"מ בע )1980 ( רוטקס 2010 דוח תקופתי לשנת

Transcription

‫רוטקס )‪ (1980‬בע"מ‬
‫דוח תקופתי לשנת ‪2010‬‬
‫נספח א' – חוות הדעת השמאית‬
Cluj-Napoca: Str. Nicolae Cristea Nr. 25, 400184, Tel/Fax: 0264 438.03.33
Bucureşti: Str. Radu Vodă, Nr. 17, et. 2, 040273, Tel/Fax: 021 312.27.86
[email protected]; www.darian.ro
DRS / DCM 1942/ 28.02.2011
For the managers of:
S.C. ADESGO SA
220 Calea Serban Voda, District 4, Bucharest
Dear Sirs,
We refer to our valuation opinion in connection with the land plot located in Bucharest, 220 Calea Serban
Voda, District 4, with cadastral no. 128, dated December 08, 2010 and registered with reg. no. DRS
12168/08.12.2010 addressed to the managers of SC ADESGO S.A.
At that time, following your request, we have analysed the plot of urban (intravilan) land having an area of
13,726 sq m located in Bucharest, 220 Calea Serban Voda, District 4, registered with the land register book
with cadastral no. 128, property of SC ADESGO S.A. at the valuation date December 08, 2010 for the
financial reporting of the client.
The estimation has been made during December 2010.
Thus, in our opinion, taking into account the purpose of this valuation, the market value of the real estate
property “land under constructions of 13,726 sqm” situated within the built up area of Bucharest, valued
under the assumption that it is vacant of constructions, as at the valuation date (08.12.2010) is of:
Eur/sq m 1,064
Total value estimate 14,606,000 eur
The value is valid under the conditions and assumptions presented in this opinion (see the valuation opinion).
According to our market analysis and specific analysis regarding the subject property (land offer prices in the
area) we consider that the assumptions and conditions assumed as at 08.12.2010 are still valid as at
28.02.2011.
We assume that these conditions have not changed since 08.12.2010 and so the total value of the
property as at 28.02.2011 is in order of 14,606,000 eur.
SC ADESGO SA can use the present letter in the financial statements.
We confirm that DARIAN DRS SA, have given their consent to the inclusion of the full contents of the present
letter in the financial statements of Argaman Indusries Ltd and /or Rotex (1980) Ltd.
Yours faithfully,
Adrian CRIVII
Manager DARIAN DRS SA
Darian DRS S.A.
Nr. Registrul Comerţului: J12/595/1991 | Cod unic de înregistrare: RO201020
Cod IBAN: RO24 BACX 0000 0001 3929 6250| Banca UNICREDIT TIRIAC BANK | Capital social 150.000 RON
1/1
No. 12168/08.12.2010
SUMMARY OF THE VALUATION REPORT
Land under constructions of
S.C. ADESGO S.A.
located in Bucharest, 220 Calea Serban Voda, District 4
with an area of 13,726 mp
(cadastral number 128)
All data and information contained in this material are confidential and will not be disclosed or copied, partially or totally, without
the prior written consent and approval of S.C. DARIAN DRS S.A. and the client S.C ADESGO S.A – the client and the
consignee.
- december 2010 Darian DRS S.A.
Cod IBAN: RO24 BACX 0000 0001 3929 6250| Banca BANCA ROMANEASCA | Capital social 150.000 RON
Report for estimating the market value of the land of 13.726 sqm located in 220 Calea Serban Voda, property of SC ADESGO SA
SUMMARY OF THE VALUATION
The present report refers to the real estate property “land under constructions of 13,726 sqm” situated within the
built up area of Bucharest, valued under the assumption that it is vacant of constructions, located in 220 Calea Serban Voda,
District 4.
It has been valued the integral property title considered free, valid and marketable and no mortgages or other charges
are known, which might tax the possibility of transferability of the appraised property as certified in the Property Title series M03
no 0259 with the reference material of land ownership certification registered under no 342/16.02.1993, land register book no.
245/20.07.1999 released by Law Court Jurisdiction Area 4, Bucharest.
The property is registered with the cadastral number 128.
The purpose of valuation is to estimate the market value of the real estate property according to the International
Valuation Standards:
IVS 1 – Market Value Basis of Valuation
IVA 1 - Valuation for Financial Reporting
IVS 3 - Valuation Reporting
GN1 - Valuation of Real Property
The appraised property is a plot of land under industrial constructions, located in a semicentral area of the city –
Tineretului area - with direct access from Serban Voda st.
On the site there are erected industrial and administrative buildings on reinforced concrete frames structure with
mainsonery, metallic industrial warehouses (annexes) and underground constructions (tanks and reservoirs). The administrative
building (office) is a G+4F type of construction with a medium level of finishings. The built area of the buildings is 20,850 sqm
according to the cadastral documentation. The property benefits of all utilities.
The total area of land is 13,726 sqm. The site has a irregular shape with an app. 100 m frontage to the Serban Voda.
The occupancy rate of the land is rather high at the present moment (app. 60%).
The area where the land is located is mostly residential with houses/villas or buildings G+1-2-3 F and blocks of flats
G+4-10F. Also there are commercial buildings and public institutions (hospitals) in the area.
