m 


Asking rent 

DTZ No. 

Cluster 

Sub-Portfolio 


Date Minimum 


01.01.2011 

01.04.2011 

53 sq m 

Monthly rent 

3.48 €/sq m 3,5-room apartment, attic floor, refurbished 

4.34 €/sq m 3,5-room apartment, 1st floor, refurbished 

4.86 €/sq m 2,5-room apartment, 1st floor, refurbished 

4.89 €/sq m 3-room apartment, 2nd floor, partly refurbished 


Page 10 

3.93 €/sq m 

4.17 €/sq m 

Edmund-Weber-Str. 262 01.06.2011 53 sq m 4.59 €/sq m 

Date 

Herne 

4.05 €/sq m 

Edmund-Weber-Str. 244 01.04.2011 53 sq m 

Edmund-Weber-Str. 252 

Friedrichstr. 19, Herne 

Address 

Date 

Neustraße 01.07.1905 

Rottstraße 01.07.1905 

H berniastraße 02.07.1905 

Address Date 

45886 Gelsenkirchen 15.09.2011 

Area 

01.08.2011 53 sq m 

4.50 €/sq m 

4.55 €/sq m 

01.04.2011 53 sq m 4.61 €/sq m 

Area 

90 sq m 

76 sq m 

86 sq m 

62 sq m 

4.95 €/sq m 

Comments 



557 sq m 

Comments 

Herne 

Cluster 04 

n/a 

01.09.2011 

521 € Apartment building, not refurbished, fair location 

749 sq m 574 € Apartment building, not refurbished, fair location 

541 sq m 

568 sq m 

44649 Herne 15.09.2011 236 sq m 





Comments 

333 sq m 571 € 3-storey apartment building, six units 

284 sq m 

272 sq m 

390 sq m 



593 € 2-storey apartment building, refurbished 

600 € 3-storey apartment building, six units 

624 € 2-storey apartment building, better condition


SHORT REPORT 

Herne 

44651 Herne 




Page 11 

DTZ No. 

Cluster 

Sub-Portfolio 


Herne 

Cluster 04 

n/a 

01.09.2011

Property type 



Site area 

Tenure 

SHORT REPORT 

Gladbeck I 




Vacancy rate 


SWOT-Analysis 

45968 Gladbeck 


1959 

n/a 

n/a 

Freehold 

No 

9,827 sq m 

30.21% 

No 

DTZ No. 

Cluster 

Sub-Portfolio 


Income year 1 





as % of GRI 


Net Cash Flow 


Most of the units fitted with balconies, 

Centrally located 



refurbishment, 

Higher fit-out and uplift potential 







10.1 

7.3 

NIY 

4.49% 

8.09% 

8.70% 

Page 1 


Significant repair backlog, 

Significant amount of capex required 

Gladbeck I 

Cluster 05 

n/a 

01.09.2011 

Longer reletting periods due to fairly poor situation and 

condition, 


works, 

Only fair to weak demand expected for residential 

accommodations in this location 

367,328 € 

508,565 € 

532,141 € 

191,409 € 

52.11% 

175,918 € 

124,484 € 


7.0 


per sq m 

6.40% 23,567 5€ 

377 € 

Market Value 

3,700,000 €



Use 



location 

Additional 

comments 


location) 

State of 

refurbishment 

Building 

construction 

Facade 

DTZ No. 

Cluster 

Sub-Portfolio 




2 

3 



3 

2 

3 

Medium 

High 


4 Very high 

1 Town centre 

Potential 1 

2 

3 



2 

environmental 

issues 

2 

3 



2 

3 

4 

5 

6 



1 

2 

3 

4 

5 

6 

1 

2 

3 

4 

1 Timber 

1 As new 

2 

3 

Brickwork 


2 

2 

3 





1 Rendered 

1 As new 

2 

3 



1 

2 

3 






1 As new 

2 

3 

Hipped roof 

Mansard roof 

1 

2 

3 






1 As new 

2 

3 


Plastic 

3 

2 

3 



4 Metal 



1 As new 

2 

3 


Loggia 

2 

2 

3 



4 No 




2 


Entrance 



2 

3 



2 

(distance to 


2 

3 





1 

2 

3 

SHORT REPORT 

Gladbeck I 






Mixed-use 

Other 




Unrefurbished 



Unrefurbished 

3 

3 

3 

Page 2 


2 Mixed-use 


Additional 

comments 

Excellent 

Very good 

Good 

Fair 

Fairly poor 

Poor 

1 

3 

1 

Gladbeck I 

Cluster 05 

n/a 

01.09.2011 




4 

3 

2 

2 



ground floor) 






lifetime 


(€/sq m) 

2-4 

161 

0 

n/a 

n/a 

The buildings Horster Str. 241-251 and Marienstr. 

28-42 have been refurbished approx. 20-30 years 

ago. 

12 

0 

1 

2 

1 

3

DTZ No. 

Cluster 

Sub-Portfolio 








3 

2 Out-dated 

units 

4 Out-dated 




2 

3 



4 

Warm water 

supply 

1 

2 

Central 

Boiler 

4 Out-dated 

Lifts 1 Yes 


2 No 

2 

3 



1 





Additional 

comments 

SHORT REPORT 

Gladbeck I 




Additional 

comments 


Layout of the 


Additional 

comments 


1 Very good 


2 

3 

Good 

Fair 

3 

2 

3 

Good 

Fair 

4 Poor 4 Weak 

Gladbeck I 

Cluster 05 

n/a 

01.09.2011 



2 

3 


Two bathrooms 

1 

2 

3 

Shower 





2 Tiled 


3 PVC 

2 

3 


Kitchenette 

4 






we assume that extensive refurbishment works are required in order to re-let the apartments. Some of the buildings are inclined. 



yes 










no 


no 





no 

common areas 

2 



yes 


reflected in our valuation: Cleaning and painting of the facade; replacement of windows; balcony repair; renewal of electric 

installations; renewal of hea ing, water and wastwater pipes; repair waterproofing of external basement walls; redecoration of 

staircases. 

Page 3 

2 

2 

1 

2 

1 

3 

1 

3


Additional 

comments 

2 

3 

SHORT REPORT 

Gladbeck I 






Additional 

comments 

DTZ No. 

Cluster 

Sub-Portfolio 



Internal 

1 Very good 

2 Good 

2 Good 

3 

4 

Fair 

Below average 

4 

3 

4 

Fair 

Below average 

5 Poor 

5 Poor 

6 Ruinous 

6 Ruinous 


Additional 

comments 





lettability is significantly limited and vacancy can be 



3 

Page 4 


inspected 

Gladbeck I 

Cluster 05 

n/a 

01.09.2011 


8 0 








4









SHORT REPORT 

Gladbeck I 



0 


Units let 

Area let 

Vacant units 

Vacant area 









Residential 

5.0% 


DTZ No. 

Cluster 

Sub-Portfolio 



Residential 

100% 

9,827 sq m 

6,858 sq m 

2,969 sq m 

30.21% 

28.57% 

4.46 € 

266.18 € 

367,328 € 

532,141 € 


75.00 €/sq m 

11.50 €/sq m 

220.00 €/unit 

12.00 €/sq m 




RICS, London. 



Page 5 

0.00 € 

0.00 € 

0.0% 0.0% 


75.00 €/sq m 0.00 €/unit 

Gladbeck I 

Cluster 05 

n/a 

01.09.2011 


Others 

Total 


115 0 0 

4.75 € 

289.93 € 

0 sq m 0 sq m 

46 0 0 


0.00% 

0.00% 

0 € 

0.00 € 

0.00 € 

0 € 

0.00 € 0.00 € 266.18 € 

4.75 € 

0.00 € 289.93 € 

0 € 0 € 532,141 € 

11.50 €/sq m 40.00 €/unit 


12.00 €/sq m 0.00 €/unit 

0 

0 115 

0 

161 

9,827 sq m 

2,969 sq m 

0.00% 0.00% 30.21% 

0.00 € 0.00 € 0.00 € 

0.00 € 

0.00% 0.00% 

0 € 

0.00 € 

Residential 

100% 

0 sq m 6,858 sq m 

0 € 

46 

28.57% 

4.46 € 

367,328 €


Gross Revenue 




Parking 

Subsidies 





% Growth 






Vacancy Costs 

Sinking Fund 

O her Costs 









Net Cash Flow 

% Growth 




Gross Value 

3,918,096 € 



SHORT REPORT 

Gladbeck I 



175,918 198,307 256,389 317,082 

-51,435 -115,386 -744,906 -143,732 

775,492 € 

3,142,604 € 

6.4% 

Net Value 3,682,421 € 







DTZ No. 

Cluster 

Sub-Portfolio 


508,565 547,841 558,196 569,454 583,090 597,056 611,361 626,012 641,019 651,916 662,999 

-141,237 -157,595 -115,177 -71,272 -72,483 -73,716 -74,969 -76,243 -77,539 -78,858 -80,198 

367,328 390,246 443,019 498,182 510,606 523,340 536,392 549,769 563,480 573,059 582,801 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

367,328 390,246 443,019 498,182 510,606 523,340 536,392 549,769 563,480 573,059 582,801 

6 2% 13.5% 12.5% 2.5% 2.5% 2.5% 2.5% 2.5% 1.7% 1.7% 

-35,420 -36,022 -36,635 -37,257 -37,891 -38,535 -39,190 -39,856 -40,534 -41,223 -41,924 

-7,347 -7,805 -8,860 -9,964 -10,212 -10,467 -10,728 -10,995 -11,270 -11,461 -11,656 

-18,366 -18,679 -18,996 -19,319 -19,648 -19,982 -20,321 -20,667 -21,018 -21,375 -21,739 

0 0 0 0 0 0 0 0 0 0 0 

-35,630 -33,178 -24,248 -15,005 -15,260 -15,519 -15,783 -16,051 -16,324 -16,602 -16,884 

-94,646 -96,255 -97,891 -99,556 -101,248 -102,969 -104,720 -106,500 -108,310 -110,152 -112,024 

0 0 0 0 0 0 0 0 0 0 0 

-191,409 -191,939 -186,630 -181,100 -184,258 -187,471 -190,742 -194,069 

52.1% 49 2% 42.1% 36.4% 36.1% 35.8% 35 6% 35.3% 

-51,435 -115,386 -117,347 -119,342 -55,023 -55,958 -56,909 -57,877 -58,861 -59,861 -60,879 

0 0 0 0 0 0 0 0 0 0 0 

0 0 -627,559 -24,390 -24,805 -25,226 -80,320 -81,686 -83,075 -84,487 -85,923 

124,484 82,921 -488,518 173,349 246,521 254,685 208,421 216,137 224,089 227,898 231,773 

-33.4% -689.1% -135.5% 42.2% 3.3% -18 2% 3.7% 3.7% 1.7% 1.7% 

3.2% 2.1% -12.5% 4.4% 6.3% 



300.000 

200.000 

100.000 

Page 6 


326,348 335,869 345,650 355,700 

-79,827 -81,184 -137,230 -139,563 -141,935 -144,348 -146,802 

0 

100.000 

200.000 

300.000 

400.000 

500.000 

600.000 

400.000 

350.000 

300.000 

250.000 

200.000 

150.000 

100.000 

50.000 

0 

6.5% 5.3% 5.5% 

Net Cash Flow 

Gladbeck I 

Cluster 05 

n/a 

01.09.2011 

-197,456 -200,813 -204,226 

35.0% 35.0% 35.0% 

366,024 372,246 378,574 

5.7% 5.8% 5.9% 




7,0% 

6,0% 

5,0% 

4,0% 

3,0% 

2,0% 

1,0% 

0,0% 

60,0% 

50,0% 

40,0% 

30,0% 

20,0% 

10,0% 

0,0% 




DTZ No. 

Cluster 

Sub-Portfolio 







Address 

Contamination 

Land charges 

(according to 

Drees&Sommer) 

Mining damage 


Drees&Sommer) 

Leasehold No 

Listed status 









Land Register 

Extract dated 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 


charges 







SHORT REPORT 

Gladbeck I 


Almastr. 1-25, Horsterstr. 241-251, Marienstr. 28-42 

19.08.2011 

Gladbeck 

3276 

59 

13, 14, 15, 189, 192, 193, 194, 195, 196, 197, 12/186, 191/187, 227 



Gladbeck I 

Cluster 05 

n/a 

01.09.2011 



Page 7 

n/a 

n/a 

n/a 

No 

n/a

Land Register 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 

SHORT REPORT 

Gladbeck I 



Gladbeck 

20856, 20855, 20853, 20851, 20849, 20857, 20854, 20852, 20850 

59 

225, 223, 184, 182, 180, 228, 198, 183, 181 



DTZ No. 

Cluster 

Sub-Portfolio 


Gladbeck I 

Cluster 05 

n/a 

01.09.2011 

Comments The cadastral plan for parcel no. 223 is missing. We have not been provided with extracts from the land 

register. The information stated above is obtained from a summary schedule prepared by CMS Hasche Sigle. 

Land Register 


Gladbeck 

20847 

59 

177 


Limited personal easement, right to run drain pipes together with construction and use limitations for the owner, 

in favour of the city of Gladbeck. 



Page 8

Land Register 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 

Land Register 

Extract dated 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 

Comments 

SHORT REPORT 

Gladbeck I 



DTZ No. 

Cluster 

Sub-Portfolio 


Gladbeck I 

Cluster 05 

n/a 

01.09.2011 

Gladbeck 

20848 

59 

178 


Limited personal easement, right to run drain pipes together with construction and use limitations for the owner, 

in favour of the city of Gladbeck. 



Page 9

Site Plan 

SHORT REPORT 

Gladbeck I 

45968 


Gladbeck 

Page 10 

DTZ No. 

Cluster 

Sub-Portfolio 


Gladbeck I 

Cluster 05 

n/a 

01.09.2011



Gladbeck 

City 


Address 

Marienstr. 32 

Horsterstr. 249 


Address 

Date 

Marienstr., Gladbeck 09.09.2011 

Marienstr. 46, Gladbeck 09.09.2011 

Roßheidestr. 23, Gladb. 09.09.2011 

Roßheidestr. 23, Gladb. 09.09.2011 


56 sq m 

Horster Str. 267, Gladb. 09.09.2011 59 sq m 

Gladbeck-Butendorf 03.07.1905 

SHORT REPORT 

Gladbeck I 

45968 


Asking rent 

DTZ No. 

Cluster 

Sub-Portfolio 


Date Minimum 


01.02.2011 

01.04.2011 

67 sq m 

Monthly rent 

4.44 €/sq m 3,5-room apartment, 3rd floor, refurbished 

4.82 €/sq m 2-room apartment, ground floor 



Page 11 

3.95 €/sq m 

4.61 €/sq m 

Horsterstr. 245B 01.04.2011 52 sq m 4.61 €/sq m 

Date 

Gladbeck 

4.10 €/sq m 

Marienstr. 34 01.08.2011 67 sq m 

Marienstr. 34 

Address 

Date 

Gladbeck-Brauck 03.07.1905 

Gladbeck-Stadtmitte 03.07.1905 

Gladbeck-Rentfort 03.07.1905 

Address Date 

45897 Gladbeck 15.09.2011 

Area 

01.08.2011 52 sq m 

4.50 €/sq m 

4.62 €/sq m 

01.03.2011 67 sq m 5.11 €/sq m 

Area 

63 sq m 

51 sq m 

54 sq m 

Gladbeck-Stadtmitte 03.07.1905 263 sq m 

4.90 €/sq m 

Comments 

5.25 €/sq m 2-room apartment, refurbished 


283 sq m 

Comments 

Gladbeck I 

Cluster 05 

n/a 

01.09.2011 

442 € 2-storey apartment building, built 1955, better condition 

380 sq m 453 € 3-storey apartment building, built 1960, better condition 

292 sq m 

345 sq m 

45899 Gelsenkirchen 15.09.2011 650 sq m 



Comments 

1,549 sq m 513 € 4-storey apartment building, better condition 

387 sq m 


547 € 3-storey apartment building, built 1959, better location 


561 € 3,5-storey apartment building, better condition 



SHORT REPORT 

Gladbeck I 





Page 12 

DTZ No. 

Cluster 

Sub-Portfolio 


Gladbeck I 

Cluster 05 

n/a 

01.09.2011

Property type 



Site area 

Tenure 

SHORT REPORT 

Gladbeck II 




Vacancy rate 


SWOT-Analysis 



1961 

n/a 

n/a 

Leasehold 

No 

3,749 sq m 

6.75% 

No 

DTZ No. 

Cluster 

Sub-Portfolio 


Income year 1 





as % of GRI 


Net Cash Flow 



Parts of the property have already been refurbished 


Adding balconies, 








10.8 

10.3 

NIY 

6.15% 

6.57% 

6.79% 

Page 1 

Gladbeck II 

Cluster 06 

n/a 

01.09.2011 

Repair backlog for some parts of the property, 

Basic to fair residential location 


works 

194,477 € 

203,552 € 

208,372 € 

58,824 € 

30.25% 

135,653 € 

118,171 € 


10.1 


per sq m 

6.40% 13,257 2€ 

560 € 

Market Value 

2,100,000 €



Use 



location 

Additional 

comments 


location) 

State of 

refurbishment 

Building 

construction 

Facade 

DTZ No. 

Cluster 

Sub-Portfolio 




2 

3 



3 

2 

3 

Medium 

High 


4 Very high 

1 Town centre 

Potential 1 

2 

3 



2 

environmental 

issues 

2 

3 



2 

3 

4 

5 

6 



1 

2 

3 

4 

5 

6 

1 

2 

3 

4 

1 Timber 

1 As new 

2 

3 

Brickwork 


2 

2 

3 





1 Rendered 

1 As new 

2 

3 



1 

2 

3 






1 As new 

2 

3 

Hipped roof 

Mansard roof 

1 

2 

3 






1 As new 

2 

3 


Plastic 

3 

2 

3 



4 Metal 



1 As new 

2 

3 


Loggia 

4 

2 

3 



4 No 




1 


Entrance 



2 

3 



2 

(distance to 


2 

3 





1 

2 

3 

SHORT REPORT 

Gladbeck II 






Mixed-use 

Other 




Unrefurbished 



Unrefurbished 

3 

3 

3 

Page 2 


2 Mixed-use 


Additional 

comments 

Excellent 

Very good 

Good 

Fair 

Fairly poor 

Poor 

1 

2 

1 

Gladbeck II 

Cluster 06 

n/a 

01.09.2011 




3 

2 

2 

2 



ground floor) 






lifetime 


(€/sq m) 

The buildings Bohnkampstr. 29-51 have been 

refurbished approx. 20-30 years ago. 

6 

2-3 

74 

0 

0 

n/a 

n/a 

1 

1 

1 

3

DTZ No. 

Cluster 

Sub-Portfolio 








3 

2 Out-dated 

units 

4 Out-dated 




2 

3 



3 

Warm water 

supply 

1 

2 

Central 

Boiler 

4 Out-dated 

Lifts 1 Yes 


2 No 

2 

3 



1 




Installed 2003 

Additional 

comments 

SHORT REPORT 

Gladbeck II 




Additional 

comments 


1 Very good 


2 

3 

Good 

Fair 

3 

2 

3 

Good 

Fair 

4 Poor 4 Weak 

Gladbeck II 

Cluster 06 

n/a 

01.09.2011 

The units at Bohnekampstr. 29-51 are fitted with central heating system, whereas he units at Bohnekampstr. 52-65 are fitted 

with apartment gas heating systems. 


Layout of the 




2 

3 


Two bathrooms 

1 

2 

3 

Shower 





2 Tiled 


3 PVC 

2 

3 


Kitchenette 

4 




Additional 

comments 


inspection. According to the information provided during inspection the apartment heating systems at Bohnekampstr. 52-65 need 

to be replaced. 



yes 




5 Damaged balconies no 5 Damaged windows yes 






yes 


no 





no 

common areas 

2 



no 


reflected in our valuation: Cleaning and painting of the facade; repair waterproofing of external basement walls. 

Page 3 

1 

1 

2 

2 

1 

3 

1 

3


Additional 

comments 

2 

3 

SHORT REPORT 

Gladbeck II 






Additional 

comments 

DTZ No. 

Cluster 

Sub-Portfolio 



Internal 

1 Very good 

2 Good 

2 Good 

3 

4 

Fair 

Below average 

3 

3 

4 

Fair 

Below average 

5 Poor 

5 Poor 

6 Ruinous 

6 Ruinous 


Additional 

comments 




currently let. We assume hat the lettability is fair 

and therefore additional measures are required to 

increase occupancy. 

3 

Page 4 


inspected 

Gladbeck II 

Cluster 06 

n/a 

01.09.2011 


5 0 



currently let; the demand for comparable properties 

is fair. We assume that the saleability is fair so that 

additional promotional measures are required. 

3









SHORT REPORT 

Gladbeck II 



0 


Units let 

Area let 

Vacant units 

Vacant area 









Residential 

2.5% 


DTZ No. 

Cluster 

Sub-Portfolio 



Residential 

100% 

3,749 sq m 

3,496 sq m 

253 sq m 

6.75% 

6.76% 

4.64 € 

234.88 € 

194,477 € 

4.75 € 

240.67 € 

208,372 € 


50.00 €/sq m 

9.50 €/sq m 

220.00 €/unit 

12.00 €/sq m 




RICS, London. 



Page 5 

0.00 € 

0.00 € 

0.0% 0.0% 


50.00 €/sq m 0.00 €/unit 

Gladbeck II 

Cluster 06 

n/a 

01.09.2011 


Others 

Total 


69 0 0 

0 sq m 0 sq m 

5 0 0 


0.00% 

0.00% 

0 € 

0.00 € 

0.00 € 

0 € 

0.00 € 0.00 € 234.88 € 

4.75 € 

0.00 € 240.67 € 

0 € 0 € 208,372 € 

9.50 €/sq m 40.00 €/unit 


12.00 €/sq m 0.00 €/unit 

0 

0 69 

0 

3,749 sq m 

253 sq m 

0.00% 0.00% 6.75% 

0.00 € 0.00 € 0.00 € 

0.00 € 

0.00% 0.00% 

0 € 

0.00 € 

Residential 

100% 

74 

0 sq m 3,496 sq m 

0 € 

5 

6.76% 

4.64 € 

194,477 €


Gross Revenue 




Parking 

Subsidies 





% Growth 






Vacancy Costs 

Sinking Fund 

O her Costs 









Net Cash Flow 

% Growth 




Gross Value 

2,204,008 € 



SHORT REPORT 

Gladbeck II 



135,653 129,954 136,067 142,368 

-17,482 -20,349 -20,695 -21,047 

880,739 € 

1,323,269 € 

6.4% 

Net Value 2,071,436 € 







DTZ No. 

Cluster 

Sub-Portfolio 


203,552 213,208 217,377 221,646 226,051 230,545 235,128 239,803 244,570 248,728 252,956 

-9,075 -22,014 -19,558 -17,012 -17,301 -17,595 -17,894 -18,199 -18,508 -18,823 -19,143 

194,477 191,194 197,819 204,634 208,750 212,950 217,234 221,604 226,062 229,905 233,813 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

194,477 191,194 197,819 204,634 208,750 212,950 217,234 221,604 226,062 229,905 233,813 

-1.7% 3.5% 3.4% 2.0% 2.0% 2 0% 2.0% 2.0% 1.7% 1.7% 

-16,280 -16,557 -16,838 -17,124 -17,416 -17,712 -18,013 -18,319 -18,630 -18,947 -19,269 

-3,890 -3,824 -3,956 -4,093 -4,175 -4,259 -4,345 -4,432 -4,521 -4,598 -4,676 

-9,724 -9,889 -10,057 -10,228 -10,402 -10,579 -10,759 -10,942 -11,128 -11,317 -11,509 

0 0 0 0 0 0 0 0 0 0 0 

-3,035 -4,635 -4,117 -3,581 -3,642 -3,704 -3,767 -3,831 -3,896 -3,963 -4,030 

-25,895 -26,336 -26,783 -27,239 -27,702 -28,173 -28,651 -29,139 -29,634 -30,138 -30,650 

0 0 0 0 0 0 0 0 0 0 0 

-58,824 -61,240 -61,753 -62,265 -63,337 -64,426 -65,535 -66,663 

30.2% 32 0% 31.2% 30.4% 30.3% 30.3% 30 2% 30.1% 

-17,482 -20,349 -20,695 -21,047 -18,702 -19,020 -19,343 -19,672 -20,006 -20,346 -20,692 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

118,171 109,605 115,372 121,321 126,712 129,504 132,356 135,269 138,246 140,596 142,986 

-7 2% 5.3% 5.2% 4.4% 2.2% 2 2% 2.2% 2.2% 1.7% 1.7% 

5.4% 5.0% 5.2% 5.5% 5.7% 



160.000 

140.000 

120.000 

100.000 

Page 6 

80.000 

60.000 

40.000 

20.000 


145,414 148,523 151,699 154,941 

0 

180.000 

160.000 

140.000 

120.000 

100.000 

80.000 

60.000 

40.000 

20.000 

0 

-18,702 -19,020 -19,343 -19,672 

5.9% 6.0% 6.1% 

Net Cash Flow 

Gladbeck II 

Cluster 06 

n/a 

01.09.2011 

-67,810 -68,962 -70,135 

30.0% 30.0% 30.0% 

158,252 160,943 163,679 

-20,006 -20,346 -20,692 

6.3% 6.4% 6.5% 




7,0% 

6,0% 

5,0% 

4,0% 

3,0% 

2,0% 

1,0% 

0,0% 

35,0% 

30,0% 

25,0% 

20,0% 

15,0% 

10,0% 

5,0% 

0,0% 




DTZ No. 

Cluster 

Sub-Portfolio 







Address 

Contamination 

Land charges 

(according to 

Drees&Sommer) 

Mining damage 


Drees&Sommer) 

Leasehold Yes 

Listed status 

Ground rent (€ p.a.) see comm. 







No preservation or design statute; Inner zone statute Rott-/Bohnekampstr. (two storeys obligatory, one building three storeys; 

northern parcels of the designated area: detached and semi-detached houses only); Owner's inheritable building rights (289.39 € 

ground lease for parcel no. 26) 

Land Register 

Extract dated 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 


(clearance areas) concerning Bohnekampstr. 29-55 and further ones for Knappenstr. 1 and Eisenstr. 2 







SHORT REPORT 

Gladbeck II 


Bohnekampstr. 29-65, Knappenstr. 1, Eisenstr. 2 

19.08.2011 

Gladbeck II 

Cluster 06 

n/a 

01.09.2011 

Gladbeck 

8785A 

20 

150, 151 


Parcel 150: 

Limited personal easement, occupancy limitation in favour of the city of Gladbeck. 

Parcel 150, 151: 

Easement, waiver of claims for damages due to immission, in favour of each owner of the properties listed as 

beneficiary. 

n/a 

n/a 

n/a 

No 

19.02.2056 



Page 7

Land Register 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 

SHORT REPORT 

Gladbeck II 



Gladbeck 

22104 

20 

114 



DTZ No. 

