Semi-Annual Report

Transcription

Semi-Annual Report

Open-Ended Real Estate Fund
1 April through 30 September 2013
Semi-Annual Report
At a Glance
Key ratios hausInvest
in MM €
Status
30/09/2013 1
Status
31/03/2013 1
Real estate
8,035
8,286
Interests held in real estate companies
1,864
1,909
Cash and cash equivalents
1,290
1,178
Miscellaneous assets
1,002
1,048
-2,844
-3,113
ISIN: DE 000 980 701 6
WKN (securities number): 980 701
./. Liabilities and provisions
Fund assets
9,347
9,308
Real assets
11,107
11,431
thereof directly held
8,035
8,286
thereof held through real estate companies
3,072
3,145
Real estate outside Germany
9,140
9,469
6,429
6,685
2,711
2,784
Real estate inside Germany
1,967
1,962
1,606
1,601
361
361
Changes in net funds
237
-488
Number of Fund properties (directly and indirectly)
112
113
27
27
thereof abroad
82
83
0
02
Changes during the reporting period
(including transfers of rights and duties)
Acquisitions (number)
Dispositions (assets)
1
133
90.1 %
90.3 %
Redemption price per share, in EUR
40.52
41.41
Redemption price per share, in EUR
42.55
43.48
–
280
Occupancy rate (by balance sheet date)
Distribution in MM €
4
Coupon number
–
40
231
225
Distribution date
–
17/06/2013
Redemption price per share, in €
–
1.25
n/a
0.98 %
Number of shares outstanding (in million pieces)
Total Expense Ratio (TER)
Return on investment (BVI method) 5
2.2 %
2.6 %
Profit on real estate (equity capital)
n/a
3.9 %
Profit from liquidity portfolio operations
n/a
1.4 %
–
66.3 % 7
945.4 %
936.3%
Tax-free share of the ROI 6
Performance since Fund was launched in 1972 5
(BVI method)
Refers to the respective financial year beginning 01 April of a given year and ending 31 March of the year following.
2
In the case of the property in Stockholm (Danderyd) Enebybergsvägen, a partial lot was acquired.
3
In addition, 50 % of the interest in the property company CG-78 Shenton Way Singapore Private Limited, Singapore, were sold.
4
Based on the number of shares outstanding on the date of distribution.
5
Not counting the up-front fee, with distributions instantly reinvested. Past performance is not indicative of future returns.
6
Not included in the Auditor's Report.
7
For incumbent investors, assuming complete re-investment. Not including fiscal ramifications of possible gain or loss in value that may have accrued
at the time the shares are sold.
1
Geographic Spread
of the Fund Real Estate
Total number of properties
107
5
Page 24+
Office real estate
markets
EUROPE
Belgium
Assets: 1
Share: 1.6 %
FMV 1: 177,200 k €
Germany
Assets: 30
Share: 17.7 %
FMV 1: 1,966,912 k €
Finland
Assets: 2
Share: 1.4 %
FMV 1: 149,650 k €
France
Assets: 20
Share: 22.5 %
FMV 1: 2,503,438 k €
United Kingdom
Assets: 10
Share: 19.4 %
FMV 1: 2,153,887 k €
Italy
Assets: 9
Share: 6.9 %
FMV 1: 767,500 k €
Luxembourg
Assets: 3
Share: 1.9 %
FMV 1: 215,400 k €
Netherlands
Assets: 15
Share: 9.1 %
FMV 1: 1,013,700 k €
Austria
Assets: 5
Share: 1.3 %
FMV 1: 145,860 k €
Poland
Assets: 2
Share: 1.0 %
FMV1: 111,100 k €
Portugal
Assets: 3
Share: 1.8 %
FMV 1: 199,600 k €
Sweden
Assets: 3
Share: 3.1 %
FMV 1: 341,588 k €
Spain
Assets: 1
Share: 1.3 %
FMV 1: 144,100 k €
Czech Republic
Assets: 2
Share: 2.1 %
FMV 1: 229,200 k €
Turkey
Assets: 1
Share: 1.7 %
FMV 1: 182,600 k €
ASIA
Japan
Assets: 3
Share: 2.2 %
FMV1: 247,881 k €
Singapore
Assets: 2
Share: 5.0 %
FMV 1: 557,232 k €
1
FMV = fair market value
2
Contents
5
17
Note to our Investors
Real Estate Portfolio
7
Management Report
18
Real Estate Markets and Activities
10
Return on Investment
37
Portfolio Structure
12
Fund Strategy of hausInvest
41
Acquisitions and Dispositions
42
Project Developments
44
Letting Management
46
Property List
104
Notes on the Property List
106
List of Equity Investments
3
Note to Our Investors
Facts and Figures
Miscellaneous
113
177
Facts and Figures
Miscellaneous
115
Liquidity Management
178Bodies
117
Currency Management
124
Funding Management
181
Corporate Governance and
BVI Code of Conduct
127
Risk Report
182
Special Notes for Investors
133
Investor Structure
134
Summarised Statement of Assets and Liabilities
140
Statement of Assets and Liabilities
168
Notes on the Statement of Assets and Liabilities
cover
At a Glance – Key Ratios of hausInvest
key
Page reference
Hyperlink
5
Note to our Investors
7
Management Report
10
12
6
THE MANAGEMENT (left to right):
Dr. Frank Henes, Dr. Eduardo Moran, Dr. Andreas Muschter (CEO), Roland Holschuh, Erich Seeger
7
Management Report
Facts and Figures
Miscellaneous
Management Report
Dear Investor,
In a repeat of its traditional performance, hausInvest concluded the first se-
mester ending 30 September 2013 with a respectable result. The Fund performance was characterised by stability of value with a return on investment
(ROI) of an annualised 2.2 percent (calculated using the BVI method), especially with a view to the current low interest rate environment. As a result,
hausInvest remains one of Germany's best open-ended real estate funds. At
the same time, the Fund consolidated its market position in the segment of
safety-oriented tangible fixed asset investments.
During the first six months of the 2013 / 2014 financial year, the Fund registered a net cash inflow totalling approximately 237 million euros. As at balance sheet date, the real assets added up to a total value of 11.12 billion euros, representing 112 properties in 63 different cities in 17 countries. At 15.74
percent gross liquidity, hausInvest has maintained an adequate cash reserve
that far exceeds the statutory minimum ratio of 5 percent.
During the financial semester just concluded, we continued to concentrate
on selling. Selling the Vélizy office scheme on the southern periphery of Paris
has helped us in our ongoing effort to optimise the Fund portfolio. With a
fair market value of more than 200 million euros, Vélizy counted among the
Fund's heavyweights. The property had been added to the Fund portfolio as
a project development in 2007, and now sold at approximately 219 million
euros in sales proceeds. As recently as the start of this year, we signed a longterm follow-up lease with sole tenant Bouygues Telecom – the third-largest
mobile phone operator in France – for a floor area of 54,200 square metres.
The transaction proved, on the one hand, that the buildings maintains a high
standard in terms of quality and fit-out. On the other hand, it showed that our
concept of making the asset more attractive to potential buyers by ensuring
full occupancy worked out beautifully. The selective disposal of portfolio properties will remain an important component of our active portfolio strategy.
In recent months, the focus of our active portfolio management has been on
sales transactions in locations where the market has achieved just the right
level of maturity. At the same time, we are planning to step up our real estate
acquisitions in the ongoing year. By the end of the reporting period, negotiations for two projects had progressed to an advanced stage. In addition, we
8
are also prioritising investments in substantial shopping centre expansions.
This is in response to the sustained interest in rental units at our shopping
malls.
The combined investment volume of the three ongoing projects at Westfield
Center in London, Orio-Center in Bergamo, and Forum Bornova in Izmir totals
approximately 120 million euros. Aside from auspicious letting activities in
the retail property segment, our asset management also succeeded in signing quite a number of leases for other assets in the Fund portfolio during
the first financial semester. Specifically, the take-up on new signings or lease
renewals added up to a total floor space volume of 141,085 square metres
Other success factors that explain the Fund's stable income situation include
the high occupancy rate of 90.1 percent as at the balance sheet date, and the
diversified tenant structure.
Outlook
Now that the consolidation process has been completed and the product-enhancing regulatory changes are in place, the market for German open-ended
real estate funds has a rather bright outlook. As one of the largest and most
established funds in this investment segment, hausInvest meets the requirements necessary to ensure a continuation of its prosperous performance in
the future.
We consider the Capital Investment Act (KAGB) that became effective on 22
July 2013 as a clear commitment by Germany's policymakers to the asset
class of open-ended real estate funds. The new provisions will definitely
strengthen the products in regard to their profile as long-term investments
in tangible assets for private investors. As it is, hausInvest investors have held
their stakes in the fund for an average of seven years. A minimum holding
period of two years and a notice period or twelve months therefore represent
entirely acceptable requirements. They also facilitate a more efficient liquidity control, which in turn enhances the Fund stability.
One of the key challenges facing the Fund Management at this time is clearly the procurement of real estate that matches the quality, the risk, and above
all the yield requirements we apply in the best interest of our clients. Aside
from our principal focus on core properties, we prioritise investments in
expansions of portfolio properties while having intensified our reviews of
project developments we may wish to acquire for the Fund. On this basis we
9
Management Report
Facts and Figures
Miscellaneous
intent to use active asset management across all life cycle phases to create
sound marketing conditions for our assets. We believe that the traditional
approach of realising sales profits from property transactions, while remaining a key success factor, should in the future be complemented by a policy of
boosting performance through active portfolio and asset management. Indeed, since the lease terms negotiated cause the letting performance to have
a long-term effect on the Fund's overall performance, it should be considered the more consistent or more sustainable component of the two.
hausInvest remains an attractive investment in tangible fixed assets, combining respectable long-term returns above the inflation rate with a low exposure. By the end of the financial year, we expect to see a stable one-year
return (calculated using the BVI method) of around 2.5 percent.
Dr. Andreas Muschter (CEO)
Dr. Frank Henes
Roland HolschuhErich Seeger
Dr. Eduardo Moran
10
More than
40 years
of positive returns
As at 30 September 2013, hausInvest completed its first financial semester with a respectable return on investment of 2.2 percent (calculated using the BVI method). This puts the
Fund not only at the head of the field among Germany's open-ended real estate funds, but
also demonstrates its reliable stability, particularly during low interest rate cycles like the
present one. Looking back, this confirms once again that the hallmark of hausInvest is its
long-term success, which now spans four decades as the Fund reported a positive performance every year since the Fund was launched in 1972.
Performance of hausInvest as at 30 September 2013
2.2
2.2
1 year
Calculated using the BVI method
(excluding up-front fee, assuming
immediate reinvestment of distributions) as at 30 September 2013. Past
performance is not indicative of future
returns.
Absolute performance across
different investment periods
Average annual performance
over various investment periods
in %
7.8
3 years
2.5
5 years
3.0
10 years
3.4
20 years
15.9
40.1
135.7
4.4
since Fund inception
945.4
5.8
0
10
20
30
40
50
950
11
Facts and Figures
Miscellaneous
Especially a direct comparison with the OFIX Index clearly illustrates that hausInvest tops
the industry average in most years. The index maps the performance of all German
open-ended real estate funds available to private investors. Sine 2008, hausInvest has
consistently exceeded the index level with its return on investment. Especially in times of
economic distress, the Fund flaunts its potential of steady and stable returns, and has just
demonstrated once more its quality as stable basic investment.
www.ipd.com
in %
Comparing hausInvest with the OFIX Index
(30 September 2008 – 30 September 2013)
7
6
5
4
3
OFIX index: the index of all German
open-ended real estate funds available
to private investors.
Source: Investment Property Databank GmbH (www.ipd.com), Commerz
Real AG
2
1
0
30/09/08
30/09/09
30/09/10
30/09/11
30/09/12
30/09/13
hausInvest
OFIX index:
And so we will continue to dedicate ourselves fully to the perpetuation of the success story
of hausInvest in the future. From time to time, this goal will make it necessary for us to
readjust the investment strategy to the shifting parameters of the market, and to keep
redeveloping the Fund strategically. With its fixed-asset-based substance, the Fund will
continue to meet investor expectations in regard to security and inflation protection.
12
as at 30 September 2013
Investment Target of the Fund
The hausInvest open-ended real estate fund focuses on the realisation of stable returns on
investment from high-yield commercial real estate in economically fast-growing locations
inside the European Union. A maximum of 15 percent of the real assets may be invested
outside Europe for the purpose of yield optimisation. Here, particular emphasis is placed
on achieving a good blend in terms of locations and property types, and on a sound mix
of tenants. Simultaneously, the idea is to realise a high tax-free ROI share on the
investor level. The long-term target yield of hausInvest is 4 – 6 percent p.a.
Portfolio management
The Fund Management of hausInvest invests in high-end real estate (core / core plus)
characterised by a high performance potential. The focus is on prime locations. In order
to exploit different market cycles on international real estate markets in a comprehensive
manner, we pursue an active transaction strategy. It reflects the current market situation
while taking anticipated developments into account, too. The strategy is also designed to
reconcile converse market trends. This helps to stabilise and optimise the economic
profitability of the Fund.
Properties whose building and location factors no longer satisfy the Fund's requirements
will be sold, given a positive market environment, in order to realise extra profits. The
proceeds will be re-invested in commercial real estate at newly emergent or re-emergent
real estate locations. The young age of the portfolio properties ensures their marketability because it implies low maintenance costs. At the same time, the sound age structure
enhances the chances for future lettings, appreciation or sales of the properties.
13
Funds Strategy
of hausInvest
Facts and Figures
Miscellaneous
Yield-Oriented Portfolio Optimisation
The continuous quality improvement of the real assets through yield-oriented, holistic
property management plays a key role for the Fund strategy. The objective is to ensure an
optimal exploitation of the entire value-added potential of a given real estate investment
during its life cycle.
Diversification
Managing the real estate portfolio according to the principle of risk diversification
represents the basis for a steady flow of income. The wide geographic spread of the real
estate and the optimal structuring of the portfolio into various size categories and main
types of use help to minimise possible market risks. A balanced spread of investments
across various real estate types and a large number of tenants who represent different
industry sectors increase the independence from economic fluctuations within a given
industry.
hausInvest principally keeps a strategic supply of liquid assets equivalent to around 15
percent of the Fund assets on hand, going far beyond the statutory requirement of a
5-percent minimum
liquidity. Its stated goal is to realise interest earnings matching money market levels
from conservative, risk-averse cash investments.
Page 115
Currency Management
The currency positions of hausInvest are almost fully hedged. This approach underlines
the fact that the Fund takes a responsible approach in managing currency risks.
Page 117
Currency Management
Investment Strategy of hausInvest as at 30 September 2013
in %
Sector allocation of hausInvest
ITR
63.7
63.7
Office
ITR
31.7
31.7
Trading
ITR
4.6
4.6
Hotel / Logistics /
Miscellaneous
0
Portfolio after completion of all
project developments
10
20
30
40
50
60
70
80
90
Portfolio without
ITR Investment Target Range
Based on the fair market values as at 30 September 2013
14
ONE OF OUR PORTFOLIO PROPERTIES: “Westfield” in London, United Kingdom
15
Facts and Figures
Miscellaneous
Funding Management
In order to preserve the conservative overall orientation of the Fund, we limit the use of
leverage to a maximum not exceeding the equivalent of 30 percent of the real estate
assets, using debt capital to fund real estate investments while exploiting fiscal structuring options and hedging foreign currency positions.
in %
Country allocation of hausInvest
ITR
17.7
17.7
Germany
ITR
19.4
19.4
United Kingdom
Europe: no less than
85 %
Global: no more than
15 %
ITR
22.5
22.5
France
Page 124
Funding Management
ITR
Other EU/
EEA core
33.2
33.2
ITR
7.2
7.2
Asia / Pacific
North America
0
Portfolio after completion of all
10
20
30
40
Portfolio without
ITR Investment target range
Based on the fair market values as at 30 September 2013
17
18
Real Estate Markets and Activities
37
Portfolio Structure
41
42
44 Letting Management
46 Property List
104 Notes on the Property List
106 List of Equity Investments
18
Real Estate Markets
and Activities
Economy
While the economic situation has been particularly sound in Germany, Austria, and
Sweden, and while these countries expect their positive economic growth to continue
through the end of the ongoing year, the national economies on Europe's southern periphery have been slow to regain their momentum. As the year progresses, Portugal,
Spain and Italy will continue to be paced by economic contraction, if at a slower rate
than last year. Indeed, there are plenty of signs suggesting that the crisis countries have
regained their footing. GDP growth in Portugal, for instance, accelerated at a surprising
rate during Q2 2013. So we assume that the aforementioned countries, excepting Cyprus, will return to a growth course during the second semester of 2013. The anticipated growth will be mainly driven by exports. With the exception of Italy, the peripheral
countries have more or less made up for the losses in price competitiveness suffered
during their initial years as members of the monetary union. That said, high unemployment rates, declining incomes, and severe social cuts continues to impact a high percentage of the population in these countries. It will be some time yet before the high
unemployment figures and the economic growth will have returned to their pre-crisis
levels.
While the countries on the European periphery – excepting Italy – are making a major
effort to overcome the crisis, the economic development of some countries in Europe's
heartland is stagnating. The economy of France, for instance, has become increasingly
distressed in recent years, and additional labour market reforms are needed to restore
the country's competitiveness. Other countries whose competitiveness within the eurozone suffered while their national debt soared last year include Finland, Belgium, and
the Netherlands. Property owners in the Netherlands, for instance, have been impacted
by the price adjustments for privately owned residential real estate, and cut back on
consumer spending as a result. Private spending therefore declined in recent months,
putting pressure on retail sales. In Finland, by contrast, unit labour costs rose so steeply over the past few years that they are now far above the European average. At the same
time, the country's exports dropped by around 20 percent. While obvious efforts are
made in France to restore the country's competitiveness, they have failed so far to produce demonstrable results, seeming to follow the pattern of “one step forward, one step
back.” The political situation in Italy is marked by attempts to stabilise the governing
coalition and to overcome the Berlusconi legacy. Meanwhile, the Italian economy is
falling further behind other eurozone member states.
Germany with its stable economic performance represents something of an exception
in the eurozone, as do Austria and Sweden. Several indicators have for some time pointed to a strong economic performance. During the second quarter of 2013, the German
economy grew by 0.5 percent. The economic development was driven mainly by private
consumption because the low unemployment rate and wage increases have sustainably
buoyed the willingness to spend. Notwithstanding the weakness of several important
markets, German exports continued to develop handsomely, and it is safe to assume
19
Real Estate Markets
and Activities
Facts and Figures
Miscellaneous
they will continue to grow during the second semester. Assuming the euro crisis remains under control, we anticipate a noticeable upswing for the German economy at the
start of 2014, which is likely to slow to a moderately paced growth during the second
half of the year.
We also expect the economy in the eurozone in general to maintain the positive level of
the second quarter (+0.3 percent) and to keep pursuing the current growth trajectory.
A sustainable recovery would presuppose, however, that the unease created by the sovereign debt crisis continues to dissipate, and that the accommodative monetary policy
shows more of an effect. This context shows how important it is that the necessary reforms are implemented not just in the peripheral countries of Europe, but also in core
countries such as France and the Netherlands.
The Turkish economy has been unable to match its robust growth of 2011 in the year
2012 and in the first half of 2013. Growing by a mere 2.2 percent year on year, the Turkish economy slowed considerably from its 8.8 percent growth in 2011. The difficult situation in Europe, which is the most important outlet for Turkish businesses, has put the
brakes on the country's economy. We have noted with some concern that goods imports
clearly exceed exports, and the foreign trade balance of Turkey has been negative for
years as a result. Moreover, the political unrest the country experienced in spring dealt
a severe blow to private spending. Then again: High pent-up demand and auspicious
demographics – half of the population being below 40, with a demographic growth of
around 20 percent expected over the next 30 years – makes Turkey an attractive destination for expanding retail traders. Since we assume that the EU economy will stabilise
next year, the growth of Turkey's gross domestic product will slightly accelerate again
in 2013 because the country's export-driven economy is highly dependent on the EU.