DARIAN DRS SA
Pagina 2/9
The property inspection has been performed on the 12th of November 2008 by the valuer accompanied by the owner’s
reprezentative who helped to identify the plot.
According to the General Urban Plan the area where the land is located is considered subzone M3- mixt area situated
outside protected area outside of protected zone with G+4F buildings. For the subzone M3 is also recommended a POT of 60%
having the possibility of 75% covering the rest of the plot with maximum 2 levels buildings and a CUT of maximum 2.5
Real-estate market overview. The beginning of 2010 is not the best of times for the Romanian real estate market. Its current
condition can be best described by the word “stagnation” – a period when everyone wants to sell and nobody wants to buy.
According to some experts, however, the market is not far from collapse in several segments; it is extremely complicated to find
tenants for many real estate projects and property developers were obviously too happy and optimistic. Even though the sellers
dictated the prices and conditions between 2002 and 2008, it is the buyers who are at the helm now. And they are not willing to
accept unrealistic prices, especially at a time when the whole market is evidently declining.
As an outcome, the supply does not meet the demand almost at all.
The price for lands can be influenced also by the motivation of the developers to build real estate products, and this motivation
is directly influenced by the demand of the market.
In determining the market value of the subject property the valuer has applied the comparison approach.1
By applying this valuation approach and taking into consideration the exclusive stipulations of this report2, the
estimated market value of the property as vacant land at December 08, 2010, is:
14,606,000 EUR
The reasons that the valuer opinion is based on and the considerations of the value are as follows:
⇒ The value was estimated taking into consideration exclusively the hypothesis (assumptions), the limiting conditions and
assessments presented in this report;
⇒ The estimated value is valid only for the plot of land considered buildable; it is considered that the development will be
made according to the existing general urban plan, and the development of the immediate vicinities will not influence the
utility of the subject property;
⇒ The value in this currency is valid so far as the conditions at the time of appraisal (the situation of the real estate market,
level of demand and supply, inflation, and evolution of exchange rate) do not significantly change. On the market the values
might have an upward or downward evolution in time and this variation depending upon currency exchange rate is not
necessarily linear;
⇒ The value is a prediction;
⇒ The value does not take into consideration the environmental responsibilities;
⇒ The value is subjective;
⇒ The valuation is an opinion of a value;
The report was drawn up on the basis of the international standards IVS 2007, recommendations, and methodology of
ANEVAR (The National Association of Romanian Valuers).
Yours sincerely,
Adrian CRIVII
1
2
See Annex no 1
See Annex no 2
DARIAN DRS SA
Pagina 3/9
Annex no. 1
In what follows is an extract from existing offers on market:
Date
novembe
r 2010
Location
Vacaresti
Reper: Calea
Vacaresti
septembe
r 2010
Pridvorului
septembe
r 2010
Parcul Carol,
Constantin
Istrati
october
2010
Timpuri Noi
Reper:
Nerva Traian
- Logofat
Tautu - I
Minulescu
Area
(sqm)
2,050
15,000
40,000
7,938
novembe
r 2010
Timpuri Noi
Reper:
Nerva Traian
septembe
r 2010
Tineretului
Reper: Calea
Vacarestilor
april 2010
Tineretului
Reper: Parc
Tineretului
3,600
septembe
r 2010
Tineretului
10,170
novembe
r 2010
Parcului
Tineretului si
a Parcului
Carol
DARIAN DRS SA
7,400
13,000
5,500
Frontage
(sq m)
50
100
500
100
100
200
Description
Terenuri cu suprafete de 1000mp(d=24ml), 2000mp(d=50ml),
5000mp(70ml) situate pe Calea Vacaresti, cu deschidere chiar
la bulevard.
PUZ-ul ofera indicatori urbanistici foarte buni: POT 80%, CUT
7, fiind astfel posibila constructia unor imobile foarte mari (gen
complex Asmita din apropiere).
Pretabil: hypermarket, complex locuinte, centru de afaceri etc
Vanzare teren localizat in zona Parcului Tineretului, Str.
Pridvorului, 15000 mp, D= 100 m. Momentan are CUT 3.0 iar
proprietarul se obliga sa obtina 3.8. Este ideal pentru
rezidenta. POT 70%, Hmax S+P+10
Vanzare teren localizat langa Parcul Carol, pe Strada
Constantin Istrati, 40000 mp, D= 500 m. Terenul este ideal
pentru dezvoltarea unui complex rezidential sau de birouri.
Pentru marirea parametrilor urbanistici este necesara
realizarea unui PUZ. Partial ocupat de constructii
pe teren este o hala metalica cu panouri; forma neregulata
Se vinde un teren de 7400mp pozitionat in zona Nerva Traian
Timpuri Noi, cu dubla deschidere, utilitatile prezente.In
certificatul de urbanism, regimul de inaltime este de P+18.In
prezent pe teren exista o constructie usoara, cu destinatie
spatiu comercial. destinatii: rezidenta, centru de afaceri,
comercial, hotel, loc de agrement, benzinarie
Teren 13000 mp, zona urbanistica M2, zona construibila
cladiri cu accente inalte, ideal ansamblu de locuinte, datorita
pozitionarii langa parcul Tineretului. Se poate construi P+10,,
estimare suprafata construibila 60.000mp. Conditionare
PUD/PUZ.