Cluster 

Sub-Portfolio 


Gladbeck II 

Cluster 06 

n/a 

01.09.2011 



Land Register 


Gladbeck 

20743 

20 

26 


Heritable building right (the term of heritable building right is 99 years and started on the 19 February 1957), in 

favour of Terra Heimbau 2 (owner's inheritable building right). 


beneficiary. 



Page 8

Land Register 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 

Land Register 

Extract dated 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 

Comments 

SHORT REPORT 

Gladbeck II 



DTZ No. 

Cluster 

Sub-Portfolio 


Gladbeck II 

Cluster 06 

n/a 

01.09.2011 

Gladbeck 

4225 

20 

26 


Ground rent (DM 566,00 = EUR 289.39 - anually), in favour of the respective owner of the property, currently 

Terra Heimbau 2, (owner's inheritable building right). 


beneficiary. 

Comments Heritable building right register; We have not been provided with extracts from the land register. The 

information stated above is obtained from a summary schedule prepared by CMS Hasche Sigle. 

Page 9

Site Plan 

SHORT REPORT 

Gladbeck II 

45968 


Gladbeck 

Page 10 

DTZ No. 

Cluster 

Sub-Portfolio 


Gladbeck II 

Cluster 06 

n/a 

01.09.2011



Gladbeck 

City 


Address 

Bohnekampstr. 65 



Address 

Date 

Scheideweg 83, Gelsen. 12.09.2011 

Tunnelstr. 72d, Gladbeck 12.09.2011 

Scheideweg 87, Gelsenk. 12.09.2011 

Döwelingsweg 8, Gladb. 12.09.2011 


73 sq m 

Tunnelstr. 72b, Gladbeck 12.09.2011 67 sq m 

Gladbeck-Stadtmitte 03.07.1905 

SHORT REPORT 

Gladbeck II 

45968 


Asking rent 

DTZ No. 

Cluster 

Sub-Portfolio 


Date Minimum 


01.02.2011 

01.07.2011 

60 sq m 

Monthly rent 

4.30 €/sq m 3-room apartment, partly refurbished, balcony 

4.59 €/sq m 3,5-room apartment, refurbished, lift 

4.60 €/sq m 3-room apartment, partly refurbished, balcony 

4.93 €/sq m 3,5-room apartment, refurbished, balcony 

Page 11 

4.52 €/sq m 

4.52 €/sq m 

Bohnekampstr. 63 01.07.2011 59 sq m 4.56 €/sq m 

Date 

Gladbeck 

5.55 €/sq m 

Bohnekampstr. 61 01.05.2011 60 sq m 


Address 

Date 

Gladbeck-Rentfort 03.07.1905 



Address Date 


Area 

01.05.2011 66 sq m 

5.90 €/sq m 

4.80 €/sq m 

15.07.2011 40 sq m 4.81 €/sq m 

Area 

70 sq m 

85 sq m 

76 sq m 

Gladbeck-Butendorf 02.07.1905 460 sq m 

6.25 €/sq m 

Comments 

5.00 €/sq m 3,5-room apartment, refurbished, lift 


345 sq m 

Comments 

547 € 2-storey apartment building, built 1950 

Gladbeck II 

Cluster 06 

n/a 

01.09.2011 

263 sq m 570 € 3-storey apartment building, built 1959, worse condition 

340 sq m 

458 sq m 


45966 Gladbeck 15.09.2011 

45966 Gladbeck 15.09.2011 


Comments 

1,549 sq m 513 € 4-storey apartment building, standard fit-out 

435 sq m 

888 sq m 




561 € 3,5-storey apartment building, ten units 

608 € 2-storey apartment building, six units 



SHORT REPORT 

Gladbeck II 





Page 12 

DTZ No. 

Cluster 

Sub-Portfolio 


Gladbeck II 

Cluster 06 

n/a 

01.09.2011


Property type 



Site area 

Tenure 



Vacancy rate 


SWOT-Analysis 

SHORT REPORT 


1950 

n/a 

n/a 

Freehold 

No 

10,540 sq m 

25.27% 

No 

DTZ No. 

Cluster 

Sub-Portfolio 


Income year 1 





as % of GRI 


Net Cash Flow 


Let on market level, 


Sufficient parking spaces on site 

Gelsenkirchen I 

45899 Gelsenkirchen 



Adding balconies, 








12.5 

9.7 

NIY 

4.36% 

6.57% 

6.29% 

Page 1 


Cluster 07 

n/a 

01.09.2011 

447,055 € 

576,647 € 

560,114 € 

190,714 € 

42.66% 


No balconies, 

High noise exposure caused by neighbouring railroad track 


works, 



256,341 € 

216,958 € 


10.0 


per sq m 

5.80% 32,197 4€ 

531 € 

Market Value 

5,600,000 €



Use 



location 

Additional 

comments 


location) 

State of 

refurbishment 

Building 

construction 

Facade 

DTZ No. 

Cluster 

Sub-Portfolio 




2 

3 



3 

2 

3 

Medium 

High 


4 Very high 

1 Town centre 

Potential 1 

2 

3 



2 

environmental 

issues 

2 

3 



Railway track is located adjacent. 

2 

3 

4 

5 

6 



1 

2 

3 

4 

5 

6 

1 

2 

3 

4 

1 Timber 

1 As new 

2 

3 

Brickwork 


2 

2 

3 





1 Rendered 

1 As new 

2 

3 



1 

2 

3 






1 As new 

2 

3 

Hipped roof 

Mansard roof 

1 

2 

3 






1 As new 

2 

3 


Plastic 

3 

2 

3 



4 Metal 



1 As new 

2 

3 


Loggia 

4 

2 

3 



4 No 




1 


Entrance 



2 

3 



2 

(distance to 


2 

3 





1 

2 

3 

SHORT REPORT 







Mixed-use 

Other 




Unrefurbished 



Unrefurbished 

3 

3 

2 

Page 2 


2 Mixed-use 


Additional 

comments 




Excellent 

Very good 

Good 

Fair 

Fairly poor 

Poor 

1 

2 

3 

2 

2 

2 

1 


Cluster 07 

n/a 

01.09.2011 



ground floor) 




30 



lifetime 


(€/sq m) 

17 

2-3 

172 

0 

n/a 

n/a 

2 

2 

1 

3

DTZ No. 

Cluster 

Sub-Portfolio 








2 

2 Out-dated 

units 

4 Out-dated 




2 

3 



2 

Warm water 

supply 

1 

2 

Central 

Boiler 

4 Out-dated 

Lifts 1 Yes 


2 No 

2 

3 



1 





Additional 

comments 

SHORT REPORT 





Additional 

comments 


Layout of the 


Additional 

comments 


1 Very good 


2 

3 

Good 

Fair 

3 

2 

3 

Good 

Fair 

4 Poor 4 Weak 


Cluster 07 

n/a 

01.09.2011 



2 

3 


Two bathrooms 

1 

2 

3 

Shower 





2 Tiled 


3 PVC 

2 

3 


Kitchenette 

4 





inspection. 



yes 










yes 


yes 


3 Infestation with vermin yes 



no 

common areas 

2 



no 


reflected in our valuation: Roof insulation; cleaning and painting of the facade; repair waterproofing of external basement walls; 

repair of external facilities. 

Page 3 

1 

1 

1 

2 

1 

3 

1 

3


Additional 

comments 

2 

3 

SHORT REPORT 







Additional 

comments 

DTZ No. 

Cluster 

Sub-Portfolio 



Internal 

1 Very good 

2 Good 

2 Good 

3 

4 

Fair 

Below average 

3 

3 

4 

Fair 

Below average 

5 Poor 

5 Poor 

6 Ruinous 

6 Ruinous 


Additional 

comments 




considerable vacancy. We assume that the 

lettability is only fair and additional measures are 

required to increase occupancy. 

3 

Page 4 


inspected 


Cluster 07 

n/a 

01.09.2011 


5 0 






required. 

3









SHORT REPORT 




30 


Units let 

Area let 

Vacant units 

Vacant area 









Residential 

10,540 sq m 

2.5% 


DTZ No. 

Cluster 

Sub-Portfolio 



Residential 

100% 

7,877 sq m 

2,663 sq m 

25.27% 

23.84% 

4.67 € 

281.09 € 

441,867 € 

554,926 € 


50.00 €/sq m 

10.50 €/sq m 

220.00 €/unit 

12.00 €/sq m 




RICS, London. 



Page 5 

14.41 € 

0.00 € 

0.0% 0.0% 


50.00 €/sq m 0.00 €/unit 


Cluster 07 

n/a 

01.09.2011 


Others 

Total 


131 0 11 

4.50 € 

275.75 € 

0 sq m 0 sq m 

41 0 19 


0.00% 

0.00% 

0 € 

0.00 € 

0.00 € 

0 € 

39.30 € 0.00 € 262.36 € 

4.54 € 

0.00 € 236.99 € 

5,188 € 0 € 560,114 € 

10.50 €/sq m 40.00 €/unit 


12.00 €/sq m 0.00 €/unit 

0 

0 142 

0 

202 

10,540 sq m 

2,663 sq m 

0.00% 0.00% 25.27% 

0.00 € 0.00 € 0.00 € 

0.00 € 

63.33% 0.00% 

5,188 € 

0.00 € 

Parking 

1% 

Residential 

99% 

0 sq m 7,877 sq m 

0 € 

60 

29.70% 

4.73 € 

447,055 €


Gross Revenue 




Parking 

Subsidies 





% Growth 






Vacancy Costs 

Sinking Fund 

O her Costs 









Net Cash Flow 

% Growth 




Gross Value 

5,873,257 € 



SHORT REPORT 




256,341 271,934 328,513 386,542 

-39,383 -81,041 -82,419 -83,820 

2,212,625 € 

3,660,632 € 

5.8% 

Net Value 5,551,283 € 







DTZ No. 

Cluster 

Sub-Portfolio 


571,458 593,796 602,893 611,724 619,444 627,263 635,182 643,202 651,325 662,398 673,658 

-129,591 -137,760 -98,458 -57,779 -58,762 -59,761 -60,776 -61,810 -62,860 -63,929 -65,016 

441,867 456,036 504,435 553,945 560,683 567,503 574,406 581,393 588,465 598,469 608,643 

5,188 8,154 11,220 14,387 14,632 14,880 15,133 15,391 15,652 15,918 16,189 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

5,188 8,154 11,220 14,387 14,632 14,880 15,133 15,391 15,652 15,918 16,189 

447,055 464,190 515,655 568,332 575,315 582,383 589,539 596,783 604,117 614,387 624,832 

3 8% 11.1% 10.2% 1.2% 1.2% 1 2% 1.2% 1.2% 1.7% 1.7% 

-37,944 -38,589 -39,245 -39,912 -40,590 -41,281 -41,982 -42,696 -43,422 -44,160 -44,911 

-8,941 -9,284 -10,313 -11,367 -11,506 -11,648 -11,791 -11,936 -12,082 -12,288 -12,497 

-22,353 -22,733 -23,119 -23,512 -23,912 -24,318 -24,732 -25,152 -25,580 -26,015 -26,457 

-1,200 -1,220 -1,241 -1,262 -1,284 -1,306 -1,328 -1,350 -1,373 -1,397 -1,420 

-31,960 -30,613 -21,879 -12,840 -13,058 -13,280 -13,506 -13,735 -13,969 -14,206 -14,448 

-88,316 -89,818 -91,344 -92,897 -94,477 -96,083 -97,716 -99,377 -101,067 -102,785 -104,532 

0 0 0 0 0 0 0 0 0 0 0 

-190,714 -192,257 -187,142 -181,790 -184,827 -187,915 -191,055 -194,247 

43.2% 42 2% 37.1% 32.8% 33.0% 33.1% 33 3% 33.4% 

-39,383 -81,041 -82,419 -83,820 -42,130 -42,846 -43,574 -44,315 -45,069 -45,835 -46,614 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

216,958 190,892 246,094 302,722 348,358 351,622 354,910 358,221 361,556 367,702 373,953 

-12 0% 28.9% 23.0% 15.1% 0.9% 0 9% 0.9% 0.9% 1.7% 1.7% 

3.7% 3.3% 4.2% 5.2% 5.9% 



400.000 

350.000 

300.000 

250.000 

200.000 

150.000 

100.000 

Page 6 

50.000 


390,487 394,468 398,485 402,537 

0 

450.000 

400.000 

350.000 

300.000 

250.000 

200.000 

150.000 

100.000 

50.000 

0 

-42,130 -42,846 -43,574 -44,315 

6.0% 6.0% 6.1% 

Net Cash Flow 


Cluster 07 

n/a 

01.09.2011 

-197,493 -200,850 -204,265 

33.6% 33.6% 33.6% 

406,624 413,537 420,567 

-45,069 -45,835 -46,614 

6.2% 6.3% 6.4% 




7,0% 

6,0% 

5,0% 

4,0% 

3,0% 

2,0% 

1,0% 

0,0% 

45,0% 

40,0% 

35,0% 

30,0% 

25,0% 

20,0% 

15,0% 

10,0% 

5,0% 

0,0% 




DTZ No. 

Cluster 

Sub-Portfolio 







Address 

Contamination 

Land charges 

(according to 

Drees&Sommer) 

Mining damage 


Drees&Sommer) 

Leasehold No 

Listed status 









Land Register 

Extract dated 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 

Not registered in the register of contaminated sites; No hints for soil contamination in the past; Environmental 

risk is considered low; Several parcels have to be treated as one unit (Reichenberger Str. 17-23); Public land 

charges (parking spaces) (Reichenberger Str. 19a, 27 and Hultschiner Str. 2-8) 







SHORT REPORT 



30.08.2011 


Cluster 07 

n/a 

01.09.2011 

Hultschiner Str. 2-8, 1-3, Reichenberger Str. 14, 17-39, Schönauer Str. 1-8, Trautenauer Str. 1-7 

Gelsenkirchen-Buer 

3166 

1 

323, 322, 432 


Parcels 323, 322, 432: 

Easement, waiver of claims for damages due to immission in favour of each owner of the properties listed as 

beneficiary. The Cadastral plan for parcel no. 432 is missing. 



Page 7 

n/a 

n/a 

n/a 

No 

n/a

Land Register 



Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 

SHORT REPORT 



DTZ No. 

Cluster 

Sub-Portfolio 



Cluster 07 

n/a 

01.09.2011 


1317 

1 

9, 12, 8, 10, 11, 13, 15, 361, 364, 365, 17 


Parcel 15: 

Limited personal easement, right to run a pipe, construction and maintenance of a transformer substation 

together with a ban on construction and a prohibition of endangerment of the pipes, in favour of Emscher Lippe 

Energie GmbH in Gelsenkirchen. 

Parcels 361, 364: 

Limited personal easement, occupancy limitation in favour of Wohnungsbauförderungsanstalt Nordrhein- 

Westfalen, Anstalt der Westdeutschen Landesbank Girozentrale, Düsseldorf. 

Parcel 9, 12, 8, 17: 


beneficiary. 



Land Register 



330 

1 

360 



beneficiary. 



Page 8

Site Plan 

SHORT REPORT 


45899 


Gelsenkirchen 

Page 9 

DTZ No. 

Cluster 

Sub-Portfolio 



Cluster 07 

n/a 

01.09.2011



City 

Gelsenkirchen 


Address 

Hultschiner Str. 6 

Hultschiner Str. 4 


Address 

Date 

Buerer Str. 44, Gelsenk. 09.09.2011 

Schul.-Berge-Str. 3, Glad. 27.09.2011 

Wiesmannstr. 15, Gladb. 27.09.2011 

A. d. Schol b. 13, Gelsen. 09.09.2011 

09.09.2011 


Bismarck 02.07.1905 

SHORT REPORT 


45899 

74 sq m 


Asking rent 

DTZ No. 

Cluster 

Sub-Portfolio 


Date Minimum 


01.01.2008 

01.08.2011 

48 sq m 

Monthly rent 


4.76 €/sq m 3,5-room apartment, attic floor, partly refurbished 

4.77 €/sq m 3-room apartment, attic floor, better location 

4.77 €/sq m 3-room apartment, 2nd floor, refurbished 


Page 10 

4.14 €/sq m 

4.33 €/sq m 

Reichenberger Str. 37a 15.07.2011 60 sq m 4.52 €/sq m 

Date 

Gelsenkirchen 

3.85 €/sq m 

Reichenberger Str. 21 01.07.2011 73 sq m 

Reichenberger Str. 17 

A. d. Schol b. 15, Gelsen. 

Address 

Date 

Hüllen 02.07.1905 

Schalke 02.07.1905 

Gelsenkirchen 02.07.1905 

Address Date 


Area 

15.07.2011 46 sq m 

4.28 €/sq m 

4.52 €/sq m 

01.08.2011 43 sq m 4.64 €/sq m 

Area 

56 sq m 

80 sq m 

65 sq m 

60 sq m 

Schalke 02.07.1905 280 sq m 

4.71 €/sq m 

Comments 

5.17 €/sq m 3,5-room apartment, 2nd floor, refurbished 


502 sq m 

Comments 


Cluster 07 

n/a 

01.09.2011 



352 sq m 

992 sq m 






Comments 

639 sq m 468 € 3-storey apartment building, worse condition 

387 sq m 

460 sq m 

319 sq m 

523 € 4-storey apartment build., built 1956, better loc., worse cond. 



561 € 3,5-storey apartment building, refurbished 

581 € 4-storey apartment building, seven units 



SHORT REPORT 






Page 11 

DTZ No. 

Cluster 

Sub-Portfolio 



Cluster 07 

n/a 

01.09.2011


Property type 



Site area 

Tenure 



Vacancy rate 


SWOT-Analysis 

SHORT REPORT 

Gelsenkirchen II 


1914 

n/a 

n/a 

Freehold 

No 

5,719 sq m 

26.84% 

No 

DTZ No. 

Cluster 

Sub-Portfolio 


Income year 1 





as % of GRI 


Net Cash Flow 


Quiet residential area, 

Sufficient parking spaces on site, 

Partly fitted with balconies 





refurbishment 







9.6 

7.4 

NIY 

5.05% 

7.97% 

8.00% 

Page 1 

Repair backlog, 


Basic to fair residential location 


Cluster 08 

n/a 

01.09.2011 





229,454 € 

296,897 € 

297,430 € 

112,714 € 

49.12% 

116,740 € 

85,361 € 


7.4 


per sq m 

6.40% 13,896 2€ 

385 € 

Market Value 

2,200,000 €



Use 



location 

Additional 

comments 


location) 

State of 

refurbishment 

Building 

construction 

Facade 

DTZ No. 

Cluster 

Sub-Portfolio 




2 

3 



3 

2 

3 

Medium 

High 


4 Very high 

1 Town centre 

Potential 1 

2 

3 



3 

environmental 

issues 

2 

3 



2 

3 

4 

5 

6 



1 

2 

3 

4 

5 

6 

1 

2 

3 

4 

1 Timber 

1 As new 

2 

3 

Brickwork 


2 

2 

3 





1 Rendered 

1 As new 

2 

3 



1 

2 

3 






1 As new 

2 

3 

Hipped roof 

Mansard roof 

1 

2 

3 






1 As new 

2 

3 


Plastic 

3 

2 

3 



4 Metal 



1 As new 

2 

3 


Loggia 

2 

2 

3 



4 No 




2 


Entrance 



2 

3 



2 

(distance to 


2 

3 





1 

2 

3 

SHORT REPORT 







Mixed-use 

Other 




Unrefurbished 



Unrefurbished 

3 

3 

3 

Page 2 


2 Mixed-use 


Additional 

comments 




Excellent 

Very good 

Good 

Fair 

Fairly poor 

Poor 

1 

4 

3 

2 

2 

2 

1 


Cluster 08 

n/a 

01.09.2011 



ground floor) 






lifetime 


(€/sq m) 

Approximately 1/3 of the units are fitted with 

balconies. 

8 

2-4 

107 

0 

8 

n/a 

n/a 

2 

1 

1 

3

DTZ No. 

Cluster 

Sub-Portfolio 








4 

2 Out-dated 

units 

4 Out-dated 




2 

3 



4 

Warm water 

supply 

1 

2 

Central 

Boiler 

4 Out-dated 

Lifts 1 Yes 


2 No 

2 

3 



1 




Installed ca.1981 

Additional 

comments 

SHORT REPORT 





Additional 

comments 


Layout of the 


Additional 

comments 


1 Very good 


2 

3 

Good 

Fair 

3 

2 

3 

Good 

Fair 

4 Poor 4 Weak 


Cluster 08 

n/a 

01.09.2011 



2 

3 


Two bathrooms 

1 

2 

3 

Shower 





2 Tiled 


3 PVC 

2 

3 


Kitchenette 

4 









yes 


3 Damaged drainage yes 3 Water damage yes 








no 


yes 





no 

common areas 

2 



no 

The building structure is inclined. According to the technical due diligence prepared by Drees&Sommer the following repair works 

are required and have been reflected in our valuation: Examine cracks statically by an expert; replacement of roof membrane; 

redecoration of staircases; replacement of windows; cleaning and pain ing of the facade; repair waterproofing of external 

basement walls; repair of defects related to fire protection. 

Page 3 

2 

2 

1 

2 

1 

3 

1 

3


Additional 

comments 

2 

3 

SHORT REPORT 







Additional 

comments 

DTZ No. 

Cluster 

Sub-Portfolio 



Internal 

1 Very good 

2 Good 

2 Good 

3 

4 

Fair 

Below average 

5 

3 

4 

Fair 

Below average 

5 Poor 

5 Poor 

6 Ruinous 

6 Ruinous 


Additional 

comments 








3 

Page 4 


inspected 


Cluster 08 

n/a 

01.09.2011 


5 0 








5









SHORT REPORT 




8 


Units let 

Area let 

Vacant units 

Vacant area 









Residential 

5.0% 


DTZ No. 

Cluster 

Sub-Portfolio 



Residential 

100% 

5,719 sq m 

4,184 sq m 

1,535 sq m 

26.84% 

28.97% 

4.49 € 

247.14 € 

225,392 € 

4.50 € 

240.51 € 

293,368 € 


75.00 €/sq m 

11.50 €/sq m 

220.00 €/unit 

12.00 €/sq m 




RICS, London. 



Page 5 

42.31 € 

0.00 € 

0.0% 0.0% 


75.00 €/sq m 0.00 €/unit 


Cluster 08 

n/a 

01.09.2011 


Others 

Total 


76 0 8 

0 sq m 0 sq m 

31 0 0 


0.00% 

0.00% 

0 € 

0.00 € 

0.00 € 

0 € 

42.31 € 0.00 € 227.63 € 

4.56 € 

0.00 € 226.87 € 

4,062 € 0 € 297,430 € 

11.50 €/sq m 40.00 €/unit 


12.00 €/sq m 0.00 €/unit 

0 

0 84 

0 

115 

5,719 sq m 

1,535 sq m 

0.00% 0.00% 26.84% 

0.00 € 0.00 € 0.00 € 

0.00 € 

0.00% 0.00% 

4,062 € 

0.00 € 

Parking 

2% 

Residential 

98% 

0 sq m 4,184 sq m 

0 € 

31 

26.96% 

4.57 € 

229,454 €


Gross Revenue 




Parking 

Subsidies 





% Growth 






Vacancy Costs 

Sinking Fund 

O her Costs 









Net Cash Flow 

% Growth 




Gross Value 

2,310,238 € 



SHORT REPORT 




116,740 123,159 150,804 179,366 

-31,379 -94,990 -64,541 -65,639 

822,011 € 

1,488,228 € 

6.4% 

Net Value 2,171,277 € 







DTZ No. 

Cluster 

Sub-Portfolio 


292,835 313,576 318,939 324,407 330,007 335,704 341,500 347,395 353,392 359,400 365,510 

-67,443 -80,512 -60,511 -39,807 -40,483 -41,171 -41,871 -42,583 -43,307 -44,043 -44,792 

225,392 233,064 258,428 284,600 289,524 294,533 299,628 304,812 310,085 315,357 320,718 

4,062 3,958 3,851 3,738 3,802 3,866 3,932 3,999 4,067 4,136 4,206 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

4,062 3,958 3,851 3,738 3,802 3,866 3,932 3,999 4,067 4,136 4,206 

229,454 237,022 262,279 288,338 293,326 298,399 303,560 308,811 314,152 319,493 324,924 

3 3% 10.7% 9.9% 1.7% 1.7% 1.7% 1.7% 1.7% 1.7% 1.7% 

-23,621 -24,023 -24,431 -24,847 -25,269 -25,698 -26,135 -26,580 -27,031 -27,491 -27,958 

-4,589 -4,740 -5,246 -5,767 -5,867 -5,968 -6,071 -6,176 -6,283 -6,390 -6,498 

-11,473 -11,668 -11,866 -12,068 -12,273 -12,482 -12,694 -12,910 -13,129 -13,352 -13,579 

-320 -325 -331 -337 -342 -348 -354 -360 -366 -372 -379 

-18,419 -17,892 -13,447 -8,846 -8,996 -9,149 -9,305 -9,463 -9,624 -9,787 -9,954 

-54,292 -55,215 -56,154 -57,108 -58,079 -59,067 -60,071 -61,092 -62,130 -63,187 -64,261 

0 0 0 0 0 0 0 0 0 0 0 

-112,714 -113,863 -111,474 -108,972 -110,826 -112,712 -114,630 -116,580 

50.0% 48 9% 43.1% 38.3% 38.3% 38.3% 38 3% 38.2% 

-31,379 -63,463 -64,541 -65,639 -33,567 -34,138 -34,718 -35,308 -35,909 -36,519 -37,140 

0 0 0 0 0 0 0 0 0 0 0 

0 -31,527 0 0 0 0 0 0 0 0 0 

85,361 28,170 86,263 113,728 148,932 151,549 154,212 156,922 159,679 162,394 165,155 

-67 0% 206.2% 31.8% 31.0% 1.8% 1 8% 1.8% 1.8% 1.7% 1.7% 

3.7% 1.2% 3.7% 4.9% 6.4% 



180.000 

160.000 

140.000 

120.000 

100.000 

Page 6 

80.000 

60.000 

40.000 

20.000 


182,499 185,687 188,930 192,231 

0 

250.000 

200.000 

150.000 

100.000 

50.000 

0 

-33,567 -34,138 -34,718 -35,308 

6.6% 6.7% 6.8% 

Net Cash Flow 


Cluster 08 

n/a 

01.09.2011 

-118,564 -120,580 -122,629 

38.2% 38.2% 38.2% 

195,588 198,913 202,295 

-35,909 -36,519 -37,140 

6.9% 7.0% 7.1% 




8,0% 

7,0% 

6,0% 

5,0% 

4,0% 

3,0% 

2,0% 

1,0% 

0,0% 

60,0% 

50,0% 

40,0% 

30,0% 

20,0% 

10,0% 

0,0% 




DTZ No. 