We project a growth rate to the tune of 3 percent.
Japan is pursuing an unprecedented monetary policy in order to jump-start the national economy. Following a slow second semester in 2012, the Japanese economy grew by
about 1 percent each during the first two quarters of 2013. At the same time, sentiment
among consumers and manufacturers has brightened considerably. The upbeat sentiment is explained by an improved outlook. The quantitative easing program has caused
the Japanese Yen to depreciate against other currencies, and boosted the international
competitiveness of Japanese products as a result. Together with increasing domestic
demand, exports are likely to produce a year-end growth of 1.9 percent. Against the
background of the strong first semester, we expect the economy to lose some of its momentum during the second half of the year. As long as Japan's central bank maintains
its current monetary policy, the Japanese economy will continue to pursue its growth
trajectory, but any sustainable improvement of the country's economic basis would presuppose structural reforms.
In Singapore, we expect to see a much stronger growth than in Japan. Indeed, our
prediction for 2013 is a growth rate of 3.5 percent. An unexpectedly strong third quarter, and an upward revision of the GDP growth, have resulted in a considerably more
positive assessment than that made at the start of the year (May 2013 forecast: 2.8 percent). The positive surprise was generated primarily by the performance of the service
sector and by the industry's recovery. Much to the government's concern, inflation has
been high for the past two years, driven by rising condominium prices and the massive
20
importation of cars. It peaked at 5.7 percent in November 2012. For the ongoing year,
the government of the city state predicts an inflation rate of 2-3 percent because various
measures (e.g. tightening the loan terms for car purchases, raising the registration fees
or stamp duty for acquisitions of second homes) significantly slowed the inflation. The
unemployment rate of 2.4 percent is so low that companies in Singapore have a hard
time finding qualified staff in sufficient numbers.
Economic growth
in % p.a.
2011
2012
2013
forecast
2014
forecast
Eurozone
1.5
- 0.6
- 0.4
0.7
EU
1.6
- 0.4
0.0
1.3
Belgium
2.0
- 0.3
0.0
1.1
Germany
3.0
0.7
0.4
1.5
Finland
2.7
- 0.8
- 0.9
0.7
France
1.7
0.0
0.2
0.8
United Kingdom
0.8
0.2
1.2
1.8
Italy
0.5
- 2.4
- 1.7
0.2
Luxembourg
1.6
-0.2
0.5
2.1
Netherlands
1.1
- 1.3
- 1.3
0.4
Austria
3.0
0.6
0.3
1.3
Poland
4.3
1.9
1.1
3.0
Portugal
-1.6
- 3.2
- 1.8
1.0
Sweden
4.0
1.3
0.8
2.3
Spain
0.4
- 1.6
- 1.3
0.8
Czech Republic
1.7
- 1.2
- 0.7
1.8
Turkey
8.6
2.2
3.0
3.7
Japan
-0.7
2.0
1.9
1.8
Singapore
4.9
1.3
3.5
3.7
United States
1.8
2.8
1.5
2.8
Source: Commerzbank, Consensus, Global Insight. September 2013
21
Real Estate Markets
and Activities
Facts and Figures
Miscellaneous
Global Real Estate Markets in Overview
All things considered, the situation on Europe's office real estate markets has improved
since last year. Due to the persistent economic weakness of the southern European countries as well as of France, the Netherlands and Belgium, we see no reason to expect their
office markets to rally any time soon. Neither do we expect the next year to bring a noticeable boom and recovery yet.
Our office rent index, which reflects the trend in prime rents on the 24 largest office real
estate markets of Europe and five markets in Asia, registered a positive performance in
the past twelve months, and manifested a year-on-year growth by 1.4 percent by the end
of the second quarter of 2013. It is the strongest surge the index has shown since early
2012, when it grew by nearly 3 percent. This means that the phase of moderate rental
index changes, which started in 2010, has continued. That being said, the performance
of the different markets underlying the index varies considerably. For one thing, rents in
13 of the office markets monitored perked up while deteriorating on another 10 markets.
The rental growth thus matches the macro-economic trend just like in previous months.
Prime rents increased in most German cities as well as in Oslo, London, Tokyo, and Stockholm in the course of the year, but declined in Lisbon, Barcelona, Hong Kong, Singapore,
and Madrid. The emergent economic recovery on the southern periphery of Europe has
clearly helped to the commercial real estate markets there to stabilise, and we assume
that these markets will soon rebound. The market in Dublin has bottomed out already: Its
prime rent rose by almost 5 percent last year, the first upturn seen in more than five years.
Prime rents remained unchanged throughout the year in 6 out of 24 markets studied,
including the markets in Amsterdam and Berlin.
Prime Rent Index (1999 – Q2 2013)
220
200
180
160
140
120
100
Europe
2012
Q2 2013
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
80
ASEAN (Association
of Southeast Asian
Nations)
1999 = 100
Source: Commerz Real AG, weighted trend of the prime rents in 24 European and 5 Asian office markets.
Status: October 2013
22
Investment Market
Since the start of the year (first two quarters of 2013), approximately 54 billion euros
worth of commercial real estate changed hands in Europe as a whole. This equals an increase of 3 percent year on year. The volume was to a large extent generated by the United Kingdom, Germany, and France, which together accounted for two thirds of the total.
Particularly coveted then as now are core assets, meaning properties in prime locations
with a modern fit-out, let on long-term leases if possible. The transaction volume could
actually be considerably higher if more investors were prepared to commit themselves in
secondary locations, or to compromise slightly in terms of building standard or lease
quality. An increased willingness to accept slightly higher risks would significantly ease
the strain on Europe's transaction markets. There are obvious signs suggesting that the
willingness is growing. Rather than representing a one-off phenomenon, the steep increases in Italy (by 107 percent year on year) and Spain (by 83 percent) are a clear sign
that the gridlock situation on the transactions markets is beginning to dissolve. Then
again, the combined transaction volume of 2.3 billion euros in Italy and less than 1 billion
euros in Spain contributed barely 6 percent to the total market volume in Europe. With its
investment market now past the rock-bottom stage, the outlook has noticeably brightened
for Spain. A sound indicator for the market is the capital value, meaning the square-metre
value of office space that may be derived from prime rents and prime yields. The capital
values in Barcelona and Madrid, for instance, undercut their most recent peaks of 2007
by more then 60 percent. While the rates in either city continue to go down, the pace of
the decline has slowed, and it takes no leap of the imagination to foresee their resurgence. The prospects are attracting investors, and this shift will help to finally unfreeze
the markets. The example of Dublin goes to show that the optimism is quite justified. The
recovery in the Irish capital already started last year. Since then, capital values have
gained by 12 percent. It is hardly surprising therefore that plenty of opportunistic capital
was invested on this small market, and that the transaction volume in Dublin increased
by 80 percent year on year.
London remains the most global of European cities, playing in the same league as New
York and Tokyo. Especially for overseas investors, London is on top of the shopping list.
Transactions in London totalled approximately 11 billion euros, with demand for office
and retail property being particularly high. The keen interest displayed by foreign investors has prompted domestic investors increasingly to look for alternatives elsewhere in
the kingdom, hoping for more affordable options to enter the market. As a result, the
share of transactions conducted outside London increased by 5 percentage points year on
year. With this trend in mind, we assume that the gap between office prime rents in London and other British cities will narrow to some extent. At the moment, the difference is
200 points – with 130 points seeming appropriate, historically speaking.
Paris, Europe's largest real estate market, presents a picture not quite as rosy. Here, the
prime rent already peaked, and has been eroding again over the past year. This and the
economic situation create unfavourable conditions for the investment market in the
French capital. Accordingly, the transaction volume of the first half of 2013 dropped by
almost 40 percent year on year. However, the trend has not had any major ramifications
for the price level in the office segment.
23
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Market activity in Germany, Europe's third major real estate market, is lively by contrast.
Our figures suggest that the transaction volume during the first semester of 2013 increased by well over a quarter year on year. While the share of retail assets remained
virtually unchanged during this time, office properties (+24 percent) and logistics properties (+68 percent) made hefty gains. The massive interest in German real estate is primarily attributable to domestic investors, whereas the share of foreign investors is barely
10 percent, or so the consultancy firm of Jones Lang LaSalle estimates.
On the Asian markets, steps taken by the local governments and low supply continue to
hamper market activities. With a view to the low interest level and the high cash reserve
of investors in Singapore, we assume that the competition for good and prime properties
in the city state will remain fierce. Investors in Hong Kong seem to have responded to the
government measures for calming the market for residential real estate (rise in ancillary acquisition costs) by shifting their focus to other sectors: While the condominium
market caved in during the fourth quarter of 2012, dropping by 45% year on year, the
transaction volume for retail and logistics real estate doubled. Turnover in Japan was
slower in 2012 than it was the year before. The weakness of the market is to a large extent
explained by the owners' unwillingness to sell as long as the low level of interest rates
leaves few investment alternatives.
24
Office Markets 1
Amsterdam
2013 – 2014 trend:
Rent 2 Prices
Vacancy
The office market in Amsterdam has clearly stabilised over the past two years. But we have
yet to see a fundamental recovery including a substantial reduction of vacancies across the
entire market territory, and there is no reason to expect such a recovery in the near future.
The overall vacancy in Amsterdam dropped slightly in the course of the year and was just
below 18 percent by the end of June 2013. The modest dip is primarily explained by a slight
year-on-year increase in demand in 2012. However, the take-up during the first semester of
2013 proved again so weak that we feel the year as a whole might see a sub-average take-up.
During the second quarter of 2013, the turnover dropped to the lowest level we have seen in
a decade. The main reason to explain the drastic plunge in sales is the persistent weakness
of the Dutch economy. Projections regarding demand for office space have been radically
revised downward. Analogously, tenant requirements concerning the size and fit-out of office accommodation has been changed in line with new labour concepts. There is a manifest
trend toward flexible units that are easy to rearrange but at the same time require less floor
area per workplace. In response to the situation, more and more outdated office schemes are
taken off the market and converted into residential units, and this has had a positive impact
on the vacancy rate.
Another reason for the drop in vacancy rate is the slow building activity, we believe. Speculative construction had all but ceased in 2012. Similar to last year, roughly two thirds of the
comparatively few new schemes coming on-stream in 2013 are already pre-let. As forecasts
predict a stabilisation of the economy in the coming years, we assume that the office take-up
will start gathering speed by the end of next year. Against the background of rising demand
paired with very little construction activity, vacancies in the Amsterdam metro area are
bound to decline in the medium term.
¹ Please note: All of the subsequent
statements refer to real estate
markets in their entirety (top-down
approach). The approach does not
permit inferences for individual
properties.
2
The rental trend assessments for
all cities refer to prime rents only.
Prime rents in Amsterdam have not budged in two years now. Yet the impression of stability
is deceptive, because the collateral agreements (meaning incentives) are not reflected in the
prime rents quoted. Incentives, however, have gone up in recent years, causing the owners'
real rental income to contract. For a good long while yet, tenants will probably be in a better
bargaining position because the supply in available office accommodation will remain ample. This obviously affects owners in the city's particularly difficult office locations more
than others. Yet we do see the light at the end of the tunnel for the “South Axis” sub-market.
Assuming a sound supply situation – the vacancy rate being less than 8 percent – the robust
demand for floor space in this sub-market is likely to drive up prime rents in the medium
term while rolling back the costs for collateral agreements.
25
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Berlin
Berlin's economy is performing rather well: Companies feel encouraged to try new business ideas, while already established businesses are hiring. As a result, unemployment in
the city receded faster than in Germany as a whole. The favourable environment is reflected on the city's office real estate market. During the first semester of 2013, for instance,
the take-up again exceeded the ten-year average. Central locations in the inner cities of
East and West Berlin as well as in the top location of Potsdamer Platz / Leipziger Platz remain the most sought sub-markets in Berlin. The latter location also reported the only
major lease signing, involving Deutsche Rentenversicherung Bund, a Federal pension
scheme. Superior locations are gradually running out of available large-scale units, so
that demand significantly outpaces supply. We assume that some large-volume contract
negotiations that started during the first semester will be brought to their conclusion before the end of the year, so that the take-up will approximate the high level of the previous
year. The robust take-up has helped to bring down the vacancy level. By the end of Q2
2013, the vacancy rate was down to 8.3 percent, a level not seen since the mid-1990s. Another factor that has helped to eliminate vacancies, though on a smaller scale, is the conversion of obsolete office space into apartments or hotels. The current environment does
not suggest that the vacancy rate is about to rise in the near future. One thing that makes
an increase in vacancy unlikely is the fact that the number of speculative building projects
is conspicuously low, accounting for barely a quarter of the planned development space.
2013 – 2014 trend:
Rent 2 Prices
Vacancy
Since fall 2010, prime rents in downtown Berlin have been going up, and achieved their
latest peak in June 2013 with a year-on-year increase by 10 percent. Aside from the prime
rent, which represents about 5 percent of the market, the rent average also rose in nearly
every sub-market in the German capital. We expect the limited floor space supply and the
robust demand to keep driving up rent rates in the city.
Brussels
Seeking to eliminate cost drivers, Belgian companies have increasingly questioned the
propriety of their rent contract. These reviews focus not so much on the contractually
agreed rent, but on service charges. These are relatively easy to lower by moving into a
newer, more modern building. Whenever doing so is not an option, many tenants try to
renegotiate their leases with the landlords. The take-up during the first six months of 2013
more or less matched that of H1 2012. The turnover was primarily driven by the public
sector, which has traditionally played a key role on Brussels' office market Also, AXA
Belgium rented a floor area of more than 40,000 square metres in the Leopold district,
which registered the highest number of lettings in H1 2013. What all demand groups have
in common, though, is that they seek to hire efficient and modern floor accommodation.
Vacancy rates have slightly declined across the city. Downtown locations benefit from the
focus on Grade A buildings, and the vacancy rate here is below 6 percent. But peripheral
markets, too, report declining vacancies, even if the rate is substantially higher here, in
some cases exceeding 20 percent. We expect the gap between downtown and peripheral
locations to keep widening in the medium term. Owners of buildings marked by high vacancy and situated on the periphery should consider alternatives such as a redevelopment
2013 – 2014 trend:
Rent 2 Prices
Vacancy
26
or a conversion of office space into apartments. In 2012, the number of completions hit a
ten-year low. Since then, however, the construction pipeline has slowly filled again. For the
time being, project developers hesitate to invest, making it reasonable to assume that the
vacancy rate will continue to decline in the coming years.
The prime rent paid on the Leopold sub-market has not changed since mid-2011. It shows
no upside potential because of the dim economic prospects and the slow job growth.
Düsseldorf
2013 – 2014 trend:
Rent 2 Prices
Vacancy
With an 8-percent increase in take-up and a 9-percent rise in prime rents, Düsseldorf's
office rental market achieved the finest result among the Germany's major cities during
the first semester of 2013. For the first time since 2001, the prime rent hit the mark of 300
euros / sqm by the end of the second quarter. The increase this year was explained by the
most recent lease signings at the two projects “Dreischeibenhaus” and “KöBogen.” Both
are located very close together on the edge of Düsseldorf's high-street boulevard “Kö.” At
the Dreischeibenhaus office high-rise, once the headquarters of ThyssenKrupp AG, more
than half of the office space of 30,000 sqm has by now been let. Given its location and
unique architecture, the building counts among the most coveted addresses in the RhineRuhr region.
We feel that these two prominent office buildings and the tenants occupying them take
exception to the market situation, and are not representative for the market as a whole.
This is suggested, for one thing, by the fact that the prime rent, which maps roughly the
top 5 percent of the market, has increased by nearly 14 percent in downtown Düsseldorf
since 2007, whereas the average rent dropped by 3 percent. We assume that the gap between prime and average rent will not close before the end of 2014. That it will close eventually, though, is suggested by the steadily dwindling supply in premium locations, forcing prospective tenants to settle for secondary locations instead.
The one-year increase in take-up by 8 percent during the first semester is driven mainly by
the letting of units of less than 1,000 square metres, which account for 90 percent of the
take-up when you go by the number of transactions. The first six months of the year saw
only four lease signings for units of more than 5,000 square metres. The single biggest
lease was signed by airport operator Flughafen Düsseldorf Gesellschaft, which rented
around 14,000 square metres in a new building at the Airport City complex.
The vacancy rate went up slightly, which is explained by the fact that companies have vacated vintage offices in favour of recently completed ones. The building industry can hardly be blamed for the surge in vacancies because most of the new completions were let on
forward commitments. The volume of speculative project developments that came onto
the market in recent months was very low at less than 3,000 square metre. We take this to
mean that the developers are regaining their faith in the future of the market. However,
the completions now planned will fall short of the long-term average for some time to
come. Since two thirds of the planned floor areas are pre-let, the vacancy rate will perk up
but slightly in the coming months. At the moment, the vacancy rate is close to 11 percent.
27
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Frankfurt
Sentiment on Frankfurt's office real estate market was clearly upbeat at the end of H1
2013. Local service providers have boosted demand on the office rental market. Also, the
bright economic outlook has restored the confidence of many companies, and motivated
them to expand.
By the end of 2012, the take-up had climbed to its highest level since 2007, and exceeded
the ten-year average by around 10 percent. There was every reason to assume that this
year would have a hard time matching the previous year's turnover. Yet while it had been
expected that the take-up would take a nosedive during Q1 2013, the actual rate of decline
was unexpectedly steep. One likely reason to explain it is the low number of large-scale
rentals. Indeed, there were no signings at all for units larger than 10,000 square metres in
the greater Frankfurt area during the first three months of the year. The slow start into the
new year appears to have been little more than a breather, because the take-up rebounded
sharply during the second quarter. We assume that the net absorption will continue to
accelerate during the second semester, making a year-end total of nearly half a million
square metres in office lettings entirely possible.
The vacancy rate in downtown Frankfurt stood at 13.4 percent at the end of the second
semester. This was the lowest level Frankfurt had seen since 2003. What helped to bring
down the vacancies, aside from some successful revitalisations, was the rededication of
vintage office buildings into residential ones. The fact that the vacancy rate remains in the
double-digit range is mainly explained by the fact that half of the vacant schemes are either obsolete in terms of fit-out or else are located in peripheral locations for which demand is slow. The intensifying competition for modern accommodation in Frankfurt's
central locations has caused the prime rent to start ascending again after four years of
stability: Estate agencies registered a 3-percent increase during Q1 2013, whereas it remained stable during Q2. It is not least because sluggish construction activity coincides
with robust demand that we consider a continued ascent of prime rents possible as the
year progresses. Also, most of the office schemes under construction have already been
pre-let – just one quarter of the floor area to be completed by the end of 2013 will be available to the market. This will put the rent level under upward pressure.
2013 – 2014 trend:
Rent 2 Prices
Vacancy
28
Helsinki
2013 – 2014 trend:
Rent 2 Prices
Vacancy
A slow economic development and a double dip during the past four years have left their
marks on the office market of the Finnish capital. Demand for office space has dropped
noticeably, and the disparities between the various sub-markets are deepening. Due to
slow demand and the completion of new, pre-let office buildings while vintage buildings
are vacated, the vacancy rate has been subject to a modest increase in the course of the
year to date, hitting the 11-percent mark by the end of H1 2013. Yet the vacant floor areas
are not spread evenly across the city. While many units in suburban, mostly obsolete
buildings are unoccupied, there are few empty units in the Central Business District
(CBD). The vacancy rate in this latter sub-market is said to be less than 4 percent. As in
many other European cities, companies here favour centrally located, modern and efficient accommodation. There is a demonstrable trend to prioritise the right fit-out along
with the right choice of location. The wish to meet the demand for modern floor space, and
the scarcity of building land in the CBD has lately prompted the construction of greenfield
schemes, often involving areas rezoned just for this type of development. Some of these
developments, while being of speculative nature, are vindicated by the fact that existing
office stock will remain unable to satisfy demand in the medium term. Considering that
some of the obsolete inventory is razed at the same time, the vacancy rate will linger on
the current level.
Although the prime rent realised in the CBD has remained stable since late 2011, we are
confident that it will perk up eventually. As it is, the prime rent exceeds the high-water
mark of 2007. Experience from the zero years of the new millennium shows that the market will sustain an elevated rent potential. Obviously, this forecast limits itself to the central locations. Sub-markets less coveted and characterised by high vacancies will remain
subject to downward pressure on local rents.