Price
eur/sqm
1,000
http://www.imopedia.ro/
anunt/teren-inbucuresti-vacaresti628RUN1203.html
1,300
http://www.profimob.ro/
Detalii/Vanzare-terenParcul-Tineretului-Strada-Pridvorului/
1,400
http://www.profimob.ro/
Detalii/Vanzare-terenParcul-Carol-Constantin-Istrati/
1,450
anunt/teren-inbucuresti-timpuri-noi173RUN54357.html
1,600
anunt/teren-inbucuresti-timpuri-noi1282RUN1129.html
1,600
anunt/teren-inbucuresti-tineretului100RUN20764.html
57
st=7500mp, deschidere =57ml;
3600mp+3900mp, FORMA NEREGULATA
1,700
51
Teren in suprafata de 10170 mp avand deschidere de 51 ml
.Terenul este ideal pentru investitie avand certificat de
urbanism P+14. destinatii: rezidenta
1,850
-
Compania Neoland va propune spre achizitie un teren cu
suprafata de 5500 mp in imediata apropiere a Parcului
Tineretului si a Parcului Carol. Pe terenul in cauza a fost
aprobat un PUZ , coeficientii urbanistici fiind : POT 50 %, CUT
3.5, Hmax 62 m , Rhax P + 16. Pe terenul in cauza s-a facut
un proiect pentru construirea unui complex mixt format din
birouri si rezidential. Proiectul este desfasurat pe o suprafata
de 19 000 mp, 16 000 mp fiind proiectati pentru birouri si 3 000
mp pentru locuinte.Proiectul beneficieaza de trei etaje
subterane.Terenul este printre singurele de acest gen
:amplasat in imediata apropiere a parcului Tineretului si in
imediata apropiere a Parcului Carol. Terenul beneficieaza de
acces foarte usor spre centrul orasului si spre mijloacele de
transport. Ideal dezvoltare complex mixt : rezidential si office.
Information source
2,000
http://www.neolandinve
st.ro/ro/oferte_imobiliar
e/oferte_romniceanu/4
577/7/tineretului-terenintravilan.html
Pagina 4/9
Elements of comparison
Nr crt.
0
1
2
3
4
Type of comparable
property titles transmitted
financing conditions
Sale conditions
market conditions
location
Subject property
no restrictions
normal
normal
present
Serban Voda - Tineretului
Park
A
offer
no restrictions
similar
normal
october 2010
Timpuri Noi
Reper: Nerva Traian
- Logofat Tautu - I
Minulescu
5
6 physical characteristics
area (sq m):
13,726
7,938
shape irregular shape with an app. irregular shape with
100 m frontage to the Serban
an app. 100 m
Voda
frontage to Nerva
Traian and another
2 streets
frontage/acces
100
100
topoghraphy
plane
plane
7 utilities
all utilities
all utilities
8 zoning
mixt
mixt
highest and best use
subzone M3- mixt area
mixt
situated outside protected
area outside of protected
zone with G+4F buildings #
POT of 60% # CUT of
9
maximum 2.5
total price(EURO)
11,510,100
unit price / sq m (EURO)
1,450
Comparable properties
B
offer
no restrictions
similar
normal
september 2010
Pridvorului
15,000
app. rectangular
C
offer
no restrictions
similar
normal
september 2010
Parcul Carol,
Constantin Istrati
40,000
app. rectangular
100
plane
all utilities
residential
residential possible
G+10
500
plane
all utilities
mixt
mixt
19,500,000
1,300
56,000,000
1,400
Market data grid for paired data:
0
1
2
3
Identification
date of valuation
area (sq m)
SALE PRICE (EUR)
sale price (EUR/sq m) - element of
comparison
TYPE OF COMPARABLE
type of the comparable property
unit or % adjustment
total adjustment
adjusted price (Eur/sq m)
PROPERTY RIGHTS
property rights transmitted
total adjustment
FINANCING RESTRICTIONS
financing restrictions
total adjustment
SALE CONDITIONS
sale conditions
total adjustment
DARIAN DRS SA
Subject Property
Comparable B
Comparable C
Pridvorului
Parcul Carol,
Constantin Istrati
september 2010
15,000
19,500,000
september 2010
40,000
56,000,000
€ 1,450.00
€ 1,300.00
€ 1,400.00
offer
-20.0%
-300.00
1,150.00
offer
-20.0%
-260.00
1,040.00
offer
-20.0%
-280.00
1,120.00
no restrictions
no restrictions
0
€ 0.00
€ 1,150.00
no restrictions
0
€ 0.00
€ 1,040.00
no restrictions
0
€ 0.00
€ 1,120.00
normal
similar
similar
similar
€ 0.00
€ 1,150.00
€ 0.00
€ 1,040.00
€ 0.00
€ 1,120.00
normal
normal
normal
€ 0.00
€ 0.00
€ 0.00
present
13,726
normal
Comparable A
Timpuri Noi
Reper: Nerva Traian Logofat Tautu - I Minulescu
october 2010
7,938
11,510,100
Pagina 5/9
4
5
6
a
b
c
7
8
9
MARKET CONDITIONS
market conditions
total adjustment
LOCATION
location
total adjustment
PHYSICAL FEATURES
dimension
total adjustment
shape and frontage
total adjustment
topoghraphy
total adjustment
adjusted price (EUR/sq m)
AVAILABLE UTILITIES
utilities
total adjustment
ZONING
zoning- the allowed use
total adjustment
HIGHEST AND BEST USE
total adjustment
adjusted price (Eur/sq n)
total neto adjustment
total gross adjustment
area (sq m)
Opinion (Eur/sq m)
Estimated value _Euro
valuation date
DARIAN DRS SA
present
Serban Voda Tineretului Park
13,726
irregular shape with an
app. 100 m frontage to
the Serban Voda
100
3.70
plane
all utilities
€ 1,150.00
€ 1,040.00
€ 1,120.00
october 2010
0%
€ 0.00
€ 1,150.00
september 2010
0%
€ 0.00
€ 1,040.00
september 2010
0%
€ 0.00
€ 1,120.00
Timpuri Noi
Reper: Nerva Traian Logofat Tautu - I Minulescu
0%
€ 0.00
€ 1,150.00
Pridvorului
10%
€ 104.00
€ 1,144.00
Parcul Carol,
Constantin Istrati
0%
€ 0.00
€ 1,120.00
7,938
-5.0%
-€ 58.00
irregular shape with an app.