Cluster 

Sub-Portfolio 







Address 

Contamination 

Land charges 

(according to 

Drees&Sommer) 

Mining damage 


Drees&Sommer) 

Leasehold No 

Listed status 








No preservation or design statute; Re-development area D Horst-Süd, Heßler-West (simplified procedure, probably no service 

charges) 

Land Register 

Extract dated 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 

Not registered in the register of contaminated sites; No comercial or industrial land use; No hints for soil 








SHORT REPORT 



Laurentiusstr. 9-23, 11A, B, 15A-C, Sandstr. 45-55 

18.08.2011 


Cluster 08 

n/a 

01.09.2011 


319 

8 

389, 390, 395, 467, 466 


Parcel 466: 

Limited personal easement, right to run a transformer substation in favour of Emscher Lippe Energie GmbH in 

Gelsenkirchen. 

Parcel 389, 390, 395, 467, 466: 


beneficiary. 



Page 7 

n/a 

n/a 

n/a 

No 

n/a

Land Register 



Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 

SHORT REPORT 



DTZ No. 

Cluster 

Sub-Portfolio 



Cluster 08 

n/a 

01.09.2011 


1312 

8 

182, 391, 393, 394, 418, 496, 497, 498 


Parcel 418: 

Easement, right of way in favour of the respective owner of the property listed as beneficiary. 

Parcel 497: 

Limited personal easement, right to build, run and maintain a transformer station, in favour of Emscher Lippe 

Energie GmbH in Gelsenkirchen. 

Parcels 182, 391, 393, 394, 418, 496, 497, 498: 


beneficiary. 



Land Register 


Comments 


336 

8 

176, 177, 178 


Parcels 176, 177, 178: 


beneficiary. 

Page 8

Land Register 



Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 

Land Register 



Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 

SHORT REPORT 



DTZ No. 

Cluster 

Sub-Portfolio 



Cluster 08 

n/a 

01.09.2011 


1791 

8 

396, 499 


Parcels 396, 499: 


beneficiary. 




3166 

1 

805 


Parcels 805: 


beneficiary. 



Page 9

Site Plan 

SHORT REPORT 


45899 


Gelsenkirchen 

Page 10 

DTZ No. 

Cluster 

Sub-Portfolio 



Cluster 08 

n/a 

01.09.2011



City 

Gelsenkirchen 


Address 

Laurentiusstr. 11A 

Laurentiusstr. 21 


Address 

Date 

Devensstr. 111, Gelsenk. 12.09.2011 

Poststr. 16, Gelsenkirch. 12.09.2011 

Friedrichstr. 8, Gelsenk. 12.09.2011 

Bremer Str. 4, Gladbeck 27.09.2011 

12.09.2011 


Buer-Mitte 02.07.1905 

SHORT REPORT 


45899 

86 sq m 


Asking rent 

DTZ No. 

Cluster 

Sub-Portfolio 


Date Minimum 


01.01.2008 

01.06.2011 

68 sq m 

Monthly rent 

4.04 €/sq m 3,5-room apartment, 1st floor, partly refurbished 

4.12 €/sq m 2,5-room apartment, 2nd floor 

4.19 €/sq m 3,5-room apartment, 2nd floor, partly refurbished 



Page 11 

4.56 €/sq m 

4.61 €/sq m 

Laurentiusstr. 15B 01.06.2010 68 sq m 4.63 €/sq m 

Date 

Gelsenkirchen 

3.96 €/sq m 

Laurentiusstr. 15C 01.02.2011 68 sq m 

Laurentiusstr. 19 

Marienfriedstr. 34, Gels. 

Address 

Date 

Erle 02.07.1905 

Rotthausen 02.07.1905 

Buer-Mitte 02.07.1905 

Address Date 


Area 

15.07.2011 46 sq m 

4.40 €/sq m 

4.63 €/sq m 

01.03.2011 45 sq m 4.68 €/sq m 

Area 

89 sq m 

65 sq m 

68 sq m 

62 sq m 

Horst 02.07.1905 362 sq m 

4.84 €/sq m 

Comments 



551 sq m 

Comments 


Cluster 08 

n/a 

01.09.2011 

290 € 2-storey apartm. build., built 1900, better locat., worse condit. 


409 sq m 

336 sq m 






Comments 

1,374 sq m 466 € 3,5-storey apartment building, better condition 

1,549 sq m 

650 sq m 

387 sq m 


540 € 2-storey apartm. build., built 1906, better locat., better condit. 

746 € 3-storey apartm. build., built 1923, better locat., better condit. 



561 € 3,5-storey apartment building, better condition


SHORT REPORT 






Page 12 

DTZ No. 

Cluster 

Sub-Portfolio 



Cluster 08 

n/a 

01.09.2011

SHORT REPORT 

Marl 


Property type 



Site area 

Tenure 



Vacancy rate 


SWOT-Analysis 

45770 Marl 


1950 

n/a 

n/a 

Leasehold 

No 

11,599 sq m 

27.70% 

No 

DTZ No. 

Cluster 

Sub-Portfolio 


Income year 1 





as % of GRI 


Net Cash Flow 




All units have balconies 




refurbishment 







10.6 

8.0 

NIY 

4.48% 

7.35% 

8.17% 

Page 1 

Marl 

Cluster 09 

n/a 

01.09.2011 


Electrical heating systems needs to be replaced, 






462,362 € 

612,429 € 

655,235 € 

228,449 € 

49.41% 

233,913 € 

171,017 € 


7.5 


per sq m 

5.80% 28,634 9€ 

422 € 

Market Value 

4,900,000 €



Use 



location 

Additional 

comments 


location) 

State of 

refurbishment 

Building 

construction 

Facade 

DTZ No. 

Cluster 

Sub-Portfolio 




2 

3 



4 

2 

3 

Medium 

High 


4 Very high 

1 Town centre 

Potential 1 

2 

3 



2 

environmental 

issues 

2 

3 



2 

3 

4 

5 

6 



1 

2 

3 

4 

5 

6 

1 

2 

3 

4 

1 Timber 

1 As new 

2 

3 

Brickwork 


2 

2 

3 





1 Rendered 

1 As new 

2 

3 



1 

2 

3 






1 As new 

2 

3 

Hipped roof 

Mansard roof 

1 

2 

3 






1 As new 

2 

3 


Plastic 

3 

2 

3 



4 Metal 



1 As new 

2 

3 


Loggia 

3 

2 

3 



4 No 




2 


Entrance 



2 

3 



2 

(distance to 


2 

3 





1 

2 

3 

SHORT REPORT 

Marl 

45770 Marl 





Mixed-use 

Other 




Unrefurbished 



Unrefurbished 

3 

3 

3 

Page 2 


2 Mixed-use 


Additional 

comments 

Excellent 

Very good 

Good 

Fair 

Fairly poor 

Poor 

1 

3 

1 

Marl 

Cluster 09 

n/a 

01.09.2011 




3 

2 

2 

3 



ground floor) 




112 



lifetime 


(€/sq m) 

We were not able to inspect the roofs of the 

buildings. 

12 

4 

192 

0 

n/a 

n/a 

1 

1 

1 

3

DTZ No. 

Cluster 

Sub-Portfolio 








4 

2 Out-dated 

units 

4 Out-dated 




2 

3 



4 

Warm water 

supply 

1 

2 

Central 

Boiler 

4 Out-dated 

Lifts 1 Yes 


2 No 

2 

3 



2 




Installed various 

Additional 

comments 

SHORT REPORT 

Marl 

45770 Marl 



Additional 

comments 


1 Very good 


2 

3 

Good 

Fair 

3 

2 

3 

Good 

Fair 

4 Poor 4 Weak 

Marl 

Cluster 09 

n/a 

01.09.2011 

The residential units are fitted with electrical heating facilities ("Nachtspeicheröfen"). On the basis of our inspection, these 

heating facilities needs to be replaced. 


Layout of the 




2 

3 


Two bathrooms 

1 

2 

3 

Shower 





2 Tiled 


3 PVC 

2 

3 


Kitchenette 

4 




Additional 

comments 






yes 





6 Salt crystallisa ion no 6 Damaged/insufficient heating yes 





no 


no 





no 

common areas 

2 



yes 


reflected in our valuation: Replacement of windows and entrance doors; cleaning and painting of facade; repair roof sealing; 

renewal of electric installations; repair of defects related to fire protection; replacement of heating facilities (electric night store 

heaters); repair waterproofing of external basement walls. 

Page 3 

2 

2 

2 

2 

1 

3 

1 

3


Additional 

comments 

2 

3 

SHORT REPORT 

Marl 

45770 Marl 





Additional 

comments 

DTZ No. 

Cluster 

Sub-Portfolio 



Internal 

1 Very good 

2 Good 

2 Good 

3 

4 

Fair 

Below average 

4 

3 

4 

Fair 

Below average 

5 Poor 

5 Poor 

6 Ruinous 

6 Ruinous 


Additional 

comments 






the electric heating system) and vacancy can be 



3 

Page 4 


inspected 

Marl 

Cluster 09 

n/a 

01.09.2011 


5 0 








4









SHORT REPORT 

Marl 

45770 Marl 


112 


Units let 

Area let 

Vacant units 

Vacant area 









Residential 

11,599 sq m 

5.0% 


DTZ No. 

Cluster 

Sub-Portfolio 



Residential 

100% 

8,386 sq m 

3,213 sq m 

27.70% 

26.04% 

4.32 € 

255.40 € 

435,202 € 

628,075 € 


75.00 €/sq m 

11.50 €/sq m 

220.00 €/unit 

12.00 €/sq m 




RICS, London. 



Page 5 

20.21 € 

0.00 € 

0.0% 0.0% 


75.00 €/sq m 0.00 €/unit 

Marl 

Cluster 09 

n/a 

01.09.2011 


Others 

Total 


142 0 70 

4.75 € 

286.95 € 

0 sq m 0 sq m 

50 0 42 


0.00% 

0.00% 

0 € 

0.00 € 

0.00 € 

0 € 

32.33 € 0.00 € 181.75 € 

4.96 € 

0.00 € 189.07 € 

27,160 € 0 € 655,235 € 

11.50 €/sq m 40.00 €/unit 


12.00 €/sq m 0.00 €/unit 

0 

0 212 

0 

304 

11,599 sq m 

3,213 sq m 

0.00% 0.00% 27.70% 

0.00 € 0.00 € 0.00 € 

0.00 € 

37.50% 0.00% 

27,160 € 

0.00 € 

Parking 

6% 

0 sq m 8,386 sq m 

0 € 

Residential 

94% 

92 

30.26% 

4.59 € 

462,362 €


Gross Revenue 




Parking 

Subsidies 





% Growth 






Vacancy Costs 

Sinking Fund 

O her Costs 









Net Cash Flow 

% Growth 




Gross Value 

5,223,409 € 



SHORT REPORT 

Marl 

45770 Marl 


233,913 258,963 326,755 397,880 

-62,896 ####### -310,951 -134,756 

1,092,369 € 

4,131,039 € 

5.8% 

Net Value 4,937,059 € 







DTZ No. 

Cluster 

Sub-Portfolio 


585,269 633,257 646,285 660,700 678,830 697,469 716,630 736,329 756,581 769,443 782,524 

-150,067 -176,071 -131,647 -85,661 -87,117 -88,598 -90,104 -91,636 -93,193 -94,778 -96,389 

435,202 457,186 514,639 575,039 591,714 608,871 626,527 644,694 663,388 674,665 686,135 

27,160 32,357 37,722 43,261 43,996 44,744 45,505 46,279 47,065 47,865 48,679 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

27,160 32,357 37,722 43,261 43,996 44,744 45,505 46,279 47,065 47,865 48,679 

462,362 489,542 552,361 618,300 635,710 653,616 672,032 690,972 710,453 722,531 734,814 

5 9% 12.8% 11.9% 2.8% 2.8% 2 8% 2.8% 2.8% 1.7% 1.7% 

-42,783 -43,511 -44,250 -45,002 -45,767 -46,546 -47,337 -48,142 -48,960 -49,792 -50,639 

-9,247 -9,791 -11,047 -12,366 -12,714 -13,072 -13,441 -13,819 -14,209 -14,451 -14,696 

-23,118 -23,511 -23,911 -24,317 -24,731 -25,151 -25,579 -26,014 -26,456 -26,905 -27,363 

-4,480 -4,556 -4,634 -4,712 -4,792 -4,874 -4,957 -5,041 -5,127 -5,214 -5,303 

-38,552 -37,068 -27,715 -18,034 -18,340 -18,652 -18,969 -19,292 -19,620 -19,953 -20,292 

-110,268 -112,143 -114,049 -115,988 -117,960 -119,965 -122,004 -124,079 -126,188 -128,333 -130,515 

0 0 0 0 0 0 0 0 0 0 0 

-228,449 -230,579 -225,606 -220,420 -224,305 -228,260 -232,287 -236,386 

52.5% 50.4% 43.8% 38.3% 37.9% 37.5% 37.1% 36.7% 

-62,896 -130,288 -132,503 -134,756 -67,283 -68,427 -69,590 -70,773 -71,976 -73,200 -74,444 

0 0 0 0 0 0 0 0 0 0 0 

0 -951,709 -178,448 0 0 0 0 0 0 0 0 

171,017 -823,034 15,804 263,125 344,122 356,929 370,155 383,813 397,918 404,682 411,562 

-581 3% -101.9% ###### 30.8% 3.7% 3.7% 3.7% 3.7% 1.7% 1.7% 

3.3% -15.8% 0.3% 5.0% 6.6% 



600.000 

400.000 

200.000 

Page 6 


411,405 425,356 439,745 454,586 

0 

200.000 

400.000 

600.000 

800.000 

1.000.000 

600.000 

500.000 

400.000 

300.000 

200.000 

100.000 

0 

-67,283 -68,427 -69,590 -70,773 

6.8% 7.1% 7.3% 

Net Cash Flow 

Marl 

Cluster 09 

n/a 

01.09.2011 

-240,559 -244,649 -248,808 

36.3% 36.3% 36.3% 

469,894 477,882 486,006 

-71,976 -73,200 -74,444 

7.6% 7.7% 7.9% 




9,0% 

8,0% 

7,0% 

6,0% 

5,0% 

4,0% 

3,0% 

2,0% 

1,0% 

0,0% 

60,0% 

50,0% 

40,0% 

30,0% 

20,0% 

10,0% 

0,0% 




DTZ No. 

Cluster 

Sub-Portfolio 







Address 

Contamination 

Land charges 

(according to 

Drees&Sommer) 

Mining damage 


Drees&Sommer) 

Leasehold Yes 

Listed status 

Ground rent (€ p.a.) see comm. 







No preservation or design statute; Owner's inheritable building rights (296,09 € ground lease for parcel no. 833; 330.58 € grund 

lease for parcels no. 833, 841, 842, 926, 992, 691; 70.46 € ground lease for parcel no. 934) 

Land Register 

Extract dated 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 

Not registered in the register of contaminated sites; No comercial or industrial land use; No hints for soil 








SHORT REPORT 

Marl 

45770 Marl 

Ostpreußenstr. 1-8, 10-36, Pommernstr. 2-4 

18.08.2011 

Marl 

Cluster 09 

n/a 

01.09.2011 

Marl 

4608A 

110 

1086 


Priority notice to safeguard a right of re-conveyance deriving from a right to re-purchase the property, in favour 

of the City of Marl. 

Right of pre-emption in the event of any disposal of the property, in favour of the City of Marl. 

n/a 

n/a 

n/a 

No 

24.03.2059 



Page 7

Land Register 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 

SHORT REPORT 

Marl 


45770 Marl 

DTZ No. 

Cluster 

Sub-Portfolio 


Marl 

Cluster 09 

n/a 

01.09.2011 

Marl 

27734 

110 

833, 841, 842, 926, 992, 691 


Parcels 833, 841, 842, 926, 992, 691: 

Heritable building right with reference to BV 1, 5, 6 of the heritable building right register Marl folio no. 6418 the 

term of heritable building right is 99 years and started on 24 March 1960, in favour of Terra Heimbau 2 (owner's 

inheritable building right). 



Land Register 


Marl 

6418 

110 

833, 841, 842, 926, 992, 691 


Parcel 833: 

Ground rent (DM 579,10 = EUR 296,09 - annually), in favour of the respective owner of the property, currently 

Terra Heimbau 2 (owner's inheritable building right). 

Right of pre-emption in the event of any disposal of the heritable building right, in favour of the respective owner 

of the property, currently Terra Heimbau 2 (owner's inheritable building right). 

Parcels 833, 841, 842, 926, 992, 691: 

Ground rent (DM 646,55 = EUR 330.58 - annually), in favour of the respective owner of the property, currently 




Page 8

Land Register 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 

Land Register 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 

SHORT REPORT 

Marl 



45770 Marl 

DTZ No. 

Cluster 

Sub-Portfolio 


Marl 

Cluster 09 

n/a 

01.09.2011 

Marl 

27735 

110 

934 


Heritable building right with reference to BV 1, 2 of the heritable building right register Marl folio no. 1403, in 

favour of Terra Heimbau 2 (owner's inheritable building right). 

Limited personal easement, right to run pipelines together with a construction limitation for the owner of the 

property, in favour of the City of Marl. 



Marl 

1403 

110 

934 


Ground rent (DM 137,80 = EUR 70.46 - annually), in favour of the respective owner of the property, currently 


Right of pre-emption in the event of any disposal of the heritable building right, in favour of the respective owner 

of the property, currently Terra Heimbau 2 (owner's inheritable building right). 

Limited personal easement, right to run a sewer pipe together with a construction limitation for the owner, in 

favour of the City of Marl. 



Page 9

Site Plan 

SHORT REPORT 

Marl 

45770 


Marl 

Page 10 

DTZ No. 

Cluster 

Sub-Portfolio 


Marl 

Cluster 09 

n/a 

01.09.2011



Marl 

City 


Address 

Ostpreußenstraße 16 



Address 

Date 

Pommernstr. 7, Marl 12.09.2011 


Breddenkam. 18, Marl 27.09.2011 



76 sq m 

Pommernstr. 9, Marl 12.09.2011 79 sq m 

Sinsen-Lenkerbeck 02.07.1905 

SHORT REPORT 

Marl 

45770 


Asking rent 

DTZ No. 

Cluster 

Sub-Portfolio 


Date Minimum 


01.01.2011 

01.04.2011 

61 sq m 

Monthly rent 

4.75 €/sq m 3-room apartment, refurbished, loggia 



5.20 €/sq m 3,5-room apartment, lift, refurbished 

Page 11 

3.78 €/sq m 

4.27 €/sq m 

Ostpreußenstraße 7 01.07.2011 48 sq m 4.29 €/sq m 

Date 

Marl 

4.49 €/sq m 

Ostpreußenstraße 26 01.07.2011 48 sq m 


Address 

Date 

Hüls-Nord 02.07.1905 

Drewer-Süd 02.07.1905 

Address Date 


Area 

01.06.2011 48 sq m 

4.89 €/sq m 

4.29 €/sq m 

15.04.2011 48 sq m 4.29 €/sq m 

Area 

89 sq m 

73 sq m 

68 sq m 

5.28 €/sq m 

Comments 

5.22 €/sq m 3-room apartment, 3rd floor, refurbished 


691 sq m 

Comments 


Marl 

Cluster 09 

n/a 

01.09.2011 

540 sq m 454 € 2-3-storey apartment building, built 1968, better location 

380 sq m 

44652 Herne 16.09.2011 228 sq m 



Comments 

892 sq m 446 € 4-storey mixed-use building, standard fit-out 

1,549 sq m 


461 € 2-storey apartment building, five units 



SHORT REPORT 

Marl 

45770 Marl 




Page 12 

DTZ No. 

Cluster 

Sub-Portfolio 


Marl 

Cluster 09 

n/a 

01.09.2011


Property type 



Site area 

Tenure 



Vacancy rate 


SWOT-Analysis 

SHORT REPORT 


1967 

n/a 

n/a 

Freehold 

No 

3,570 sq m 

35.26% 

No 

DTZ No. 

Cluster 

Sub-Portfolio 


Income year 1 





as % of GRI 


Net Cash Flow 


All units have balconies, 

Car park 

Castrop-Rauxel I 





refurbishment 







12.8 

8.7 

NIY 

2.67% 

6.01% 

6.89% 

Page 1 


Cluster 10 

n/a 

01.09.2011 


High noise exposure caused by neighbouring motorway, 

Buildings are inclined 



116,821 € 

171,921 € 

186,392 € 

72,771 € 

62.29% 

44,051 € 

26,715 € 


8.0 


per sq m 

6.40% 99,167 € 

420 € 

Market Value 

1,500,000 €



Use 



location 

Additional 

comments 


location) 

State of 

refurbishment 

Building 

construction 

Facade 

DTZ No. 

Cluster 

Sub-Portfolio 




2 

3 



4 

2 

3 

Medium 

High 


4 Very high 

1 Town centre 

Potential 1 

2 

3 



3 

environmental 

issues 

2 

3 



Motorway A42 and A235 are located in the direct 

2 

vicinity. 

3 

4 

5 

6 



1 

2 

3 

4 

5 

6 

1 

2 

3 

4 

1 Timber 

1 As new 

2 

3 

Brickwork 


4 

2 

3 





1 Rendered 

1 As new 

2 

3 



3 

2 

3 






1 As new 

2 

3 

Hipped roof 

Mansard roof 

4 

2 

3 






1 As new 

2 

3 


Plastic 

3 

2 

3 



4 Metal 



1 As new 

2 

3 


Loggia 

3 

2 

3 



4 No 




2 


Entrance 



2 

3 



2 

(distance to 


2 

3 





1 

2 

3 

SHORT REPORT 







Mixed-use 

Other 




Unrefurbished 



Unrefurbished 

4 

3 

3 

Page 2 


2 Mixed-use 


Additional 

comments 




Excellent 

Very good 

Good 

Fair 

Fairly poor 

Poor 

1 

4 

3 

2 

2 

3 

2 


Cluster 10 

n/a 

01.09.2011 



ground floor) 




53 



lifetime 


(€/sq m) 

We were not able to inspect the roof of the 

buildings. 

3 

5 

54 

0 

n/a 

n/a 

2 

3 

1 

4

DTZ No. 

Cluster 

Sub-Portfolio 








3 

2 Out-dated 

units 

4 Out-dated 




2 

3 



4 

Warm water 

supply 

1 

2 

Central 

Boiler 

4 Out-dated 

Lifts 1 Yes 


2 No 

2 

3 



1 





Additional 

comments 

SHORT REPORT 





Additional 

comments 


1 Very good 


2 

3 

Good 

Fair 

3 

2 

3 

Good 

Fair 

4 Poor 4 Weak 


Cluster 10 

n/a 

01.09.2011 

The heating facility is located at Briloner Strasse 54 and also supplies the buildings Briloner Strasse 36-60 (cluster Castrop 

Rauxel II). 


Layout of the 




2 

3 


Two bathrooms 

1 

2 

3 

Shower 





2 Tiled 


3 PVC 

2 

3 


Kitchenette 

4 




Additional 

comments 






yes 


3 Damaged drainage no 3 Water damage yes 








no 


yes 





yes 

common areas 

2 



yes 

Building structure is inclined. According to the technical due diligence prepared by Drees&Sommer the following repair works are 

required and have been reflected in our valuation: Replacement of roof membrane; roof insulation; Replacement draught gas 

burne; balcony repair; cleaning and painting of the facade; repair waterproofing of external basement walls. 

Page 3 

2 

2 

2 

2 

1 

4 

1 

3


Additional 

comments 

2 

3 

SHORT REPORT 







Additional 

comments 

DTZ No. 

Cluster 

Sub-Portfolio 



Internal 

1 Very good 

2 Good 

2 Good 

3 

4 

Fair 

Below average 

4 

3 

4 

Fair 

Below average 

5 Poor 

5 Poor 

6 Ruinous 

6 Ruinous 


Additional 

comments 








3 

Page 4 


inspected 


Cluster 10 

n/a 

01.09.2011 


6 0 








4









SHORT REPORT 




53 


Units let 

Area let 

Vacant units 

Vacant area 









Residential 

5.0% 


DTZ No. 

Cluster 

Sub-Portfolio 



Residential 

100% 

3,570 sq m 

2,311 sq m 

1,259 sq m 

35.26% 

35.19% 

3.73 € 

246.22 € 

103,413 € 

4.25 € 

281.00 € 

172,984 € 


75.00 €/sq m 

11.50 €/sq m 

220.00 €/unit 

12.00 €/sq m 




RICS, London. 



Page 5 

21.08 € 

0.00 € 

0.0% 0.0% 


75.00 €/sq m 0.00 €/unit 


Cluster 10 

n/a 

01.09.2011 


Others 

Total 


35 0 33 

0 sq m 0 sq m 

19 0 20 


0.00% 

0.00% 

0 € 

0.00 € 

0.00 € 

0 € 

33.86 € 0.00 € 143.16 € 

4.58 € 

0.00 € 152.81 € 

13,408 € 0 € 186,392 € 

11.50 €/sq m 40.00 €/unit 


12.00 €/sq m 0.00 €/unit 

0 

0 68 

0 

107 

3,570 sq m 

1,259 sq m 

0.00% 0.00% 35.26% 

0.00 € 0.00 € 0.00 € 

0.00 € 

37.74% 0.00% 

13,408 € 

0.00 € 

Parking 

11% 

0 sq m 2,311 sq m 

0 € 

Residential 

89% 

39 

36.45% 

4.21 € 

116,821 €


Gross Revenue 




Parking 

Subsidies 





% Growth 






Vacancy Costs 

Sinking Fund 

O her Costs 









Net Cash Flow 

% Growth 




Gross Value 

1,648,648 € 



SHORT REPORT 




44,051 57,928 82,809 109,074 

-17,336 -77,280 -45,781 -46,559 

515,264 € 

1,133,383 € 

6.4% 

Net Value 1,549,481 € 







DTZ No. 