Hamburg
2013 – 2014 trend:
Rent 2 Prices Vacancy
Letting activities on Hamburg's office real estate market were unusually sluggish in 2012,
and there were no large-scale signings to report. Yet the sound outcome of the first quarter of 2013 confirmed our assumption that some of the lease negotiations were postponed
in 2012 in order to be concluded this year. The total take-up during H1 2013 implies a
slight year-on-year increase. In addition to one major lease signing (Philips rented 14,000
square metres in Ohlsdorf), the increase in turnover was generated primarily by small
units of 750 square metres or less. The “City Süd” sub-market, where rent levels are markedly lower than in the inner city despite the relative proximity, accounted for the largest
share of the letting activities. Overall, well over 200,000 square metres of office space
were let during the first semester, two thirds thereof representing Grade A accommodations. We believe that the occupier market in Hamburg will continue to show a positive
performance during the second semester, and that major deals will be signed. By the end
of the year, the take-up should have topped the poor result of the previous year and regained the level of the ten-year average.
The vacancy rate in Hamburg has declined steadily since 2011, and stood at 8.1 percent by
the end of June 2013. It has not undercut 8 percent since 2002. The competition for good
and centrally located units caused a moderate increase in prime rents as expected (+2.1
29
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percent). Office space in waterfront locations – be it on the banks of Elbe or Alster rivers
or the Fleete canals – remains highly attractive. However, alternatives are still in ample
supply on the eastern periphery of the inner city, where affordable and well-situated office
units continue to be available. Also, given the fact that half of the office schemes currently
under construction are not yet let, we see no reason to worry about short supply or inflated
office rents. Due to the lively demand for prime offices at a time when construction activity is slow, we consider it likely that the prime rent will keep moving up. HafenCity continues to grow, and new building projects will be completed there in the coming months.
However, these are to 80 percent earmarked for owner-occupiers, and will thus be unavailable to the market. By contrast, about half of the planned accommodation on the “Aussenalster” sub-market represents will be built on speculation and put on the market. The
construction volume across the entire market territory falls short of the long-term average,
and we do not expect to see a substantial increase in building activity before 2015.
London
The UK economy is visibly recovering from the slump it experienced last year. Economic
fluctuations have always been directly felt in the British capital, so much so that it is safe
to say London defines and controls the development of the country as a whole. Lately, the
upbeat sentiments of recent months has directly impacted the office real estate market.
The take-up during the second quarter of 2013 was the highest seen since late 2010, and
demand keeps growing. Corporates have regained their confidence in the future, and are
moving away from their austerity policy of the past few years. The trends suggested by
rising confidence indicators, such as the Economic Sentiment Indicator, are also reflected
in the activities on London's office market: the first semester of 2013 saw an increase in
lease signings for large floor areas, and demand for such units is expected to keep going
up through the end of the year. Despite several completions, the keen demand will go unmet in central locations this year, putting prime rents under upward pressure.
London's highest rent rate is paid in the central district of West End, and has not changed
between mid-2011 and early 2013. Since then, however, the noticeable upswing in the first
semester of 2013, and the steep increase in demand for office accommodation in London,
has pushed up the prime rent in West End by 4.6 percent. If the latest, auspicious economic forecasts prove correct, especially those for the labour market, London's office market
will start booming for good next year. We assume that rent rates across the board will rise
in the short and medium term, because the limited supply in the inner city will compel
tenant leads to seek alternatives elsewhere, and this in turn is bound to have a favourable
effect on the rent level.
The few new schemes that did come on-stream this year caused the vacancy rate to perk
up lightly, but we have reason to believe that the market will absorb these quickly and
make the vacancy rate resume its down-trend. All things considered, the outlook for the
office market in London must be rated as bright without reservations. It is to be hoped,
though, that the nascent economic recovery will continue and stabilise demand for office
accommodation.
2013 – 2014 trend:
30
Milan
2013 – 2014 trend:
Rent 2 Prices
Vacancy
The economic structure of Milan, the second largest and economically strongest city in
Italy, is defined by finance, media, and retail companies. However, the company suffers
from its waning competitiveness, and the repercussions of its sovereign debt crisis. Having experienced a year-on-year decline by around 45 percent during the first semester of
2013, the office take-up reflects the macro-economic situation. As in many other European
countries, the majority of companies in Italy are seeking to cut costs in order to be better
positioned to meet the economic challenges the country faces. Italian companies are reluctant to expand or relocate in this sort of environment even though it is a tenant's market
at the moment. Prime rents have been crumbling for months, and landlords are increasingly compelled to offer exceptional incentives in order to find solvent tenants for their
vacant floor areas. But tenants closely scrutinise the building quality, too, with two out of
every three lettings involving Grade A schemes. Especially in second-rate buildings or
lower-quality locations, re-letting remains difficult. No large-scale signings were registered at all, and the demand side was dominated by small units.
In line with the difficult economic environment, the vacancy rate has gone up steadily
since 2008. Having passed the marked of 15.4 percent by the end of Q2 2013, it continues
to climb. At the moment, we see no impulse that could push the market in an upward direction, and therefore assume that rents will continue to soften in the course of the year,
in reverse proportion to the vacancy rate.
The trend was actually accelerated by the completion of altogether three planned office
buildings as part of the Porta Nuova development project. This large-scale project involves
the redevelopment of an entire ward close to downtown Milan, and includes a number of
new buildings that will provide flats, stores, cultural venues, among other things. The first
two office buildings put around 62,000 square metres in speculatively developed office
space on the local market. Aside from the extensive construction work going on at Porta
Nuova, which is to be completed next year in time for the Expo 2015, many building projects in Milan were shelved in the wake of the financial and sovereign debt crisis that
sidelined investors and lenders.
Munich
2013 – 2014 trend:
Rent 2 Prices
Vacancy
Among Europe's leading real estate markets, Munich is the one city with the finest investment outlook – as real estate experts polled by PwC and the Urban Land Institute agreed
in 2013. Not just the housing market, but the office real estate market, too, contributed to
this positive assessment. The broad-based economy of the Bavarian state capital and the
above-average employment situation keep attracting both corporates and investors. Of
particular significance for the office real estate market is the growing number of white-collar jobs. Munich is home to six Dax-listed companies from various industries (insurance,
automotive, and technology). The city's demographic growth as such is revealing: Munich
has been and continues to be one of Germany's most attractive cities. Its appeal is also
manifest on the commercial real estate market. Keen demand in combination with rather
slow construction activity has continuously diminished the vacancy rate in the inner city
of Munich since late 2010, bringing it down to 6.6 percent by the end of the first quarter of
2013 – the lowest vacancy level in ten years. And we assume that the vacancy rate will keep
going down.
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The occupier market was dominated by the IT industry which accounted for one quarter of
the take-out. This was facilitated by one of the biggest lease deals signed during the first
semester of 2013: Google will occupy 14,000 square metres at the Kontorhaus building in
the Arnulfpark estate. All things considered, the first semester proved something of a
disappointment with a take-up of 230,000 square metres, a year-on-year decline by well
over ten percent. Striking to note is the low number of large-scale lease signings. Large
corporates appear to have implemented their expansion plans during the past two years,
so that the occupier market is currently dominated by the demand for smaller units. Few
new development projects without forward commitments will come on-stream over the
next two years, and corporates will have an increasingly hard time to find large modern
office space. The reticent building activity is explained, in the eyes of the consultancy firm
Savills, by the difficulty to meet the high equity interest and forward commitment requirements stipulated by lenders. This, however, is an experience made by developers everywhere in Germany today. As the competitive pressure rises in reverse proportion to the
contracting supply, so will prime rents. Munich has traditionally been the runner up behind Frankfurt as the second-priciest office location in Germany, and this is unlikely to
change even in the long run. If you compare current prices in the coveted inner city of
Munich with the market's peak cycles of 2001 and 2002, you will find that there is some
margin yet for upward growth.
Paris
During the first semester, take-up in Paris fell far short of the total registered a year earlier, and there were virtually no lease signings for units of more than 5,000 square metres.
Having plummeted by 19 percent year on year, the take-up also undercut the long-term
average. In the ongoing year to date, poor net-absorption rates were reported from all
districts, with a few exceptions: The Central Business District around Avenue Kleber remains a much-coveted office location – the appeal of this district is more or less crisis-resistant. New schemes coming onto the market are being absorbed relatively quickly, and
the prime rent has remained stable – making the city the second-most expensive location
for office accommodation in Europe. At the same time, landlords have noted that tenant
leads need to watch their overhead more than they used to, making rent increases unlikely even in the finest locations. On the contrary, the last two quarters saw a slight softening
of rents. Still, we assume that the rental decline will remain moderate in prime locations,
and stabilise as early as last year. Things look different in peripheral location, where you
have vacancies even now, while slow demand puts rent rates under downward pressure.
This is true in particular for outdated buildings with high service charges, which are less
than attractive for prospective tenants.
The reason for the slow demand on Europe's biggest office real estate market is the current
weakness of the French economy. In the Île de France metro area alone, 15,000 jobs will
be eliminated in 2013, according to Jones Lang LaSalle. Redundancies will impact all
sectors, including the service sector that is so dominant in Paris. This has a direct impact
on the office rental market: In the wake of the sovereign debt crisis and the financial crisis,
many companies see themselves forced to implement austerity measures. The persistent
weakness of the French economy has made the strain permanent, prompting companies
to consolidate their floor area. Especially in Paris, where office rents are higher than in
most places in Europe, reducing your office footprint will make a difference. Rising vacan-
2013 – 2014 trend:
32
cy rates are the plausible result. In addition to the currently slow demand, the vacancy rate
in the office hub of La Defense is driven up by a relatively large number of new completions. These schemes are not absorbed by the market in the current economic environment, and vacancy rates between 5 and 10 percent even in the newest buildings are anything but rare. We see no signs suggesting things might improve any time soon. With an
economic growth of 0.2 percent predicted for this year and 0.8 percent next year, a fundamental recovery is not to be expected. It will take some reforms yet before the competitiveness of the French economy improves and thereby jump-starts the office rental market
again.
Prague
2013 – 2014 trend:
The office real estate market of the Czech capital has an office stock of 2.9 million square
metres, a size comparable to that of the German city of Dresden just across the border.
Most of the office stock in Prague is 20 years old or less, the same being true for many
other CEE real estate markets. According to an estimate by the consultancy firm of CBRE ,
around 70 percent of the stock belong in the Grade A category, i.e. units with modern fitouts and in good locations. Only around 100,000 square metres were added last year,
while barely 10,000 square metres were added during the first quarter of 2013. The majority of venues put on the market is pre-let, and as tenants relocated to their new offices,
they vacated older ones. This has had a negative impact on the vacancy rate, which has
risen slowly but steadily since mid-2012. Across the market territory, the vacancy rate
varies considerably from one location to the next. It is low at barely six percent in the city's
largest office location, Prague 4, south of the city centre. In the district of Prague 9 northeast of downtown, the vacancy rate is five times as high (30.3 percent). Since tenants are
looking specifically for efficient and modern accommodation, owners of less valuable units
are left high and dry. The building activity remains high, with around 90,000 square metres to be completed this year, and almost 290,000 square metres currently under construction that will come on the market over the next few years. The increase in prime floor
space, which is being created primarily in the inner city and in the Prague 4 district, will
exacerbate the vacancies in peripheral older buildings.
During the first six months of the year, the office take-up gathered considerable momentum, and slightly increased year over year. Demand is generated by the public sector as
well as by IT companies, and is concentrated in the inner city and in the afore-mentioned
office hub of the Prague 4 district.
Meanwhile, prime rents have not changed since the fall of 2009. No other major real estate
market in Europe shows a comparable level of stability. Minor variations are reported
across the market territory, and even the average rent has slightly softened in the course
of the year. But owners show no sign of willingness to accept lower rents for Grade A office
space. Instead, they are increasingly willing to meet tenants half way by granting rent
holidays or helping with the fit-out costs. In the medium term, we see very little reason to
hope for a noticeable change in prime rent.
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Singapore
Demand for office accommodation, while having been stable in recent months, was defined by floor space consolidation and lease renewals on a relatively low level. Small companies accounted for the largest share of the take-up. There were few reports about companies renting larger office units, one example being the 1,000 square metres rented by
Bank of Montreal in the Marina Bay sub-market. Short supply does not qualify as an explanation because plenty of floor space is available on all three sub-markets (Raffles Place,
Shenton Way, and Marina Bay). The supply is particularly ample in Marina Bay where the
completion of the Asia Square Tower has put more than 70,000 square metres on the market and driven up the vacancy rate in the quarter from 6 percent to nearly 12 percent. By
contrast, the vacancy rate on the other two sub-markets declined slightly to just below 6
percent in either district, not quite low enough to suggest a floor space shortage.
2013 – 2014 trend:
The effective rent on the most expensive sub-market, Marina Bay, rose by 2 percent during
the third quarter, which was the first rent hike since 2011. Rent rates have also gone up in
other sub-markets, putting the recovery on a broader basis. This implies that the recovery
that started in early 2013 continues. The uptrend should be seen in context with the smallscale structure of the demand in recent months, because it is easier to negotiate higher
rents for small spaces than it is for larger ones. Against the background of the moderate
economic growth to be expected, we assume that rents will keep pushing up in the months
to come. It is unlikely, however, that we will see any serious rent growth.
Stockholm
The Swedish economy has returned to a growth trajectory, even if the growth rate is not
expected to exceed 1.5 percent, a comparatively slow pace. But sentiment indicators have
gone up across the board, and as early as next year, Sweden is likely to return to its
pre-crisis growth (2014: 2.6 percent).
Experience tells us that it will take a while for a shift in sentiment in the economy or a
modest upswing to be reflected on the office markets. For the time being, you can still feel
the after-effects of the sluggish economy of recent years in Stockholm, but there as signs
suggesting that the office real estate market will rebound as early as H2 2013. Demand for
office accommodation has gone up noticeably during the first six months of the year. Most
requests for space to let continue to focus on prime downtown buildings. You will already
note signs pointing toward an imminent floor space shortage here because few new
schemes came onto the market over the past two years, and virtually no large-sized interconnected units are available anymore. Meanwhile, the vacancy rate in the CBD has
dropped below the 4 percent, and will generally continue to go down. Although the vacancy in secondary locations averages 10 percent, it is expected to start going down. The
elimination of vacancies is driven above all by the rededication of obsolete, no longer
marketable schemes into residential buildings. In 2012 and 2013, around 100,000 square
metres each were taken off the market this way. The positive demographics in Sweden,
which are most pronounced in the nation's capital, have boosted demand for housing. In
addition to a stable birth rate, the Swedish population is growing due to incoming migration. Converting large office spaces into residential estates thus presents a great opportunity to put void floor space to good use.
2013 – 2014 trend:
34
Despite the reduction of the excess supply in office accommodation, the supply keep growing due to recent revitalisations and completions. Then again, demand is currently brisk
enough to absorb the new schemes, and indeed to put rents under upward pressure due to
the many requests for space. In Stockholm's CBD, which commands the highest rent rates,
we expect rents to start perking up slightly as early as 2014. It might be a while yet, however, before the rental growth trickles down to the outskirts. For the time being, the gap
between prime rent and average rent will continue to widen.
Assuming the nascent economic recovery remains on course – and we assume it will –
Stockholm's office market will gather additional momentum. In the medium term, we expect the rental growth to translate into broad-based rent hikes.
Tokyo
2013 – 2014 trend:
Rent 2 The office real estate market of Tokyo keeps booming: While rent rates are rising, vacancy
rates are dropping, demonstrating that the country's economic upswing has reached the
real estate market, too.
Prices
Vacancy
Tokyo's office real estate market includes all 23 wards, and is the largest in the world with
an estimated total of 65 million square metres. The five wards that represent the centre of
the city's office real estate market account for about 10 percent of the total. Here in the
CBD, the effective rent – meaning the base rent minus the incentives granted – rose by half
a percentage point in the course of the quarter, thus exceeding the rent registered in fall
2012 by 3 percent. This means that the upswing manifest in the 5 Kus area since mid-2012
has continued. The boom is driven by the upbeat sentiment in the Japanese economy,
which is growing at a relatively brisk pace after years of stagnation.
IT companies accounted for the biggest share of the take-up. Cases in point include Apple,
Oracle, among others, and the relocation of Softbank Technology. The latter created a
large number of jobs in recent months, and will therefore moving into larger quarters on
Sinjuku East Side Square in early 2014. Overall demand for floor space has been strong
enough to push the vacancy rate slightly down to 4.3 percent during the third quarter.
While this is still slightly higher than it was a year ago (3.5 percent), we assume that it will
drop below the mark of 4 percent in the medium term. For corporates, it will therefore
remain as hard as ever to find vacant accommodation in the central market territory of
Tokyo. Against the background of the sound parameters and the persistent shortage in
floor area, we assume that rent rates will keep soaring.
High-quality buildings are attractive not just for tenants but for investors, too, and prices
in the five wards have kept pushing up as the year progressed. That said, supply remains
limited despite the enormous size of the Tokyo agglomeration, and it is precisely the short
supply that makes continued property price hikes seem likely.
35
Real Estate Markets
and Activities
Facts and Figures
Miscellaneous
Warsaw
Notwithstanding the slowing growth of the Polish economy, the office market in Warsaw
managed to exceed its great take-up of a year ago during the first semester of 2013. Chances are that Warsaw's office rental market will end the year 2013 with a record take-up. The
turnover is driven to a large extent by tenants seeking to cut costs by relocating. The brisk
building activity has kindled the competitive spirit among developers, and tenants benefit
from the fact during contract negotiations. Moving to new buildings with more advanced
technical standards but more or less identical rent rates helps companies to reduce their
overhead. The general trend points toward flexible and / or tailored office venues that can
be customised to suit the specific requirements of a given tenant. Such assets tend to be
located in large business parks or peripheral locations more than in the city centre. Unlike
in other European cities discussed here, tenants in Warsaw are less focused on the inner
city. And while construction is slow in many European cities, the construction volume in
Warsaw is conversely heading for another all-time high in 2013. Warsaw's office market
now has more than 4 million square metres of office space. The brisk building activity also
explains why the vacancy rate has failed to go down in spite of the fast net absorption.
About half of the new developments are likely to be certified as green buildings. While the
extra supply in modern floor space will make Warsaw more attractive as corporate location, we expect the vacancy rate to keep going up because several major companies will
relocate to new buildings, vacating vintage properties that are unlikely to attract new
tenants any time soon. At some point in the future, Warsaw will have to address the issue
of base vacancy, meaning the vacancy in properties no longer marketable, this being an
issue that West European cities have faced since the turn of the millennium. We assume
that the vacancy rate will keep rising in 2014 and not begin to drop until 2015.
2013 – 2014 trend:
The prime rent remained unchanged in 2012, but slipped during the first semester of
2013, dropping 4 percent year on year. We interpret the fact as the onset of a slight market
adjustment, because the growing supply, especially of modern floor space, will keep putting down-pressure on prime rents next year.
Vienna
Vienna counts among the most attractive cities in Europe, and ranges at the top of the list
in terms of quality of living and economic power. In a lot of ways, the metropolis still
serves as gateway to eastern Europe, and thus keeps gaining in significance as corporate
location in tandem with the growing economic power of eastern European countries. Austria's economic performance, highlighted by the lowest unemployment rate in Europe, is
another aspect favouring the Austrian capital and positively impacting its office real estate
market.
The vacancy rate barely rose in recent years, and appears to have stabilised on a sound
level of around 6.5 percent during the first semester of 2013. The stabilisation of the vacancies was facilitated by the conversion of several vintage office buildings into hotels or
residential buildings over the past few years. What is more, the construction volume is
currently on a low level. This year, around 140,000 square metres of office space will come
onto the Viennese market, whereas the total expected for 2014 is a historically low figure
of less than 100,000 square metres. To a large extent, these units are already prelet, and
demand for new office accommodation is rising. This makes is reasonable to anticipate a
decline in vacancy over the coming months. By 2016, the situation is likely to shift again
2013 – 2014 trend:
Rent 2 Prices
Vacancy
36
because several major development projects now in planning will be completed. Despite
the robust demand, take-up during the first semester of 2013 fell short of the estate agencies' expectations, and remained far below the previous year's level. The sluggish turnover during the first semester was explained with the National Council elections in September 2013. Many prospects, especially those in the public sectors, postponed their search
for new quarters until after the election, which in turn makes it likely that we will see a
rise in take-up as early as the first quarter of 2014.