100 m frontage to Nerva
Traian and another 2 streets
100
0.79
0.0%
€ 0.00
plane
0.0%
€ 0.00
€ 1,092.00
all utilities
0.0%
€ 0.00
€ 1,092
mixt
situated outside
protected area outside
of protected zone with
G+4F buildings # POT
of 60% # CUT of
maximum 2.5
(absolute)
(%)
(absolute)
(%)
13726
€ 1,092
14,989,000
08.12.2010
15,000
40,000
0%
€ 0.00
5%
€ 56.00
app. rectangular
100
1.50
-5%
-€ 57.20
plane
0%
€ 0.00
€ 1,086.80
app. rectangular
500
0.16
-5%
-€ 56.00
plane
0%
€ 0.00
€ 1,120.00
all utilities
0.0%
€ 0.00
€ 1,087
all utilities
0.0%
€ 0.00
€ 1,120
mixt
0.0%
€ 0.00
€ 1,092.00
residential
0.0%
€ 0.00
€ 1,086.80
mixt
0.0%
€ 0.00
€ 1,120.00
mixt
0.0%
€ 0.00
€ 1,092.00
€ 1,092
-€ 58.00
-5%
€ 58.00
5%
residential possible
G+10
0.0%
€ 0.00
€ 1,086.80
€ 1,087
€ 46.80
5%
€ 161.20
16%
mixt
0.0%
€ 0.00
€ 1,120.00
€ 1,120
€ 0.00
0%
€ 112.00
10%
Pagina 6/9
Vland
industrial constructions with armed concrete frame structure
demolishing expenses for clearing the land of industrial constructions with armed concrete
frame structure
demolishing expenses
Comparison value
DARIAN DRS SA
13,726
19,170
20
383,000
14,606,000
1,064
eur
sqm
eur/built sqm
eur
eur
eur/sq m
Pagina 7/9
Annex no. 2
ASSUMPTIONS AND LIMITING CONDITIONS
The basis of this valuation consists in a range of hypothesis and limiting conditions presented below.
The valuer opinion is expressed in concordance with both hypotheses and conclusions and the other assessments part of this
report.
The main assumptions and limiting conditions, which were considered in this report, are presented below:
Assumptions:
⇒ At the client request we valued the real estate property “land under constructions of 13,726sqm” under the
assumption that the land will be cleared and will become and be sold as vacant land.
⇒ The client did not put at valuer’s disposal the following documents: land register excerpt, authorizations for
building, a complete cadastral documentation of property, urbanism certificate. It is assumed that the vacant land
could be developed in compliance with General Urban Plan’s stipulations (PUG) for at least G+4F building without
any urbanism restrictions.
⇒ The legal aspects are exclusively based upon the information and the data from the documents provided by the
client. The information is presented without any prior certification or additional investigations. It is assumed the
property title is valid legal and marketable, unless otherwise specified. The appraiser did not know about the
possible disputes (at law) concerning the property title of the appraised property.
⇒ It is assumed that the property is in compliance with all environmental local and national regulations (regarding
zoning and utilisation regulations) unless the lack of compliance is stated, described and considered in this
environmental conformation plan;
⇒ There were no inspections regarding the possible presence of contamination of the land of vicinity areas. We did
not carry out an analysis of buildings and did not investigate those parts that were covered, not exposed or
inaccessible.
⇒ The valuer has read up on the real estate property, has analyzed the property (description, photographs, etc.)
⇒ From the existing information and provided by the client there are no clues regarding the existence of any
chemical or natural contamination, which would affect the value of the analysed property. It is also assumed that
there are no hidden or unexposed aspects concerning the site, the soil or the structure that could influence the
estimated value;
⇒ The present situation of the property and the purpose of the present appraisal were the basis in selecting and
applying the valuation method, so that the resulted values will lead to the most probable estimate of the value,
considering the selected value type
⇒ All information regarding the areas was extracted from the documents put at our disposal by the client, and all
documents are attached in copy to the present report.