Cluster 

Sub-Portfolio 


158,513 171,312 174,503 178,318 183,950 189,766 195,772 201,973 208,377 211,919 215,522 

-55,100 -57,062 -40,514 -23,387 -23,785 -24,189 -24,601 -25,019 -25,444 -25,877 -26,317 

103,413 114,249 133,988 154,931 160,165 165,577 171,171 176,954 182,933 186,043 189,205 

13,408 15,978 18,631 21,369 21,732 22,102 22,478 22,860 23,248 23,643 24,045 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

13,408 15,978 18,631 21,369 21,732 22,102 22,478 22,860 23,248 23,643 24,045 

116,821 130,227 152,619 176,300 181,898 187,679 193,648 199,814 206,181 209,686 213,251 

11.5% 17.2% 15.5% 3.2% 3.2% 3 2% 3.2% 3.2% 1.7% 1.7% 

-12,148 -12,355 -12,565 -12,778 -12,996 -13,216 -13,441 -13,670 -13,902 -14,138 -14,379 

-2,336 -2,605 -3,052 -3,526 -3,638 -3,754 -3,873 -3,996 -4,124 -4,194 -4,265 

-5,841 -5,940 -6,041 -6,144 -6,249 -6,355 -6,463 -6,573 -6,684 -6,798 -6,914 

-2,120 -2,156 -2,193 -2,230 -2,268 -2,306 -2,346 -2,386 -2,426 -2,467 -2,509 

-15,107 -13,426 -9,533 -5,503 -5,596 -5,692 -5,788 -5,887 -5,987 -6,089 -6,192 

-35,218 -35,817 -36,426 -37,045 -37,675 -38,315 -38,966 -39,629 -40,303 -40,988 -41,685 

0 0 0 0 0 0 0 0 0 0 0 

-72,771 -72,299 -69,810 -67,226 -68,421 -69,638 -70,877 -72,140 

70.4% 63 3% 52.1% 43.4% 42.7% 42.1% 41.4% 40.8% 

-17,336 -45,015 -45,781 -46,559 -18,545 -18,860 -19,181 -19,507 -19,839 -20,176 -20,519 

0 0 0 0 0 0 0 0 0 0 0 

0 -32,264 0 0 0 0 0 0 0 0 0 

26,715 -19,352 37,028 62,515 94,932 99,180 103,590 108,167 112,917 114,836 116,789 

-172.4% -291.3% 68.8% 51.9% 4.5% 4.4% 4.4% 4.4% 1.7% 1.7% 

1.6% -1.2% 2.2% 3.8% 5.8% 



140.000 

120.000 

100.000 

Page 6 

80.000 

60.000 

40.000 

20.000 


113,477 118,041 122,771 127,674 

0 

20.000 

40.000 

160.000 

140.000 

120.000 

100.000 

80.000 

60.000 

40.000 

20.000 

0 

-18,545 -18,860 -19,181 -19,507 

6.0% 6.3% 6.6% 

Net Cash Flow 


Cluster 10 

n/a 

01.09.2011 

-73,426 -74,674 -75,943 

40.1% 40.1% 40.1% 

132,756 135,012 137,308 

-19,839 -20,176 -20,519 

6.8% 7.0% 7.1% 




8,0% 

7,0% 

6,0% 

5,0% 

4,0% 

3,0% 

2,0% 

1,0% 

0,0% 

70,0% 

60,0% 

50,0% 

40,0% 

30,0% 

20,0% 

10,0% 

0,0% 




DTZ No. 

Cluster 

Sub-Portfolio 







Address 

Contamination 

Land charges 

(according to 

Drees&Sommer) 

Mining damage 


Drees&Sommer) 

Leasehold No 

Listed status 









Land Register 

Extract dated 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 

Registered in the register of contaminated sites due to former mining waste deposition; According to a soil 

investigation report no harmful soil contamination present; Environmental risk is considered low; No public land 

charges 







SHORT REPORT 



Briloner Straße 32-34, 42-44, 52-54 

26.08.2011 


Cluster 10 

n/a 

01.09.2011 


23821 

19 

317, 314, 486, 487 


Parcel 317: 

Right to run a gas pipeline together with a ban on construction and a limitation of use for the owner in respect of 

the eight meter wide land strip above the pipes in favour of Ruhrgas Aktiengesellschaft, Essen; 

Limited personal easement: right to build,run and maintain a gas pipeline together with a ban on construction 

and a proh bition of endangerment of the pipe line in favour of VEW Energie Aktiengesellschaft, Dortmund 

Comments Castrop-Rauxel I and II are situated on the same plot. We have not been provided with extracts from the land 


Page 7 

n/a 

n/a 

n/a 

No 

n/a

Site Plan 

SHORT REPORT 


44575 



Page 8 

DTZ No. 

Cluster 

Sub-Portfolio 



Cluster 10 

n/a 

01.09.2011



City 



Address 

Briloner Straße 44 



Address 

Date 

Briloner Str., Castr.-Raux. 12.09.2011 

Luisenstr. 37, Castr.-Rau. 12.09.2011 

44577 Castrop-Rauxel 27.09.2011 



70 sq m 

Luisenstr. 26, Castr.-Rau. 12.09.2011 69 sq m 

Herten 03.07.1905 

SHORT REPORT 


44575 


Asking rent 

DTZ No. 

Cluster 

Sub-Portfolio 


Date Minimum 


27.01.2011 

01.03.2011 

69 sq m 

Monthly rent 


4.15 €/sq m 3,5-room apartment, 4th floor, partly refurbished 

4.20 €/sq m 3-room apartment, 4th floor, partly refurbished 


Page 9 

3.92 €/sq m 

4.00 €/sq m 

Briloner Straße 54 01.12.2010 69 sq m 4.00 €/sq m 

Date 


4.39 €/sq m 

Briloner Straße 54 01.08.2011 69 sq m 


Address 

Date 

Oer-Erkenschwick 02.07.1905 


Datteln 02.07.1905 

Address Date 


Area 

01.07.2011 64 sq m 

5.01 €/sq m 

4.01 €/sq m 

01.02.2011 69 sq m 4.22 €/sq m 

Area 

80 sq m 

72 sq m 

69 sq m 

4.80 €/sq m 

Comments 



572 sq m 

Comments 


Cluster 10 

n/a 

01.09.2011 


1,979 sq m 515 € 4-storey apartment building, built 1975, better condition 

740 sq m 

660 sq m 

44575 Castrop-Rauxel 16.09.2011 771 sq m 

44629 Herne 16.09.2011 

45711 Datteln 19.09.2011 


Comments 

736 sq m 404 € 2-storey-apartment building, not refurbished 

1,061 sq m 

562 sq m 



442 € 3-storey apartment building, not refurbished 

551 € 3,5-storey apartm.building, not refurbished, better location 

676 € 3-storey apartment building, balconies, better condition


SHORT REPORT 






Page 10 

DTZ No. 

Cluster 

Sub-Portfolio 



Cluster 10 

n/a 

01.09.2011


Property type 



Site area 

Tenure 



Vacancy rate 


SWOT-Analysis 

SHORT REPORT 


1967 

n/a 

n/a 

Freehold 

No 

4,079 sq m 

9.16% 

No 

DTZ No. 

Cluster 

Sub-Portfolio 


Income year 1 





as % of GRI 


Net Cash Flow 



Car park 

Castrop-Rauxel II 





refurbishment, 

Uplift potential 







10.9 

10.1 

NIY 

4.87% 

5.52% 

7.33% 

Page 1 


Cluster 11 

n/a 

01.09.2011 

Let below market level, 

High noise exposure caused by neighbouring motorway, 

Buildings are inclined 





155,787 € 

167,563 € 

200,756 € 

66,390 € 

42.62% 

89,397 € 

61,606 € 


8.5 


per sq m 

6.40% 11,032 9€ 

417 € 

Market Value 

1,700,000 €



Use 



location 

Additional 

comments 


location) 

State of 

refurbishment 

Building 

construction 

Facade 

DTZ No. 

Cluster 

Sub-Portfolio 




2 

3 



4 

2 

3 

Medium 

High 


4 Very high 

1 Town centre 

Potential 1 

2 

3 



3 

environmental 

issues 

2 

3 



2 

3 

4 

5 

6 



1 

2 

3 

4 

5 

6 

1 

2 

3 

4 

1 Timber 

1 As new 

2 

3 

Brickwork 


4 

2 

3 





1 Rendered 

1 As new 

2 

3 



3 

2 

3 






1 As new 

2 

3 

Hipped roof 

Mansard roof 

1 

2 

3 






1 As new 

2 

3 


Plastic 

3 

2 

3 



4 Metal 



1 As new 

2 

3 


Loggia 

2 

2 

3 



4 No 




2 


Entrance 



2 

3 



2 

(distance to 


2 

3 





1 

2 

3 

SHORT REPORT 







Mixed-use 

Other 




Unrefurbished 



Unrefurbished 

4 

3 

3 

Page 2 


2 Mixed-use 


Additional 

comments 




Excellent 

Very good 

Good 

Fair 

Fairly poor 

Poor 

1 

3 

3 

2 

2 

2 

2 


Cluster 11 

n/a 

01.09.2011 



ground floor) 






lifetime 


(€/sq m) 

54 

0 

n/a 

n/a 

Windows have been replaced approximately 20 

years ago. 

3 

3 

0 

2 

3 

1 

4

DTZ No. 

Cluster 

Sub-Portfolio 








3 

2 Out-dated 

units 

4 Out-dated 




2 

3 



4 

Warm water 

supply 

1 

2 

Central 

Boiler 

4 Out-dated 

Lifts 1 Yes 


2 No 

2 

3 



3 





Additional 

comments 

SHORT REPORT 





Additional 

comments 


The heating facility is located at Briloner Strasse 52. 


Layout of the 


Additional 

comments 

1 Very good 


2 

3 

Good 

Fair 

3 

2 

3 

Good 

Fair 

4 Poor 4 Weak 


Cluster 11 

n/a 

01.09.2011 



2 

3 


Two bathrooms 

1 

2 

3 

Shower 





2 Tiled 


3 PVC 

2 

3 


Kitchenette 

4 









no 










no 


yes 





yes 

common areas 

2 



yes 

Building structure is inclined. According to the technical due diligence prepared by Drees&Sommer the following repair works are 

required and have been reflected in our valuation: Replacement of roof membrane; roof insulation; Replacement draught gas 

burne; balcony repair; cleaning and painting of the facade; repair waterproofing of external basement walls. 

Page 3 

2 

2 

2 

2 

1 

4 

1 

3


Additional 

comments 

2 

3 

SHORT REPORT 







Additional 

comments 

DTZ No. 

Cluster 

Sub-Portfolio 



Internal 

1 Very good 

2 Good 

2 Good 

3 

4 

Fair 

Below average 

4 

3 

4 

Fair 

Below average 

5 Poor 

5 Poor 

6 Ruinous 

6 Ruinous 


Additional 

comments 



The property is in a fairly poor condition and most 


is fair and therefore additional measures are 


3 

Page 4 


inspected 


Cluster 11 

n/a 

01.09.2011 


4 0 




properties is low. We assume that the saleability is 




4









SHORT REPORT 




0 


Units let 

Area let 

Vacant units 

Vacant area 









Residential 

3.5% 


DTZ No. 

Cluster 

Sub-Portfolio 



Residential 

100% 

4,079 sq m 

3,705 sq m 

374 sq m 

9.16% 

9.26% 

3.50 € 

264.94 € 

155,787 € 

4.25 € 

321.05 € 

200,756 € 


75.00 €/sq m 

11.50 €/sq m 

220.00 €/unit 

12.00 €/sq m 




RICS, London. 



Page 5 

0.00 € 

0.00 € 

0.0% 0.0% 


75.00 €/sq m 0.00 €/unit 


Cluster 11 

n/a 

01.09.2011 


Others 

Total 


49 0 0 

0 sq m 0 sq m 

5 0 0 


0.00% 

0.00% 

0 € 

0.00 € 

0.00 € 

0 € 

0.00 € 0.00 € 264.94 € 

4.25 € 

0.00 € 321.05 € 

0 € 0 € 200,756 € 

11.50 €/sq m 40.00 €/unit 


12.00 €/sq m 0.00 €/unit 

0 

0 49 

0 

4,079 sq m 

374 sq m 

0.00% 0.00% 9.16% 

0.00 € 0.00 € 0.00 € 

0.00 € 

0.00% 0.00% 

0 € 

0.00 € 

Residential 

100% 

54 

0 sq m 3,705 sq m 

0 € 

5 

9.26% 

3.50 € 

155,787 €


Gross Revenue 




Parking 

Subsidies 





% Growth 






Vacancy Costs 

Sinking Fund 

O her Costs 









Net Cash Flow 

% Growth 




Gross Value 

1,834,212 € 



SHORT REPORT 




89,397 88,383 97,743 107,648 

-27,791 -70,306 -34,500 -35,086 

568,561 € 

1,265,651 € 

6.4% 

Net Value 1,723,884 € 







DTZ No. 

Cluster 

Sub-Portfolio 


167,563 182,614 189,126 196,064 203,806 211,865 220,253 228,984 238,072 242,119 246,235 

-11,776 -25,335 -22,047 -18,641 -18,958 -19,280 -19,608 -19,941 -20,280 -20,625 -20,976 

155,787 157,280 167,079 177,423 184,849 192,585 200,645 209,043 217,792 221,494 225,260 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

155,787 157,280 167,079 177,423 184,849 192,585 200,645 209,043 217,792 221,494 225,260 

1 0% 6.2% 6.2% 4.2% 4.2% 4 2% 4.2% 4.2% 1.7% 1.7% 

-11,880 -12,082 -12,287 -12,496 -12,709 -12,925 -13,144 -13,368 -13,595 -13,826 -14,061 

-3,116 -3,146 -3,342 -3,548 -3,697 -3,852 -4,013 -4,181 -4,356 -4,430 -4,505 

-7,789 -7,922 -8,056 -8,193 -8,333 -8,474 -8,618 -8,765 -8,914 -9,065 -9,220 

0 0 0 0 0 0 0 0 0 0 0 

-4,484 -5,961 -5,188 -4,386 -4,461 -4,536 -4,614 -4,692 -4,772 -4,853 -4,935 

-39,121 -39,786 -40,462 -41,150 -41,850 -42,561 -43,285 -44,021 -44,769 -45,530 -46,304 

0 0 0 0 0 0 0 0 0 0 0 

-66,390 -68,897 -69,335 -69,774 -71,049 -72,349 -73,674 -75,026 

42.6% 43 8% 41.5% 39.3% 38.4% 37.6% 36.7% 35.9% 

-27,791 -33,923 -34,500 -35,086 -29,730 -30,235 -30,749 -31,272 -31,803 -32,344 -32,894 

0 0 0 0 0 0 0 0 0 0 0 

0 -36,383 0 0 0 0 0 0 0 0 0 

61,606 18,077 63,244 72,562 84,070 90,001 96,222 102,745 109,583 111,446 113,340 

-70.7% 249.9% 14.7% 15.9% 7.1% 6 9% 6.8% 6.7% 1.7% 1.7% 

3.4% 1.0% 3.4% 4.0% 4.6% 



120.000 

100.000 

Page 6 

80.000 

60.000 

40.000 

20.000 


113,800 120,236 126,971 134,016 

0 

160.000 

140.000 

120.000 

100.000 

80.000 

60.000 

40.000 

20.000 

0 

-29,730 -30,235 -30,749 -31,272 

4.9% 5.2% 5.6% 

Net Cash Flow 


Cluster 11 

n/a 

01.09.2011 

-76,406 -77,705 -79,026 

35.1% 35.1% 35.1% 

141,386 143,790 146,234 

-31,803 -32,344 -32,894 

6.0% 6.1% 6.2% 




7,0% 

6,0% 

5,0% 

4,0% 

3,0% 

2,0% 

1,0% 

0,0% 

50,0% 

45,0% 

40,0% 

35,0% 

30,0% 

25,0% 

20,0% 

15,0% 

10,0% 

5,0% 

0,0% 




DTZ No. 

Cluster 

Sub-Portfolio 







Address 

Contamination 

Land charges 

(according to 

Drees&Sommer) 

Mining damage 


Drees&Sommer) 

Leasehold No 

Listed status 









Land Register 

Extract dated 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 

Registered in the register of contaminated sites due to former mining waste deposition; According to a soil 

investigation report no harmful soil contamination present; Environmental risk is considered low; No public land 

charges 







SHORT REPORT 



Briloner Str. 36-40, 46-50, 56-60 

26.08.2011 


Cluster 11 

n/a 

01.09.2011 


23821 

19 

317, 314, 486, 487 


Parcel 317: 

Right to run a gas pipeline together with a ban on construction and a limitation of use for the owner in respect of 

the eight meter wide land strip above the pipes, in favour of Ruhrgas Aktiengesellschaft, Essen. 

Limited personal easement: right to build, run and maintain a gas pipeline together with a ban on construction 

and a proh bition of endangerment of the pipe line, in favour of VEW Energie Aktiengesellschaft, Dortmund. 

Comments Castrop-Rauxel I and II are situated on the same plot. We have not been provided with extracts from the land 


Page 7 

n/a 

n/a 

n/a 

No 

n/a

Site Plan 

SHORT REPORT 


45527 



Page 8 

DTZ No. 

Cluster 

Sub-Portfolio 



Cluster 11 

n/a 

01.09.2011



City 



Address 




Address 

Date 

Briloner Str., Castr.-Raux. 12.09.2011 





70 sq m 

Luisenstr. 26, Castr.-Rau. 12.09.2011 69 sq m 

Herten 03.07.1905 

SHORT REPORT 


45527 


Asking rent 

DTZ No. 

Cluster 

Sub-Portfolio 


Date Minimum 


27.01.2011 

01.06.2011 

80 sq m 

Monthly rent 


4.15 €/sq m 3,5-room apartment, 4th floor, partly refurbished 



Page 9 

4.01 €/sq m 

4.01 €/sq m 

Briloner Straße 50 01.08.2011 80 sq m 4.02 €/sq m 

Date 


4.39 €/sq m 

Briloner Straße 50 01.08.2011 80 sq m 


Address 

Date 



Datteln 02.07.1905 

Address Date 


Area 

01.06.2011 80 sq m 

5.01 €/sq m 

4.02 €/sq m 

01.06.2011 80 sq m 4.02 €/sq m 

Area 

80 sq m 

72 sq m 

69 sq m 

4.80 €/sq m 

Comments 



572 sq m 

Comments 


Cluster 11 

n/a 

01.09.2011 


1,979 sq m 515 € 4-storey apartment building, built 1975, better condition 

740 sq m 

660 sq m 

44629 Herne 16.09.2011 1,061 sq m 

45711 Datteln 19.09.2011 


Comments 

771 sq m 442 € 3-storey apartment building, not refurbished 

562 sq m 



551 € 3,5-storey apartment build., not refurbished, better location 

676 € 3-storey apartment building, balconies, better condition


SHORT REPORT 






Page 10 

DTZ No. 

Cluster 

Sub-Portfolio 



Cluster 11 

n/a 

01.09.2011

Property type 



Site area 

Tenure 

SHORT REPORT 

Dortmund I 




Vacancy rate 


SWOT-Analysis 

44309 Dortmund 


1967 

n/a 

n/a 

Freehold 

No 

1,776 sq m 

9.95% 

No 

DTZ No. 

Cluster 

Sub-Portfolio 


Income year 1 





as % of GRI 


Net Cash Flow 


Most apartments have balconies, 

Location with high recreational value 

High maintenance costs due to high-rise building structure 




refurbishment 







12.2 

10.7 

NIY 

3.84% 

4.89% 

6.76% 

Page 1 

Dortmund I 

Cluster 12 

n/a 

01.09.2011 

Above-average maintenance costs due to high-rise building 

structure, 



65,518 € 

74,536 € 

90,600 € 

32,458 € 

49.54% 

33,059 € 

21,062 € 


8.8 


per sq m 

7.00% 56,290 € 

450 € 

Market Value 

800,000 €



Use 



location 

Additional 

comments 


location) 

State of 

refurbishment 

Building 

construction 

Facade 

DTZ No. 

Cluster 

Sub-Portfolio 




2 

3 



2 

2 

3 

Medium 

High 


4 Very high 

1 Town centre 

Potential 1 

2 

3 



3 

environmental 

issues 

2 

3 



2 

3 

4 

5 

6 



1 

2 

3 

4 

5 

6 

1 

2 

3 

4 

1 Timber 

1 As new 

2 

3 

Brickwork 


3 

2 

3 





1 Rendered 

1 As new 

2 

3 



3 

2 

3 






1 As new 

2 

3 

Hipped roof 

Mansard roof 

4 

2 

3 






1 As new 

2 

3 


Plastic 

3 

2 

3 



4 Metal 



1 As new 

2 

3 


Loggia 

1 

2 

3 



4 No 




2 


Entrance 



2 

3 



2 

(distance to 


2 

3 





1 

2 

3 

SHORT REPORT 

Dortmund I 






Mixed-use 

Other 




Unrefurbished 



Unrefurbished 

4 

4 

3 

Page 2 


2 Mixed-use 


Additional 

comments 

Excellent 

Very good 

Good 

Fair 

Fairly poor 

Poor 

1 

3 

2 

Dortmund I 

Cluster 12 

n/a 

01.09.2011 




3 

2 

2 

2 



ground floor) 






lifetime 


(€/sq m) 

0 

n/a 

n/a 

We were not able to inspect the roof and the roof 

coverings. Parts of the facade have been insulated. 

1 

8 

31 

0 

1 

2 

1 

3

DTZ No. 

Cluster 

Sub-Portfolio 








4 

2 Out-dated 

units 

4 Out-dated 




2 

3 



4 

Warm water 

supply 

1 

2 

Central 

Boiler 

4 Out-dated 

Lifts 1 Yes 


2 No 

2 

3 



1 





Additional 

comments 

SHORT REPORT 

Dortmund I 




Additional 

comments 


Layout of the 


Additional 

comments 


1 Very good 


2 

3 

Good 

Fair 

3 

2 

3 

Good 

Fair 

4 Poor 4 Weak 

Dortmund I 

Cluster 12 

n/a 

01.09.2011 



2 

3 


Two bathrooms 

1 

2 

3 

Shower 





2 Tiled 


3 PVC 

2 

3 


Kitchenette 

4 









yes 


3 Damaged drainage no 3 Water damage yes 








no 


no 





no 

common areas 

2 



yes 


reflected in our valuation: Repair of the facade; balcony repair; renew roof sealing; repair of defects related to fire protection. 

Page 3 

2 

2 

2 

1 

1 

4 

1 

3


Additional 

comments 

2 

3 

SHORT REPORT 

Dortmund I 






Additional 

comments 

DTZ No. 

Cluster 

Sub-Portfolio 



Internal 

1 Very good 

2 Good 

2 Good 

3 

4 

Fair 

Below average 

3 

3 

4 

Fair 

Below average 

5 Poor 

5 Poor 

6 Ruinous 

6 Ruinous 


Additional 

comments 





is fair and additional measures are required to 

increase occupancy. 

3 

Page 4 


inspected 

Dortmund I 

Cluster 12 

n/a 

01.09.2011 


2 0 








4









SHORT REPORT 

Dortmund I 



0 


Units let 

Area let 

Vacant units 

Vacant area 









Residential 

0.0% 


DTZ No. 

Cluster 

Sub-Portfolio 



Residential 

100% 

1,776 sq m 

1,600 sq m 

177 sq m 

9.95% 

9.68% 

3.41 € 

194.99 € 

65,518 € 

4.25 € 

243.55 € 

90,600 € 


75.00 €/sq m 

12.50 €/sq m 

220.00 €/unit 

12.00 €/sq m 




RICS, London. 



Page 5 

0.00 € 

0.00 € 

0.0% 0.0% 


75.00 €/sq m 0.00 €/unit 

Dortmund I 

Cluster 12 

n/a 

01.09.2011 


Others 

Total 


28 0 0 

0 sq m 0 sq m 

3 0 0 


0.00% 

0.00% 

0 € 

0.00 € 

0.00 € 

0 € 

0.00 € 0.00 € 181.99 € 

4.25 € 

0.00 € 228.79 € 

0 € 0 € 90,600 € 

12.50 €/sq m 40.00 €/unit 


12.00 €/sq m 0.00 €/unit 

2 

2 30 

0 

1,776 sq m 

177 sq m 

0.00% 0.00% 9.95% 

0.00 € 0.00 € 0.00 € 

0.00 € 

0.00% 0.00% 

0 € 

0.00 € 

Residential 

100% 

33 

0 sq m 1,600 sq m 

0 € 

Others 

3 

9.09% 

3.41 € 

65,518 €


Gross Revenue 




Parking 

Subsidies 





% Growth 






Vacancy Costs 

Sinking Fund 

O her Costs 









Net Cash Flow 

% Growth 




Gross Value 

860,439 € 



SHORT REPORT 

Dortmund I 



33,059 34,137 39,736 45,708 

-11,997 -17,714 -16,981 -17,270 

249,040 € 

611,399 € 

7.0% 

Net Value 804,149 € 

Market Value 800,000 € 






DTZ No. 

Cluster 

Sub-Portfolio 


74,536 77,872 80,655 83,705 87,359 91,176 95,163 99,329 103,681 105,443 107,236 

-9,019 -10,416 -7,639 -4,765 -4,846 -4,928 -5,012 -5,097 -5,184 -5,272 -5,362 

65,518 67,456 73,015 78,940 82,513 86,247 90,151 94,232 98,497 100,171 101,874 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

65,518 67,456 73,015 78,940 82,513 86,247 90,151 94,232 98,497 100,171 101,874 

3 0% 8.2% 8.1% 4.5% 4.5% 4.5% 4.5% 4.5% 1.7% 1.7% 

-6,820 -6,936 -7,054 -7,174 -7,296 -7,420 -7,546 -7,674 -7,805 -7,937 -8,072 

-1,310 -1,349 -1,460 -1,579 -1,650 -1,725 -1,803 -1,885 -1,970 -2,003 -2,037 

-3,276 -3,332 -3,388 -3,446 -3,504 -3,564 -3,625 -3,686 -3,749 -3,813 -3,877 

0 0 0 0 0 0 0 0 0 0 0 

-2,122 -2,451 -1,797 -1,121 -1,140 -1,160 -1,179 -1,199 -1,220 -1,241 -1,262 

-18,930 -19,252 -19,579 -19,912 -20,251 -20,595 -20,945 -21,301 -21,663 -22,031 -22,406 

0 0 0 0 0 0 0 0 0 0 0 

-32,458 -33,319 -33,279 -33,232 -33,841 -34,463 -35,098 -35,745 

49.5% 49.4% 45.6% 42.1% 41.0% 40.0% 38 9% 37.9% 

-11,997 -16,697 -16,981 -17,270 -12,834 -13,052 -13,274 -13,500 -13,729 -13,963 -14,200 

0 0 0 0 0 0 0 0 0 0 0 

0 -1,017 0 0 0 0 0 0 0 0 0 

21,062 16,423 22,755 28,438 35,837 38,732 41,779 44,986 48,361 49,183 50,019 

-22 0% 38.6% 25.0% 26.0% 8.1% 7 9% 7.7% 7.5% 1.7% 1.7% 

2.4% 1.9% 2.6% 3.3% 4.2% 



Page 6 

60.000 

50.000 

40.000 

30.000 

20.000 

10.000 

0 

70.000 

60.000 

50.000 

40.000 

30.000 

20.000 

10.000 

0 


48,672 51,784 55,053 58,486 

-12,834 -13,052 -13,274 -13,500 

4.5% 4.9% 5.2% 

Net Cash Flow 

Dortmund I 

Cluster 12 

n/a 

01.09.2011 

-36,406 -37,025 -37,655 

37.0% 37.0% 37.0% 

62,090 63,146 64,219 

-13,729 -13,963 -14,200 

5.6% 5.7% 5.8% 




7,0% 

6,0% 

5,0% 

4,0% 

3,0% 

2,0% 

1,0% 

0,0% 

60,0% 

50,0% 

40,0% 

30,0% 

20,0% 

10,0% 

0,0% 




DTZ No. 