The dwindling supply in Grade A floor space has caused the prime rent to start going up
while remaining on a moderate level compared to other European capital. Energy and
space efficiency issues play a key role in Vienna – and properties are practically no longer
marketable if they lack a green building certification pursuant to an international standard
unless landlords are willing to compromise their lease terms. We do not expect to see any
rental growth in the prime segment before the end of this year.
37
Portfolio Structure
Facts and Figures
Miscellaneous
Portfolio Structure
Stability through Balanced Real Estate Diversification
The 112 properties held by the hausInvest Fund, adding up to 11.11 billion euros in real
assets, were spread across 63 different cities in 17 countries by the balance sheet date.
The portfolio properties are to 92.8 percent located in Europe. After all, the main
investment focus of the Fund is on stable markets in Europe and economically thriving
regions in Asia. Specifically, Asian properties account for 7.2 percent of the portfolio
assets. 27 properties were held indirectly through real estate companies by the balance
sheet date. The wide geographic spread allows hausInvest to exploit the differences in
business cycles across markets. It makes the fund even less dependent on the development of any single market.
Geographic spread of the Fund real estate1
Property
market
value 2 in k €
Number
of properties
Total floor
space 2 in sqm
France
22.5 %
2,503,438
20
427,560
United Kingdom
19.4 %
2,153,887
10
351,744
Germany
17.7 %
1,966,912
30
526,861
Netherlands
9.1 %
1,013,700
15
333,934
Italy
6.9 %
767,500
9
205,939
Singapore
5.0 %
557,232
2
55,917
Sweden
3.1 %
341,588
3
98,763
Japan
2.2 %
247,881
3
21,314
Czech Republic
2.1 %
229,200
2
75,773
Luxembourg
1.9 %
215,400
3
33,234
Portugal
1.8 %
199,600
3
53,917
Turkey
1.7 %
182,600
1
62,071
Belgium
1.6 %
177,200
1
47,784
Finland
1.4 %
149,650
2
42,396
Austria
1.3 %
145,860
5
50,025
Spain
1.3 %
144,100
1
47,383
Poland
1.0 %
111,100
2
37,901
11,106,848
112
2,472,517
Total
Status: 30 September 2013
1
asis: market values of real estate
B
directly and indirectly held, including properties under construction
and vacant plots.
2
ro-rata, referring to the percentage
P
interest.
38
Modern Portfolio
The strategic goal pursued by our Fund Management is to maintain a modern highyield real estate
portfolio for an extended period of time and to optimise it continuously. The mean age
of the modern portfolio properties
belonging to hausInvest undercuts the sector average. About 61 percent of the Fund
properties were less than ten years old by the balance sheet date. This has positive
ramifications. For one thing, it keeps maintenance costs comparatively low. Also, it
enhances the chances for future lettings, appreciation and potential disposal. So the
young age structure definitely pays off. The high quality of the properties has helped
us during the past year, as in previous years, to negotiate a number of new leases of the
premature renewals of unexpired ones. In order to keep vintage buildings equally
attractive and up-to-date for our tenants we will revitalise these as needed and thereby
invest them with a forward-looking perspective.
Economic age structure of the Fund real estate1
1
2
B
directly and indirectly held, excluding properties under construction
and vacant plots.
P ro-rata, referring to the percentage
interest.
Property
market value 2 in k €
Number
of properties
Total floor
space 2
in sqm
Up to 5 years
33.4 %
3,708,617
36
853,339
5 – 10 years
27.6 %
3,060,462
31
736,373
10 – 15 years
23.3 %
2,594,756
25
557,522
15 – 20 years
10.0 %
1,106,134
10
179,001
5.7 %
636,879
10
146,282
11,106,848
112
2,472,517
More than 20 years
Total
Size categories for fund properties (market values)1
18.1 % > 100 MM € ≤ 150 MM €
(17 properties)
22.4 % > 200 MM € ≤ 500 MM €
(9 properties)
0,1 % ≤ 10 MM € (3 properties)
1
B
directly and indirectly held, excluding properties under construction
and vacant plots.
21.1 % > 50 MM € ≤ 100 MM €
(32 properties)
2.8 % > 10 MM € ≤ 25 MM €
(17 properties)
7.8 % > 25 MM € ≤ 50 MM €
(21 properties)
17.6 % > 150 MM € ≤ 200 MM €
(12 properties)
10.1 % > 500 MM €
(1 property)
39
Portfolio Structure
Facts and Figures
Miscellaneous
Balanced Real Estate Mix
In addition to the wide regional spread, the Fund Management of hausInvest relies on a
balanced array of main types of uses among the Fund properties. The focus in this context has been on highly profitable office and retail assets. The strategy is complemented
by the addition of Grade A hotel and logistics properties. Tenants of hausInvest properties include around 2,500 companies representing a variety of economic sectors. This
makes the Fund less susceptible to the growth cycles of any one economic sector. As at
30 September 2013, the office segment accounted for 58.3 percent of the rental income.
Retail and gastronomy accounted for a share of 29.8 percent as at the balance sheet date
Main types of use for Fund real estate1
29.8 R
etail / gastronomy
58.3 % office
0.2 % residential
0,8 % industrial (storage/
warehouses)
0.9 % leisure
3.1 % hotel
2.6 % other usage
4.3 % automotive
1
P ro-rata, referring to the percentage
interest.
ONE OF OUR PORTFOLIO PROPERTIES: “Börsenstrasse” in Frankfurt am Main, Germany
41
Acquisitions and
Dipositions
Facts and Figures
Miscellaneous
The economic success of hausInvest is essentially attributable to its balanced real estate
portfolio. One of our transactions during the first financial semester involved the an office
scheme on the southern periphery of Paris. The disposal of the Vélizy property has helped
us in our ongoing effort to optimise the hausInvest inventory. On the bases of the fair market
values of our properties, the French assets now account for just under 22 percent of the
portfolio. With a fair market value of more than 200 million euros, Vélizy counted among
the Fund's heavyweights. The property had been added to the Fund portfolio as a project
development in 2007. Now it was sold at approximately 219 million euros in sales proceeds.
At the moment, investments in shopping centre expansions are prioritised within the
framework of our active portfolio management The combined investment volume of the
three ongoing projects at Westfield in London, Orio-Center in Bergamo, and Forum Bornova
in Izmir totals approximately 120 million euros. Although our activities in recent months
focused primarily on selling, we keep looking into interesting opportunities to buy.
Accordingly, it is safe to assume that we will step up our property-buying activities in the
ongoing year.
Overview of Sales
Dispositions, including transfer of rights and duties: 30 September 2013
France
(€)
Technopôle Vélizy
Asset name
Postal code / city
F-92360 Meudon
Avenue du
Maréchal Juin
Address
in % of the lettable area
O: 100
in sqm
54,244
Total investment costs
in €
257,951,593.45
Fair market value
in €
217,200,000.00
Sales price
in €
218,500,000.00
Sales profit compared to market value before
ancillary sales costs and taxes on capital gains
in €
1,300,000.00
Ancillary sales costs
in €
2,983,250.00
Type of use / main type of use1
Usable floor space
Type of investment
direct
Transfer of rights and duties
19 September 2013
Date deed was signed
19 September 2013
Pages 46+
Property List
1
F or a list of the acronyms, see the
Property List.
42
The successful performance of the shopping centres included in the portfolio of hausInvest has generated keen interest on the part of tenant leads, so much so that demand can
barely be accommodated with existing units. Growing demand has been registered
among both incumbent tenants and among those retailers that are not yet represented in
the location of their choice. Our response to the sustained interest in floor areas in our
shopping centres is to invest in large-scale expansions. At the moment, we are focusing
our investments in the Westfield mall in London and the Orio-Center in Bergamo.
At Westfield London, the existing floor area of the Marks & Spencer's department store
will be topped up by adding another two floors with a gross lettable area of around 8,300
square metres. The lower one of the new floors will be used by Marks & Spencer itself,
whereas the top floor will provide ample space for “Kidzania.” This is a concept that lets
children between the ages of four and 16 adopt the roles of grown-ups and familiarise
themselves with the world of grown-ups through play. Formed in 1996, and domiciled in
Los Angeles and Mexico City, Kidzania Inc. operates branches in eleven cities worldwide
today, generating a total footfall of more than 25 million visitors per year. The branch to
open at Westfield London marks Kidzania's entry onto the northern European market,
having previously been represented only in Lisbon as the company's sole European
footprint. We expect the expansion to be completed by spring 2014.
The total investment costs spent on the expansion of Orio-Center in Bergamo add up to
80 million euros. In the recent past, the growing competitive pressure in the retail sector
in northern Italy was compensated by acquiring renowned tenants. In order to bolster
the prominent market position of the mall, which was completed in 1998 and acquired by
hausInvest in 2000, extra units will be added to make space for new attractive brands.
Specifically, the lettable area will be stocked up from currently 52,000 square metres to
nearly 69,000 square metres. Accordingly, the gross lettable area will be enlarged by
nearly 30 percent. On top of that, the mall's project developer is planning a modern food
court on around 4,000 square metres and a multiplex cinema that will probably feature
eight screens. The expansion area is to be completed during the second half of 2015.
Even ahead of the project start, more than 70 percent of the expansion area will be let.
43
Facts and Figures
Miscellaneous
Overview of Project Developments
Project developments during the 2013 / 2014 financial year
Main type Usable floor space
of use1
in sqm
Completion date PROPERTIES COMPLETED AND ADDED TO THE
PORTFOLIO DURING THE REPORTING PERIOD
Sweden
Stockholm (Danderyd), Enebybergsvägen (Phase II)
u.c. / R
1,868
April 2013
Use1 Usable floor space (Prospective) date
in sqm planned
of completion
PROPERTIES UNDER CONSTRUCTION,
ADDED TO THE PORTFOLIO / EXPANSIONS
United Kingdom
London, Westfield "KIDZANIA expansion"
u.c. / R
8,340
April 2014
Use1 Usable floor space (Prospective) date
in sqm planned
of completion
PROPERTIES UNDER CONSTRUCTION,
PENDING TRANSACTIONS / EXPANSIONS
Italy
Bergamo, Orio Center, expansion Phase III
u.c. / R
16,500
Q4 2015
Pages 46+
Property List
44
Letting Management
70.1 %
of the leases have a lifetime of
more than 3 years
Our asset management plays a key role in ensuring a sound rental income situation, and
contributes to the success of hausInvest. The asset management focuses on the negotiation of long-term leases and on establishing a balanced tenancy structure and industry
mix, thereby definitively bolstering the stability of hausInvest. By the balance sheet date
of 30 September 2013, 70.1 percent of all leases had remaining terms of more than three
years, 44.6 percent more than five years, and 11.5 percent more than ten years.
Achieving a high occupancy rate is another aspect of major importance. With a take-up
of 141,085 square metres during the past financial semester, hausInvest achieved an
occupancy rate of 90.1 percent during the past semester (compared to 90.3 percent as at
31 March 2013).
ONE OF OUR PORTFOLIO PROPERTIES:
“Rives de Bercy” in Paris, France
45
Letting Management
Facts and Figures
Miscellaneous
Sound Tenant Structure
hausInvest favours long-term lease agreements. and was able to report a relatively even
spread of remaining lease terms as at 30 September 2013. By the balance sheet date,
70.1 percent of the lease agreements had remaining lifetimes of more than three years
while 44.6 percent of the leases had more than five years to go. 11.5 percent of the lease
agreements will expire in 2023 or later. As the property types represent a wide variety of
use types, the tenants hail from diverse industries. This diversification by industry
contributes to the favourable positioning of hausInvest, making it less dependant on the
situation of any single industrial sector.
Remaining Lease Terms
2013
2.1 %
2014
13.4 %
2015
14.4 %
2016
13.6 %
2017
11.9 %
2018
12.3 %
2019
6.6 %
2020
5.6 %
2021
4.7 %
2022
3.9 %
2023 +
11.5 %
unlimited
0.0 %
Remaining Lease Terms
exceed
3 years
70.1 %
5 years
44.6 %
10 years
11.5 %
Spread of tenant industry affiliation by net rent1
28.1 %Others
17.4 % Banks and financial
service providers
6.7 % C orporate, legal, and
tax consultancy
4.2 %Utilities and telecommu
nication carriers
28.0 %Consumer goods
industry and retail
9.3 %Technology and software
companies
6.3 %Hotel and gastronomy
P ro-rata, referring to the
percentage interest.
Based on rental income.
1
Property List
Overview Germany
2
Hamburg
6
1
Langenhagen
Berlin
1
Düsseldorf
1
10
Sulzbach
1
Frankfurt a. M.
Kelsterbach
1
Offenbach
1
1
Schweinfurt
Neu-Isenburg
1
1 Regensburg
1 Straubing
Stuttgart
2
Munich
48
Property List
Germany (€)
No.
Asset name
Postal code / city
Address
Internet address
1
2
Dorotheen–Ensemble
Classicon
10117 Berlin
10117 Berlin
Dorotheenstrasse 33
Charlottenstrasse 42
Leipziger Platz 9
dorotheenensemble.de
classicon-berlin.de
O: 79
O: 66
DATA REFERRING TO THE PROPERT Y AS A WHOLE
PROPERT Y DATA
Type of use / main type of use*
Type of property
Plot size
Date of acquisition / holding period
in sqm
989
2,665
part of the portfolio since / in years
06 / 2002 / 11.3
01 / 2002 / 11.8
2002
2003
Year built / remodelled
Gross lettable area
in sqm
4,927
11,7851
Commercial / residential floor space
in sqm
4,927 / 0
9,4131 / 2,372
1
TENANCY INFORMATION
Main tenant
Vacancy rate (rent loss rate)
Leases to expire in the 2014 / 2015 FY
Zeitverlag Gerd Bucerius alt + kelber Immobiliengruppe
in %
2.6
65.4
44.9
in %
27.6
in years
3.1
1.6
Rental income during the 2013 / 2014 FY
in 000
1,054
588
Rent revenue forecast for 2014 / 2015 FY
in 000
1,133
2,245 9
2,530
Remaining lease terms
VALUATION-BASED DATA
Appraised rent rating / gross income
Remaining useful life
Fair market value (FMV)
in 000
1,097
in years
59
60
in 000
19,390
42,230
direct / 100.00 %
direct / 100.00 %
19,390
42,230
DATA REFERRING TO THE PRO-RATA PERCENTAGE INTEREST
INVESTMENT DATA
Investment type / percentage interest
Carrying amount in statement of assets and liabilities
in 000
Purchase price (PP) as at 16 August 2008
in 000
Incidental acquisition costs (IAC) as at 16 August 2008
thereof fees and taxes
in 000 / in % of the PP
in 000
other incidental acquisition costs
in 000
AE depreciated during the 2013 / 2014 FY
in 000
IAC yet to be depreciated
in 000
prospectively remaining
depreciation period
Gearing ratio
in years
in 000
In % of FMV
49
Property List
Facts and Figures
Miscellaneous
3
4
5
6
Kö 92 a
Trevista
Börsenstrasse 2–4
Junghof Plaza
40212 Düsseldorf
65760 Eschborn
Königsallee 92a
O: 75
60313 Frankfurt am Main
Börsenstr. 2 – 4, Börsenplatz
Helfmann-Park 8 – 10
13 – 15, Rathenauplatz 14
Junghofstrasse 14
boersenstrasse-frankfurt.de
junghofplaza.de
O: 57; R: 30
O: 100
O: 100
1,671
9,682
2,182
2,610
12 / 1993 / 19.8
10 / 2006 / 7.0
01 / 1995 / 18.8
07 / 2002 / 11.3
1998
2006
1995
2003
7,069
18,252 7,069 / 0
18,2521 / 0
13,3291 / 0
14,439 / 0
Regus
Randstad Deutschland
ZARA Deutschland
J. P. Morgan AG
9.6
1.3
7.4
19.8
4.4
0.4
0.1
0.0
4.1
2.5
5.8
1.2
1,789
3,130
5,837
n/a
1,929
3,246
6,364 9
n/a
1,958
3,025
6,480
5,853
39
63
52
60
34,480
47,370
123,200
104,400
direct / 100.00 %
direct / 100.00 %
direct / 100.00 %
direct / 100.00 %
34,480
47,370
123,200
104,400
1
13,329
1
14,439
Page 104+
Notes on the
Property List
Page 106+
For more details on the holding
companies, please see the List of
Equity Investments
Elaborations regarding the footnotes on page 103
50
Property List
Germany (€)
No.
Asset name
Postal code / city
Address
Internet address
7
8
Junghof Plaza
Eurotheum
Junghofstrasse 16
Neue Mainzer
Strasse 60 – 66
junghofplaza.de
PROPERT Y DATA
O: 100
O: 73
Type of property
Plot size
in sqm
3,853
1,890
07 / 2002 / 11.3
07 / 1996 / 17.3
2003
2000
Gross lettable area
in sqm
17,618
21,163
in sqm
17,618 / 0
21,163 / 0
TENANCY INFORMATION
Main tenant
CREDIT SUISSE
European Central Bank
in %
12.5
0.0
0.0
in %
0.1
in years
2.4
1.7
in 000
n/a
n/a
in 000
n/a
n/a
7,609
in 000
6,933
in years
60
57
in 000
123,400
135,400
direct / 100.00 %
direct / 100.00 %
123,400
135,400
INVESTMENT DATA
in 000
in 000
in 000
in 000
in 000
in 000
depreciation period
Gearing ratio
in years
in 000
In % of FMV
51
Property List
Facts and Figures
Miscellaneous
9
10
11
12
Schillerhaus
Japan Center
Goldenes Haus
Gerhof
20354 Hamburg
Schillerstrasse 18-20
Taunusstrasse 2
Theodor-Heuss-Allee 80
Gerhofstrasse 1-3
schillerhaus.com
japan-center.com
goldenes-haus.de
gerhof-hamburg.de
O: 68
O: 100
O: 100
O: 50; R: 41
2,519
2,105
15,114
1,774
12 / 2003 / 9.8
06 / 2002 / 11.3
12 / 1987 / 25.8
10 / 2003 / 10.0
2004
1996
2001
2003
12,616
26,003
33,235
9,640
11,449 / 1,167
26,003 / 0
33,235 / 0
9,033 / 607
West Park Management Serv. Mc Kinsey & Company Inc.
Commerzbank AG
ESPRIT Retail
2.3
44.6
31.7
1.9
3.6
23.2
1.3
2.8
4.2
1.6
2.7
4.3
2,845
6,521
n/a
5,245
3,842 9, 12
10,545 9
n/a
5,423
4,147
9,768
6,242
5,310
61
53
47
50
77,300
163,600
93,500
90,800
direct / 100.00 %
direct / 100.00 %
direct / 100.00 %
direct / 100.00 %
77,300
163,600
93,500
90,800
Page 104+
Notes on the
Property List
Page 106+
For more details on the holding
companies, please see the List of
Equity Investments
52
Property List
Germany (€)
No.