⇒ The information supplied by third parties is considered to be reliable but is given no accuracy guarantee;
⇒ the appraiser considers that the assumptions made in applying the evaluation methods were reasonable with the
regard of available data at the time;
⇒ The valuation report is performed on the basis of the contract closed between the valuer and the client. The report
is a standardized valuation report such agreed with the addressee.
⇒ Considering the ANEVAR statute and the ethical code of the valuation profession, the appraiser does not assume
any responsibility but in front of the clients and the addressees of the report.
⇒ The current situation of the property and the purpose of the present valuation lain at the basis of selection of
valuation approaches used in this report and of applying method, so that the resulted values to lead to the most
probable estimate of the property value under the conditions of the selected type of value;
⇒ When estimating the value the appraiser used only information available at disposal at the time of drawing the
report and it is possible that there were other information unknown to the appraiser.
DARIAN DRS SA
Pagina 8/9
Limiting conditions:
⇒ obtaining one copy of this appraisal report does not imply also publication rights;
⇒ The real estate property subject of the valuation is considered free of any charges, and it has been valued under
this assumption;
⇒ the appraiser is not forced to offer further counselling or to testify in court regarding the object of the report, unless
prior agreements have been signed with the client;
⇒ Nor the present report ,nor parts of it (especially the conclusions regarding the market value, the appraiser’s
identity) must not be made public without the appraiser’s prior agreement;
⇒ Any value estimates provided in the report apply to the entire property and any proration or division of the total into
fractional interests will invalidate the vale estimate, unless such proration or division of interests has been set forth
in the report.
⇒ The value in “EUR”currency is valid so far as the conditions at the time of appraisal (the situation of the real estate
market, level of demand and supply, inflation, and evolution of exchange rate) do not significantly change. On the
market the values might have an upward or downward evolution in time and this variation depending upon
currency exchange rate is not necessarily linear.
DARIAN DRS SA
Pagina 9/9
DRS / DCM 1945/ 28.02.2011
For the managers of:
S.C. ADESGO SA
220 Calea Serban Voda, District 4, Bucharest
Dear Sirs,
We refer to our valuation opinion in connection with the land plot located in Bucharest, 46 Imparatul Traian st,
District 4, with cadastral no. 262, dated December 08, 2010 and registered with reg. no. DRS
12169/08.12.2010 addressed to the managers of SC ADESGO S.A.
At that time, following your request, we have analysed the plot of urban (intravilan) land having an area of
3,006 sq m located in Bucharest, 46 Imparatul Traian st, District 4, registered with the land register book with
cadastral no. 262, property of SC ADESGO S.A. at the valuation date December 08, 2010 for the financial
reporting of the client.
The estimation has been made during December 2010.
Thus, in the our opinion, taking into account the purpose of this valuation, the market value of the real estate
property “intravillan land considered vacant of 3,006 sqm” located in Bucharest, 46 Imparatul Traian st,
District 4, as at the valuation date (08.12.2010) is of:
Eur/sq m 418
Total value estimate 1,257,000 eur
The value is valid under the conditions and assumptions presented in this opinion (see the valuation opinion).
According to our market analysis and specific analysis regarding the subject property (land offer prices in the
area) we consider that the assumptions and conditions assumed as at 08.12.2010 are still valid as at
28.02.2011.
We assume that these conditions have not changed since 08.12.2010 and so the total value of the
property as at 28.02.2011 is in order of 1,257,000 eur.
SC ADESGO SA can use the present letter in the financial statements.
We confirm that DARIAN DRS SA, have given their consent to the inclusion of the full contents of the present
letter in the financial statements of Argaman Indusries Ltd and /or Rotex (1980) Ltd.
Yours faithfully,
Adrian CRIVII
Darian DRS S.A.
Cod IBAN: RO24 BACX 0000 0001 3929 6250| Banca UNICREDIT TIRIAC BANK | Capital social 150.000 RON
1/1
No. 12169/08.12.2010
SUMMARY OF THE VALUATION REPORT
Intravillan land considered vacant of 3,006 sqm of
S.C. ADESGO S.A.
located in Bucharest, 46 Imparatul Traian st, District 4
(cadastral number 262)
All data and information contained in this material are confidential and will not be disclosed or copied, partially or totally, without
the prior written consent and approval of S.C. DARIAN DRS S.A. and the client S.C ADESGO S.A – the client and the
consignee.
- december 2010 Darian DRS S.A.
Cod IBAN: RO24 BACX 0000 0001 3929 6250| Banca BANCA ROMANEASCA | Capital social 150.000 RON
Report for estimating the market value of the land of 3,006 sqm located in 46 Imparatul Traian st, District 4, property of SC ADESGO SA
SUMMARY OF THE VALUATION
The present report refers to the real estate property “intravillan land considered vacant of 3,006 sqm” situated
within the built up area of Bucharest, located in 46 Imparatul Traian st, District 4.
It has been valued the integral property right of the real estate property considered free, valid and marketable being
property of SC ADESGO SA according to Property Title series M03 no 0381 and Registration in land register book no.
5 6 8 /2 9 .0 7 .1 9 9 9 .
According to the available documents no mortgages or charges are known, which might tax the possibility of
transferability of the appraised property. A land register book excerpt was not available.