Cluster 

Sub-Portfolio 







Address 

Contamination 

Land charges 

(according to 

Drees&Sommer) 

Mining damage 


Drees&Sommer) 

Leasehold No 

Listed status 





25003 

Designated use Solely residential area 

Site ratio coverage (GRZ) 0.3 

Plot ratio (GFZ) 1 


Eight storeys obligatory; Flat roof, No preservation or design statute 

Land Register 

Extract dated 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 

SHORT REPORT 

Dortmund I 


Brüchtenweg 23 


charges 




Legally binding development plan Yes 

No. / Name of development plan Br 128 "Bannweg" 

02.09.2011 

Dortmund 

58535 

5 

2783 



Dortmund I 

Cluster 12 

n/a 

01.09.2011 

Comments We have not been provided with a cadastral map. Thus, we could not verify the information stated in the land 

register against the cadastral map. We have not been provided with extracts from the land register. The 


Page 7 

n/a 

n/a 

n/a 

No 

n/a

Site Plan 

SHORT REPORT 

Dortmund I 

44309 


Dortmund 

Page 8 

DTZ No. 

Cluster 

Sub-Portfolio 


Dortmund I 

Cluster 12 

n/a 

01.09.2011



Dortmund 

City 


Address 




Address 

Date 

Steiermarkstr. 57, Dortm. 27.09.2011 

Sonnenscheineck 14, Do. 27.09.2011 

Ringofenstr. 38, Dortm. 27.09.2011 

Ringofenstr. 36, Dortm. 12.09.2011 


72 sq m 

Hofgerichtsweg 20, Dort. 12.09.2011 75 sq m 

transactions available 

SHORT REPORT 

Dortmund I 

44309 


Asking rent 

DTZ No. 

Cluster 

Sub-Portfolio 


Date Minimum 


01.03.2011 

Date 

01.07.2011 

52 sq m 

Monthly rent 





Page 9 

3.87 €/sq m 

3.99 €/sq m 

Brüchtenweg 23 01.02.2011 52 sq m 4.01 €/sq m 

Address 

No comparable 

Date 

Address Date 

45701 Herten 16.09.2011 

Dortmund 

3.96 €/sq m 

Area 

01.01.2011 63 sq m 

Area 

72 sq m 

71 sq m 

72 sq m 

42277 Wuppertal 15.09.2011 7,052 sq m 

42555 Velbert 16.09.2011 

58300 Wetter 16.09.2011 

4.47 €/sq m 

5.19 €/sq m 

Comments 

4.85 €/sq m 3-room apartment, partly refurbished, lift 



Comments 

Comments 

Dortmund I 

Cluster 12 

n/a 

01.09.2011 


7,928 sq m 

1,540 sq m 



682 € 5-storey apartm. building, better location, better condition


SHORT REPORT 

Dortmund I 





Page 10 

DTZ No. 

Cluster 

Sub-Portfolio 


Dortmund I 

Cluster 12 

n/a 

01.09.2011

Property type 



Site area 

Tenure 


SHORT REPORT 


1980 

n/a 

n/a 

Freehold 

Yes 

3,554 sq m 

31.26% 

No 

DTZ No. 

Cluster 

Sub-Portfolio 


Income year 1 





as % of GRI 


Net Cash Flow 



Car park, 

Partly fitted with elevators 

Dortmund II 



Vacancy rate 


SWOT-Analysis 





refurbishment 







10.8 

8.1 

NIY 

4.78% 

7.68% 

7.32% 

Page 1 


Significant amount of capex required, 

Rent restrictions until 2029-2081 

Dortmund II 

Cluster 13 

n/a 

01.09.2011 


works, 


accommodations in this location, 

Environmental risk is considered high 

138,552 € 

184,154 € 

178,433 € 

63,456 € 

45.80% 

75,096 € 

56,776 € 


8.4 


per sq m 

6.40% 94,505 € 

422 € 

Market Value 

1,500,000 €



Use 



location 

Additional 

comments 


location) 

State of 

refurbishment 

Building 

construction 

Facade 

DTZ No. 

Cluster 

Sub-Portfolio 




2 

3 



3 

2 

3 

Medium 

High 


4 Very high 

1 Town centre 

Potential 1 

2 

3 



3 

environmental 

issues 

2 

3 



2 

3 

4 

5 

6 



1 

2 

3 

4 

5 

6 

1 

2 

3 

4 

1 Timber 

1 As new 

2 

3 

Brickwork 


4 

2 

3 





1 Rendered 

1 As new 

2 

3 



3 

2 

3 






1 As new 

2 

3 

Hipped roof 

Mansard roof 

4 

2 

3 






1 As new 

2 

3 


Plastic 

4 

2 

3 



4 Metal 



1 As new 

2 

3 


Loggia 

1 

2 

3 



4 No 




2 


Entrance 



2 

3 



3 

(distance to 


2 

3 





1 

2 

3 

SHORT REPORT 

Dortmund II 






Mixed-use 

Other 




Unrefurbished 



Unrefurbished 

4 

4 

3 

Page 2 


2 Mixed-use 


Additional 

comments 

Excellent 

Very good 

Good 

Fair 

Fairly poor 

Poor 

1 

3 

2 

Dortmund II 

Cluster 13 

n/a 

01.09.2011 




3 

2 

4 

2 



ground floor) 




30 



lifetime 


(€/sq m) 

n/a 

n/a 

We were not able to inspect the roof and roof 

coverings. The property has a underground parking 

garage. However, at the date of inspec ion no 

access was provided. 

1 

4 

46 

2 

1 

2 

1 

3

DTZ No. 

Cluster 

Sub-Portfolio 








3 

2 Out-dated 

units 

4 Out-dated 




2 

3 



4 

Warm water 

supply 

1 

2 

Central 

Boiler 

4 Out-dated 

Lifts 1 Yes 


2 No 

2 

3 



1 





Additional 

comments 

SHORT REPORT 

Dortmund II 




Additional 

comments 


Layout of the 


Additional 

comments 


1 Very good 


2 

3 

Good 

Fair 

3 

2 

3 

Good 

Fair 

4 Poor 4 Weak 

Dortmund II 

Cluster 13 

n/a 

01.09.2011 



2 

3 


Two bathrooms 

1 

2 

3 

Shower 





2 Tiled 


3 PVC 

2 

3 


Kitchenette 

4 









no 










no 


no 





yes 

common areas 

2 



yes 


reflected in our valuation: Repair of the facade; balcony repair; renew roof sealing; replacement of windows; replacement of 

electric installations. 

Page 3 

2 

2 

2 

1 

1 

3 

1 

3


Additional 

comments 

2 

3 

SHORT REPORT 

Dortmund II 






Additional 

comments 

DTZ No. 

Cluster 

Sub-Portfolio 



Internal 

1 Very good 

2 Good 

2 Good 

3 

4 

Fair 

Below average 

3 

3 

4 

Fair 

Below average 

5 Poor 

5 Poor 

6 Ruinous 

6 Ruinous 


Additional 

comments 




a considerable vacancy. Furthermore, the property 

is also subject to social subsidies and depending on 

the guidlines of the local housing authorities. We 

assume that the lettability is significantly limited and 

vacancy can be expected to remain high so that 

substantial measures are required to increase 

occupancy. 

3 

Page 4 


inspected 

Dortmund II 

Cluster 13 

n/a 

01.09.2011 


3 0 




comparable properties is fair. We assume that he 

saleability is fair so that additional promotional 

measures are required. 

4









SHORT REPORT 

Dortmund II 



30 


Units let 

Area let 

Vacant units 

Vacant area 









Residential 

5.0% 


DTZ No. 

Cluster 

Sub-Portfolio 



Commercial 

3% 

3,451 sq m 

2,340 sq m 

1,111 sq m 

32.19% 

30.43% 

4.05 € 

295.92 € 

113,632 € 

159,345 € 

Residential 

97% 

4.05 € 

303.86 € 


75.00 €/sq m 

10.00 €/sq m 

220.00 €/unit 

12.00 €/sq m 




RICS, London. 



Page 5 

27.45 € 

0.00 € 

0.0% 0.0% 


75.00 €/sq m 0.00 €/unit 

Dortmund II 

Cluster 13 

n/a 

01.09.2011 


Others 

Total 

102 sq m 0 sq m 0 sq m 

32 2 23 

102 sq m 0 sq m 

14 0 7 


0.00% 

0.00% 

15,039 € 

7.50 € 

383.63 € 

9,207 € 

35.80 € 0.00 € 202.56 € 

4.40 € 

0.00 € 200.67 € 

9,881 € 0 € 178,433 € 

10.00 €/sq m 40.00 €/unit 


12.00 €/sq m 0.00 €/unit 

0 

0 57 

0 

3,554 sq m 

1,111 sq m 

0.00% 0.00% 31.26% 

12.25 € 0.00 € 0.00 € 

626.62 € 

9,881 € 

Commercial 

11% 

23.33% 0.00% 

0.00 € 

Parking 

7% 

78 

0 sq m 2,443 sq m 

0 € 

Residential 

82% 

21 

26.92% 

4.73 € 

138,552 €


Gross Revenue 




Parking 

Subsidies 





% Growth 






Vacancy Costs 

Sinking Fund 

O her Costs 









Net Cash Flow 

% Growth 




Gross Value 

1,571,150 € 



SHORT REPORT 

Dortmund II 



75,096 86,428 106,216 126,704 

-18,320 -42,584 -352,035 -44,044 

340,035 € 

1,231,115 € 

6.4% 

Net Value 1,476,645 € 







DTZ No. 

Cluster 

Sub-Portfolio 


174,273 184,611 186,927 189,322 191,804 194,361 196,993 199,701 202,483 205,926 209,426 

-45,603 -46,414 -32,207 -17,504 -17,802 -18,104 -18,412 -18,725 -19,043 -19,367 -19,696 

128,671 138,197 154,719 171,818 174,002 176,256 178,581 180,975 183,440 186,558 189,730 

9,881 10,777 11,701 12,653 12,868 13,087 13,309 13,536 13,766 14,000 14,238 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

9,881 10,777 11,701 12,653 12,868 13,087 13,309 13,536 13,766 14,000 14,238 

138,552 148,974 166,420 184,471 186,870 189,343 191,890 194,511 197,206 200,558 203,968 

7.5% 11.7% 10.8% 1.3% 1.3% 1 3% 1.4% 1.4% 1.7% 1.7% 

-10,618 -10,799 -10,982 -11,169 -11,359 -11,552 -11,749 -11,948 -12,151 -12,358 -12,568 

-2,771 -2,979 -3,328 -3,689 -3,737 -3,787 -3,838 -3,890 -3,944 -4,011 -4,079 

-6,928 -7,045 -7,165 -7,287 -7,411 -7,537 -7,665 -7,795 -7,928 -8,063 -8,200 

-1,200 -1,220 -1,241 -1,262 -1,284 -1,306 -1,328 -1,350 -1,373 -1,397 -1,420 

-13,331 -11,407 -7,898 -4,267 -4,340 -4,413 -4,488 -4,565 -4,642 -4,721 -4,801 

-28,608 -29,094 -29,589 -30,092 -30,604 -31,124 -31,653 -32,191 -32,738 -33,295 -33,861 

0 0 0 0 0 0 0 0 0 0 0 

-63,456 -62,546 -60,204 -57,767 -58,734 -59,718 -60,720 -61,740 

49.3% 45 3% 38.9% 33.6% 33.8% 33.9% 34 0% 34.1% 

-18,320 -42,584 -43,308 -44,044 -19,598 -19,931 -20,270 -20,614 -20,965 -21,321 -21,684 

0 0 0 0 0 0 0 0 0 0 0 

0 0 -308,727 0 0 0 -12,992 -13,213 -13,437 -13,666 -13,898 

56,776 43,845 -245,819 82,660 108,538 109,694 97,908 98,944 100,027 101,727 103,456 

-22 8% -660.7% -133.6% 31.3% 1.1% -10.7% 1.1% 1.1% 1.7% 1.7% 

3.6% 2.8% -15.6% 5.3% 6.9% 



150.000 

100.000 

50.000 

Page 6 


128,136 129,625 131,170 132,771 

0 

50.000 

100.000 

150.000 

200.000 

250.000 

300.000 

160.000 

140.000 

120.000 

100.000 

80.000 

60.000 

40.000 

20.000 

0 

-19,598 -19,931 -33,262 -33,827 

7.0% 6.2% 6.3% 

Net Cash Flow 

Dortmund II 

Cluster 13 

n/a 

01.09.2011 

-62,777 -63,844 -64,930 

34.2% 34.2% 34.2% 

134,429 136,714 139,038 

-34,402 -34,987 -35,582 

6.4% 6.5% 6.6% 




8,0% 

7,0% 

6,0% 

5,0% 

4,0% 

3,0% 

2,0% 

1,0% 

0,0% 

50,0% 

45,0% 

40,0% 

35,0% 

30,0% 

25,0% 

20,0% 

15,0% 

10,0% 

5,0% 

0,0% 




DTZ No. 

Cluster 

Sub-Portfolio 







Address 

Contamination 

Land charges 

(according to 

Drees&Sommer) 

Mining damage 


Drees&Sommer) 

Leasehold No 

Listed status 





27019 

Designated use Core area 

Site ratio coverage (GRZ) 1 

Plot ratio (GFZ) 2.2 


Four storeys maximum; No preservation or design statute 

Land Register 

Extract dated 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 

SHORT REPORT 

Dortmund II 


Vogelpothsweg 25, Oberbank 5-7 

Registered in the register of contaminated sites; According to remediation design (1998) harmful soil, 

groundwater and soil gas contamination is evident; Environmental risk is considered high; Risk of additional 

disposal costs in case of future soil excavation is high; No public land charges 


considered low. In case of new building constructions gas drainage is required 



No. / Name of development plan Df 110 "Ehemalige Zeche Dorstfeld II/III" 

19.08.2011 

Dortmund 

65615 

2 

927 



Dortmund II 

Cluster 13 

n/a 

01.09.2011 



Page 7 

n/a 

n/a 

n/a 

No 

n/a

Site Plan 

SHORT REPORT 

Dortmund II 

44149 


Dortmund 

Page 8 

DTZ No. 

Cluster 

Sub-Portfolio 


Dortmund II 

Cluster 13 

n/a 

01.09.2011



City 



Oberbank 5 

Oberbank 5 

Address 


Address 

Date 

Vogelpothsweg 28, Dort. 12.09.2011 


O.-Wachtel-Weg 1, Dort. 12.09.2011 



58 sq m 

Fr.-Henk.-Weg 8, Dortm. 12.09.2011 55 sq m 

Address 

No comparable 


SHORT REPORT 

Dortmund II 

44149 


Asking rent 

DTZ No. 

Cluster 

Sub-Portfolio 


Date Minimum 


Date 

01.01.2011 

Date 

Address Date 

44369 Dortmund 19.09.2011 

Dortmund 

Area 

94 sq m 

01.06.2011 80 sq m 

Area 

80 sq m 

78 sq m 

61 sq m 

44267 Dortmund 16.09.2011 608 sq m 

58300 Wetter 16.09.2011 

Monthly rent 





Page 9 

4.05 €/sq m 

4.05 €/sq m 

Comments 




Comments 

Comments 

Dortmund II 

Cluster 13 

n/a 

01.09.2011 

980 sq m 509 € 4-storey apartment building, better condition 

1,540 sq m 

655 € 4-storey apartm. building, better location, better condition 



SHORT REPORT 

Dortmund II 





Page 10 

DTZ No. 

Cluster 

Sub-Portfolio 


Dortmund II 

Cluster 13 

n/a 

01.09.2011


Property type 



Site area 

Tenure 



Vacancy rate 


SWOT-Analysis 

SHORT REPORT 

Dortmund III 



1964 

n/a 

n/a 

Freehold 

No 

10,356 sq m 

33.85% 

No 

DTZ No. 

Cluster 

Sub-Portfolio 


Income year 1 





as % of GRI 


Net Cash Flow 





All units have balconies 




refurbishment 







12.9 

9.0 

NIY 

3.81% 

6.88% 

6.63% 

Page 1 

Dortmund III 

Cluster 14 

n/a 

01.09.2011 


works, 



404,597 € 

574,925 € 

560,777 € 

193,222 € 

47.76% 

211,375 € 

160,000 € 


9.3 


per sq m 

5.80% 30,407 0€ 

502 € 

Market Value 

5,200,000 €



Use 



location 

Additional 

comments 


location) 

State of 

refurbishment 

Building 

construction 

Facade 

DTZ No. 

Cluster 

Sub-Portfolio 




2 

3 



4 

2 

3 

Medium 

High 


4 Very high 

1 Town centre 

Potential 1 

2 

3 



3 

environmental 

issues 

2 

3 



2 

3 

4 

5 

6 



1 

2 

3 

4 

5 

6 

1 

2 

3 

4 

1 Timber 

1 As new 

2 

3 

Brickwork 


3 

2 

3 





1 Rendered 

1 As new 

2 

3 



1 

2 

3 






1 As new 

2 

3 

Hipped roof 

Mansard roof 

4 

2 

3 






1 As new 

2 

3 


Plastic 

3 

2 

3 



4 Metal 



1 As new 

2 

3 


Loggia 

3 

2 

3 



4 No 




2 


Entrance 



2 

3 



2 

(distance to 


2 

3 





1 

2 

3 

SHORT REPORT 

Dortmund III 






Mixed-use 

Other 




Unrefurbished 



Unrefurbished 

3 

3 

2 

Page 2 


2 Mixed-use 


Additional 

comments 

Excellent 

Very good 

Good 

Fair 

Fairly poor 

Poor 

1 

2 

2 

Dortmund III 

Cluster 14 

n/a 

01.09.2011 




3 

2 

2 

2 



ground floor) 






lifetime 


(€/sq m) 

4-5 

156 

0 

n/a 

n/a 

Entrance areas, facade and windows of the 

buildings have been renewed approximately 20 

years ago. The building Echeloh 15 is completely 

vacant. 

7 

0 

1 

2 

1 

4

DTZ No. 

Cluster 

Sub-Portfolio 








3 

2 Out-dated 

units 

4 Out-dated 




2 

3 



3 

Warm water 

supply 

1 

2 

Central 

Boiler 

4 Out-dated 

Lifts 1 Yes 


2 No 

2 

3 



3 




Installed n/a 

Additional 

comments 

SHORT REPORT 

Dortmund III 




Additional 

comments 


Layout of the 


Additional 

comments 


1 Very good 


2 

3 

Good 

Fair 

3 

2 

3 

Good 

Fair 

4 Poor 4 Weak 

Dortmund III 

Cluster 14 

n/a 

01.09.2011 



2 

3 


Two bathrooms 

1 

2 

3 

Shower 





2 Tiled 


3 PVC 

2 

3 


Kitchenette 

4 





inspection. 



yes 










no 


no 





no 

common areas 

2 



no 


reflected in our valuation: Cleaning and painting of the facade; repair of defects related to fire protection. 

Page 3 

2 

2 

2 

2 

1 

3 

1 

3


Additional 

comments 

2 

3 

SHORT REPORT 

Dortmund III 






Additional 

comments 

DTZ No. 

Cluster 

Sub-Portfolio 



Internal 

1 Very good 

2 Good 

2 Good 

3 

4 

Fair 

Below average 

3 

3 

4 

Fair 

Below average 

5 Poor 

5 Poor 

6 Ruinous 

6 Ruinous 


Additional 

comments 





lettability is fair and additional measures are 


3 

Page 4 


inspected 

Dortmund III 

Cluster 14 

n/a 

01.09.2011 


6 0 






required. 

3









SHORT REPORT 

Dortmund III 



0 


Units let 

Area let 

Vacant units 

Vacant area 









Residential 

10,356 sq m 

5.0% 


DTZ No. 

Cluster 

Sub-Portfolio 



Residential 

100% 

6,850 sq m 

3,506 sq m 

33.85% 

33.97% 

4.92 € 

327.34 € 

404,597 € 

560,777 € 


75.00 €/sq m 

10.50 €/sq m 

220.00 €/unit 

12.00 €/sq m 




RICS, London. 



Page 5 

0.00 € 

0.00 € 

0.0% 0.0% 


75.00 €/sq m 0.00 €/unit 

Dortmund III 

Cluster 14 

n/a 

01.09.2011 


Others 

Total 


103 0 0 

4.75 € 

315.33 € 

0 sq m 0 sq m 

53 0 0 


0.00% 

0.00% 

0 € 

0.00 € 

0.00 € 

0 € 

0.00 € 0.00 € 327.34 € 

4.75 € 

0.00 € 315.33 € 

0 € 0 € 560,777 € 

10.50 €/sq m 40.00 €/unit 


12.00 €/sq m 0.00 €/unit 

0 

0 103 

0 

156 

10,356 sq m 

3,506 sq m 

0.00% 0.00% 33.85% 

0.00 € 0.00 € 0.00 € 

0.00 € 

0.00% 0.00% 

0 € 

0.00 € 

Residential 

100% 

0 sq m 6,850 sq m 

0 € 

53 

33.97% 

4.92 € 

404,597 €


Gross Revenue 




Parking 

Subsidies 





% Growth 






Vacancy Costs 

Sinking Fund 

O her Costs 









Net Cash Flow 

% Growth 




Gross Value 

5,546,651 € 



SHORT REPORT 

Dortmund III 



211,375 241,752 309,757 379,520 

-51,375 -128,903 -130,060 -132,271 

1,947,208 € 

3,599,443 € 

5.8% 

Net Value 5,242,581 € 







DTZ No. 

Cluster 

Sub-Portfolio 


574,925 613,628 623,564 633,169 641,417 649,775 658,242 666,822 675,514 686,998 698,677 

-170,327 -179,848 -128,828 -76,022 -77,314 -78,629 -79,965 -81,325 -82,707 -84,113 -85,543 

404,597 433,780 494,736 557,147 564,103 571,146 578,277 585,497 592,807 602,885 613,134 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

404,597 433,780 494,736 557,147 564,103 571,146 578,277 585,497 592,807 602,885 613,134 

7 2% 14.1% 12.6% 1.2% 1.2% 1 2% 1.2% 1.2% 1.7% 1.7% 

-34,320 -34,903 -35,497 -36,100 -36,714 -37,338 -37,973 -38,618 -39,275 -39,943 -40,622 

-8,092 -8,676 -9,895 -11,143 -11,282 -11,423 -11,566 -11,710 -11,856 -12,058 -12,263 

-20,230 -20,574 -20,924 -21,279 -21,641 -22,009 -22,383 -22,764 -23,151 -23,544 -23,944 

0 0 0 0 0 0 0 0 0 0 0 

-42,072 -37,863 -27,122 -16,005 -16,277 -16,553 -16,835 -17,121 -17,412 -17,708 -18,009 

-88,508 -90,013 -91,543 -93,099 -94,682 -96,292 -97,928 -99,593 -101,286 -103,008 -104,759 

0 0 0 0 0 0 0 0 0 0 0 

-193,222 -192,028 -184,980 -177,626 -180,596 -183,615 -186,685 -189,806 

47.8% 44 3% 37.4% 31.9% 32.0% 32.1% 32 3% 32.4% 

-51,375 -127,886 -130,060 -132,271 -54,959 -55,893 -56,843 -57,809 -58,792 -59,792 -60,808 

0 0 0 0 0 0 0 0 0 0 0 

0 -1,017 0 0 0 0 0 0 0 0 0 

160,000 112,849 179,697 247,250 328,549 331,638 334,749 337,881 341,035 346,833 352,729 

-29.5% 59.2% 37.6% 32.9% 0.9% 0 9% 0.9% 0.9% 1.7% 1.7% 

2.9% 2.0% 3.2% 4.5% 5.9% 



400.000 

350.000 

300.000 

250.000 

200.000 

150.000 

100.000 

Page 6 

50.000 


383,507 387,531 391,592 395,691 

0 

450.000 

400.000 

350.000 

300.000 

250.000 

200.000 

150.000 

100.000 

50.000 

0 

-54,959 -55,893 -56,843 -57,809 

6.0% 6.0% 6.1% 

Net Cash Flow 

Dortmund III 

Cluster 14 

n/a 

01.09.2011 

-192,980 -196,261 -199,597 

32.6% 32.6% 32.6% 

399,827 406,624 413,537 

-58,792 -59,792 -60,808 

6.1% 6.3% 6.4% 




7,0% 

6,0% 

5,0% 

4,0% 

3,0% 

2,0% 

1,0% 

0,0% 

50,0% 

45,0% 

40,0% 

35,0% 

30,0% 

25,0% 

20,0% 

15,0% 

10,0% 

5,0% 

0,0% 




DTZ No. 

Cluster 

Sub-Portfolio 







Address 

Contamination 

Land charges 

(according to 

Drees&Sommer) 

Mining damage 


Drees&Sommer) 

Leasehold No 

Listed status 





23330 





Between two and eight storeys maximum; Flat roof, No preservation or design statute 

Land Register 

Extract dated 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 

SHORT REPORT 

Dortmund III 


Echeloh 4-32 

Not registered in the register of contaminated sites; Environmental risk is considered low; Drain owned by the 

city of Dortmund; Several parcels have to be treated as one unit to allow the construction of a single building on 

more than one parcel 


considered low; In case of new building constructions gas drainage is recommended resp. is required 



No. / Name of development plan Lü 101 "Siedlung Echeloh" 

19.08.2011 

Dortmund III 

Cluster 14 

n/a 

01.09.2011 

Dortmund 

57728 

5 

1580, 1195, 1192 


Parcels 1192, 1195: 

Easement, waiver of claims for damages due to a value reduction of the property) (in favour of the respective 

owner of the properties listed as beneficiary. 

Right to build a gas and a water pipeline together with a right of access to the property, in favour of Dortmunder 

Energie- und Wasserversorgung GmbH, Dortmund. 

Parcel 1580: 

Easement, waiver of claims for damages due to a value reduction of the property, in favour of the respective 


Reservation of priority for two mortgages up to an amount of EUR 1,135,221 and EUR 2,647,520. 



Page 7 

n/a 

n/a 

n/a 

No 

n/a

Site Plan 

SHORT REPORT 

Dortmund III 

44149 


Dortmund 

Page 8 

DTZ No. 

Cluster 

Sub-Portfolio 


Dortmund III 

Cluster 14 

n/a 

01.09.2011



Dortmund 


Echeloh 4 

Echeloh 14 

City 


Address 

Date 

Am Zitter 14, Dortmund 09.09.2011 

Echeloh 45, Dortmund 09.09.2011 


Gröpperstr. 3, Witten 27.09.2011 


67 sq m 

Am Zitter 14, Dortmund 09.09.2011 67 sq m 


SHORT REPORT 

Dortmund III 

44149 


Asking rent 

DTZ No. 