13
Asset name
Cambium
Postal code / city
20097 Hamburg
Address
Nagelsweg 33, 35
Internet address
cambium-hamburg.de
PROPERT Y DATA
O: 100
Type of property
Plot size
in sqm
5,384
01 / 1988 / 25.8
2005
Gross lettable area
in sqm
13,531 Commercial / residential floor space
in sqm
13,531 / 0
TENANCY INFORMATION
Main tenant
Körber AG
in %
7.5
in %
0.0
in years
4.3
in 000
n/a
in 000
n/a
in 000
2,006
in years
52
in 000
30,800
INVESTMENT DATA
direct / 100.00 %
in 000
in 000
in 000
in 000
in 000
in 000
depreciation period
Gearing ratio
in years
in 000
In % of FMV
30,800
53
Property List
Facts and Figures
Miscellaneous
14
15
16
17
Artec-Forum
80335 Munich
Karlstrasse 64 - 68
Seidlstrasse 21 - 23
80335 Munich
Machtlfinger Strasse 5 - 15
63263 Neu-Isenburg
70174 Stuttgart
Martin-Behaim-Strasse 4 - 6
Theodor-Heuss-Strasse 11
Calwer Strasse 26
artecforum.de
O: 100
18
Limespark
65843 Sulzbach
Limespark 2
innovapark.de
O: 88
O: 100
O: 70; R: 30
O: 100
6,903
12,130
8,829
1,345
16,216
06 / 2003 / 10.3
10 / 2008 /5.0
12 / 1993 / 19.8
12 / 1993 / 19.8
07 / 1991 / 22.2
2003
2003
1993
1982
2001
21,918
1
21,725 15,883
21,918 / 0
21,725 1 / 0
E.ON Vertrieb
3.2
1
20,706
15,883 / 0
4,145 1 / 0
4,145
20,706 / 0
Creditreform
ARAMARK GmbH
dm-Vermögensverw. GmbH
Cosnova GmbH
44.6
48.9
9.6
9.2
1.0
17.0
40.3
14.8
15.9
1.8
1.9
1.8
4.6
2.4
n/a
1,849
754
1,177
3,489
n/a
1,748
602
1,246
3,529
4,739
3,248
1,608
1,286
3,611
60
60
50
39
58
83,000
47,600
17,730
20,880
50,550
direct / 100.00 %
direct / 100.00 %
direct / 100.00 %
direct / 100.00 %
direct / 100.00 %
83,300
47,600
17,730
20,880
50,550
46,512
3,045 / 6.5
1,614
1,431
151
1,512
5.0
49,557
Elaborations regarding the footnotes on page
103
54
Property List
Germany (€)
No.
19
Asset name
20
Regensburg-Arcaden
Postal code / city
10627 Berlin
Wilmersdorfer Strasse 117
Pestalozzistrasse 77
Address
Internet address
93053 Regensburg
Friedenstrasse 23
regensburg-arcaden.de
PROPERT Y DATA
R: 54
R: 100
Type of property
Plot size
in sqm
1,277
25,223
12 / 1999 / 13.8
11 / 2002; 08 / 2009 / 10.9
2002
2002
Gross lettable area
in sqm
5,350
37,002 1
in sqm
4,368 / 982
37,002 1 / 0
Osco GmbH
mfi Arcaden
TENANCY INFORMATION
Main tenant
in %
74.4
0.4
in %
100.0
2.3
in years
0.0
6.6
in 000
384
12,197
in 000
1,086 9
12,681 12
12,476
in 000
1,634
in years
59
49
in 000
24,300
188,680
direct / 100.00 %
indirect / 99.99 %
24,300
188,661
INVESTMENT DATA
in 000
in 000
15,582 2
132 / 0.8
in 000
–
in 000
132
in 000
6
in 000
99
depreciation period
Gearing ratio
in years
6.0
in 000
15,714 2
In % of FMV
55
Property List
Facts and Figures
Miscellaneous
21
22
23
24
25
Stadtgalerie Schweinfurt
Theresien Center
Hotel de Rome
Motel One am Spittelmarkt
Villa Kennedy
97421 Schweinfurt
94315 Straubing
10117 Berlin
10117 Berlin
Schrammstrasse 5
Regensburger Str. /
Stadtgraben
Behrenstr. / Hedwigskirchgasse/Französische Straße
Leipziger Strasse 50
Kennedyallee 70 /
Paul-Ehrlich-Strasse 15
stadtgalerie-schweinfurt.de
theresien-center.eu
hotelderome.de
R: 100
R: 75; O: 25
H 100
villakennedyhotel.de
H 100
H 95
29,712
13,176
3,798
2,236
7,417
08 / 2007 / 6.1
06 / 2009 / 4.3
05 / 2007 / 6.4
12 / 2010 / 2.8
05 / 2006; 04 / 2009 / 7.4
2009
2009
2006
2010
2006
30,993 1
21,232
14,385
8,660
15,738
30,993 1 / 0
21,232 / 0
14,385 / 0
8,660 / 0
15,738 / 0
C&A
expert Straubing Feuchtgruber
Rocco Forte & Family
Motel One Germany
Rocco Forte & Family
3.1
16.9
0.0
0.0
0.0
1.7
4.1
0.0
0.0
0.0
5.4
5.6
12.7
21.6
11.9
9,572
2,756
n/a
n/a
n/a
9,942 9
3,026
n/a
n/a
n/a
9,745
3,539
4,889
1,465
3,723
56
56
63
57
63
162,400
52,810
79,500
22,200
78,500
indirect / 75.00 %
indirect / 94.90%
direct / 100.00 %
direct / 100.00 %
direct / 100.00 % 79,500
121,800
50,117
22,200
78,500
126,565
63,480
21,489
1,635 2
2,579 / 2.0
1,402 / 2.2
1,568/7.3
89/5.4
2
–
962
57
2,577
1,402
606
32
129
70
79
0
1,462
797
1,124
0
5.9
5.8
7.2
0.0
129,144
64,882
23,057
1,724 2
56
Property List
Germany (€)
No.
26
Asset name
Cargo City Süd
Postal code / city
Airport
Frankfurt am Main
Address
Internet address
PROPERT Y DATA
L: 65
Type of property
Plot size
in sqm
13,946
12 / 2010 / 2.8
2010
Gross lettable area
in sqm
23,239
in sqm
23,239 / 0
TENANCY INFORMATION
Main tenant
Celebi Cargo GmbH
in %
0.0
in %
0.0
in years
7.1
in 000
n/a
in 000
n/a
in 000
3,089
in years
46
in 000
41,230
INVESTMENT DATA
direct / 100.00 %
in 000
in 000
40,093
2,753/6.9
in 000
1,558
in 000
1,195
in 000
137
in 000
1,964
depreciation period
Gearing ratio
41,230
in years
7.2
in 000
42,846
In % of FMV
57
Property List
Facts and Figures
Miscellaneous
Sum total
27
28
Logicpark Frankfurt Airport
Hermes Hub-Nord
29
30
65451 Kelsterbach
30855 Langenhagen
12277 Berlin
63067 Offenbach
Mönchhofallee 1
Münchnerstrasse 39
Nahmitzer Damm 12
Nordring 144
Goethering 60
L: 78
L: 100
VL: 100
OU: 100
32,573
79,047
167,314
10,374
07 / 2009; 04 / 2010 / 4.3
01 / 2011 / 2.7
11 / 1994 / 18.9
03 / 1979 / 34.6
2008
2010
1987
1973
18,890
58,269 0
5,118
18,890 / 0
58,269 / 0
0/0
5,035 / 83
dress-for-less GmbH
HERMES Logistik
–
Keck Automobile GmbH
0.0
0.0
–
23.1
0.0
0.0
–
100.0
2.9
11.7
–
0.2
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
1,653
1,617
77
0
45
48
–
–
24,300
23,000
7,650
24
direct / 100.00 %
direct / 100.00 %
direct / 100.00 %
direct / 100.00 %
24,300
23,000
7,650
24
22,483
23,204
1,140/5.1
1,441/6.2
778
797
362
644
direct: 1.606.334
indirect: 360,578
57
72
direct: 496 / indirect: 205
657
1,041
direct: 6.298 / indirect: 2,356
5.8
7.3
23,623
24,645
Property List
Overview France
1
3
Saint-Denis
1
1
Roissy-en-France
Saint-Ouen
Courbevoie
1
Puteaux
1
1 Levallois-Perret
Neuillysur-Seine
1
BoulogneBillancourt
4
Paris
1
1
Charenton-le-Pont
1
Ivry-sur-Seine
Montrouge
17
Metropolitan Paris
1
Orange
1
Toulouse
1
Aix en Provence
60
Property List
France (€)
No.
Asset name
Postal code / city
Address
31
32
Arcs de Seine
Rives de Bercy
92200 Boulogne-Billancourt
94220 Charenton-le-Pont
32-34 Quai du Pont du Jour
Quai de Bercy
O: 100
O: 100
Internet address
PROPERT Y DATA
Type of property
Plot size
in sqm
16,595
16,374
08 / 2000 / 13.1
11 / 2001 / 11.9
2001
2003
Gross lettable area
in sqm
47,222
31,942
in sqm
47,222 / 0
31,942 / 0
TENANCY INFORMATION
Main tenant
GROUPE CANAL +
Crédit Foncier de France
in %
23.2
0.0
0.0
in %
0.0
in years
3.7
8.0
in 000
6,639
n/a
in 000
15,148 9,12
n/a
11,478
in 000
21,123
in years
58
60
in 000
330,600
185,930
indirect / 59.78 %
indirect / 59.78 %
197,618
111,141
42.44
42.33
INVESTMENT DATA
in 000
in 000
in 000
in 000
in 000
in 000
depreciation period
Gearing ratio
in years
in 000
In % of FMV
61
Property List
Facts and Figures
Miscellaneous
33
34
35
36
Europlaza
Le Flavia
Place de Seine
Cap Sud
92400 Courbevoie
94200 Ivry-sur-Seine
92300 Levallois-Perret
92120 Montrouge
92200 Neuilly
127 Avenue Charles de
Gaulle
O: 100
20 Avenue André Prothin
16-23 Quai Marcel Boyer
155-159 Rue Anatole France
162 Av. de la République;
104 Av. Marx Dormoy
O: 100
O: 100
O: 100
O: 100
37
7,696
4,465
7,161
2,550
2,914
06 / 1999 / 14.3
09 / 2009 / 4.0
08 / 2001 / 12.2
06 / 2008 / 5.3
05 / 2003 / 10.4
1999
2008
2000
2008
2005
52,078
16,355
12,432
9,582
52,078 / 0
16,355 / 0
26,9631 / 0
26,963
12,432 / 0
9,582 / 0
CAP GEMINI FRANCE
FNAC SA
SAP FRANCE
SOCIETE TDF
Kaufman & Broad
10.2
0.0
2.9
25.3
0.0
14.2
0.0
0.0
0.6
20.2
2.6
3.2
2.4
2.5
1.7
23,395
n/a
12,306
n/a
n/a
21,935 8,10
n/a
12,937
n/a
n/a
24,499
5,022
12,099
4,256
5,039
56
65
57
65
52
392,500
80,600
199,240
69,000
84,750
indirect / 59.78 %
direct / 100.00 %
direct / 100.00 %
indirect / 100.00 %
direct / 100.00 %
234,619
80,600
199,240
69,000
84,750
1
71,000
817/1.2
0
817
41
481
6.0
71,817
46.11
55.83
80.24
62
Property List
France (€)
No.
38
Asset name
Périsud
Postal code / city
75014 Paris
1-11 Boulevard Romain
Rolland
Address
Internet address
PROPERT Y DATA
O: 100
Type of property
Plot size
in sqm
10,872
05 / 2003 /10.4
Gross lettable area
in sqm
in sqm
33,134 / 0
2004
TENANCY INFORMATION
Main tenant
Sanofi-Aventis
in %
0.0
in %
0.0
in years
2.3
in 000
n/a
in 000
n/a
in 000
15,504
in years
61
in 000
259,000
INVESTMENT DATA
direct / 100.00 %
in 000
in 000
in 000
in 000
in 000
in 000
depreciation period
Gearing ratio
259,000
in years
in 000
In % of FMV
42.66
63
Property List
Facts and Figures
Miscellaneous
39
40
41
42
43
Etoile Saint Honoré
Espace Kléber
Place d'Iéna
Palatin
Parc de Reflets
75008 Paris
75116 Paris
75016 Paris
92800 Puteaux
95700 Roissy-en-France
21-25 Rue Balzac
23-25 Avenue Kléber
7 Place d'Iéna / 12 Avenue d'Iéna
3 – 5 Cours du Triangle / Rue de Valmy
165 Avenue du Bois
de la Pie
O: 100
O: 100
O: 100
O: 100
O: 100
4,846
2,057
4,797
4,810
6,059
02 / 1998 / 15.7
11 / 2009 / 3.8
05 / 2002 / 11.3
12 / 2002 / 10.8
12 / 2001 / 11.8
1993
1999
2000
2005
2003
28,268
10,609
11,779
23,452 1 2,246
28,268 / 0
10,609 / 0
11,779 / 0
23,452 1 / 0
2,246 / 0
TOWERS WATSON
Credit Suisse
APPLE FRANCE
KPMG S.A.
KONICA MINOLTA
16.5
0.0
0.2
0.0
38.6
20.9
0.0
1.6
0.0
46.6
1.9
1.3
2.5
3.8
1.0
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
18,435
7,432
8,710
12,032
347
50
56
58
62
60
322,800
131,430
161,000
212,800
4,500
direct / 100.00 %
direct / 100.00 %
direct / 100.00 %
direct / 100.00 %
direct / 100.00 %
322,800
131,430
161,000
212,800
4,500
49.69
55.03
117,557
1,324/1.1
0
1,324
66
805
6.2
118,881
39.25
57.83
64
Property List
No.
Asset name
Postal code / city
Address
Internet address
PROPERT Y DATA
Type of property
Plot size
in sqm
Gross lettable area
in sqm
in sqm
TENANCY INFORMATION
Main tenant
in %
in %
in years
in 000
in 000
in 000
in years
in 000
INVESTMENT DATA
in 000
in 000
in 000
in 000
in 000
in 000
depreciation period
Gearing ratio
in years
in 000
In % of FMV
65
Property List
Facts and Figures
Miscellaneous
France (€)
44
45
46
47
Colonnadia
Portes de France
Parc Cézanne
Eurosquare II
93200 Saint-Denis
13100 Aix-en-Provence
93400 Saint-Ouen
Rue de la Belle Etoile
Avenue du Stade
de France
ZAC du Parc de la Duranne 164 Quartier Victor Hugo
O: 100
O: 100
O: 100
O: 100
23,072
4,501
45,582 1
2,980
10 / 2000 / 13.0
03 / 2007 / 6.6
04 / 2010 / 3.4
06 / 2002 / 11.3
2002
2009
2010
2003
7,802
24,602
11,516
17,555
7,802 / 0
24,602 / 0
11,516 / 0
17,555 / 0
COMPUTACENTER FRANCE
CEGELEC
MONEXT
NSM
0.0
9.0
15.2
63.1
0.0
0.0
29.1
100.0
7.1
1.1
1.8
0.3
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
1,131
7,852
1,738
5,958
59
66
67
60
15,700
127,800
24,450
87,600
direct / 100.00 %
direct / 100.00 %
direct / 100.00 %
direct / 100.00 %
87,600
15,700
63.69
127,800
24,450
126,356
22,505
4,891/3.9
783/3.5
0
0
4,891
783
245
0
2,609
0
5.4
0.0
131,247
23,288
39.12
79.75
57.08
66
Property List
No.
Asset name
Postal code / city
Address
Internet address
PROPERT Y DATA
Type of property
Plot size
in sqm
Gross lettable area
in sqm
in sqm
TENANCY INFORMATION
Main tenant
in %
in %
in years
in 000
Rent revenue forecast for the 2014 / 2015 FY
in 000
in 000
in years
in 000
INVESTMENT DATA
in 000
in 000
in 000
in 000
in 000
in 000
depreciation period
Gearing ratio
in years
in 000
In % of FMV
67
Property List
Facts and Figures
Miscellaneous
France (€)
Sum total
48
49
50
Oranges Les Vignes
Espace Saint Georges
Marriott Hotel
84100 Orange
31000 Toulouse
ZAC Porte Sud
51 bis rue de Rempart
St-Etienne
Allée du Verger
orange-lesvignes.com
espacesaintgeorges.com
marriott.de
R: 100
R: 100
H 100
88,986
17,558
19,019
12 / 2010 / 2.8
04 / 2010 /3.4
09 / 2002 / 11.1
2010
2006
2002
1
30,101
13,028
16,894 1
30,101 / 0
13,028 / 0
16,894 1 / 0
Mac Dan
Zara
Roissy CYBM SAS
3.1
7.7
0.0
1.8
25.4
0.0
3.8
1.8
18.5
n/a
5,690
n/a
n/a
6,149 9,12
n/a
3,014
6,255
3,136
47
39
39
42,450
90,900
46,040
direct / 100.00 %
direct / 100.00 %
direct / 100.00 %
42,450
90,900
46,040
1
36,553
88,607
1,162/3.2
1,537/1.7
308
0
854
1,537
direct: 1.891.060
indirect: 612,378
58
77
direct: 487; indirect: 0
832
995
direct: 5,722; indirect: 0
7.2
6.6
37,715
90,144
62.66
59.41
Property List
Overview United Kingdom
1
Belfast
1
Liverpool
1
Birmingham
6
London
1
Harlow
70
Property List
United Kingdom (£)
No.
Asset name
Postal code / city
Address
Internet address
51
52
One Snow Hill
Mann Island
Birmingham
Liverpool
Snow Hill Street
Strand Street, L 3 Central
onesnowhillbirmingham.com mannislanddevelopments.com
PROPERT Y DATA
Type of property
Plot size
O: 100
O: 100
Ground lease
Ground lease
in sqm
3,160
1,855
01 / 2010 / 3.7
06 / 2009 / 4.3
2009
2011
Gross lettable area
in sqm
25,037
in sqm
25,037 / 0
12,987 / 0
TENANCY INFORMATION
Main tenant
KPMG Merseyside Integrated Transport
in %
0.0
0.0
in %
0.0
0.0
in years
9.5
26.8
in 000
n/a
n/a
in 000
n/a
n/a
3,540
in 000
8,051
in years
66
68
in 000
128,200
51,600
direct / 100.00 %
direct / 100.00 %
51,600
INVESTMENT DATA
in 000
128,200
in 000
113,988
45,000
7,437/6.5
1,863/4.1
in 000
4,822
91
in 000
2,615
1,772
in 000
0
0
in 000
0
0
depreciation period
Gearing ratio
in years
0.0
0.0
in 000
121,425
46,863
In % of FMV
45.55
79.46
71
Property List
Facts and Figures
Miscellaneous
53
54
55
56
Athene Place
Paternoster House
Paternoster Square
Great Portland Street
London
London
London
London
EC4 A, 66 – 73 Shoe Lane & 22 St. Andrew Street
EC4, 65 St. Paul's
Churchyard
EC4, 1 Paternoster Square
W1W, 5 Marylebone, 170,180,
190,196,200 Great Portland Street
paternosterlondon.co.uk
paternosterlondon.co.uk 180greatportlandstreet.co.uk
O: 100
O: 80
O: 76
Ground lease
Ground lease
Ground lease
O: 75; R: 20
2,492
1,790
721
2,429
07 / 2008 / 5.2
09 / 2001 / 12.1
09 / 2001 / 12.1
09 / 2008 / 5.0
2002
2003
2003
2007
13,775
7,540
1,898
10,014
13,775 / 0
7,540 / 0
1,898 / 0
10,014 / 0
Deloitte MCS
MFS International
Gateley LLP
MJ Mapp LLP
0.0
14.5
1.2
0.0
0.0
0.1
0.0
0.0
5.5
2.7
8.8
4.5
n/a
3,434
n/a
5,065
n/a
3,288 10
n/a
5,019
5,664
3,996
1,189
5,271
59
60
60
64
98,100
65,100
19,100
91,000
direct / 100.00 %
direct / 100.00 %
direct / 100.00 %
direct / 100.00 %
98,100
65,100
19,100
91,000
79,500
4,949/6.2
3,181
1,768
247
2,433
5.0
84,449
65.24
36.87
35.18
61.07
72
Property List
United Kingdom (£)
No.