The property is registered with the cadastral number 262.
The purpose of valuation is to estimate the market value of the real estate property according to the International
Valuation Standards:
IVS 1 – Market Value Basis of Valuation
IVA 1 - Valuation for Financial Reporting
IVS 3 - Valuation Reporting
GN1 - Valuation of Real Property
The appraised property is a plot of intravillan land, located in the south side of Bucharest – Brancoveanu area - with
direct access from Imparatul Traian st, Eroii Neamului st and Alpinesti st.
DARIAN DRS S.A.
Pagina 2/9
Kindergarten
The area where the land is located is mostly residential with G+1-2-3 F houses/villas and blocks of flats G+10F.
According to property deeds and cadastral documentation the total area of land is 4,495 sqm. On the site there are
erected two buildings: a G+1F residential building of 140 built sqm, identified as “Guests House” and a G building of 668 built
sqm, identified as “Kindergarten”. The both buildings are erected on reinforced concrete frames structure with mainsonery. The
property benefits of all utilities.
According to the information given by the owner’s representative, the “Kindergarten” building does not belong to SC
ADESGO SA (only the building). We did not have documents at our disposal about this issue. We consider that the client has
an integral property right over this plot of land (land under kindergarten).
According to the civil sentence no. 77A/2009 the client is legally obliged to surrender a plot of land of 1,488.9 sqm
(from the entire plot of land of 4,495 sqm).
Therefore, at the request of client , we valued the plot of land of 3,006.1 sqm, resulting from the total area of 4,495
sqm descreased with 1,488.9 sqm.
The land has been valued under the assumption that is vacant of constructions.
The plot of land - subject of the present valuation - has 3,006.1 sqm and a rectangular shape with frontages to three
streets.
According to the General Urbanc Plan the area where the land is located is considered subzone M2- mixt area situated
outside protected area with maximum G+14F buildings. For the subzone M2 is also recommended a POT of 70% having the
possibility of 75% covering the rest of the plot with maximum 2 levels buildings and a CUT of maximum 3.
The property inspection has been performed on the 12th of November 2008 by the valuer accompanied by the owner’s
reprezentative who helped to identify the plot.
DARIAN DRS S.A.
Pagina 3/9
Real-estate market overview. The beginning of 2010 is not the best of times for the Romanian real estate market. Its current
condition can be best described by the word “stagnation” – a period when everyone wants to sell and nobody wants to buy.
According to some experts, however, the market is not far from collapse in several segments; it is extremely complicated to find
tenants for many real estate projects and property developers were obviously too happy and optimistic. Even though the sellers
dictated the prices and conditions between 2002 and 2008, it is the buyers who are at the helm now. And they are not willing to
accept unrealistic prices, especially at a time when the whole market is evidently declining.
As an outcome, the supply does not meet the demand almost at all.
The price for lands can be influenced also by the motivation of the developers to build real estate products, and this motivation
is directly influenced by the demand of the market.
In determining the market value of the subject property the valuer has applied the sales comparison approach1.
By applying this valuation approach and taking into consideration the exclusive stipulations2 of this report, the
estimated market value of the property as vacant land at December 08, 2010, is:
1,257,000 EUR
The reasons that the valuer opinion is based on and the considerations of the value are as follows:
⇒ The value was estimated taking into consideration exclusively the hypothesis (assumptions), the limiting conditions and
assessments presented in this report3;
⇒ The estimated value is valid only for the plot of land considered buildable; it is considered that the development will be
made according to the existing general urban plan, and the development of the immediate vicinities will not influence the
utility of the subject property;
⇒ The value in this currency is valid so far as the conditions at the time of appraisal (the situation of the real estate market,
level of demand and supply, inflation, and evolution of exchange rate) do not significantly change. On the market the values
might have an upward or downward evolution in time and this variation depending upon currency exchange rate is not
necessarily linear;
⇒ The value is a prediction;
⇒ The value does not take into consideration the environmental responsibilities;
⇒ The value is subjective;
⇒ The valuation is an opinion of a value;
The report was drawn up on the basis of the international standards IVS 2007, recommendations, and methodology of
ANEVAR (The National Association of Romanian Valuers).
Yours sincerely,
Adrian CRIVII
See Annex no. 1
See Annex no 2
3 See Annex no 2
1
2
DARIAN DRS S.A.
Pagina 4/9
Annex no. 1
In what follows is an extract from existing offers on market:
Date
Location
november
2010
Brancoveanu
Reper:
Spitalul
BUDIMEX
october
2010
Brancoveanu
Reper: Nitu
Vasile
Area
(sqm)
890
2,164
november
2010
Brancoveanu
2,536
november
2010
Oltenitei
Reper: Piata
Sudului
4,970
Nr crt.
0
1
2
3
4
Type of comparable
property titles transmitted
financing conditions
Sale conditions
market conditions
location
Frontage
(sq m)
10
63
40
Zona linistita, curata si cu multa verdeata.
Foarte multe vile noi in imediata vecinatate.
Teren superb pentru constructie vila de lux.
Fara probleme si la un pret foarte bun.