Cluster 

Sub-Portfolio 


Date Minimum 


01.03.2011 

01.12.2010 

62 sq m 

Monthly rent 





Page 9 

4.68 €/sq m 

4.84 €/sq m 

Echeloh 8 01.02.2011 62 sq m 5.00 €/sq m 

Date 

Dortmund 

3.96 €/sq m 

Echeloh 8 01.12.2010 70 sq m 

Echeloh 12 

Address 

Address 

No comparable 

Date 

Address Date 

44652 Herne 16.09.2011 

Area 

01.05.2011 62 sq m 

4.47 €/sq m 

5.00 €/sq m 

01.01.2011 70 sq m 6.04 €/sq m 

Area 

67 sq m 

67 sq m 

84 sq m 

44369 Dortmund 19.09.2011 980 sq m 

44267 Dortmund 16.09.2011 

58300 Wetter 16.09.2011 

5.19 €/sq m 

Comments 




Comments 

Comments 

Dortmund III 

Cluster 14 

n/a 

01.09.2011 

228 sq m 461 € 2-storey apartment building, worse condition 

608 sq m 

1,540 sq m 

509 € 4-storey apartment building, balconies 

655 € 4-storey apartment building, better location, better condition 



SHORT REPORT 

Dortmund III 





Page 10 

DTZ No. 

Cluster 

Sub-Portfolio 


Dortmund III 

Cluster 14 

n/a 

01.09.2011


Property type 



Site area 

Tenure 



Vacancy rate 


SWOT-Analysis 

SHORT REPORT 

Dortmund IV 


1964 

n/a 

n/a 

Freehold 

No 

11,662 sq m 

21.42% 

No 

DTZ No. 

Cluster 

Sub-Portfolio 


Income year 1 





as % of GRI 


Net Cash Flow 



Reasonable state of repair 




Re-letting of the vacant commercial unit to a supermarket 







9.2 

7.7 

NIY 

5.63% 

7.71% 

7.45% 

Page 1 

Dortmund IV 

Cluster 15 

n/a 

01.09.2011 



Weak demand for residential units in high-rise buildings 


works, 



508,180 € 

611,584 € 

598,261 € 

228,155 € 

44.90% 

280,025 € 

211,295 € 


7.9 


per sq m 

6.40% 29,901 3€ 

403 € 

Market Value 

4,700,000 €



Use 



location 

Additional 

comments 


location) 

State of 

refurbishment 

Building 

construction 

Facade 

DTZ No. 

Cluster 

Sub-Portfolio 




2 

3 



4 

2 

3 

Medium 

High 


4 Very high 

1 Town centre 

Potential 1 

2 

3 



3 

environmental 

issues 

2 

3 



2 

3 

4 

5 

6 



1 

2 

3 

4 

5 

6 

1 

2 

3 

4 

1 Timber 

1 As new 

2 

3 

Brickwork 


3 

2 

3 





1 Rendered 

1 As new 

2 

3 



4 

2 

3 






1 As new 

2 

3 

Hipped roof 

Mansard roof 

4 

2 

3 






1 As new 

2 

3 


Plastic 

3 

2 

3 



4 Metal 



1 As new 

2 

3 


Loggia 

1 

2 

3 



4 No 




2 


Entrance 



2 

3 



2 

(distance to 


2 

3 





1 

2 

3 

SHORT REPORT 

Dortmund IV 






Mixed-use 

Other 




Unrefurbished 



Unrefurbished 

4 

4 

3 

Page 2 


2 Mixed-use 


Additional 

comments 

Excellent 

Very good 

Good 

Fair 

Fairly poor 

Poor 

1 

3 

2 

Dortmund IV 

Cluster 15 

n/a 

01.09.2011 




4 

4 

3 

3 



ground floor) 






lifetime 


(€/sq m) 

4 

8 

192 

0 

0 

n/a 

n/a 

1 

2 

1 

4

DTZ No. 

Cluster 

Sub-Portfolio 








4 

2 Out-dated 

units 

4 Out-dated 




2 

3 



3 

Warm water 

supply 

1 

2 

Central 

Boiler 

4 Out-dated 

Lifts 1 Yes 


2 No 

2 

3 



3 




Installed n/a 

Additional 

comments 

SHORT REPORT 

Dortmund IV 




Additional 

comments 


Layout of the 


Additional 

comments 


1 Very good 


2 

3 

Good 

Fair 

3 

2 

3 

Good 

Fair 

4 Poor 4 Weak 

Dortmund IV 

Cluster 15 

n/a 

01.09.2011 



2 

3 


Two bathrooms 

1 

2 

3 

Shower 





2 Tiled 


3 PVC 

2 

3 


Kitchenette 

4 









yes 










no 


no 





no 

common areas 

2 



yes 


reflected in our valuation: Repair of the facade; balcony repair; roof insula ion; renew gullies. 

Page 3 

2 

2 

2 

1 

1 

3 

1 

3


Additional 

comments 

2 

3 

SHORT REPORT 

Dortmund IV 






Additional 

comments 

DTZ No. 

Cluster 

Sub-Portfolio 



Internal 

1 Very good 

2 Good 

2 Good 

3 

4 

Fair 

Below average 

4 

3 

4 

Fair 

Below average 

5 Poor 

5 Poor 

6 Ruinous 

6 Ruinous 


Additional 

comments 






the high-rise building construction) and vacancy can 

be expected to remain high so that substantial 


3 

Page 4 


inspected 

Dortmund IV 

Cluster 15 

n/a 

01.09.2011 


5 0 








4









SHORT REPORT 

Dortmund IV 



0 


Units let 

Area let 

Vacant units 

Vacant area 









Residential 

11,662 sq m 

5.0% 


DTZ No. 

Cluster 

Sub-Portfolio 



Residential 

100% 

9,164 sq m 

2,498 sq m 

21.42% 

20.31% 

4.62 € 

276.79 € 

508,180 € 

598,261 € 


75.00 €/sq m 

12.50 €/sq m 

220.00 €/unit 

12.00 €/sq m 




RICS, London. 



Page 5 

0.00 € 

0.00 € 

0.0% 0.0% 


75.00 €/sq m 0.00 €/unit 

Dortmund IV 

Cluster 15 

n/a 

01.09.2011 


Others 

Total 


153 0 0 

4.50 € 

273.33 € 

0 sq m 0 sq m 

39 0 0 


0.00% 

0.00% 

0 € 

0.00 € 

0.00 € 

0 € 

0.00 € 0.00 € 273.21 € 

4.50 € 

0.00 € 270.51 € 

0 € 0 € 598,261 € 

12.50 €/sq m 40.00 €/unit 


12.00 €/sq m 0.00 €/unit 

2 

2 155 

0 

194 

11,662 sq m 

2,498 sq m 

0.00% 0.00% 21.42% 

0.00 € 0.00 € 0.00 € 

0.00 € 

0.00% 0.00% 

0 € 

0.00 € 

Residential 

100% 

0 sq m 9,164 sq m 

0 € 

Others 

39 

20.10% 

4.62 € 

508,180 €


Gross Revenue 




Parking 

Subsidies 





% Growth 






Vacancy Costs 

Sinking Fund 

O her Costs 









Net Cash Flow 

% Growth 




Gross Value 

4,971,090 € 



SHORT REPORT 

Dortmund IV 



280,025 276,084 318,878 362,835 

-68,730 -255,262 -119,972 -122,012 

1,670,943 € 

3,300,148 € 

6.4% 

Net Value 4,672,077 € 







DTZ No. 

Cluster 

Sub-Portfolio 


611,584 652,156 662,181 672,139 681,575 691,143 700,846 710,687 720,667 732,918 745,378 

-103,405 -142,917 -112,788 -81,594 -82,981 -84,392 -85,827 -87,286 -88,770 -90,279 -91,813 

508,180 509,239 549,392 590,545 598,593 606,751 615,020 623,401 631,897 642,639 653,564 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

508,180 509,239 549,392 590,545 598,593 606,751 615,020 623,401 631,897 642,639 653,564 

0 2% 7.9% 7.5% 1.4% 1.4% 1.4% 1.4% 1.4% 1.7% 1.7% 

-42,240 -42,958 -43,688 -44,431 -45,186 -45,955 -46,736 -47,530 -48,338 -49,160 -49,996 

-10,164 -10,185 -10,988 -11,811 -11,972 -12,135 -12,300 -12,468 -12,638 -12,853 -13,071 

-25,409 -25,841 -26,280 -26,727 -27,181 -27,643 -28,113 -28,591 -29,077 -29,572 -30,074 

0 0 0 0 0 0 0 0 0 0 0 

-29,976 -31,759 -25,064 -18,132 -18,440 -18,754 -19,073 -19,397 -19,727 -20,062 -20,403 

-120,366 -122,412 -124,493 -126,610 -128,762 -130,951 -133,177 -135,441 -137,744 -140,085 -142,467 

0 0 0 0 0 0 0 0 0 0 0 

-228,155 -233,155 -230,514 -227,711 -231,542 -235,438 -239,399 -243,428 

44.9% 45 8% 42.0% 38.6% 38.7% 38.8% 38 9% 39.0% 

-68,730 -117,967 -119,972 -122,012 -73,524 -74,774 -76,045 -77,338 -78,653 -79,990 -81,350 

0 0 0 0 0 0 0 0 0 0 0 

0 -137,295 0 0 0 0 0 0 0 0 0 

211,295 20,822 198,906 240,823 293,527 296,539 299,575 302,636 305,720 310,918 316,203 

-90.1% 855.3% 21.1% 21.9% 1.0% 1 0% 1.0% 1.0% 1.7% 1.7% 

4.3% 0.4% 4.0% 4.8% 5.9% 



350.000 

300.000 

250.000 

200.000 

150.000 

100.000 

Page 6 

50.000 


367,051 371,313 375,620 379,974 

0 

450.000 

400.000 

350.000 

300.000 

250.000 

200.000 

150.000 

100.000 

50.000 

0 

-73,524 -74,774 -76,045 -77,338 

6.0% 6.0% 6.1% 

Net Cash Flow 

Dortmund IV 

Cluster 15 

n/a 

01.09.2011 

-247,524 -251,732 -256,011 

39.2% 39.2% 39.2% 

384,373 390,908 397,553 

-78,653 -79,990 -81,350 

6.1% 6.3% 6.4% 




7,0% 

6,0% 

5,0% 

4,0% 

3,0% 

2,0% 

1,0% 

0,0% 

50,0% 

45,0% 

40,0% 

35,0% 

30,0% 

25,0% 

20,0% 

15,0% 

10,0% 

5,0% 

0,0% 




DTZ No. 

Cluster 

Sub-Portfolio 







Address 

Contamination 

Land charges 

(according to 

Drees&Sommer) 

Mining damage 


Drees&Sommer) 

Leasehold No 

Listed status 





23330 






Land Register 

Extract dated 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 

SHORT REPORT 

Dortmund IV 


Echeloh 33-39 

Not registered in the register of contaminated sites; Environmental risk is considered low; Several parcels have 

to be treated as one unit to allow the construction of a single building on more than one parcel 


considered low; In case of new building constructions gas drainage is recommended respectively is required 




19.08.2011 

Dortmund IV 

Cluster 15 

n/a 

01.09.2011 

Dortmund 

57728 

5 

1582, 1584 


Parcel 1582: 

Limited personal easement, right to build a transformer substation together with a right of access to the 

property, in favour of Dortmunder Energie- und Wasserversorgung GmbH, Dortmund. 

Parcel 1584: 





Page 7 

n/a 

n/a 

n/a 

No 

n/a

Site Plan 

SHORT REPORT 

Dortmund IV 

44149 


Dortmund 

Page 8 

DTZ No. 

Cluster 

Sub-Portfolio 


Dortmund IV 

Cluster 15 

n/a 

01.09.2011



Dortmund 


Echeloh 37 

Echeloh 37 

City 


Address 

Date 






67 sq m 



SHORT REPORT 

Dortmund IV 

44149 


Asking rent 

DTZ No. 

Cluster 

Sub-Portfolio 


Date Minimum 


01.03.2011 

01.06.2011 

52 sq m 

Monthly rent 





Page 9 

4.20 €/sq m 

4.20 €/sq m 

Echeloh 39 01.06.2011 67 sq m 4.63 €/sq m 

Date 

Dortmund 

3.96 €/sq m 

Echeloh 39 01.06.2011 52 sq m 

Echeloh 35 

Address 

Address 

No comparable 

Date 

Address Date 

45701 Herten 16.09.2011 

Area 

01.06.2011 52 sq m 

4.47 €/sq m 

4.33 €/sq m 

01.06.2011 67 sq m 4.70 €/sq m 

Area 

67 sq m 

67 sq m 

84 sq m 

42277 Wuppertal 15.09.2011 7,052 sq m 

42555 Velbert 16.09.2011 

58300 Wetter 16.09.2011 

5.19 €/sq m 

Comments 




Comments 

Comments 

Dortmund IV 

Cluster 15 

n/a 

01.09.2011 


7,928 sq m 

1,540 sq m 



682 € 5-storey apartm.building, better location, better condition


SHORT REPORT 

Dortmund IV 





Page 10 

DTZ No. 

Cluster 

Sub-Portfolio 


Dortmund IV 

Cluster 15 

n/a 

01.09.2011

Property type 



Site area 

Tenure 

SHORT REPORT 

Dortmund V 




Vacancy rate 


SWOT-Analysis 


Other 

1964 

n/a 

n/a 

Freehold 

No 

1,011 sq m 

54.53% 

No 

DTZ No. 

Cluster 

Sub-Portfolio 


Income year 1 





as % of GRI 


Net Cash Flow 



All apartments have gardens or loggias, 

Good visibility from access road 




refurbishment 







10.8 

8.3 

NIY 

3.72% 

6.29% 

6.91% 

Page 1 



Dortmund V 

Cluster 16 

n/a 

01.09.2011 


works, 

Only fair to weak demand expected for commercial 


44,394 € 

57,743 € 

60,950 € 

25,101 € 

56.54% 

19,293 € 

15,845 € 


7.9 


per sq m 

7.00% 33,924 € 

475 € 

Market Value 

480,000 €



Use 



location 

Additional 

comments 


location) 

State of 

refurbishment 

Building 

construction 

Facade 

DTZ No. 

Cluster 

Sub-Portfolio 




2 

3 



4 

2 

3 

Medium 

High 


4 Very high 

1 Town centre 

Potential 1 

2 

3 



3 

environmental 

issues 

2 

3 



A heating facility is located adjacent to the Property. 

2 

3 

4 

5 

6 



1 

2 

3 

4 

5 

6 

1 

2 

3 

4 

1 Timber 

1 As new 

2 

3 

Brickwork 


3 

2 

3 





1 Rendered 

1 As new 

2 

3 



1 

2 

3 






1 As new 

2 

3 

Hipped roof 

Mansard roof 

4 

2 

3 






1 As new 

2 

3 


Plastic 

3 

2 

3 



4 Metal 



1 As new 

2 

3 


Loggia 

4 

2 

3 



4 No 




2 


Entrance 



2 

3 



3 

(distance to 


2 

3 





1 

2 

3 

SHORT REPORT 

Dortmund V 






Mixed-use 

Other 




Unrefurbished 



Unrefurbished 

5 

3 

2 

Page 2 


2 Mixed-use 


Additional 

comments 

Excellent 

Very good 

Good 

Fair 

Fairly poor 

Poor 

2 

3 

2 

Dortmund V 

Cluster 16 

n/a 

01.09.2011 




3 

2 

2 

2 



ground floor) 




103 



lifetime 


(€/sq m) 

n/a 

n/a 

The Property consists of five bungalows, thereof two 

bungalows are predominantly residential use and 

three bungalows are commercial use. Furthermore, 

the Property is fitted wi h a underground parking 

0 

0 

3 

6 

1 

2 

3 

3

DTZ No. 

Cluster 

Sub-Portfolio 








3 

2 Out-dated 

units 

4 Out-dated 




2 

3 



3 

Warm water 

supply 

1 

2 

Central 

Boiler 

4 Out-dated 

Lifts 1 Yes 


2 No 

2 

3 



3 




Installed n/a 

Additional 

comments 

SHORT REPORT 

Dortmund V 




Additional 

comments 


Layout of the 


Additional 

comments 


1 Very good 


2 

3 

Good 

Fair 

n/a 

2 

3 

Good 

Fair 

4 Poor 4 Weak 

We were not able to inspect any residential unit. 

Dortmund V 

Cluster 16 

n/a 

01.09.2011 



2 

3 


Two bathrooms 

n/a 

2 

3 

Shower 



Refurbished n/a 


2 Tiled 


3 PVC 

2 

3 


Kitchenette 

n/a 



Refurbished n/a 



yes 










no 


no 





yes 

common areas 

2 



yes 


reflected in our valuation: Cleaning of the facade; roof insulation. 

Page 3 

2 

2 

2 

2 

1 

n/a 

n/a 

n/a


Additional 

comments 

2 

3 

SHORT REPORT 

Dortmund V 






Additional 

comments 

DTZ No. 

Cluster 

Sub-Portfolio 



Internal 

1 Very good 

2 Good 

2 Good 

3 

4 

Fair 

Below average 

3 

3 

4 

Fair 

Below average 

5 Poor 

5 Poor 

6 Ruinous 

6 Ruinous 


Additional 

comments 





lettability is significantly limited due to the low 

demand for commercial areas and vacancy can be 

expected to remain high. Therefore we assume that 


occupancy. 

3 

Page 4 


inspected 

Dortmund V 

Cluster 16 

n/a 

01.09.2011 


0 2 








3









SHORT REPORT 

Dortmund V 



103 


Units let 

Area let 

Vacant units 

Vacant area 









Commercial 

81% 

Residential 

195 sq m 

195 sq m 

0 sq m 

0.00% 

0.00% 

4.85 € 

315.77 € 

11,368 € 

5.00 € 

325.78 € 

11,728 € 

0.0% 


DTZ No. 

Cluster 

Sub-Portfolio 




75.00 €/sq m 

11.50 €/sq m 

220.00 €/unit 

12.00 €/sq m 




RICS, London. 



Page 5 

18.76 € 

0.00 € 

33.5% 0.0% 


75.00 €/sq m 0.00 €/unit 

Dortmund V 

Cluster 16 

n/a 

01.09.2011 


Others 

Total 

816 sq m 0 sq m 0 sq m 

3 2 72 

264 sq m 0 sq m 

0 4 31 

Residential 

19% 

551 sq m 0 sq m 0 sq m 

67.60% 

66.67% 

9,840 € 

4.00 € 

543.75 € 

26,035 € 

26.84 € 0.00 € 48.05 € 

6.88 € 

0.00 € 62.12 € 

23,187 € 0 € 60,950 € 

11.50 €/sq m 40.00 €/unit 


12.00 €/sq m 0.00 €/unit 

0 

0 77 

0 

112 

1,011 sq m 

551 sq m 

0.00% 0.00% 54.53% 

3.10 € 0.00 € 0.00 € 

410.00 € 

Parking 

52% 

30.10% 0.00% 

23,187 € 

0.00 € 

0 sq m 460 sq m 

0 € 

Residential 

26% 

Commercial 

22% 

35 

31.25% 

8.05 € 

44,394 €


Gross Revenue 




Parking 

Subsidies 





% Growth 






Vacancy Costs 

Sinking Fund 

O her Costs 









Net Cash Flow 

% Growth 




Gross Value 

518,560 € 



SHORT REPORT 

Dortmund V 



19,293 25,617 34,418 43,751 

-3,448 -51,801 -10,793 -10,976 

199,911 € 

318,649 € 

7.0% 

Net Value 484,636 € 

Market Value 480,000 € 






DTZ No. 

Cluster 

Sub-Portfolio 


34,557 48,229 48,774 49,569 51,167 52,829 54,557 56,354 58,224 59,214 60,220 

-13,349 -24,570 -20,710 -16,711 -16,995 -17,284 -17,578 -17,877 -18,181 -18,490 -18,804 

21,208 23,659 28,064 32,857 34,172 35,544 36,978 38,477 40,043 40,724 41,416 

23,187 26,965 30,866 34,891 35,484 36,087 36,701 37,324 37,959 38,604 39,261 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

23,187 26,965 30,866 34,891 35,484 36,087 36,701 37,324 37,959 38,604 39,261 

44,394 50,624 58,929 67,748 69,655 71,631 73,679 75,801 78,002 79,328 80,677 

14 0% 16.4% 15.0% 2.8% 2.8% 2 9% 2.9% 2.9% 1.7% 1.7% 

-1,850 -1,881 -1,913 -1,946 -1,979 -2,012 -2,047 -2,082 -2,117 -2,153 -2,189 

-888 -1,012 -1,179 -1,355 -1,393 -1,433 -1,474 -1,516 -1,560 -1,587 -1,614 

-2,220 -2,257 -2,296 -2,335 -2,375 -2,415 -2,456 -2,498 -2,540 -2,583 -2,627 

-4,120 -4,190 -4,261 -4,334 -4,407 -4,482 -4,559 -4,636 -4,715 -4,795 -4,876 

-6,616 -6,098 -5,132 -4,132 -4,202 -4,273 -4,346 -4,420 -4,495 -4,571 -4,649 

-9,408 -9,568 -9,731 -9,896 -10,064 -10,235 -10,409 -10,586 -10,766 -10,949 -11,135 

0 0 0 0 0 0 0 0 0 0 0 

-25,101 -25,007 -24,511 -23,997 -24,420 -24,851 -25,290 -25,737 

118.4% 105.7% 87.3% 73.0% 71.5% 69.9% 68.4% 66.9% 

-3,448 -10,612 -10,793 -10,976 -3,689 -3,751 -3,815 -3,880 -3,946 -4,013 -4,081 

0 0 0 0 0 0 0 0 0 0 0 

0 -41,189 0 0 0 0 0 0 0 0 0 

15,845 -26,183 23,625 32,775 41,547 43,029 44,574 46,184 47,863 48,677 49,504 

-265 2% -190.2% 38.7% 26.8% 3.6% 3 6% 3.6% 3.6% 1.7% 1.7% 

3.1% -5.0% 4.6% 6.3% 8.0% 



Page 6 

60.000 

50.000 

40.000 

30.000 

20.000 

10.000 

0 

10.000 

20.000 

30.000 

60.000 

50.000 

40.000 

30.000 

20.000 

10.000 

0 


45,236 46,780 48,389 50,064 

-3,689 -3,751 -3,815 -3,880 

8.3% 8.6% 8.9% 

Net Cash Flow 

Dortmund V 

Cluster 16 

n/a 

01.09.2011 

-26,193 -26,638 -27,091 

65.4% 65.4% 65.4% 

51,809 52,690 53,585 

-3,946 -4,013 -4,081 

9.2% 9.4% 9.5% 




12,0% 

10,0% 

8,0% 

6,0% 

4,0% 

2,0% 

0,0% 

120,0% 

100,0% 

80,0% 

60,0% 

40,0% 

20,0% 

0,0% 




DTZ No. 

Cluster 

Sub-Portfolio 







Address 

Contamination 

Land charges 

(according to 

Drees&Sommer) 

Mining damage 


Drees&Sommer) 

Leasehold No 

Listed status 





23330 

Designated use Special area 





Land Register 

Extract dated 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 

SHORT REPORT 

Dortmund V 


Echeloh 51-59 


concerning Echeloh 51-55 and 59 


considered low; In case of new building constructions gas drainage is recommended respectively is required 




19.08.2011 

Dortmund V 

Cluster 16 

n/a 

01.09.2011 

Dortmund 

57728 

5 

1576, 663, 667, 659, 660, 661, 666 


Parcels 1576, 663, 667, 659, 660, 661, 666: 



Parcel 1582: 



Reservation of priority for two mortgages up to an amount of EUR 1,135,221 and EUR 2,647,520. 



Page 7 

n/a 

n/a 

n/a 

No 

n/a

Site Plan 

SHORT REPORT 

Dortmund V 

44149 


Dortmund 

Page 8 

DTZ No. 

Cluster 

Sub-Portfolio 


Dortmund V 

Cluster 16 

n/a 

01.09.2011



Dortmund 


No recent 

City 

Address 

lease agreements 


Address 

Date 



Harkortstr. 16, Cast.-Rau. 09.09.2011 



258 sq m 


Address 

No comparable 


SHORT REPORT 

Dortmund V 

44149 


Asking rent 

DTZ No. 

Cluster 

Sub-Portfolio 


Date Minimum 


01.03.2011 

Date 

Date 

Address Date 

44357 Dortmund 16.09.2011 

Dortmund 

Area 

3.96 €/sq m 

Area 

67 sq m 

67 sq m 

84 sq m 

44329 Dortmund 19.09.2011 784 sq m 

45329 Essen 19.09.2011 

45661 Recklinghausen 19.09.2011 

Monthly rent 



5.00 €/sq m Commercial unit, mixed use building in residential area 





Page 9 

4.47 €/sq m 

5.19 €/sq m 

Comments 

Comments 

Comments 

Dortmund V 

Cluster 16 

n/a 

01.09.2011 

2,730 sq m 348 € 2-storey mixed-use building, worse condition 

1,000 sq m 

660 sq m 

395 € 1-storey post office building, worse condition 

485 € 1-storey discounter, twenty parking spaces 

697 € 2-storey mixed-use build., better location, better condition


SHORT REPORT 

Dortmund V 





Page 10 

DTZ No. 

Cluster 

Sub-Portfolio 


Dortmund V 

Cluster 16 

n/a 

01.09.2011


Property type 



Site area 

Tenure 



Vacancy rate 


SWOT-Analysis 

SHORT REPORT 

Dortmund VI 



1979 

n/a 

n/a 

Freehold 

Yes 

3,500 sq m 

13.33% 

No 

DTZ No. 

Cluster 

Sub-Portfolio 


Income year 1 





as % of GRI 


Net Cash Flow 


Most apartments have balconies or loggias, 

Good public transport and local supply, 

Partly fitted with elevators 


Rent restrictions until 2080 

Dortmund VI 

Cluster 17 

n/a 

01.09.2011 


Improvement of external appearance Apartments being vacated are l kely to need refurbishment 

works, 

Rent is fixed on a long-term basis 







10.9 

9.6 

NIY 

5.68% 

6.85% 

6.85% 

Page 1 

147,408 € 

166,682 € 

166,682 € 

53,664 € 

36.40% 

93,744 € 

70,996 € 


9.6 


per sq m 

6.40% 99,286 € 

457 € 

Market Value 

1,600,000 €



Use 



location 

Additional 

comments 


location) 

State of 

refurbishment 

Building 

construction 

Facade 

DTZ No. 

Cluster 

Sub-Portfolio 




2 

3 



4 

2 

3 

Medium 

High 


4 Very high 

1 Town centre 

Potential 1 

2 

3 



3 

environmental 

issues 

2 

3 



2 

3 

4 

5 

6 



1 

2 

3 

4 

5 

6 

1 

2 

3 

4 

1 Timber 

1 As new 

2 

3 

Brickwork 


4 

2 

3 





1 Rendered 

1 As new 

2 

3 



3 

2 

3 






1 As new 

2 

3 

Hipped roof 

Mansard roof 

4 

2 

3 






1 As new 

2 

3 


Plastic 

4 

2 

3 



4 Metal 



1 As new 

2 

3 


Loggia 

1 

2 

3 



4 No 




2 


Entrance 



2 

3 



3 

(distance to 


2 

3 





1 

2 

3 

SHORT REPORT 

Dortmund VI 






Mixed-use 

Other 




Unrefurbished 



Unrefurbished 

4 

4 

3 

Page 2 


2 Mixed-use 


Additional 

comments 

Excellent 

Very good 

Good 

Fair 

Fairly poor 

Poor 

1 

3 

2 

Dortmund VI 

Cluster 17 

n/a 

01.09.2011 




3 

2 

3 

2 



ground floor) 






lifetime 


(€/sq m) 

We were not able to inspect the roof and roof 

coverings. 