57
Asset name
Victoria Square
Postal code / city
BT1 4QG Belfast
Address
Belfast, Victoria Square
Internet address
victoriasquare.com
PROPERT Y DATA
R: 100
Type of property
Plot size
in sqm
64,031
06 / 2004 / 9.3
2008
Gross lettable area
in sqm
66,855
in sqm
66,855 / 0
TENANCY INFORMATION
Main tenant
House of Fraser
in %
9.5
in %
2.9
in years
10.1
in 000
16,269
in 000
16,874 9
in 000
18,945
in years
55
in 000
304,000
INVESTMENT DATA
indirect / 99.90 %
in 000
in 000
in 000
in 000
in 000
in 000
depreciation period
Gearing ratio
301,998
in years
in 000
In % of FMV
56.24
73
Property List
Facts and Figures
Miscellaneous
Sum total (£)
58
59
60
Westfield
Blackfriars Road
Comet
London
London
Harlow
Westfield / White City
SE1, 46 – 49
Blackfriars Road
Essex CM 20 2DF, 20 – 22
Edinburgh Way
H 100
L: 59, OU: 39
Sum total (€)
uk.westfield.com / london
R: 100
Ground lease
160,696
1,735
59,690
08 / 2004 / 9,2
12 / 2010 / 2,8
09 / 2008 / 5,1
2008
2012
2008
1
15,497
35,303
162,839 1 / 0
162,839
15,497 / 0
35,303 / 0
Boots UK
Arccor
–
2.8
0
100.0
1.8
0
–
6.5
18.4
–
67,043
n/a
–
68,506 12
n/a
–
108,805
4,651
2,584
55
59
45
1,861,800
74,160
32,600
direct / 50.00 %
direct / 100.00 %
direct / 100.00 %
945,900
74,160
32,600
26.43
65,328
31,022
3,363/5.1
2,356/7.6
874
1,231
2,489
1,125
direct: 1,505,760
indirect: 301,998
direct: 1,794,066
indirect: 359,821
168
118
2,999
1,156
8.9
4.9
68,691
33,378
53.94
70.21
Property List
Overview Belgium, Netherlands,
Luxembourg (BeNeLux)
2
1
Hoofddorp
Den Haag
6
Amsterdam
23
Utrecht
Amstelveen
1
Rotterdam
1
Brussels
3
Luxembourg
76
Property List
No.
Asset name
Postal code / city
Address
Internet address
PROPERT Y DATA
Type of property
Plot size
in sqm
Gross lettable area
in sqm
in sqm
TENANCY INFORMATION
Main tenant
in %
in %
in years
in 000
in 000
in 000
in years
in 000
INVESTMENT DATA
in 000
in 000
in 000
in 000
in 000
in 000
depreciation period
Gearing ratio
in years
in 000
In % of FMV
77
Property List
Facts and Figures
Miscellaneous
Netherlands (€)
61
62
63
64
65
ten-thirty
Handelsplein
Arena Toren A
Arena Toren B
SOM
1185 MC Amstelveen
1181 ZA Amstelveen
1101 BH Amsterdam
1101 HG Amsterdam
1082 MC Amsterdam
Burgemeester
Rijnderslaan 10–30
Handelsplein 41-59
De Entree 11-97
De Entree 201
Gustav Mahlerlaan
mahler4.nl
O: 100
O: 90
O: 100
O: 100
O: 100
Ground lease
Ground lease
Partial ground lease
49,136
8,631
967
1,179
4,095
04 / 1997 / 16,5
12 / 2001 / 11,8
02 / 2001 / 12,7
04 / 2002 / 11,5
12 / 2002 / 10,8
1990
2004
2000
2002
2005
48,146
14,107
19,679
17,431
48,146 / 0
14,107 / 0
20,028 1 / 0
20,028
19,679 / 0
17,431 / 0
1
–
BAT Nederland
Amvest Management
ING Accounts Payable
Boston Consulting Group
100.0
7.9
35.8
0.0
5.1
–
0.0
8.5
0.0
0.2
–
3.9
1.7
3.3
3.8
–
3,342
2,119
n/a
2,331
–
3,297
1,958 10
n/a
3,767 12
8,226
3,359
3,532
3,475
4,617
47
61
57
59
62
83,800
48,050
43,470
48,210
68,820
direct / 100.00 %
direct / 100.00 %
direct / 100.00 %
direct / 100.00 %
direct / 100.00 %
83,800
48,050
43,470
48,210
68,820
43.70
78
Property List
Netherlands (€)
No.
Asset name
Postal code / city
Address
Internet address
66
67
ITO Toren
Elsevier
1082 MA Amsterdam
1043 NX Amsterdam
Gustav Mahlerplein
Radarweg 29
mahler4.nl
PROPERT Y DATA
Type of property
Plot size
O: 100
O: 100
Ground lease
in sqm
2,655
7,964
12 / 2002 / 10.8
07 / 2004 / 9.3
2005
2004
Gross lettable area
in sqm
34,551
41,468 1
in sqm
34,551 / 0
41,468 1 / 0
TENANCY INFORMATION
Main tenant
Houthoff Buruma Coöperatief
Elsevier B.V.
in %
3.9
45.6
9.5
in %
0.6
in years
5.2
2.6
in 000
10,008
n/a
in 000
10,922 12
n/a
7,598
in 000
10,687
in years
62
61
in 000
168,040
105,500
direct / 100.00 %
direct / 100.00 %
168,040
105,500
INVESTMENT DATA
in 000
in 000
in 000
in 000
in 000
in 000
depreciation period
Gearing ratio
in years
in 000
In % of FMV
55.45
79
Property List
Facts and Figures
Miscellaneous
68
69
70
71
72
Twin Towers
New Babylon
Nortel-Orion Buildings
Irdeto
Blaak 31
1077 ZZ Amsterdam
2594 AC Den Haag
2132 WT Hoofddorp
2132 TZ Hoofddorp
3011 TA Rotterdam
Strawinskylaan
2001 – 2041 / 2501 – 2631
Bezuidenhoutseweg 57
Siriusdreef 30-72
Taurusavenue
Blaak 31
O: 100
O: 100
O: 100
newbabylon.nl
O: 100
O: 100
Ground lease
Ground lease
8,033
11,434 1
12,581
5,195
3,031
08 / 1996 / 17,2
09 / 2010 /3.1
07 / 1998; 12 / 2001 / 15.3
12 / 2009 / 3,8
07 / 2010 / 3,3
1992
09 / 2010
1999
2010
2010
1
11,160
9,229
23,182
23,980 / 0
23,980
12,023 1 / 0
12,023
11,160 / 0
9,229 / 0
23,182 / 0
Stibbe B.V.
PELS RIJCKEN
CGI Nederland B.V.
Irdeto Access B.V.
Loyens & Loeff N.V.
2.9
0.0
21.9
0.0
10.4
5.1
0.0
10.9
0.0
0.0
2.0
11.2
3.5
6.1
5.7
8,035
n/a
n/a
n/a
n/a
7,748
n/a
n/a
n/a
n/a
7,857
2,398
1,937
1,901
4,718
49
67
56
67
67
112,950
41,290
24,260
29,960
74,000
direct / 100.00 %
direct / 100.00 %
direct / 100.00 %
direct / 100.00 %
direct / 100.00 %
112,950
41,290
24,260
29,960
74,000
38,389
32,827
72,512
965/2.5
941/2.9
2,382/3.3
0
0
0
965
941
2,382
48
47
118
665
578
1,591
6.9
6.2
6.7
39,354
33,768
74,894
73.12
66.76
60.81
80
Property List
Netherlands (€)
No.
73
Asset name
Berenschot Building
Postal code / city
3526 KS Utrecht
Address
Europalaan 40
Endrachtlaan 13
Internet address
PROPERT Y DATA
Type of property
Plot size
O: 100
Ground lease
in sqm
8,084
02 / 1999 / 14.7
2001
Gross lettable area
in sqm
16,482
in sqm
16,482 / 0
TENANCY INFORMATION
Main tenant
Berenschot Groep B.V.
in %
0.3
in %
0.0
in years
4.8
in 000
3,314
in 000
3,478
in 000
3,195
in years
58
in 000
44,970
INVESTMENT DATA
direct / 100.00 %
in 000
in 000
in 000
in 000
in 000
in 000
depreciation period
Gearing ratio
in years
in 000
In % of FMV
44,970
81
Property List
Facts and Figures
Miscellaneous
Sum total
Belgium (€)
74
75
76
Cirqada
Rabobank Building
City Atrium
3454 PV Utrecht
3454 PV Utrecht
1210 Brussels
Orteliuslaan 1000
Rijnzathe 16, De Meern
Rue du Progrès 50-56
O: 100
O: 100
O: 100
Ground lease
12,151
4,878
6,960
12 / 2001 / 11,8
02 / 2004 / 9,7
12 / 2002 / 10,8
2004
2004
2003
35,811
6,657
47,784
35,811 / 0
6,657 / 0
47,784 / 0
Hewlett - Packard Nederland
Coop. Rabobank
Regie de Batiments
0.0
12.3
0.0
29.9
93.2
0.0
1.7
0.5
9.0
n/a
n/a
n/a
n/a
n/a
n/a
7,349
1,023
9,626
61
61
60
107,070
13,310
177,200
direct / 100.00 %
direct / 100.00 %
107,070
13,310
indirect / 100.00 %
direct: 1,013,700
indirect: 0
177,200
53.52
28.22
82
Property List
No.
Asset name
Postal code / city
Address
Internet address
PROPERT Y DATA
Type of property
Plot size
in sqm
Gross lettable area
in sqm
in sqm
TENANCY INFORMATION
Main tenant
in %
in %
in years
in 000
in 000
in 000
in years
in 000
INVESTMENT DATA
in 000
in 000
in 000
in 000
in 000
in 000
depreciation period
Gearing ratio
in years
in 000
In % of FMV
83
Property List
Facts and Figures
Miscellaneous
Luxembourg (€)
Sum total
77
78
79
Président A
Président B
Président C
2540 Luxembourg
2540 Luxembourg
2540 Luxembourg
Avenue John F. Kennedy / Rue Albert Borschette
O: 100
O: 100
O: 100
4,566
4,211
4,744
05 / 2007 / 6.3
05 / 2007 / 6.3
05 / 2007 / 6.3
2009
2009
2009
11,271
9,801
12,162
11,271 / 0
9,801 / 0
12,162 / 0
UBI Banca
European Parliament
ARENDT & MEDERNACH
42.4
1.0
14.0
2.0
100.0
0.0
2.2
0.6
2.1
2,253
n/a
n/a
3,941 9,12
n/a
n/a
4,316
3,773
4,610
66
66
66
72,500
62,400
80,500
indirect / 100.00 %
indirect / 100.00 %
indirect / 100.00 %
72,500
62,400
80,500
direct: 0
indirect: 215,400
Property List
Overview Italy, Austria, Portugal,
Sweden, Finland, Czech Republic, Poland, Turkey, Spain
1Lisbon
1 Afonsoeiro-Montijo
1Faro
2
Helsinki (Espoo)
1
Solna
1
Stockholm
1
Malmö
2
Warsaw
2
Prague
3
21
5
Vienna
2
Orio al Serio
(Bergamo)
Sesto San Giovanni
Milan
Segrate
1
Venice-Mestre
Gerona
1
1Izmir
86
Property List
Italy (€)
No.
Asset name
Postal code / city
Address
80
81
Fastweb
Torre Alfa
20126 Milan
20097 Milan (San Donato)
Viale Fulvio Testi 280
Via dell’Unione Europea 6
O: 100
O: 100
Internet address
PROPERT Y DATA
Type of property
Plot size
in sqm
11,750
3,750
07 / 2007 / 6.3
11 / 2007 / 5.9
2005
2003
Gross lettable area
in sqm
16,415
21,105
in sqm
16,415 / 0
21,105 / 0
TENANCY INFORMATION
Main tenant
Fastweb S.p.A.
EniServizi S.p.A.
in %
0.0
5.1
2.8
in %
0.0
in years
5.3
2.2
in 000
n/a
n/a
in 000
n/a
n/a
3,999
in 000
3,310
in years
54
60
in 000
45,890
56,400
indirect / 100.00 %
indirect / 100.00 %
45,890
56,400
INVESTMENT DATA
in 000
in 000
in 000
in 000
in 000
in 000
depreciation period
Gearing ratio
in years
in 000
In % of FMV
87
Property List
Facts and Figures
Miscellaneous
82
83
84
85
86
IBM HQ
ABB Building
Edison Park Center
Edison Park Center
Orio Center
20090 Segrate
20099 Sesto San Giovanni
24050 Orio al Serio (Bergamo)
Via Circonvallazione
Idroscalo
Viale Tommaso Edison 50 /
Via Luciano Lama 33
Viale Tommaso Edison
110A / 110B
Viale Tommaso Edison 110C
Via Portico 71
edisonparkcenter.it
edisonparkcenter.it
oriocenter.it
O: 100
O: 100
O: 100
O: 100
R: 100
Part ownership
121,099
11,564
8,523
3,897
47,159
09 / 2004 / 9.1
06 / 2001 / 12.3
07 / 2007 / 6.2
06 / 2011 / 2.3
06 / 2000 / 13.3
2004
2001
2009
2009
2005
34,520
27,008
23,987
34,520 / 0
27,008 / 0
IBM Italia S.p.A.
0.0
1
12,889
52,024 1
23,987 / 0
12,889 / 0
52,024 1 / 0
ABB CAP S.P.A.
Heineken Italia Spa
M.E. 2015 S.r.l.
L' Innominato S.p.A.
0.0
62.0
24.1
0.6
0.0
0.0
0.0
0.0
3.4
6.3
2.7
2.1
2.5
3.2
n/a
n/a
n/a
1,834
24,001
n/a
n/a
n/a
1,892
24,266
7,302
4,916
4,795
2,405
22,411
61
58
66
66
47
102,430
72,070
59,450
33,200
339,300
direct / 100.00 %
direct / 100.00 %
direct / 100.00 %
direct / 100.00 %
direct / 100.00 %
102,430
72,070
59,450
33,200
339,300
1
38,600
2,199/5.7
1,489
710
110
1,681
7.7
40,799
44.40
49.34
88
Property List
Italy (€)
No.
87
88
Le Barche
Orio Hotel
Postal code / city
30172 Venice-Mestre
24050 Orio al Serio (Bergamo)
Address
Piazza XXVII Ottobre
Via Portico 75
Asset name
Internet address
centrolebarche.it
PROPERT Y DATA
Type of property
Plot size
R: 100
H 100
Ground lease
in sqm
2,454
7,274
01 / 2002 / 11.8
03 / 2008 / 5.6
1996
2008
Gross lettable area
in sqm
12,754
5,237
in sqm
12,754 / 0
5,237 / 0
TENANCY INFORMATION
Coin Spa
NH Italia Spa
in %
0.0
0.0
Main tenant
in %
0.0
0.0
in years
3.2
11.9
in 000
n/a
n/a
in 000
n/a
n/a
950
in 000
3,061
in years
44
55
in 000
46,400
12,360
direct / 100.0 %
direct / 100.0 %
46,400
12,360
INVESTMENT DATA
in 000
in 000
in 000
in 000
in 000
in 000
depreciation period
Gearing ratio
in years
in 000
In % of FMV
89
Property List
Facts and Figures
Miscellaneous
Sum total
Austria (€)
89
90
91
92
Optimum
Town Town
Town Town
Town Town
1020 Vienna
1030 Vienna
1030 Vienna
1030 Vienna
Dresdner Strasse 81 - 85
Traisengasse 1
Erdbergstrasse 133,
Thomas-Klestil-Platz 3
Erdbergstrasse 135,
Erdbergstrasse 137,
towntown.at
towntown.at
towntown.at
O: 100
O: 100
O: 100
O: 100
3,337
1,184
1,007
1,420
10 / 2000 / 13.0
01 / 2009 / 4.7
01 / 2009 / 4.7
01 / 2009 / 4.7
2000
2009
2009
2009
17,023
direct: 665,210
indirect: 102,290
1
4,625
4,840
5,734
17,023 1 / 0
4,625 / 0
4,840 / 0
5,734 / 0
City of Vienna
Soravia Properties GmbH
Generali Versicherungs AG
DenizBank AG
10.0
0.0
0.0
0.0
0.9
0.0
0.0
30.4
7.0
5.1
4.9
3.6
1,185
n/a
n/a
939
2,201 9,12
n/a
n/a
953
2,408
666
747
857
57
66
66
66
35,470
11,830
13,300
15,300
direct / 100.00 %
indirect / 99.90 %
indirect / 99.90 %
indirect / 99.90 %
35,470
11,818
13,287
15,285
12,618
13,846
15,734
317 / 2.5
336 / 2.4
389 / 2.5
–
–
–
317
336
389
–
–
–
–
–
–
–
–
–
12,935
14,182
16,123
90
Property List
Austria (€)
No.
Sum total
93
Asset name
Galaxy 21
Postal code / city
1020 Vienna
Address
Praterstrasse 31
Internet address
galaxy21.at
PROPERT Y DATA
O: 100
Type of property
Plot size
in sqm
1,771
11 / 1996 / 16.9
2002
Gross lettable area
in sqm
17,804
in sqm
17,804 / 0
TENANCY INFORMATION
Samsung Elektronics Austria
Main tenant
in %
6.8
in %
30.1
in years
2.1
in 000
3,771
in 000
4,145 12
in 000
4,267
in years
59
in 000
70,000
INVESTMENT DATA
direct / 100.00 %
in 000
70,000
direct: 105,470
indirect: 40,390
in 000
in 000
in 000
in 000
in 000
depreciation period
Gearing ratio
in years
in 000
In % of FMV
91
Property List
Facts and Figures
Miscellaneous
Portugal (€)
Sum total
94
95
96
Montijo Retail Park
Forum Algarve
Armazèns do Chiado
2870-100 Afonsoeiro-Montijo
8000 Faro
1200 – 250 Lisbon
Estrada National 125
Rua do Carmo 2 / Rua Nova do
Almada 114 / Rua do Crucifixo
forumalgarve.net
armazensdochiado.com
R: 100
R: 70; H: 25
Estrada do Pau Queimado
R: 100
Part ownership
34,880
35,415
3,145
05 / 2009 / 4.4
05 / 2000 /13.3
12 / 1997 / 15.8
2009
2001
1999
17,728
23,573
12,616
17,728 / 0
23,573 / 0
12,616 / 0
– Spean Bridge Cinemas Algarve
FNAC Portugal
100.0
9.6
5.0
–
33.0
13.3
–
2.4
4.2
–
7,291
n/a
–
7,442
n/a
1,393
7,883
4,816
46
48
56
14,100
111,900
73,600
indirect / 100.00 %
indirect / 100.00 %
direct / 100.00 %
14,100
111,900
73,600
direct: 73.600
indirect: 126,000
27,783
936 / 3.3
–
936
45
498
5.6
28,719
92
Property List
Sweden (SEK)
No.
Asset name
Postal code / city
Address
97
98
Skanska
Entré
16983 Solna
21212 Malmö
Rasundavägen 2 – 16 / Brahelund 2
Pilgatan 1, 9 – 15 /
Fredsgaten 8 – 14, 19 – 23
Internet address
entremalmo.se
PROPERT Y DATA
O: 100
R: 89
Type of property
Plot size
in sqm
13,100
22,631
11 / 2003 / 9.9
10 / 2006 / 7.0
2001
2009
Gross lettable area
in sqm
43,709
40,373
in sqm
43,709 / 0
37,747 / 2,626
TENANCY INFORMATION
Main tenant
Skanska Sverige
EMÖ Center
in %
7.6
13.9
59.7
in %
91.7
in years
0.5
2.2
in 000
n/a
87,448
in 000
n/a
66,801 8,10
111,160
in 000
91,060
in years
58
56
in 000
1,188,100
1,490,000
direct / 100.00 %
direct / 100.00 %
INVESTMENT DATA
in 000
in 000
1,670,529
50,461/3
1,188,100
1,490,000
in 000
4,800
in 000
45,661
in 000
2,523
in 000
29,435
depreciation period
Gearing ratio
in years
5.9
in 000
1,720,990
In % of FMV
33.67
54.46
93
Property List
Facts and Figures
Miscellaneous
Total in SEK
Total in €
Finland (€)
99
100
Enebyängen Retail Park
Swing Life Science Center
Stockholm (Danderyd)
2150 Espoo
Enebybergsvägen
Keilaranta 10-16
R: 100
O: 100
42,114
19,992
01 / 2010 / 3.7
06 / 2009 / 4.3
2010
2008
1
14,681
31,847 1
14,681 / 0
31,847 1 / 0
COOP Sverige Fastigheter
CSC Tieteen
0.0
17.4
20.0
13.4
1
7.1
4.1
21,238
5,842
23,113 12
7,708 9,12
21,877
6,930
47
62
284,800
109,170
direct / 100.00 %
284,800
indirect / 100.00 %
direct: 2,962,900
indirect: 0
direct: 341,588
indirect: 0
109,170
287,858
118,912
10,945/3.8
4,249 / 3.6
2,280
–
8,665
4,249
1,277
158 12
0
2,485 12
0.0
5.8
298,803
123,161
35.11
36.64
94
Property List
Finland (€)
No.