Terenul este liber de constructii si are iesire la
doua strazi. Se poate vinde si in doua loturi
separate, unul dintre ele avand minimum 300
mp (vezi schita), caz in care fiecare lot are
iesire proprie la strada de cca 20 m. Pretul in
cazul vanzarii pe loturi este 420 Euro/ mp.
forma: dreptunghiulara
- vecinatati: constructii cu destinatie
rezidentiala si comerciala; certificat de
urbanism: Pot 20%, Cut 1.5, Ri 18ml; liber de
constructii
TERENUL SE VINDE CU PROIECT SI
AUTORIZATIE DE CONSTRUIRE PENTRU
120 DE APARTAMENTE! # POT : 40
# CUT : 4
destinatii: rezidenta, centru de afaceri,
comercial, hotel; # POT : 35
# CUT : 4
Subject property
no restrictions
normal
normal
present
Oltenitei Brancoveanu
5
6 physical characteristics
3,006.10
area (sq m):
shape rectangular shape
with 3 openings
frontage/acces
70
topoghraphy
plane
7 utilities
all utilities
8 zoning
residential
A
offer
no restrictions
similar
normal
october 2010
Brancoveanu
Reper: Nitu Vasile
deschidere
total price(EURO)
unit price / sq m (EURO)
DARIAN DRS S.A.
Information source
411
http://www.imopedia.ro/anunt/
teren-in-bucurestibrancoveanu522RUN1205.html
700
767
899
Comparable properties
B
offer
no restrictions
similar
normal
november 2010
Brancoveanu
teren-in-bucuresti-oltenitei174RUN9573.html
C
offer
no restrictions
similar
normal
november 2010
Oltenitei
Reper: Piata Sudului
4,970
app. rectangular
2,164
app. rectangular
2,536
app. rectangular
63
plane
all utilities
residential
residential P+7
40
plane
all utilities
residential
residential P+10
(building permit)
50
plane
all utilities
mixt
mixt P+10
1,514,800
700
1,945,112
767
4,468,030
899
situated outside
protected area outside
of protected zone with
max G+14F buildings
# POT of 70% # CUT
of maximum 3
9
Price
eur/sqm
Description
Pagina 5/9
Market data grid:
0
1
2
3
4
5
6
a
b
c
7
8
Identification
date of valuation
area (sq m)
SALE PRICE (EUR)
sale price (EUR/sq m) - element of
comparison
TYPE OF COMPARABLE
type of the comparable property
total adjustment
PROPERTY RIGHTS
property rights transmitted
total adjustment
FINANCING RESTRICTIONS
financing restrictions
total adjustment
SALE CONDITIONS
sale conditions
total adjustment
MARKET CONDITIONS
market conditions
total adjustment
LOCATION
location
total adjustment
PHYSICAL FEATURES
dimension
total adjustment
shape and frontage
total adjustment
topoghraphy
total adjustment
AVAILABLE UTILITIES
utilities
total adjustment
ZONING
zoning- the allowed use
DARIAN DRS S.A.
Subject Property
Comparable B
Comparable C
Brancoveanu
Oltenitei
november 2010
2,536
1,945,112
november 2010
4,970
4,468,030
€ 700.00
€ 767.00
€ 899.00
offer
-25%
-180.00
520.00
offer
-25%
-190.00
577.00
offer
-25%
-220.00
679.00
no restrictions
no restrictions
0
€ 0.00
€ 520.00
no restrictions
0
€ 0.00
€ 577.00
no restrictions
0
€ 0.00
€ 679.00
normal
similar
similar
similar
€ 0.00
€ 520.00
€ 0.00
€ 577.00
€ 0.00
€ 679.00
normal
normal
normal
€ 0.00
€ 520.00
€ 0.00
€ 577.00
€ 0.00
€ 679.00
october 2010
0%
€ 0.00
€ 520.00
november 2010
0%
€ 0.00
€ 577.00
november 2010
0%
€ 0.00
€ 679.00
Brancoveanu
Reper: Nitu Vasile
deschidere
-20%
-€ 104.00
€ 416.00
Brancoveanu
0%
€ 0.00
€ 577.00
Oltenitei
-20%
-€ 135.80
€ 543.20
present
3,006
normal
present
Comparable A
Brancoveanu
Reper: Nitu Vasile
deschidere
october 2010
2,164
1,514,800
3,006
rectangular shape
with 3 openings
70
3.70
plane
all utilities
residential
2,164
2,536
4,970
0.0%
€ 0.00
0%
€ 0.00
0%
€ 0.00
app. rectangular
63
0.55
0.0%
€ 0.00
plane
0.0%
€ 0.00
€ 416.00
app. rectangular
40
1.59
0%
€ 0.00
plane
0%
€ 0.00
€ 577.00
app. rectangular
50
1.99
0%
€ 0.00
plane
0%
€ 0.00
€ 543.20
all utilities
0.0%
€ 0.00
€ 416
residential
all utilities
0.0%
€ 0.00
€ 577
residential
all utilities
0.0%
€ 0.00
€ 543
mixt
Pagina 6/9
9
total adjustment
HIGHEST AND BEST USE
total adjustment
adjusted price (Eur/sq n)
total neto adjustment
total gross adjustment
area (sq m)
Opinion (Eur/sq m)
Estimated value _Euro
valuation date
subzone M2- mixt
area situated
outside protected
area outside of
protected zone with
max G+14F
buildings # POT of
70% # CUT of
maximum 3
(absolute)
(%)
(absolute)
(%)
3006.10
€ 420
1,263,000
08.12.2010
Vland
guests house
demolishing expenses for clearing the guests house construction
demolishing expenses
Comparison value
DARIAN DRS S.A.