1 

3-4 

46 

0 

0 

n/a 

n/a 

1 

2 

1 

4

DTZ No. 

Cluster 

Sub-Portfolio 








3 

2 Out-dated 

units 

4 Out-dated 




2 

3 



4 

Warm water 

supply 

1 

2 

Central 

Boiler 

4 Out-dated 

Lifts 1 Yes 


2 No 

2 

3 



1 





Additional 

comments 

SHORT REPORT 

Dortmund VI 




Additional 

comments 


Layout of the 


Additional 

comments 


1 Very good 


2 

3 

Good 

Fair 

3 

2 

3 

Good 

Fair 

4 Poor 4 Weak 

Dortmund VI 

Cluster 17 

n/a 

01.09.2011 



2 

3 


Two bathrooms 

1 

2 

3 

Shower 





2 Tiled 


3 PVC 

2 

3 


Kitchenette 

4 









no 










no 


no 





yes 

common areas 

2 



yes 

Some of the buildings have inclined surfaces. According to the technical due diligence prepared by Drees&Sommer the following 

repair works are required and have been reflected in our valuation: Renewal of floor covering; repair and maintenance of outside 

facilities; repair of roof sealing; redecoration of stairceses; repair waterproofing of external basement walls. 

Page 3 

2 

2 

2 

1 

1 

3 

1 

3


Additional 

comments 

2 

3 

SHORT REPORT 

Dortmund VI 






Additional 

comments 

DTZ No. 

Cluster 

Sub-Portfolio 



Internal 

1 Very good 

2 Good 

2 Good 

3 

4 

Fair 

Below average 

3 

3 

4 

Fair 

Below average 

5 Poor 

5 Poor 

6 Ruinous 

6 Ruinous 


Additional 

comments 




a considerable vacancy. Furthermore, the property 

is also subject to social subsidies and depending on 

the guidlines of the local housing authorities. We 

assume that the lettability is significantly limited and 

vacancy can be expected to remain high so that 


occupancy. 

3 

Page 4 


inspected 

Dortmund VI 

Cluster 17 

n/a 

01.09.2011 


3 0 




comparable properties is fair. We assume that he 

saleability is fair so that additional promotional 

measures are required. 

4









SHORT REPORT 

Dortmund VI 



0 


Units let 

Area let 

Vacant units 

Vacant area 









Residential 

2.0% 


DTZ No. 

Cluster 

Sub-Portfolio 



Residential 

100% 

3,500 sq m 

3,033 sq m 

467 sq m 

13.33% 

13.04% 

4.05 € 

307.10 € 

147,408 € 

4.05 € 

308.12 € 

166,682 € 


75.00 €/sq m 

10.00 €/sq m 

220.00 €/unit 

12.00 €/sq m 




RICS, London. 



Page 5 

0.00 € 

0.00 € 

0.0% 0.0% 


75.00 €/sq m 0.00 €/unit 

Dortmund VI 

Cluster 17 

n/a 

01.09.2011 


Others 

Total 


40 0 0 

0 sq m 0 sq m 

6 0 0 


0.00% 

0.00% 

0 € 

0.00 € 

0.00 € 

0 € 

0.00 € 0.00 € 299.61 € 

4.05 € 

0.00 € 301.57 € 

0 € 0 € 166,682 € 

10.00 €/sq m 40.00 €/unit 


12.00 €/sq m 0.00 €/unit 

1 

1 41 

0 

3,500 sq m 

467 sq m 

0.00% 0.00% 13.33% 

0.00 € 0.00 € 0.00 € 

0.00 € 

0.00% 0.00% 

0 € 

0.00 € 

Residential 

100% 

47 

0 sq m 3,033 sq m 

0 € 

Others 

6 

12.77% 

4.05 € 

147,408 €


Gross Revenue 




Parking 

Subsidies 





% Growth 






Vacancy Costs 

Sinking Fund 

O her Costs 









Net Cash Flow 

% Growth 




Gross Value 

1,650,631 € 



SHORT REPORT 

Dortmund VI 



93,744 93,640 102,858 112,363 

-22,748 -33,063 -176,434 -34,197 

476,639 € 

1,173,993 € 

6.4% 

Net Value 1,551,345 € 







DTZ No. 

Cluster 

Sub-Portfolio 


166,682 172,975 175,916 178,906 181,947 185,041 188,186 191,385 194,639 197,948 201,313 

-19,274 -24,445 -18,645 -12,640 -12,855 -13,074 -13,296 -13,522 -13,752 -13,985 -14,223 

147,408 148,530 157,271 166,266 169,092 171,967 174,890 177,864 180,887 183,962 187,090 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

147,408 148,530 157,271 166,266 169,092 171,967 174,890 177,864 180,887 183,962 187,090 

0 8% 5.9% 5.7% 1.7% 1.7% 1.7% 1.7% 1.7% 1.7% 1.7% 

-10,120 -10,292 -10,467 -10,645 -10,826 -11,010 -11,197 -11,387 -11,581 -11,778 -11,978 

-2,948 -2,971 -3,145 -3,325 -3,382 -3,439 -3,498 -3,557 -3,618 -3,679 -3,742 

-7,370 -7,496 -7,623 -7,753 -7,885 -8,019 -8,155 -8,293 -8,434 -8,578 -8,724 

0 0 0 0 0 0 0 0 0 0 0 

-5,599 -6,036 -4,604 -3,121 -3,174 -3,228 -3,283 -3,339 -3,395 -3,453 -3,512 

-27,626 -28,096 -28,573 -29,059 -29,553 -30,056 -30,567 -31,086 -31,615 -32,152 -32,699 

0 0 0 0 0 0 0 0 0 0 0 

-53,664 -54,890 -54,413 -53,903 -54,820 -55,752 -56,699 -57,663 

36.4% 37 0% 34.6% 32.4% 32.4% 32.4% 32.4% 32.4% 

-22,748 -33,063 -33,625 -34,197 -24,335 -24,749 -25,169 -25,597 -26,032 -26,475 -26,925 

0 0 0 0 0 0 0 0 0 0 0 

0 0 -142,808 0 0 0 0 0 0 0 0 

70,996 60,577 -73,575 78,166 89,938 91,467 93,022 94,603 96,212 97,847 99,511 

-14.7% -221.5% -206.2% 15.1% 1.7% 1.7% 1.7% 1.7% 1.7% 1.7% 

4.3% 3.7% -4.5% 4.7% 5.4% 



120.000 

100.000 

Page 6 

80.000 

60.000 

40.000 

20.000 


114,273 116,216 118,191 120,200 

0 

20.000 

40.000 

60.000 

80.000 

100.000 

140.000 

120.000 

100.000 

80.000 

60.000 

40.000 

20.000 

0 

-24,335 -24,749 -25,169 -25,597 

5.5% 5.6% 5.7% 

Net Cash Flow 

Dortmund VI 

Cluster 17 

n/a 

01.09.2011 

-58,643 -59,640 -60,654 

32.4% 32.4% 32.4% 

122,244 124,322 126,435 

-26,032 -26,475 -26,925 

5.8% 5.9% 6.0% 




7,0% 

6,0% 

5,0% 

4,0% 

3,0% 

2,0% 

1,0% 

0,0% 

40,0% 

35,0% 

30,0% 

25,0% 

20,0% 

15,0% 

10,0% 

5,0% 

0,0% 




DTZ No. 

Cluster 

Sub-Portfolio 







Address 

Contamination 

Land charges 

(according to 

Drees&Sommer) 

Mining damage 


Drees&Sommer) 

Leasehold No 

Listed status 




Designated use Mixed use area (FNP) 





Land Register 

Extract dated 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 


charges 


considered low; In case of new building constructions gas drainage is recommended 





SHORT REPORT 

Dortmund VI 


Kirchlinder Str. 4-8, Zollernstr. 1A 

19.08.2011 

Dortmund 

62327 

1 

758 



Dortmund VI 

Cluster 17 

n/a 

01.09.2011 



Page 7 

n/a 

n/a 

n/a 

No 

n/a

Site Plan 

SHORT REPORT 

Dortmund VI 

44369 


Dortmund 

Page 8 

DTZ No. 

Cluster 

Sub-Portfolio 


Dortmund VI 

Cluster 17 

n/a 

01.09.2011



City 



Address 

Kirchlinder Str. 4 

Kirchlinder Str. 8 


Address 

Date 

Steinfurtweg 29, Dortm. 12.09.2011 

Steinfurtweg 20, Dortm. 12.09.2011 

Zollernstraße 38, Dortm. 12.09.2011 

Kirchlinder Str. 12, Dortm 12.09.2011 

12.09.2011 



SHORT REPORT 

Dortmund VI 

44369 

60 sq m 


Asking rent 

DTZ No. 

Cluster 

Sub-Portfolio 


Date Minimum 


Date 

01.08.2010 

80 sq m 

Monthly rent 





655 € 4-storey apartment building, partly refurbished 

Page 9 

4.05 €/sq m 

4.05 €/sq m 

Kirchlinder Str. 8 01.10.2010 63 sq m 4.05 €/sq m 

Zollernstraße 19, Dortm. 

Address 

No comparable 

Date 

Address Date 


Dortmund 

Area 

01.06.2011 94 sq m 

Area 

70 sq m 

70 sq m 

64 sq m 

61 sq m 

44652 Herne 19.09.2011 677 sq m 

44369 Dortmund 19.09.2011 

58455 Witten 19.09.2011 

44267 Dortmund 16.09.2011 

Comments 




Comments 

Dortmund VI 

Cluster 17 

n/a 

01.09.2011 

771 sq m 442 € 3-storey apartment building, not refurbished 

980 sq m 

340 sq m 

608 sq m 

465 € 2,5-storey apartment building 


550 € 2,5-storey apartment building 

Comments


SHORT REPORT 

Dortmund VI 





Page 10 

DTZ No. 

Cluster 

Sub-Portfolio 


Dortmund VI 

Cluster 17 

n/a 

01.09.2011


Property type 



Site area 

Tenure 



Vacancy rate 


SWOT-Analysis 

SHORT REPORT 

Dortmund VII 



1962 

n/a 

n/a 

Freehold 

No 

12,060 sq m 

13.10% 

No 

DTZ No. 

Cluster 

Sub-Portfolio 


Income year 1 





as % of GRI 


Net Cash Flow 



Let below market level 


Most apartments have balconies or loggias 


Significant potential for rent increase, 

Sustainable high occupancy rate 

Environmental risks 







15.2 

13.0 

NIY 

3.99% 

5.05% 

6.00% 

Page 1 

Dortmund VII 

Cluster 18 

n/a 

01.09.2011 

552,123 € 

646,896 € 

731,481 € 

195,808 € 

35.46% 

356,315 € 

330,113 € 


11.5 


per sq m 

5.80% 48,946 1€ 

696 € 

Market Value 

8,400,000 €



Use 



location 

Additional 

comments 


location) 

State of 

refurbishment 

Building 

construction 

Facade 

DTZ No. 

Cluster 

Sub-Portfolio 




2 

3 



2 

2 

3 

Medium 

High 


4 Very high 

1 Town centre 

Potential 1 

2 

3 



3 

environmental 

issues 

2 

3 



2 

3 

4 

5 

6 



1 

2 

3 

4 

5 

6 

1 

2 

3 

4 

1 Timber 

1 As new 

2 

3 

Brickwork 


2 

2 

3 





1 Rendered 

1 As new 

2 

3 



1 

2 

3 






1 As new 

2 

3 

Hipped roof 

Mansard roof 

1 

2 

3 






1 As new 

2 

3 


Plastic 

3 

2 

3 



4 Metal 



1 As new 

2 

3 


Loggia 

2 

2 

3 



4 No 




2 


Entrance 



2 

3 



2 

(distance to 


2 

3 





1 

2 

3 

SHORT REPORT 

Dortmund VII 






Mixed-use 

Other 




Unrefurbished 



Unrefurbished 

3 

3 

1 

Page 2 


2 Mixed-use 


Additional 

comments 

Excellent 

Very good 

Good 

Fair 

Fairly poor 

Poor 

1 

2 

1 

Dortmund VII 

Cluster 18 

n/a 

01.09.2011 




2 

2 

2 

2 



ground floor) 




23 



lifetime 


(€/sq m) 

13 

2-4 

228 

n/a 

n/a 

Most of the units are fitted with balconies. Most of 

the facades are insulated. 

0 

1 

2 

1 

3

DTZ No. 

Cluster 

Sub-Portfolio 








2 

2 Out-dated 

units 

4 Out-dated 




2 

3 



2 

Warm water 

supply 

1 

2 

Central 

Boiler 

4 Out-dated 

Lifts 1 Yes 


2 No 

2 

3 



1 




Installed 1999-2002 

Additional 

comments 

SHORT REPORT 

Dortmund VII 




Additional 

comments 


Layout of the 


Additional 

comments 


1 Very good 


2 

3 

Good 

Fair 

2 

2 

3 

Good 

Fair 

4 Poor 4 Weak 

According to the information provided all units - apart of two units - have been refurbished. 

Dortmund VII 

Cluster 18 

n/a 

01.09.2011 



2 

3 


Two bathrooms 

1 

2 

3 

Shower 





2 Tiled 


3 PVC 

2 

3 


Kitchenette 

4 






no 










no 


no 





no 

common areas 

2 



no 


repair works are required and have been reflected in our valuation: Redecoration of the staircases; roof insulation; cleaning and 

painting of the facade. 

Page 3 

1 

1 

1 

2 

1 

2 

1 

4


Additional 

comments 

2 

3 

SHORT REPORT 

Dortmund VII 






Additional 

comments 

DTZ No. 

Cluster 

Sub-Portfolio 



Internal 

1 Very good 

2 Good 

2 Good 

3 

4 

Fair 

Below average 

2 

3 

4 

Fair 

Below average 

5 Poor 

5 Poor 

6 Ruinous 

6 Ruinous 


Additional 

comments 



The property is in a good condition but shows a 


lettability is fair and additional measures are 


3 

Page 4 


inspected 

Dortmund VII 

Cluster 18 

n/a 

01.09.2011 


4 0 


The property is in a good condition but shows a 


properties is good. We assume that the saleability is 

good and only minor promotional measures are 

required. 

2









SHORT REPORT 

Dortmund VII 



23 


Units let 

Area let 

Vacant units 

Vacant area 









Residential 

12,060 sq m 

10,481 sq m 

0.0% 


DTZ No. 

Cluster 

Sub-Portfolio 



Residential 

100% 

1,580 sq m 

13.10% 

12.72% 

4.33 € 

227.92 € 

544,263 € 

723,622 € 


25.00 €/sq m 

9.50 €/sq m 

220.00 €/unit 

12.00 €/sq m 




RICS, London. 



Page 5 

28.48 € 

0.00 € 

0.0% 0.0% 


25.00 €/sq m 0.00 €/unit 

Dortmund VII 

Cluster 18 

n/a 

01.09.2011 


Others 

Total 


199 0 22 

5.00 € 

264.48 € 

0 sq m 0 sq m 

29 0 1 


0.00% 

0.00% 

0 € 

0.00 € 

0.00 € 

0 € 

29.77 € 0.00 € 206.32 € 

5.05 € 

0.00 € 240.94 € 

7,860 € 0 € 731,481 € 

9.50 €/sq m 40.00 €/unit 


12.00 €/sq m 0.00 €/unit 

2 

2 223 

0 

253 

12,060 sq m 

1,580 sq m 

0.00% 0.00% 13.10% 

0.00 € 0.00 € 0.00 € 

0.00 € 

4.35% 0.00% 

7,860 € 

0.00 € 

Parking 

1% 

Residential 

99% 

0 sq m 10,481 sq m 

0 € 

Others 

30 

11.86% 

4.39 € 

552,123 €


Gross Revenue 




Parking 

Subsidies 





% Growth 






Vacancy Costs 

Sinking Fund 

O her Costs 









Net Cash Flow 

% Growth 




Gross Value 

8,928,438 € 



SHORT REPORT 

Dortmund VII 



356,315 370,827 420,969 473,908 

-26,202 -83,460 -40,715 -41,407 

3,276,656 € 

5,651,781 € 

5.8% 

Net Value 8,438,977 € 







DTZ No. 

Cluster 

Sub-Portfolio 


639,037 660,159 678,614 698,732 722,854 747,820 773,661 800,408 828,093 842,171 856,488 

-94,774 -97,840 -68,462 -38,058 -38,705 -39,363 -40,032 -40,713 -41,405 -42,109 -42,824 

544,263 562,319 610,152 660,674 684,149 708,457 733,629 759,696 786,688 800,062 813,663 

7,860 8,115 8,376 8,643 8,790 8,940 9,092 9,246 9,403 9,563 9,726 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

7,860 8,115 8,376 8,643 8,790 8,940 9,092 9,246 9,403 9,563 9,726 

552,123 570,433 618,528 669,318 692,939 717,397 742,721 768,942 796,092 809,625 823,389 

3 3% 8.4% 8.2% 3.5% 3.5% 3.5% 3.5% 3.5% 1.7% 1.7% 

-50,317 -51,173 -52,043 -52,927 -53,827 -54,742 -55,673 -56,619 -57,582 -58,561 -59,556 

-11,042 -11,409 -12,371 -13,386 -13,859 -14,348 -14,854 -15,379 -15,922 -16,193 -16,468 

-27,606 -28,075 -28,553 -29,038 -29,532 -30,034 -30,544 -31,064 -31,592 -32,129 -32,675 

-920 -936 -952 -968 -984 -1,001 -1,018 -1,035 -1,053 -1,071 -1,089 

-18,955 -19,568 -13,692 -7,612 -7,741 -7,873 -8,006 -8,143 -8,281 -8,422 -8,565 

-86,967 -88,446 -89,949 -91,478 -93,034 -94,615 -96,224 -97,859 -99,523 -101,215 -102,936 

0 0 0 0 0 0 0 0 0 0 0 

-195,808 -199,606 -197,559 -195,409 -198,976 -202,612 -206,319 -210,099 

36.0% 35.5% 32.4% 29.6% 29.1% 28.6% 28.1% 27.7% 

-26,202 -40,034 -40,715 -41,407 -28,030 -28,506 -28,991 -29,484 -29,985 -30,495 -31,013 

0 0 0 0 0 0 0 0 0 0 0 

0 -43,426 0 0 0 0 0 0 0 0 0 

330,113 287,367 380,254 432,501 465,933 486,278 507,411 529,360 552,155 561,542 571,088 

-12 9% 32.3% 13.7% 7.7% 4.4% 4 3% 4.3% 4.3% 1.7% 1.7% 

3.7% 3.2% 4.3% 4.8% 5.2% 



600.000 

500.000 

400.000 

300.000 

200.000 

100.000 

Page 6 


493,963 514,784 536,402 558,843 

0 

700.000 

600.000 

500.000 

400.000 

300.000 

200.000 

100.000 

0 

-28,030 -28,506 -28,991 -29,484 

5.4% 5.7% 5.9% 

Net Cash Flow 

Dortmund VII 

Cluster 18 

n/a 

01.09.2011 

-213,952 -217,589 -221,288 

27.2% 27.2% 27.2% 

582,140 592,036 602,101 

-29,985 -30,495 -31,013 

6.2% 6.3% 6.4% 




7,0% 

6,0% 

5,0% 

4,0% 

3,0% 

2,0% 

1,0% 

0,0% 

40,0% 

35,0% 

30,0% 

25,0% 

20,0% 

15,0% 

10,0% 

5,0% 

0,0% 




DTZ No. 

Cluster 

Sub-Portfolio 







Address 

Contamination 

Land charges 

(according to 

Drees&Sommer) 

Mining damage 


Drees&Sommer) 

Leasehold No 

Listed status 









Land Register 

Extract dated 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 

Not listed in the reg. of c. s.; Environmental risk is considered low; Jungfernstalstr. 85 - 95 is listed as "other 

backfill site", soil investigations are required in case of future constr. measures on-site; Risk is considered 

average; Public land charges (parking spaces, clearance areas) on Jungferntalstr. 71-75 and 84-86) 







SHORT REPORT 

Dortmund VII 


Kosselstr. 46-48, Jungferntalstr. 71-81, 98-100, 85-113, 76-94 

19.08.2011 

Dortmund 

57547 

3 

1257 



Dortmund VII 

Cluster 18 

n/a 

01.09.2011 



Page 7 

n/a 

n/a 

n/a 

No 

n/a

Land Register 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 

SHORT REPORT 

Dortmund VII 



Dortmund 

57665 

3 

164, 498 



DTZ No. 

Cluster 

Sub-Portfolio 


Dortmund 

57558 

3 

820, 1249 


Parcel 820: 

right of way (in favour of the respective owner of the property listed as beneficiary) 

Page 8 

Dortmund VII 

Cluster 18 

n/a 

01.09.2011 



Land Register 



a summary schedule prepared by CMS Hasche Sigle.

Land Register 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 

Land Register 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 

SHORT REPORT 

Dortmund VII 



Dortmund 

41857 

3 

495, 821 




Dortmund 

41673, 58524, 41671, 55000, 41674 

3 

494, 497, 1045, 162, 163, 1232, 1082 



Page 9 

DTZ No. 

Cluster 

Sub-Portfolio 


Dortmund VII 

Cluster 18 

n/a 

01.09.2011 





Site Plan 

SHORT REPORT 

Dortmund VII 

44379 


Dortmund 

Page 10 

DTZ No. 

Cluster 

Sub-Portfolio 


Dortmund VII 

Cluster 18 

n/a 

01.09.2011



Dortmund 

City 


Address 

Jungferntalstr. 88 



Address 

Date 

Willstätterstr. 51, Dortm. 09.09.2011 

Bothestr. 22, Dortmund 09.09.2011 

Willstätterstr. 2, Dortm. 09.09.2011 

A.-Schw.-Weg 25, Dortm. 09.09.2011 

09.09.2011 



SHORT REPORT 

Dortmund VII 

44379 

64 sq m 


Asking rent 

DTZ No. 

Cluster 

Sub-Portfolio 


Date Minimum 


01.03.2011 

01.07.2011 

57 sq m 

Monthly rent 





853 € 3-storey apartment building, refurbished, better location 

Page 11 

4.56 €/sq m 

4.81 €/sq m 

Jungferntalstr. 81 01.07.2011 59 sq m 4.98 €/sq m 

Date 

Dortmund 

3.96 €/sq m 

Jungferntalstr. 85 01.06.2011 49 sq m 


Willstätterstr. 19, Dortm. 

Address 

No comparable 

Date 

Address Date 

58455 Witten 19.09.2011 

Area 

01.08.2011 40 sq m 

4.47 €/sq m 

5.01 €/sq m 

01.04.2011 49 sq m 5.01 €/sq m 

Area 

69 sq m 

57 sq m 

69 sq m 

57 sq m 

45711 Datteln 19.09.2011 562 sq m 

45661 Recklinghausen 19.09.2011 

44379 Dortmund 19.09.2011 

44145 Dortmund 19.09.2011 

5.19 €/sq m 

Comments 




Comments 

Comments 

Dortmund VII 

Cluster 18 

n/a 

01.09.2011 

340 sq m 550 € 2,5-storey apartment building, worse condition 

595 sq m 

3,110 sq m 

608 sq m 



833 € 3,5-storey apartment building, refurbished, better location


SHORT REPORT 

Dortmund VII 





Page 12 

DTZ No. 

Cluster 

Sub-Portfolio 


Dortmund VII 

Cluster 18 

n/a 

01.09.2011


Property type 



Site area 

Tenure 



Vacancy rate 


SWOT-Analysis 

SHORT REPORT 

Dortmund VIII 



1953 

n/a 

n/a 

Freehold 

No 

10,481 sq m 

21.56% 

No 

DTZ No. 

Cluster 

Sub-Portfolio 


Income year 1 





as % of GRI 


Net Cash Flow 


Sufficient parking spaces on site and on the access roads, 

Quiet residential area 



Adding (French) balconies to the rear, 


refurbishment 







9.9 

8.1 

NIY 

4.78% 

6.86% 

7.67% 

Page 1 

Dortmund VIII 

Cluster 19 

n/a 

01.09.2011 


Subsidence damages due to mining activities, 






422,963 € 

516,704 € 

553,368 € 

207,184 € 

48.98% 

215,779 € 

154,122 € 


7.6 


per sq m 

6.40% 27,158 1€ 

401 € 

Market Value 

4,200,000 €



Use 



location 

Additional 

comments 


location) 

State of 

refurbishment 

Building 

construction 

Facade 

DTZ No. 

Cluster 

Sub-Portfolio 




2 

3 



4 

2 

3 

Medium 

High 


4 Very high 

1 Town centre 

Potential 1 

2 

3 



3 

environmental 

issues 

2 

3 



2 

3 

4 

5 

6 



1 

2 

3 

4 

5 

6 

1 

2 

3 

4 

1 Timber 

1 As new 

2 

3 

Brickwork 


2 

2 

3 





1 Rendered 

1 As new 

2 

3 



1 

2 

3 






1 As new 

2 

3 

Hipped roof 

Mansard roof 

1 

2 

3 






1 As new 

2 

3 


Plastic 

3 

2 

3 



4 Metal 



1 As new 

2 

3 


Loggia 

2 

2 

3 



4 No 




2 


Entrance 



2 

3 



2 

(distance to 


2 

3 





1 

2 

3 

SHORT REPORT 

Dortmund VIII 






Mixed-use 

Other 




Unrefurbished 



Unrefurbished 

3 

4 

3 

Page 2 


2 Mixed-use 


Additional 

comments 




Excellent 

Very good 

Good 

Fair 

Fairly poor 

Poor 

1 

4 

3 

2 

2 

3 

2 

Dortmund VIII 

Cluster 19 

n/a 

01.09.2011 



ground floor) 




48 



lifetime 


(€/sq m) 

20 

2 

222 

0 

n/a 

n/a 

1 

2 

1 

4

DTZ No. 

Cluster 

Sub-Portfolio 








4 

2 Out-dated 

units 

4 Out-dated 




2 

3 



4 

Warm water 

supply 

1 

2 

Central 

Boiler 

4 Out-dated 

Lifts 1 Yes 


2 No 

2 

3 



1 




Installed 2007-2009 

Additional 

comments 

SHORT REPORT 

Dortmund VIII 




Additional 

comments 


Layout of the 


Additional 

comments 


1 Very good 


2 

3 

Good 

Fair 

3 

2 

3 

Good 

Fair 

4 Poor 4 Weak 

Dortmund VIII 

Cluster 19 

n/a 

01.09.2011 



2 

3 


Two bathrooms 

1 

2 

3 

Shower 





2 Tiled 


3 PVC 

2 

3 


Kitchenette 

4 









yes 



4 Visible concrete steel yes 4 Insufficient/damaged ventilation (bath) yes 

5 Damaged balconies yes 5 Damaged windows no 






no 


no 





no 

common areas 

2 



no 


repair works are required and have been reflected in our valuation: Repair cracks, cleaning and painting of the facade; roof 

insulation; redecora ion of the staircases; repair waterproofing of external basement walls; renewal of electric installations. 