Sum total
101
Asset name
Lintulahti
Postal code / city
500 Helsinki
Address
Lintulahdenkatu 10
Internet address
PROPERT Y DATA
O: 100
Type of property
Plot size
in sqm
3,402
08 / 2010 / 3.2
2009
Gross lettable area
in sqm
10,549
in sqm
10,549 / 0
TENANCY INFORMATION
Main tenant
Aspo Oyj
in %
0.0
in %
0.0
in years
4.0
in 000
2,704
in 000
2,742
in 000
2,434
in years
66
in 000
40,480
INVESTMENT DATA
indirect / 100.00 %
in 000
40,480
direct: 0
indirect: 149,650
in 000
39,200
1,151 / 2.9
in 000
157
in 000
994
in 000
58
in 000
786
direct: 0; indirect: 3,271
depreciation period
Gearing ratio
in years
6.9
in 000
40,351
In % of FMV
24.70
95
Property List
Facts and Figures
Miscellaneous
Czech Republic (€)
Sum total
Poland (€)
102
103
104
Charles Square Center
Metropole Zlicin
Tulipan House
12000 Prague 2
15521 Prague 5
Warsaw
Revnická 1
Ulica Domaniewska 50a
Resslova Street /
Charles Square 10
metropole.cz
O: 75
R: 100
O: 100
Ground lease
4,491
132,025
11,236
08 / 2007 / 6.1
05 / 2004 / 9.4
06 / 2008 / 5.3
2002
2004
2008
1
18,634
20,147 1 / 0
20,147
55,626 1 / 0
18,634 / 0
Ernst & Young
Electro World
UPC
5.1
0.7
3.4
68.1
14.3
39.7
0.8
4.0
2.8
4,991
11,493
2,621
2,170 8,10
11,792
2,105 10
4,508
10,916
3,616
59
51
65
73,700
155,500
53,800
indirect / 100.00 %
indirect / 100.00 %
1
73,700
55,626
155,720
direct / 100.00 %
direct: 0
indirect: 229,200
53,800
15 2
49.3 / 322
–
49
2 13
40 13
7.2
64
43.34
41.16
42.19
96
Property List
Poland (€)
No.
Sum total (€)
105
Asset name
Harmony Office Center
Postal code / city
02 – 593 Warsaw
Address
Zaryna Street 2A
Internet address
PROPERT Y DATA
Type of property
Plot size
O: 100
Ground lease
in sqm
8,320
05 / 2010 / 3.4
2008
Gross lettable area
in sqm
19,267
in sqm
19,267 / 0
TENANCY INFORMATION
Main tenant
Bank Millenium S.A.
in %
0.0
in %
0.0
in years
6.2
in 000
n/a
in 000
n/a
in 000
3,941
in years
65
in 000
57,300
INVESTMENT DATA
direct / 100.00 %
in 000
57,300
in 000
54,000
1,540/2.9
direct: 111,100
indirect: 0
in 000
55
in 000
1,485
in 000
0
in 000
0
depreciation period
Gearing ratio
in years
0.0
in 000
55,540
In % of FMV
57.24
97
Property List
Facts and Figures
Miscellaneous
Turkey (€)
Spain (€)
106
107
Bornova Center
Espai Girones
35100 Izmir
Salt
Bornova Center
Subsector 1 Pla de Salt
forumbornova.com
espaigirones.com
R: 100
R: 100
Sum total (€)
200,000
57,278
07 / 2005; 10 / 2006 / 8.3
05 / 2005 / 8.4
2006
2005
62,071
47,383 1
62,071 / 0
47,383 1 / 0
Mapa Mobilya ve – IKEA
Caprabo, SA
0.0
8.9
14.6
9.7
3.8
3.2
18,134
9,359
18,625 9
9,758 9
17,374
10,127
35
52
182,600
144,100
direct / 100.00 %
direct / 100.00 %
182,600
144,100
direct: 326.700
indirect: 0
35.60
98
Property List
Overview Singapore, Japan
Fukuoka
2
Singapore
1
2
Tokyo
99
Property List
Facts and Figures
Miscellaneous
100
Property List
No.
Asset name
Postal code / city
Address
Internet address
PROPERT Y DATA
Type of property
Plot size
in sqm
Gross lettable area
in sqm
in sqm
TENANCY INFORMATION
Main tenant
in %
in %
in years
in 000
in 000
in 000
in years
in 000
INVESTMENT DATA
in 000
in 000
in 000
in 000
in 000
in 000
depreciation period
Gearing ratio
in years
in 000
In % of FMV
101
Property List
Facts and Figures
Miscellaneous
Singapore (SGD)
108
109
68895 Singapore
79120 Singapore
71 Robinson Road
78 Shenton Way
O: 100
O: 100
Ground lease
Ground lease
2,279
7,310
09 / 2008 /5.1
01 / 2008 /5.7
2009
2009
22,322
33,595 1
22,322 / 0
33,595 1 / 0
Sum total (SGD)
Sum total (€)
direct: 0
indirect: 945,350
direct: 0
indirect: 557,232
Ogilvy & Mathers American Home Assurance
3.8
5.9
19.0
15.3
4.6
2.8
28,551
30,113
30,798 9
33,659 9,12
31,506
33,985
66
51
639,700
611,300 5
indirect / 100.00 %
indirect / 50.00 %
639,700
305,650
743,750
45,745 / 6.2
–
45,745
2,012 14
22,937 14
5.0
789,495
56.11
102
Property List
Japan (JPY)
No.
110
Asset name
Kamiyacho Building
Postal code / city
Tokyo
1 – 11 – 9 Azabudai,
Minato – ku
Address
Internet address
PROPERT Y DATA
O: 100
Type of property
Plot size
in sqm
1,745
09 / 2008 / 5.1
1989
Gross lettable area
in sqm
7,667
in sqm
7,667 / 0
TENANCY INFORMATION
Main tenant
Paraca Inc.
in %
32.1
in %
35.6
in years
1.1
in 000
296,154
in 000
425,277 9,12
in 000
614,137
in years
36
in 000
11,480,000
INVESTMENT DATA
indirect / 100.00 %
in 000
in 000
17,000,000
905,355 / 5.33
11,480,000
in 000
–
in 000
905,355
in 000
45,436 15
in 000
457,528 15
depreciation period
Gearing ratio
in years
5.0
in 000
17,905,355
In % of FMV
103
Property List
Facts and Figures
Miscellaneous
Sum total (JPY)
111
112
Musashino Building II
Commercial Mall Hakata
Tokyo
Fukuoka
3 – 5 – 6 Shinjuku
2 – 26 Tokoji–cho
Sum total (€)
*
O Office building
R Retail building
H Hotel building
L Logistics building
VL Vacant plot
OUOther usage
RBResidential building
1 New survey
2 Additional acquisition
3 Scheduled completion
4 Area as planned
5 Market value appraised per unit
6 Marked value appraised in EUR
R: 100
R: 100
749
10,688
11 / 2006 / 6.8
11 / 2007 / 5.9
1992
2005
3,895
9,753
3,895 / 0
9,753 / 0
Komehyo AG
Culture Convenience Club
0.0
3.3
0.0
52.4
6.4
2.9
n/a
419,380
n/a
350,293 8
630,000
463,872
39
52
14,160,000
7,343,000
direct / 100.00 %
indirect / 100.00 %
14,160,000
7,343,000
49.44
7 Asset taken over during the
reporting period
8 Increase in vacancy
9 Decrease in vacancy
10 Rent-free period granted
11 Sale, deed signed
12 1,589k EUR of the remaining
AE yet to be depreciated, as well
as 90k EUR of the amount
depreciated during the financial
year were attributable to the
level of the real estate company.
13 40k EUR of the remaining AE
yet to be depreciated, as well as
2k EUR of the amount depreci ated during the financial year
were attributable to the level of
the real estate company.
14 16,271k SGD of the remaining
AE yet to be depreciated, as
well as 1,334k SGD of the
amount depreciated during the
financial year were attributable
to the level of the real estate
company.
direct: 14,160,000
indirect: 18,823,000
direct: 106.418
indirect: 141,462
15 327,278k JPY of the remaining
AE yet to be depreciated, as
well as 32,236k JPY of the
amount depreciated during the
financial year were attributable
to the level of the real estate
company.
Foreign exchange rates as at 27
September 2013
Exchange rate: 1 € = 0.8393 GBP
Exchange rate: 1 € = 8.6739 SEK
Exchange rate: 1 € = 133.06 JPY
Exchange rate: 1 € = 1453.64642
KRW
Exchange rate: 1 € = 1.69651 SGD
Exchange rate: 1 € = 1.3951 CAD
104
Notes on the
Property List
Vacancy rate determined using the BVI method Data provided in % of the gross annual
target rent from the property.
This column lists the mean weighted remaining lease term for the respective property
in years. The weighting is based on the share that a given lease represents within the
targeted annual net rent total.
These are the total target positions (target net rents), with vacancy periods and
contractually agreed rent-free times set to zero. For properties transferred into the
portfolio in the course of the financial year, the rental income posted reflects the
period following the date of transfer. Rental income from properties in countries
outside the Eurozone was converted into euro at the valid exchange rate of the
respective month, and then summed up. The conversion was undertaken at the exchange rates
of 27 September 2013.
Rent revenue forecast for the 2014 / 2015 FY
Sum total of the projected rental income (target net rents), assuming no vacancy periods
and contractually agreed rent-free periods.
The rental income forecast is detailed for each property – in some cases actually as
drilldown to the level of the rental unit – while taking the respective region and market
into account. General forecasts regarding national economies, such as, e.g., the development of index values, are based on the estimates issued by the National Economy Department of Commerzbank.
Rent revenues from properties in countries with currencies other than Euro were
planned in the foreign currency and converted into Euro at a forecast mean annual
exchange rate.
The rental income forecast for the next financial year is not included in the “Statement of
the Independent Auditor.”
Possible reasons why the rental income of the concluded financial year, or the rental
income forecast for the next financial year, respectively, deviates from the appraised rent
ratings include, while not being limited to, the following:
105
Notes on the
Property List
Facts and Figures
Miscellaneous
The negotiated target net rent exceeds or undercuts the appraised rent.
The target net rent is reported without taking the vacant or rent-free periods into
account, whereas an expert opinion would rate this rent loss as a reduction in value
and exclude it from the appraised rent rating.
Target net rents are subject to periodic accounting, whereas the appraised rent ratings
are reported as of a certain key date. Significant deviations for a given property are
detailed in the Property List.
This column reflects the gross annual income, assuming full tenancy, on the basis of the
rent rate that a valuer appraised by the balance sheet date of the most recent valuation.
Properties under construction are posted at their projected value at the time of completion.
The market value that an expert appraised as at the balance sheet date of the most recent
valuation.
Fair market value
The market value a valuer appraised by the balance sheet date of the most recent
valuation. Properties under construction are posted at their projected value at the
time of completion.
Purchase price
The price at which the respective property was acquired. This figure is provided
solely for properties acquired after 16 August 2008.
Incidental acquisition costs, in 000s
The absolute amount of the incidental acquisition costs pursuant to Article 79, Section 1,
Letters 6 and 7, German Investment Act, for property acquisitions after 16 August 2008.
Gearing ratio
The gearing ratio represents the so-called loan-to-value relationship between a given
real estate investment and the debt capital used to finance that investment. Accordingly,
the gearing ratio is calculated as the proportion (in percent) of borrowed capital to the
market value of the real estate investments. The drill-down lists direct and indirect
property investments, as well as the currencies of the capital borrowed in each case.
Calculation: (debt capital / market value of the real estate assets) x 100
n/a
To protect the privacy of a given tenant, no figure is posted whenever the property at
issue had less than five tenants by the balance sheet date, or whenever the rent revenues
from that particular property were paid to 75 percent or more by a single tenant.
Parking spaces
Parking spaces are included in the rent revenues, but are not reported in the floor space
statistics.
106
List of Equity Investments as at 30 September 2013
Germany (EUR)
No.
Asset name
Postal code / city
Address
Company and company’s legal seat
Share capital
Percentage interest
in %
Shareholder loans
Date acquired
Incidental acquisition costs of the interest / property
in 000
No.
Asset name
Postal code / city
Address
Share capital
Percentage interest
in %
Shareholder loans
Date acquired
in 000
20
21
Regensburg-Arcaden
Stadtgalerie Schweinfurt
93053 Regensburg
97421 Schweinfurt
Friedenstrasse 23
Schrammstrasse 5
CGI Grundstück GmbH &
Co. Regensburg Arcaden KG
Friedrichstrasse 25
65185 Wiesbaden
Stadtgalarie Schweinfurt KG
Heegbarg 30
22391 Hamburg
16,500,000
169,100,000
99.99
75.00
–
–
11 / 2002
08 / 2007
99 / –
1,462 / –
107
Facts and Figures
Miscellaneous
France (EUR)
22
31
32
33
36
Theresien Center
Arcs de Seine
Rives de Bercy
Europlaza
Cap Sud
94315 Straubing
92200 Boulogne-Billancourt
94220 Charenton-le-Pont
92400 Courbevoie
92120 Montrouge
Regensburger Strasse / Stadtgraben
32-34 Quai
du Pont du Jour
Quai de Bercy
20 Avenue André Prothin
162 Av. de la République;
104 Av. Marx Dormoy
Theresien-Center
GmbH & Co KG
Helfmann-Park 5
65760 Eschborn
CeGeREAL S.A.
21-25 Rue de Balzac
75008 Paris
Commerz Real
Cap Sud SAS
21, Rue de Balzac
75008 Paris
4,000,200
160,470,000
2,040,000
94.90
59.78
100.00
–
–
–
–
28,551,438
06 / 2009
08 / 2000
11 / 2001
06 / 1999
06 / 2008
797 / –
– / –
– / –
– / –
– / –
United Kingdom (GBP)
Belgium (EUR)
Luxembourg (EUR)
57
76
77
78
79
Victoria Square
City Atrium
Président A
Président B
Président C
BT1 4QG Victoria Square
B-1210 Brussels
2540 Luxembourg
2540 Luxembourg
2540 Luxembourg
Belfast, Victoria Square
Rue du Progrès 50-56
Avenue John F. Kennedy /
Rue Albert Borschette
CGI Victoria Square
Partnership
36-40 Victoria Square
Belfast BT1 4QG
Immobilière des
Croisades S.A.
Avenue du Port 86C,
boÎte 204
B-1000 Brussels
Président A S.A.
46 A, Avenue J.F Kennedy
1855 Luxemburg
Président B S.A.
1855 Luxemburg
Président C S.A.
1855 Luxemburg
86,753,146
4,957,871
31,000
2,630,970
31,000
99.90
100.00
100.00
100.00
100.00
–
–
–
–
–
06 / 2004
12 / 2002
05 / 2007
05 / 2007
05 / 2007
– / –
– / –
– / –
– / –
– / –
108
Italy (EUR)
No.
80
Asset name
Postal code / city
Address
Share capital
Percentage interest
in %
Shareholder loans
Date acquired
in 000
81
Fastweb
Torre Alfa
20126 Milan
20097 Milan
(San Donato)
Viale Fulvio Testi 280
Via dell’Unione Europea 6
Lacerta Immobiliare S.r.l.
Via Cordusio 2
20123 Milan
Alfa S.r.l.
Via Cordusio 2
I-20123 Milan
10,000
10,000
100.00
100.00
26,200,000
35,500,000
07 / 2007
11 / 2007
– / –
– / –
Finland (EUR)
No.
Asset name
Postal code / city
Address
Share capital
Percentage interest
in %
Shareholder loans
Date acquired
in 000
100
101
Swing Life Science Center
Lintulahti
2150 Espoo
500 Helsinki
Keilaranta 10 - 16
Lintulahdenkatu 10
Life Science Center
Keilaniemi Oy
c/o Newsec Asset
Management Oy
PL 52
Mannerheiminaukio 1A
00101 Helsinki
Kiint. Oy Lintulahdenvuori
c/o Newsec Asset
Management Oy
PL 52
Mannerheiminaukio 1A
00101 Helsinki
2,500
2,523
100.00
100.00
68,700,000
18,350,000
06 / 2009
08 / 2010
896 / 1,589
786 / –
109
Facts and Figures
Miscellaneous
Austria (EUR)
Portugal (EUR)
90
91
92
94
95
Town Town
Town Town
Town Town
Montijo Retail Park
Forum Algarve
8000 Faro
1030 Vienna
1030 Vienna
1030 Vienna
2870 - 100
Afonsoeiro-Montijo
Erdbergstrasse 133,
Erdbergstrasse 135,
Erdbergstrasse 137,
Estrada National 125
CR Erdberg Eins
GmbH & Co KG CR - Montijo Retail Park S.A.
Tuchlauben 17
Avenida da Liberdade 224
1014 Vienna
1250-148 Lisbon
Forum Algarve, Gestao
de Centro Comercial
Sociedade Unipessoal,
Lda. II & Comandita
Avenida da Liberdade 224
P-1250-148 Lisbon
CR Erdberg Drei
GmbH & Co KG
Tuchlauben 17
1014 Vienna
CR Erdberg Zwei
GmbH & Co KG
Tuchlauben 17
1014 Vienna
70,000
70,000
70,000
100,000
10,000,000
99.90
99.90
99.90
100.00
100.00
–
–
–
8,535,000
35,000,000
01 / 2009
01 / 2009
01 / 2009
05 / 2009
05 / 2000
– / –
– / –
– / –
498 / –
– / –
Czech Republic (CZK)
Czech Republic (EUR)
Czech Republic (CZK)
102
103
Charles Square Center
Metropole Zlicin
12000 Prague 2
15521 Prague 5
Resslova Street /
Charles Square 10
Revnická 1
Charles Square Center s.r.o.
Karlovo námešti 10
12000 Prague 2
CGI Metropole s.r.o.
Revnická 1/ c.p. 121
15521 Prague 5
220,000
100,000
100.00
100.00
22,400,000
–
08 / 2007
05 / 2004
– / –
6.30 / 1,024
110
Singapore (SGD)
No.
108
109
Postal code / city
679120 Singapore
79120 Singapore
Address
71 Robinson Road
78 Shenton Way
CR – 71
Robinson Road Singapore
Private Limited
80 Robinson Road # 02 - 00
068898 Singapore
CG – 78 Shenton Way
Singapore
Private Limited
80 Raffles Place # 32-01
Uob Plaza
048624 Singapore
459,000,000
314,052,189
100.00
50.00
Asset name
Share capital
Percentage interest
in %
Shareholder loans
Date acquired
in 000
313,250,000
–
09 / 2008
01 / 2008
6,666 / 16,271
– / –
111
Facts and Figures
Miscellaneous
Japan (EUR)
Japan (JPY)
Japan (EUR)
110
112
Kamiyacho Building
Tokyo
Fukuoka
1 – 11 – 9 Azabudai,
Minato – ku
2 – 26 Tokoji – cho
CR-Kamiyacho
GmbH & Co. KG
Friedrichstrasse 25
65185 Wiesbaden
limited partnership (“GmbH
& Co. KG”)
Friedrichstrasse 25
65185 Wiesbaden
10,000
13,000,000
100.00
Japan (JPY)
100.00
7,065,500,000
09 / 2008
6,777,700,000
11 / 2007
129,800 / 327,729
– / –
113
Facts and Figures
115
117
Currency Management
124
Funding Management
127
Risk Report
133
Investor Structure
134 Summarised Statement of Assets and Liabilities
140 Statement of Assets and Liabilities
168
Notes on the Statement of Assets and Liabilities
114
ONE OF OUR PORTFOLIO PROPERTIES: “Tulipan House” in Warsaw, Poland
115
Facts and Figures
Miscellaneous
The liquidity management includes the control of cash flows as well as the profit-oriented
investment of surplus liquidity for the purpose of boosting the overall performance.
hausInvest principally keeps a strategic supply of liquid assets of around 15 percent of
the Fund assets on hand, thus going beyond the statutory requirement of a 5-percent
minimum liquidity. The idea is to cover any capital requirements, to satisfy share
redemption requests, and to exploit lucrative investment opportunities.