0.0%
€ 0.00
€ 416.00
0.0%
€ 0.00
€ 577.00
0.0%
€ 0.00
€ 543.20
residential P+7
0.0%
€ 0.00
€ 416.00
€ 420
-€ 104.00
-20%
€ 104.00
20%
residential P+10
(building permit)
-25.0%
-€ 144.25
€ 432.75
€ 430
-€ 144.25
-25%
€ 144.25
25%
mixt P+10
-20.0%
-€ 108.64
€ 434.56
€ 430
-€ 244.44
-36%
€ 244.44
36%
3,006
140
40
6,000
1,257,000
418
eur
sqm
eur/built sqm
eur
eur
eur/sq m
Pagina 7/9
Annex no. 2
ASSUMPTIONS AND LIMITING CONDITIONS
The basis of this valuation consists in a range of hypothesis and limiting conditions presented below.
The valuer opinion is expressed in concordance with both hypotheses and conclusions and the other assessments part of this
report.
The main assumptions and limiting conditions, which were considered in this report, are presented below:
Assumptions:
⇒ At the client request we valued the real estate property “intravillan land considered vacant of 3,006 sqm”
under the assumption that the land will be cleared and will become and be sold as vacant land.
⇒ We consider that the client has an integral property right over the plot of land under kindergarten.
⇒ The client did not put at valuer’s disposal the following documents: land register excerpt, authorizations for
building, a complete cadastral documentation of property, urbanism certificate. It is assumed that the vacant land
(valuation subject) could be developed in compliance with General Urban Plan’s stipulations (PUG) for at least
G+3F building without any urbanism restrictions.
⇒ The legal aspects are exclusively based upon the information and the data from the documents provided by the
client. The information is presented without any prior certification or additional investigations. It is assumed the
property title is valid legal and marketable, unless otherwise specified. The appraiser did not know about the
possible disputes (at law) concerning the property title of the appraised property.
⇒ It is assumed that the property is in compliance with all environmental local and national regulations (regarding
zoning and utilisation regulations) unless the lack of compliance is stated, described and considered in this
environmental conformation plan;
⇒ There were no inspections regarding the possible presence of contamination of the land of vicinity areas. We did
not carry out an analysis of buildings and did not investigate those parts that were covered, not exposed or
inaccessible.
⇒ The valuer has read up on the real estate property, has analyzed the property (description, photographs, etc.)
⇒ From the existing information and provided by the client there are no clues regarding the existence of any
chemical or natural contamination, which would affect the value of the analysed property. It is also assumed that
there are no hidden or unexposed aspects concerning the site, the soil or the structure that could influence the
estimated value;
⇒ The present situation of the property and the purpose of the present appraisal were the basis in selecting and
applying the valuation method, so that the resulted values will lead to the most probable estimate of the value,
considering the selected value type
⇒ All information regarding the areas was extracted from the documents put at our disposal by the client, and all
documents are attached in copy to the present report.
⇒ The information supplied by third parties is considered to be reliable but is given no accuracy guarantee;
⇒ the appraiser considers that the assumptions made in applying the evaluation methods were reasonable with the
regard of available data at the time;
⇒ The valuation report is performed on the basis of the contract closed between the valuer and the client. The report
is a standardized valuation report such agreed with the addressee.
⇒ Considering the ANEVAR statute and the ethical code of the valuation profession, the appraiser does not assume
any responsibility but in front of the clients and the addressees of the report.
⇒ The current situation of the property and the purpose of the present valuation lain at the basis of selection of
valuation approaches used in this report and of applying method, so that the resulted values to lead to the most
probable estimate of the property value under the conditions of the selected type of value;
⇒ When estimating the value the appraiser used only information available at disposal at the time of drawing the
report and it is possible that there were other information unknown to the appraiser.
DARIAN DRS S.A.
Pagina 8/9
Limiting conditions:
⇒ obtaining one copy of this appraisal report does not imply also publication rights;
⇒ The real estate property subject of the valuation is considered free of any charges, and it has been valued under
this assumption;
⇒ the appraiser is not forced to offer further counselling or to testify in court regarding the object of the report, unless
prior agreements have been signed with the client;
⇒ Nor the present report ,nor parts of it (especially the conclusions regarding the market value, the appraiser’s
identity) must not be made public without the appraiser’s prior agreement;
⇒ Any value estimates provided in the report apply to the entire property (plot of land of 3,006 sqm) and any
proration or division of the total into fractional interests will invalidate the vale estimate, unless such proration or
division of interests has been set forth in the report.
⇒ The value in “EUR”currency is valid so far as the conditions at the time of appraisal (the situation of the real estate
market, level of demand and supply, inflation, and evolution of exchange rate) do not significantly change. On the
market the values might have an upward or downward evolution in time and this variation depending upon
currency exchange rate is not necessarily linear.
DARIAN DRS S.A.
Pagina 9/9

"מ בע )1980 ( רוטקס 2010 דוח תקופתי לשנת

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