Page 3 

2 

2 

1 

2 

1 

3 

1 

4


Additional 

comments 

2 

3 

SHORT REPORT 

Dortmund VIII 






Additional 

comments 

DTZ No. 

Cluster 

Sub-Portfolio 



Internal 

1 Very good 

2 Good 

2 Good 

3 

4 

Fair 

Below average 

4 

3 

4 

Fair 

Below average 

5 Poor 

5 Poor 

6 Ruinous 

6 Ruinous 


Additional 

comments 








3 

Page 4 


inspected 

Dortmund VIII 

Cluster 19 

n/a 

01.09.2011 


6 0 








4









SHORT REPORT 

Dortmund VIII 



48 


Units let 

Area let 

Vacant units 

Vacant area 









Residential 

10,481 sq m 

5.0% 


DTZ No. 

Cluster 

Sub-Portfolio 



Residential 

100% 

8,221 sq m 

2,260 sq m 

21.56% 

22.97% 

4.13 € 

198.47 € 

407,268 € 

537,673 € 


75.00 €/sq m 

11.50 €/sq m 

220.00 €/unit 

12.00 €/sq m 




RICS, London. 



Page 5 

27.25 € 

0.00 € 

0.0% 0.0% 


75.00 €/sq m 0.00 €/unit 

Dortmund VIII 

Cluster 19 

n/a 

01.09.2011 


Others 

Total 


171 0 34 

4.50 € 

212.45 € 

0 sq m 0 sq m 

51 0 14 


0.00% 

0.00% 

0 € 

0.00 € 

0.00 € 

0 € 

38.47 € 0.00 € 171.94 € 

4.63 € 

0.00 € 179.78 € 

15,695 € 0 € 553,368 € 

11.50 €/sq m 40.00 €/unit 


12.00 €/sq m 0.00 €/unit 

0 

0 205 

0 

270 

10,481 sq m 

2,260 sq m 

0.00% 0.00% 21.56% 

0.00 € 0.00 € 0.00 € 

0.00 € 

29.17% 0.00% 

15,695 € 

0.00 € 

Parking 

4% 

0 sq m 8,221 sq m 

0 € 

Residential 

96% 

65 

24.07% 

4.29 € 

422,963 €


Gross Revenue 




Parking 

Subsidies 





% Growth 






Vacancy Costs 

Sinking Fund 

O her Costs 









Net Cash Flow 

% Growth 




Gross Value 

4,515,039 € 



SHORT REPORT 

Dortmund VIII 



215,779 220,571 264,711 310,945 

-61,657 -632,852 -108,780 -110,629 

1,129,813 € 

3,385,226 € 

6.4% 

Net Value 4,243,458 € 







DTZ No. 

Cluster 

Sub-Portfolio 


501,009 543,112 555,036 567,878 582,996 598,524 614,473 630,855 647,682 658,693 669,891 

-93,741 -128,500 -100,709 -71,936 -73,159 -74,402 -75,667 -76,953 -78,262 -79,592 -80,945 

407,268 414,612 454,327 495,942 509,837 524,122 538,806 553,902 569,421 579,101 588,946 

15,695 17,683 19,734 21,850 22,222 22,599 22,984 23,374 23,772 24,176 24,587 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

0 0 0 0 0 0 0 0 0 0 0 

15,695 17,683 19,734 21,850 22,222 22,599 22,984 23,374 23,772 24,176 24,587 

422,963 432,295 474,061 517,793 532,059 546,721 561,790 577,276 593,192 603,277 613,532 

2 2% 9.7% 9.2% 2.8% 2.8% 2 8% 2.8% 2.8% 1.7% 1.7% 

-49,154 -49,990 -50,839 -51,704 -52,583 -53,476 -54,386 -55,310 -56,250 -57,207 -58,179 

-8,459 -8,646 -9,481 -10,356 -10,641 -10,934 -11,236 -11,546 -11,864 -12,066 -12,271 

-21,148 -21,508 -21,873 -22,245 -22,623 -23,008 -23,399 -23,797 -24,201 -24,613 -25,031 

-1,920 -1,953 -1,986 -2,020 -2,054 -2,089 -2,124 -2,160 -2,197 -2,235 -2,273 

-27,120 -28,556 -22,380 -15,986 -16,257 -16,534 -16,815 -17,101 -17,391 -17,687 -17,988 

-99,383 -101,072 -102,790 -104,538 -106,315 -108,122 -109,961 -111,830 -113,731 -115,664 -117,631 

0 0 0 0 0 0 0 0 0 0 0 

-207,184 -211,724 -209,350 -206,848 -210,474 -214,164 -217,920 -221,744 

50.9% 51.1% 46.1% 41.7% 41.3% 40.9% 40.4% 40.0% 

-61,657 -106,962 -108,780 -110,629 -65,958 -67,079 -68,220 -69,379 -70,559 -71,758 -72,978 

0 0 0 0 0 0 0 0 0 0 0 

0 -525,891 0 0 0 0 0 0 0 0 0 

154,122 -412,281 155,931 200,315 255,628 265,478 275,650 286,153 296,998 302,047 307,182 

-367.5% -137.8% 28.5% 27.6% 3.9% 3 8% 3.8% 3.8% 1.7% 1.7% 

3.4% -9.1% 3.5% 4.4% 5.7% 



400.000 

300.000 

200.000 

100.000 

Page 6 


321,586 332,557 343,869 355,533 

0 

100.000 

200.000 

300.000 

400.000 

500.000 

400.000 

350.000 

300.000 

250.000 

200.000 

150.000 

100.000 

50.000 

0 

-65,958 -67,079 -68,220 -69,379 

5.9% 6.1% 6.3% 

Net Cash Flow 

Dortmund VIII 

Cluster 19 

n/a 

01.09.2011 

-225,635 -229,471 -233,372 

39.6% 39.6% 39.6% 

367,557 373,806 380,160 

-70,559 -71,758 -72,978 

6.6% 6.7% 6.8% 




8,0% 

7,0% 

6,0% 

5,0% 

4,0% 

3,0% 

2,0% 

1,0% 

0,0% 

60,0% 

50,0% 

40,0% 

30,0% 

20,0% 

10,0% 

0,0% 




DTZ No. 

Cluster 

Sub-Portfolio 







Address 

Contamination 

Land charges 

(according to 

Drees&Sommer) 

Mining damage 


Drees&Sommer) 

Leasehold No 

Listed status 









Land Register 

Extract dated 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 

Not registered in the register of contaminated sites; Environmental risk is considered low; Right of way (garage 

courtyard) concerning Erpinghofstr. 34, 34a, 45 and 45a 

Subsidence damages due to mining activitied in 1979/80 observed; Cracks in the building facades and in the 

cellar walls; Buildings are inclined or uplifted; Risk of subsidence damages is considered low 





SHORT REPORT 

Dortmund VIII 


19.08.2011 

Dortmund 

57635 

1 

12, 14, 15, 72, 463, 462, 488, 487, 491, 492, 527, 529, 536, 563, 567 


Parcels 14, 15, 72, 488, 487, 491, 492, 563: 

Limited personal easement, all apartments located on the respective properties must be inhabited by persons 

designated by sec 5.1 of the Coalminers' Housing Promotion Act 23 Dec. 1953, in favour of Landesbank für 

Westfalen, Girozentrale, Münster/Westfalen. 

Parcel 563: 

Right to build and maintain subterranean drain pipes and a right to access the property together with a ban on 

construction and a limitation of use for the owner of the property, in favour of Hansa-Bergbau 

Aktiengesellschaft, Dortmund. 

Parcel 72: 

Limited personal easement, right to run and maintain drain pipes and a right of access to the property together 

with a ban on construction and a limitation of use for the owner, in favour of Tiefbauamt of the City of Dortmund. 

Continue "Comments" 

Dortmund VIII 

Cluster 19 

n/a 

01.09.2011 

Erpinghofstr. 24-34A, 48-58, 61-67, Rupinghofstr.. 1-24, Travemannstr. 5-9, Welkener Str. 25-31 

Comments Parcels 462, 463: 

Limited personal easement, right to build and maintain two pressure pipelines and a right of access together 

with a ban on construction and a limitation of use for the owner, in favour of Emschergenossenschaft, Essen. 

Parcels 487, 529: 

Limited personal easement, right to build and maintain subterranean drain pipes together with a ban on 

construction and a limitation of use for the owner, in favour of the city of Dortmund. 

Page 7 

n/a 

n/a 

n/a 

No 

n/a

Land Register 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 

SHORT REPORT 

Dortmund VIII 



DTZ No. 

Cluster 

Sub-Portfolio 


Dortmund VIII 

Cluster 19 

n/a 

01.09.2011 

Dortmund 

57564 

1 

13, 76 


Parcel 76: 

Right to build and maintain subterranean drain pipes and a right of access to the property together with a ban 

on construction and a limitation of use for the owner of the property (in favour of Hansa-Bergbau 

Aktiengesellschaft, Dortmund); 


construction and a limitation of use for the owner of the property (in favour of the city of Dortmund); 

Limited personal easement (right to run and maintain drain pipes and a right of access to the property together 

with a ban on construction and a limitation of use for the owner) (in favour of Tiefbauamt of the City of 

Dortmund) 



Land Register 


Dortmund 

40096 

1 

378, 75 


Parcel 378: 

Right of way (in favour of the respective owner of the property listed as beneficiary); 


construction and a limitation of use for the owner of the property (in favour of Hansa-Bergbau 

Aktiengesellschaft, Dortmund) 



Page 8

Land Register 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 

Land Register 

Extract dated 


Folio 

Plot 

Parcel 

Owner 

Section II: 

Encumbrances 

Comments 

SHORT REPORT 

Dortmund VIII 



Dortmund 

38564 

1 

626 



Page 9 

DTZ No. 

Cluster 

Sub-Portfolio 


Dortmund VIII 

Cluster 19 

n/a 

01.09.2011 



Site Plan 

SHORT REPORT 

Dortmund VIII 

44369 


Dortmund 

Page 10 

DTZ No. 

Cluster 

Sub-Portfolio 


Dortmund VIII 

Cluster 19 

n/a 

01.09.2011



Dortmund 

City 


Address 

Rupinghofstr. 20 

Rupinghofstr. 10 


Address 

Date 

Welken. Str. 4, Dortmund 09.09.2011 

Welken. Str. 2, Dortmund 09.09.2011 

Erpinghofstr.9, Dortmund 09.09.2011 

Servatiusstr. 11, Dortm. 09.09.2011 

09.09.2011 



SHORT REPORT 

Dortmund VIII 

44369 

63 sq m 


Asking rent 

DTZ No. 

Cluster 

Sub-Portfolio 


Date Minimum 


01.03.2011 

01.08.2011 

51 sq m 

Monthly rent 

3.75 €/sq m 3-room apartment, ground floor 

3.75 €/sq m 3-room apartment, 2nd floor 

3.78 €/sq m 3-room apartment, comparable fit-out 

4.59 €/sq m 3-room apartment, 1st floor, refurbished 

550 € 2,5-storey apartment building, better condition 

Page 11 

4.57 €/sq m 

4.71 €/sq m 

Rupinghofstr. 14 01.08.2011 38 sq m 4.95 €/sq m 

Date 

Dortmund 

3.96 €/sq m 

Rupinghofstr. 24 01.08.2011 40 sq m 

Erpinghofstr. 32 

Pankratius. 1, Dortmund 

Address 

No comparable 

Date 

Address Date 


Area 

01.08.2011 64 sq m 

4.47 €/sq m 

5.44 €/sq m 

01.08.2011 43 sq m 5.21 €/sq m 

Area 

53 sq m 

53 sq m 

67 sq m 

52 sq m 

44577 Castrop-Rauxel 19.09.2011 736 sq m 


44369 Dortmund 19.09.2011 

58455 Witten 19.09.2011 

5.19 €/sq m 

Comments 




Comments 

Comments 

Dortmund VIII 

Cluster 19 

n/a 

01.09.2011 

444 sq m 347 € 4-storey apartment building, not refurbished, better location 

771 sq m 

980 sq m 

340 sq m 





SHORT REPORT 

Dortmund VIII 





Page 12 

DTZ No. 

Cluster 

Sub-Portfolio 


Dortmund VIII 

Cluster 19 

n/a 

01.09.2011

Appendix D 


Valuation 


Sensitivity Analysis of the Market Value 


Valuation 


The following sensitivity analysis includes the Market Value of the Properties as at 1 

September 2011 (please see column “0” and row “0”) and the sensitivity of the Market Value 

of the Properties regarding changes of the discount and/or cap rate in increments of 50 basis 

points, respectively. 

Resale 

Cap Rate 

Unleveraged Discount Rate 

-100 bp -50 bp 0 +50 bp 100 bp 

-100 bp €78,580,00 €72,800,000 €67,700,000 €63,920,000 €60,450,000 

-50 bp €75,150,000 €69,540,000 €65,240,000 €61,160,000 €58,000,000 

0 €71,690,000 €66,680,000 €62,380,000 €59,010,000 €55,560,000 

+50 bp €68,920,000 €63,820,000 €59,740,000 €56,470,000 €53,210,000 

+100 bp €66,060,000 €60,970,000 €57,190,000 €54,020,000 €51,160,000

Appendix E 


Valuation 


Martin Greiner MRICS 

Associate Director, Valuation 

DTZ Zadelhoff Tie Leung GmbH 

Linkstraße 2, 10785 Berlin 

Key Skills 

Martin has substantial experience in 

property valuation and project 

management for real estate transactions. 

He leads the residential valuation team 

in Berlin. 

Martin manages various types of 

portfolio and single asset valuations 

according to national and international 

valuation standards. 

His Background 

Martin joined DTZ in August 2010 after 

working for CB Richard Ellis and EBS 

Real Estate Academy. 

His Experience 

More than five years of professional 

experience in real estate valuation within 

different sectors and purposes. He is 

also experienced in developing financial 

models as well as advanced statistical 

analysis. 

Education 

Dipl.-Kfm. (EBS) 


Valuation 


German equivalent of a Master of 

Business Administration at EBS 

Business School, EBS Universität für 

Wirtschaft und Recht, Oestrich-Winkel, 

Germany. 

MSRE (GSU) 

Master of Science in Real Estate at 

J. Mack Robinson College of Business, 

Georgia State University, Atlanta, USA. 

Expert for international Real Estate 

Valuation (EBS) 

Post-graduate study course in 

international real estate valuation and 

accounting at EBS Real Estate 

Academy, Oestrich-Winkel, Germany. 

Chartered Surveyor (MRICS) 

Member of the Royal Institution of 

Chartered Surveyors

Stephan Griese MRICS 

Associate Director, Valuation 

DTZ Zadelhoff Tie Leung GmbH 

Linkstraße 2, 10785 Berlin 

Key Skills 

Stephan Griese has substantial 

experience in property valuations and 

analysis of residential and commercial 

real estate portfolios as well as individual 

properties according to international and 

German valuation standards. 

His Background 

Stephan joined DTZ in May 2004 after 

he finished his studies of real estate at 

the University of Applied Sciences in 

Zittau. 

His Recent Experience 

Almost eight years of professional 

experience in real estate valuation within 

all sectors for all purposes. Stephan has 

been undertaken valuations for 

properties in Germany with focus on 

residential and hotel properties. 

Education 


Valuation 


Diplom-Wirtschaftsingenieur (FH Zittau) 

University of Applied Sciences Degree in 

Engineering & Business 

Diplom-Immobilienökonom (ADI Stuttgart) 

Post-graduate study course in real estate 

economics at ADI, Stuttgart 

Chartered Surveyor (MRICS) 

Member of the Royal Institution of 

Chartered Surveyors

Appendix F 


Valuation 


1. Scope of application 

General Contractual Conditions of DTZ Zadelhoff Tie Leung GmbH (Date: 27 th October 2004) 

(1) These contractual conditions apply to contracts between DTZ 

Zadelhoff Tie Leung GmbH (afterwards called DTZ or the Contractor) 

and its Clients for surveys, studies, consultancy and other orders, 

unless expressly agreed otherwise in writing or mandated by 

law. 

(2) The Client's general terms and conditions are only binding on the 

Contractor if this has been expressly agreed in writing. 

(3) The contractual relationship between the Client and the Contractor 

provides no additional protective effect in favour of a third party. If 

in an exceptional individual case third parties might derive rights 

from the contractual relationship, then he rules laid down in No. 6 

also apply to them. 

(4) Versions in another language are purely for information purposes; 

only the German version is authoritative. 

2. Scope and fulfilment of the order 

(1) The Contractor is responsible for providing the consultancy activities 

described in the contract, and not a specific economic result. 

The Contractor is only obliged to compile a written report on progress 

and the result, specifically for presentation to a third party, if 

the contract expressly specifies this. If the Contractor has to present 

the results of his work in writing then only the written presentation 

is authoritative. Oral declarations and information from employees 

of the Contractor over and above the order are always 

non-binding. The Contractor's work is completed when the necessary 

analyses, resulting conclusions and recommenda ions have 

been completed and explained to the Client, or in the event of a 

written presentation being agreed, when his is delivered to the Client. 

(2) The Contractor may make use of expert third parties to fulfil his 

contractual obligations. 

(3) The Contractor shall only examine the data given to him by the Client, 

and in particular figures, for obvious errors. Otherwise the 

Contractor may assume the given data to be correct and complete. 

(4) The Client cannot require the order to be carried out by a specific 

advisor. 

(5) If the conditions which form the basis of the conclusions and recommendations 

change after the end of the order, the Contractor is 

not obliged to point out these changes or resulting consequences 

to the Client. 

(6) Changes and supplements to the order must be made in writing. 

(7) Subsidiary oral agreements are not valid. The requirement of written 

form also applies for material declara ions (e.g. notice of termination, 

release agreement). 

(8) The order does not cover any legal or tax advice, rather it takes the 

existing legal and tax conditions as given. This does not exclude 

non-binding advice being given in individual cases, however there 

is no liability for this. If necessary we can provide contact to professionally 

experienced legal advisors. 

3. The Client's duty of declaration and cooperation 

(1) The Client is obliged, at his expense, to provide the Contractor with 

all informa ion and physical resources necessary for the proper fulfilment 

of the order, also without special request. During the contractual 

relationship the Client must inform the Contractor without 

delay of all occurrences which may influence the provision of the 

contractually agreed services. The Contractor is not obliged to 

check the correctness of such information. 

(2) On request from the Contractor, the Client must confirm the correctness 

and completeness of he documents he presents and of 

his information and oral declarations in a written declaration formulated 

by the Contractor. 

(3) The Client must ensure that there is a suitable back-up, security 

and virus checking process set up on each computer workplace 

provided, and must also apply these means whilst he contract is 

being fulfilled in accordance with general data processing practice. 

4. Time for performance 

(1) If a deadline is agreed for he completion of the order, this shall extend 

appropriately in the event of force majeure and for the period 

of any temporary hindrance preventing work for which the Contractor 

is not responsible. The party affected by such hindrance must 

immediately notify the other party of the existence of any hindrance 

to work and the probable duration of any delay. 

(2) If the Client breaches his duty of cooperation in accordance with 

No. 3 and the Contractor has notified of this, then agreed schedules 

and/or deadlines shall be regarded as extended by the period 

that the Client needs to meet the duty of cooperation. The Contractor 

is released from his duty of performance for this ime. Any 

additional expense arising to the Contractor due to the breach of 

the duty of cooperation must be reimbursed by the Client. The 

Contractor's right to terminate the contractual relationship without 

no ice if the Client breaches the duty of cooperation is unaffected 

by this. 

5. Guarantee 

If guarantee provisions are applicable on account of the type of 

services to be provided in accordance with he contract, he following 

conditions apply: 

(1) The Client has a claim for any defects caused by the Contractor to 

be remedied, as long as this remedying is possible at reasonable 

expense. If the defect cannot be remedied or if the remedies fail, 

the Client retains the right to withdraw from the contract or to reduce 

payment appropriately. If the Client is a businessman he may 

only withdraw if the work provided is without interest to him due to 

failure of the remedy. No. 6 applies to claims for damages exceeding 

this. 

(2) Obvious defects must be notified in writing by the Client within two 

weeks of delivery of service. If the Client is a businessman, public 

law legal entity or a public law special government estate obvious 

defects must immediately be notified in writing, and non-obvious 

defects immediately when they become apparent. Otherwise, defects 

must be notified not later than within twelve months of delivery 

of service. If the Client does not promptly no ify of the defect, 

any claim for his remedy is excluded if the client is a businessman, 

a public law legal entity or a public law special government estate. 

(3) Apparent errors, e.g. typographic mistakes, miscalculations and 

formal errors, in a report or survey, etc., completed by the Contractor, 

may be corrected by the Contractor at any time and with regard 

to third parties, too. Errors which might cause recommendations 

and conclusions to become questionable jus ify he Contractor to 

withdraw them, including from third parties. The Client is first given 

the opportunity to comment. 

6. Liability 

The following applies to the reimbursement of damages: 

(1) In case of an intentional or grossly negligent breach of a duty and 

in case we culpably cause harm to the life, body or health we are 

liable without limitation for the damages thereby caused unless the 

liability is limited by statutory law. 

(2) In case of a grossly negligent breach of contract by one of our senior 

executives our liability for damages to property and financial 

loss is limited to the damage typical and predictable under such 

contract (vertragstypisch vorhersehbarer Schaden). 

(3) In case of minor negligence we are liable for damages to property 

and financial loss only to the extend such damages are caused by 

the breach of an essential contractual duty. However our liability is 

limited to the damage typical and predictable under such contract 


(4) Any liability for damages exceeding the liability described above is 

hereby waived regardless the basis and nature of such claim. This 

especially applies to claims based on tort (sec. 823 and 831 German 

Civil Code) but not to claims based on the German Act on 

Product Liability (Produkthaftungsgesetz). 

(5) We are not liable if the Client takes entrepreneurial decisions on 

the basis of our work, which then and on their own give rise to a 

loss (e.g. in connection with the evaluation of a market situation or 

a recommendation for use with regard to business policies). 

General Contractual Conditions for DTZ Zadelhoff Tie Leung GmbH, Date: 27 th October 2004 Page 1 of 2

(6) We are not liable 

a) for non-observance or incorrect observance of foreign law. 

b) for the correctness of the manufacturer's information on the 

reliability or performance of a data processing system recommended 

by DTZ. 

c) for warranty defects with which a data processing system 

recommended by DTZ is affected. 

d) for warranty defects which arise from software which we nonbindingly 

recommend. 

7. Intellectual property protection 

(1) The Client is responsible for the surveys, reports, organisation 

plans, drafts, drawings, lists and calculations completed by the 

Contractor within the framework of the order only being used for 

the purposes contractually agreed and not being published without 

the express consent of the Contractor in each case. Passing on 

the consultancy works to a third party, including to companies allied 

with the Client, requires express written consent from the Contractor. 

(2) The Contractor is not liable to either a third party or the Client in 

case that the Client – whether or not entitled – makes the results of 

the work available to third parties; the Client releases DTZ from all 

third party claims in this event. 

(3) If a copyright or other protected right arises through the work being 

carried out by DTZ, hen the Client is enti led to a non-exclusive, 

non-transferrable single usage right within the framework of the intended 

purpose of the contract concluded with the Client. 

(4) Prior consent from the Contractor is required for use of the work 

results for advertising purposes. 

(5) The (usage) rights granted to the Client do not prevent either DTZ 

Zadelhoff Tie Leung GmbH or another direct or indirect entity belonging 

to the world-wide „DTZ“ group from making future use of 

techniques, ideas, concepts or expertise which are gained whilst 

fulfilling the contract and are suitable for general use. 

8. Return of documents 

(1) After the end of the consultancy agreement, the Contractor must on 

request from the Client return all documents that the Client or a 

third party has given him during the fulfilment of the order. This 

does not apply to correspondence between the parties neither to 

documents for which the Client already holds an original or copy, or 

for duplicates of surveys, reports, organisa ion plans, drafts, drawings, 

lists and calculations completed within the framework of the 

order. The Contractor may make copies of the documents which 

were given to him for the fulfilment of the order and retain these. 

(2) The Contractor may refuse to release documents received from the 

Client for the fulfilment of the order until his claims are met. This 

does not apply if the Client is only in arrears with a small portion of 

his payment. 

9. Confidentiality, Data protection 

(1) The Contractor undertakes to maintain discretion about all data and 

information concerning the Client and not generally known, which 

become known to him whilst fulfilling the order. 

(2) DTZ is authorised to process personal data entrusted to it wi hin 

the framework of the intended purpose of the order or to have this 

processed by a third party. DTZ shall take the necessary care that 

its staff or third parties commissioned by it observe the legisla ion 

on data protection. 

10. Fee, offset 

(1) Besides his fee, the Contractor has a claim to reimbursement of 

expenses and payment of the hen legal amount of sales tax. The 

Contractor can demand reasonable advances on his fee and his reimbursement 

of expenses. 

(2) The fee is due on presentation of invoice and is payable immediately 

without deductions. 

(3) If payment obligations are not met promptly the Contractor is entitled 

to make further provision of work dependent on the satisfaction 

of his claims. 

(4) If invoiced sums are not paid within 30 days of receipt of invoice, 

the Contractor is furthermore entitled to charge interest at the rate 

of 8 % points above the base interest rate. This does not exclude 

enforcement of further claims for delay. 

(5) Offsetting against claims of the Contractor for the fee and reimbursement 

of expenses is only permitted with claims which are not 

contested or are legally set. 

(6) Several Clients are liable jointly and severally. 

11. Termination 

(1) Consultancy agreements can be terminated with a period of notice 

of fourteen days, unless the consultancy agreement provides for 

the fulfilment of consultancy or procedural support projects that are 

limited by time or circumstance, and it is for a flat fee (where relevant 

plus reimbursement of additional expenses). The right to terminate 

without no ice is unaffected. Notice of termination must be 

given in writing to be effective. 

12. Applicable law, place of jurisdiction, other 

(1) German law applies exclusively to the order, its fulfilment and 

claims arising from this. 

(2) If the Client is a businessman as defined by the German Commercial 

Code, or a public law legal entity or a public law special government 

estate, then he place of jurisdiction for all disputes is the 

legal domicile of DTZ, or at DTZ's discretion also the legal domicile 

of the Client. 

(3) Rights from the contractual relationship with the Contractor may 

only be transferred by the Client with prior consent from the Contractor. 

General Contractual Conditions for DTZ Zadelhoff Tie Leung GmbH, Date: 27 th October 2004 Page 2 of 2

short report

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