Strategy
The objective of the liquidity control is to maintain a solvent, low-risk liquidity portfolio.
Possible downsides are to be avoided as much as possible. To achieve this, we invest the
entire liquidity exclusively in overnight and time deposits for terms of twelve months or
less at the moment. The performance of the liquidity portfolio orients itself to the money
market, and benefits, due to the short lifetimes, directly from any rise in the level of
interest rates. A consistent risk management ensures that new counterparties and
existing investments are constantly monitored. To limit default risks, we regularly run
credit assessments on our counterparties. At the same time, we review the coverage of
the time deposits by the deposit insurance fund. The liquidity portfolio is also subject to
relative investment ceilings for any given counterparty. In short, individual measures are
in place to lower the default risk, while the cash and cash equivalents are invested for
profit at several banks.
So far, hausInvest has never been forced to suspend the redemption of its Fund shares,
and has always collected interest in line with the money market standard through its
conservative, low-risk cash and cash equivalent investments. We intend to keep pursuing
this strategy in the future.
116
Overview of cash and cash equivalents
0.36 % overnight
deposits
100% Fund assets
9,346.91 MM €
13.05 %time deposits
0.38 % current acc.,
savings acc.
0.01 % distribution
accounts
1.94 % liquidity in
equity investment
companies
Composition of the Fund’s cash assets
Type
Overnight deposits
MM € in % of Fund volume
33.77
0.36%
1,220.19
13.05%
35.05
0.38%
0.76
0.01%
1,289.77
13.80%
181.15
1.94%
Gross liquidity
1,470.92
15.74%
Fund assets
9,346.91
Time deposits
Current acc., savings acc.
Distribution accounts
Cash and cash equivalents acc. to the Statement of
Assets and Liabilities
Liquidity in equity investment companies
By the balance sheet date, the gross liquidity ratio of hausInvest equalled 15.74 percent.
The statutory minimum liquidity of 5 percent, as well as the liquidity ceiling of 49
percent, were maintained for the Fund assets throughout the entire reporting period.
The cash and cash equivalents consist exclusively of cash in banks, invested in overnight
deposits and time deposits with terms of one year or less.
117
Facts and Figures
Currency Management
Miscellaneous
Currency Management
The currency management is steadily gaining in importance because of the international spread of the investment locations. The ongoing “Euro crisis” and the drastic
exchange rate fluctuations that go with it highlight the fact.
Strategy
Investing in various currency areas is makes a professional currency management
indispensable for hausInvest. Here as elsewhere, the Fund consistently pursues its
conservative overall product strategy. Foreign currency risks are minimised using
suitable instruments. Irrespective of the current volatility of the currency markets, the
Fund assets are not exposed to major fluctuations or indeed losses from currency
exposure. The foreign currency items are largely hedged through debt fi nancing in
the respective national currency as well as through the use of forward exchange
transactions. Here, the default risk is kept low through the careful selection of several
counterparties whose credit worthiness is regularly verified.
Owing to the hedging policy, exchange rate fluctuations will have no major impact on
the foreign currency items. The open foreign currency items are regularly reviewed,
and reduced where necessary.
Foreign currency items by balance sheet date – UK
in GBP
assets
1,505.76 MM
Real estate
148.25 MM
Interests held in real
estate companies
23.40 MM
132.68 MM
Other assets
currency hedging
1,037.50 MM
Forward Exchange
Transactions
750.28 MM
Provisions/payables
(including loans)
22.31 MM
Non-hedged foreign
currency positions
118
Assets held in the United Kingdom totalled 1,810.09 million pound sterling (2,156.66
million euros) as at 30 September 2013, and broke down into real estate (1,505.76
million pound sterling), interests in real estate companies (148.25 million pound
sterling), cash and cash equivalents (23.40 million pound sterling) and other assets
(132.68 million pound sterling). Currency hedging took the form of forward exchange
transactions (1,037.50 million pound sterling) and provisions / payables (including
loans, 750.28 million pound sterling). This implies unhedged asset positions in an
amount of 22.31 million pound sterling (0.28 percent of the Fund assets) by the
balance sheet date.
By 30 September 2013, assets in Singapore consisted of 806.11 million Singapore
dollars (475.16 million euros), which broke down into equity interests in real estate
companies (483.23 million Singapore dollars), cash and cash equivalents (0.01 million
Singapore dollars) and other capital assets (322.87 million Singapore dollars).
Currency hedging took the form of forward exchange transactions (784.00 million
Singapore dollars) and provisions (0.24 million Singapore dollars). This implies
unhedged asset positions in an amount of 21.87 million Singapore dollars (0.14
percent of the Fund assets) by the balance sheet date.
By 30 September 2013, assets in Sweden equalled 3,120.06 million Swedish krona
(359.71 million euros), which broke down into real estate (2,962.90 million Swedish
krona), cash and cash equivalents (43.39 million Swedish krona) and other capital
assets (113.77 million Swedish krona). Currency hedging took the form of forward
exchange transaction (1,582.00 million Swedish krona) and provisions / accounts
payable (including loans, 1,485.10 million Swedish krona). This implies unhedged
asset positions in an amount of 52.96 million Swedish krona (0.07 percent of the Fund
assets) by the balance sheet date.
99. 40%
Overview of foreign currency items by the balance sheet date
hedged foreign currency items as
at 30 September 2013
Real estate
Interests held in real estate companies
United Kingdom
MM GBP
Japan
MM JPY
1,505.76
14,160.00
148.25
5,656.93
23.40
558.65
132.68
14,109.89
1,810.09
34,485.47
Liabilities
-719.84
-7,590.18
Provisions
-30.44
-28.44
Net assets
1,059.81
26,866.85
Forward Exchange Transactions
1,037.50
26,030.00
22.31
836.85
€ 26.58 million
€ 6.29 million
0.28 %
0.07 %
Miscellaneous assets
Total assets
Unhedged positions
in % of Fund assets
Fund assets in MM €
9,346.91
119
Facts and Figures
Currency Management
Miscellaneous
Assets held in the Japan totalled 34,485.47 million Japanese yen (259.17 million euros)
as at 30 September 2013, and broke down into real estate (14,160.00 million Japanese
yen), interests in real estate companies (5,656.93 million Japanese yen), cash and cash
equivalents (558.65 million Japanese yen and other assets (14,109.89 million Japanese
yen). Currency hedging took the form of forward exchange transactions (26,030.00
million Japanese yen) and provisions / payables (including loans, 7,618.62 million
Japanese yen). This implies unhedged asset positions in an amount of 836.85 million
Japanese yen (0.07 percent of the Fund assets) by the balance sheet date.
By 30 September 2013, assets in Canada consisted of 18.81 million Canadian dollars
(13.48 million euros), which broke down into equity interests in real estate companies
(18.55 million Canadian dollars), and other capital assets (0.26 million Canadian
dollars). The currency hedging took the form of provisions / accounts payable (18.53
million Canadian dollars). This implies unhedged asset positions in an amount of 0.28
million Canadian dollars (0.00 percent of the Fund assets) by the balance sheet date.
By 30 September 2013, the assets in Turkey equalled 5.76 million Turkish lira (2.09
million euros), dividing into cash and cash equivalents (3.70 million Turkish lira) and
other capital assets (2.06 million Turkish lira). The currency hedging took the form of
provisions (4.53 million Turkish lira). This implies unhedged asset positions in an
amount of 1.23 million Turkish lira (0.00 percent of the Fund assets) by the balance
sheet date.
Canada
MM CAD
Poland
MM PLN
Sweden
MM SEK
Singapore
MM SGD
Turkey
MM TRY
0.00
0.00
2,962.90
0.00
0.00
18.55
0.00
0.00
483.23
0.00
0.00
1.22
43.39
0.01
3.70
0.26
4.90
113.77
322.87
2.06
18.81
6.12
3,120.06
806.11
5.76
-18.32
-0.66
-1,400.37
0.00
0.00
-0.21
-1.91
-84.73
-0.24
-4.53
0.28
3.55
1,634.96
805.87
1.23
0.00
0.00
1,582.00
784.00
0.00
0.28
3.55
52.96
21.87
1.23
€ 0.20 million
€ 0.84 million
€ 6.11 million
€ 12.89 million
€ 0.45 million
0.00 %
0.01 %
0.07 %
0.14 %
0.00 %
120
ONE OF OUR PORTFOLIO PROPERTIES: “Motel One am Spittelmarkt” in Berlin, Germany
121
Facts and Figures
Currency Management
Miscellaneous
Foreign currency items by balance sheet date – Japan
in JPY
assets
5,656.93 MM
Interests held in real
estate companies
14,160.00 MM
Real estate
558.65 MM
14,109.89 MM
Other assets
The assets in Poland equalled 6.12 million Polish zloty (1.45 million euros) by 30
September 2013, dividing into cash and cash equivalents (1.22 million Polish zloty)
and other capital assets (4.90 million Polish zloty). The currency hedging took the
form of provisions / accounts payable (including loans over 2.57 million Polish zloty).
This implies unhedged asset positions in an amount of 3.55 million Polish zloty (0.01
percent of the Fund assets) by the balance sheet date.
In addition, there is a non-hedged foreign currency position denominated in Czech
koruna in an amount of 74.55 million Czech koruna or 0.03 percent of the Fund assets.
in JPY
currency hedging
7,618.62 MM
provisions/payables
(including loans)
26,030.00 MM
Forward Exchange
Transactions
836.85 MM
Non-Hedged Foreign
Currency Positions
The aggregate foreign currency assets totalled 3,267.73 million euros by the end of
the financial year. Thereof 99.40 percent are hedged through loans, forward exchange
transactions, as well as provisions and other accounts payable. Only 0.60 percent of
the Fund assets are subject to actual exchange rate fluctuations.
122
Currency Hedging Transactions
Existing currency hedging transactions as at 30 September 2013
Forward exchange contracts
(sold against €)
(bought against €)
Quoted value
at bullet maturity
Quoted value
balance sheet date
in €
Unrealised gains / loss
by key date
GBP
0.00
0.00
0.00
0.00
GBP
1,037,500,000.00
1,211,006,243.86
1,234,203,334.06
-23,197,090.20
-23,197,090.20
JPY
23,030,000,000.00
186,117,738.67
173,279,891.62
JPY
3,000,000,000.00
22,477,129.52
22,596,241.91
12,837,847.05
-119,112.39
12,718,734.66
SEK
736,000,000.00
86,053,996.59
84,576,748.13
1,477,248.46
SEK
846,000,000.00
96,591,404.93
97,310,789.40
-719,384.47
SGD
725,500,000.00
438,744,813.49
427,605,879.09
11,138,934.40
SGD
58,500,000.00
34,190,989.46
34,479,710.02
-288,720.56
757,863.99
10,850,213.84
Currency hedging transactions with realised gains that expired during the reporting period
(sold against €)
GBP
Quoted value,
sold
Realised
gains
Result as at
last year's balance
sheet date
in €
Impact on the Fund
assets during the
reporting period
893,000,000.00
1,096,494,779.33
47,808,921.69
41,699,032.12
6,109,889.57
JPY
22,000,000,000.00
217,310,522.23
48,727,996.33
35,271,558.97
13,456,437.36
SEK
930,000,000.00
109,595,776.51
1,985,117.52
-2,165,654.79
4,150,772.31
SGD
848,800,000.00
527,351,213.44
14,542,190.78
-868,545.73
15,410,736.51
113,064,226.32
73,936,390.57
39,127,835.75
Currency hedging transactions with realised losses that expired during the reporting period
in €
(sold against €)
Quoted value,
sold
Realised
losses
Result as at
last year's balance
sheet date
GBP
112,000,000.00
128,696,987.22
-2,444,761.43
-2,975,565.33
530,803.90
SEK
621,000,000.00
70,289,705.99
-1,177,381.94
-4,401,443.73
3,224,061.79
SGD
113,600,000.00
69,033,324.95
JPY
150,000,000.00
Impact on the Fund
assets during the
reporting period
-472,388.83
-734,105.77
261,716.94
-4,094,532.20
-8,111,114.83
4,016,582.63
Quoted value,
bought
Realised
losses
Result as at
last year's balance
sheet date
Impact on the Fund
assets during the
reporting period
1,231,323.89
-73,648.50
15,370.50
-89,019.00
-73,648.50
15,370.50
-89,019.00
123
Facts and Figures
Currency Management
Miscellaneous
thereof transactions added to the portfolio since the previous key date
(sold against €)
Quoted value,
sold
Realised
gains
GBP
134,000,000.00
158,347,486.49
GBP
35,000,000.00
40,736,136.91
JPY
1,350,000,000.00
SEK
55,000,000.00
SGD
SGD
Realised
losses
Impact on the Fund
assets during the
reporting period
3,103,787.45
0.00
3,103,787.45
0.00
-615,469.90
-615,469.90
10,416,168.36
148,447.03
0.00
148,447.03
6,469,367.92
77,989.85
0.00
77,989.85
358,500,000.00
220,000,674.56
5,955,119.32
0.00
5,955,119.32
52,800,000.00
31,529,879.94
0.00
-30,380.43
-30,380.43
9,285,343.65
-645,850.33
8,639,493.32
Currency hedging transactions closed with Commerzbank AG during the reporting period
GBP
JPY
in €
Total volume Number of transactions
(sold against €)
(sold against €)
in €
Total volume Number of transactions
425,500,000.00
13
0.00
0
17,380,000,000.00
6
0.00
0
SEK
50,000,000.00
2
0.00
0
SGD
421,400,000.00
7
0.00
0
During the reporting period, 35.16 percent worth of the currency hedging transactions, when set in relation to the total volume, were transacted with Commerzbank AG.
124
Funding Management
25.63 %
Gearing ratio
With the increasing influence of capital markets on real estate markets and the corresponding shift in value drivers – which can impact the sustainability of a given real estate
investment – the funding management plays an increasingly important role for the
management of an open-ended real estate fund. Borrowing capital lays the foundation for
the optimal use of capital structures and the hedging of currency risks of foreign currency items.
Strategy
In order to preserve the conservative overall orientation of the Fund, we limit the use
of leverage to a maximum not exceeding the equivalent of 30 percent of the real estate
assets, using debt capital to fund real estate investments while exploiting fiscal
structuring options and hedging foreign currency positions. By the balance sheet
date, hausInvest reported a total loan volume of 2,846.87 million euros and a gearing
ratio of 25.63 percent of the entire real estate assets, representing a total of 47 loans.
The share of the bank facilities taken out by the property companies equals 738.48
million euros, of which the pool of segregated assets is liable pursuant to Art. 69, Sec.
2, German Investment Act, for loans totalling 398.29 million euros.
Benefits of debt financing include, on the one hand, the aspect of tax optimisation
through deductibility of the interest rates abroad and, on the other hand, the attendant
use of the leverage effect. Loans are principally taken out in the local currency of the
property to be financed. Accordingly, we took 58.8 percent of the loans out in euros,
and 41.2 percent in foreign currencies.
The creditors have generally secured their loans through mortgage liens and through
collateral assignment of cost compensation claims. The stated objective of the Fund
Management is to maintain an equilibrium between variable and fixed interest within
the framework of a proactive funding management.
125
Facts and Figures
Funding Management
Miscellaneous
Overview of Borrowings
Loan Volumes by Country
France
Loan volume
in 000 €
Share of the market
value of all Fund
properties in this
country
in %
Average
interest rate
in %
1,072,512
42.8
2.7
United Kingdom
872,650
40.5
4.3
Netherlands
231,991
22.9
4.0
Sweden
151,201
44.3
3.7
Singapore
101,090
18.1
2.1
Czech Republic
95,939
41.9
1.6
Turkey
65,000
35.6
4.5
Poland
55,500
50.0
3.1
Japan
52,608
21.2
1.8
Belgium
50,000
28.2
1.8
Finland
50,000
33.4
2.4
Italy
48,380
6.3
1.9
2,846,870
25.63
3.3
Total
Term to maturity of loans
in % of loan volume
Loan volume
800,000 TEUR
25.0
700,000 TEUR
600,000 TEUR
16.9
500,000 TEUR
400,000 TEUR
14.9
14.2
14.6
10.7
300,000 TEUR
200,000 TEUR
3.3
100,000 TEUR
0.0
k EUR
2013
2014
2015
2016
2017
2018
2019
2020
0.4
0.0
2021
2022
126
Fixed-interest rate terms by country
in % of the loan volume
Less than 1 year
1 – 2 years
2 – 5 years
France
24.7
1.9
11.1
United Kingdom
5 – 10 years More than 10 years
–
–
12.5
–
18.1
–
–
Netherlands
4.8
1.6
–
1.8
–
Sweden
5.3
–
–
–
–
Singapore
3.5
–
–
–
–
Czech Republic
3.4
–
–
–
–
Turkey
2.3
–
–
–
–
Poland
0.8
–
–
1.2
–
–
1.8
–
–
–
Belgium
1.8
–
–
–
–
Finland
1.4
–
–
0.3
–
Japan
Italy
1.7
–
–
–
–
Total
62.2
5.3
29.2
3.3
0.0
End of fixed-interest period
in % of loan volume
Loan volume
1,400,000 TEUR
45.6
1,200,000 TEUR
1,000,000 TEUR
800,000 TEUR
21.1
600,000 TEUR
14.8
400,000 TEUR
10.7
200,000 TEUR
3.6
0.9
TEUR
2013
2014
2015
3.3
0.0
2016
2017
2018
2019
2020
0.0
0.0
2021
2022
127
Facts and Figures
Risk Report
Miscellaneous
Risk Report
Commerz Real Investmentgesellschaft mbH has set up a holistic and company-wide risk
management system which meets the minimum requirements for the risk management of
investment companies specified in the InvMaRisk circular by the German Supervisory
Authority for Financial Services (BaFin) and Article 80b, German Investment Act, and
which is integrated in the risk management of Commerz Real AG. The risk management
system is regularly reviewed in regard to its currency and adequacy, and upgraded
accordingly.
1. Risk Strategy
Since 01 January 2011, a dedicated risk strategy has been created for each investment
fund under management, clearly identifying the types of risks that a fund is prepared
to accept in the future and which ones are ruled out. Also defined are measures for
controlling the existing risks to which a given fund is exposed. Such measures could
include, while not being limited to, a monitoring, mitigating or limiting of risks.
2. Risk Management Process
The risk management process includes the separate stages of Risk Identification,
Risk Analysis and Evaluation, Risk Control and Management, Risk Monitoring, as
well as Risk Communication and Documentation.
The first step of Risk Identification involves the creation of a comprehensive risk
inventory that is continuously updated and supplemented.
Risk Analysis and Evaluation are activities undertaken on a regular basis, using the
methods detailed below. The risk evaluation intervals were diligently defined according to the degree of the risk exposure and the volatility of the valuation parameters.
Accordingly, risks are assessed daily, weekly, monthly or quarterly, as the case may
be.
Whenever an identified risk is rated as conspicuous during the analysis or the evaluation (e.g. based on objective criteria, perhaps because a limit was exceeded, or based
on the personal assessment by the risk manager) Risk Control and Management
measures are triggered. These measures are tailored to the specific risk type at hand,
and may be allocated to the categories risk prevention, risk reduction, risk transfer,
and risk acceptance.
Within the framework of Risk Monitoring, detected risks are monitored via an early
warning system. The idea is to capture and rate current developments within and
related to the pool of segregated assets in particular.
128
The Risk Communication essentially ensures periodic risk reporting to the senior
management and the supervisory board, and is supplemented by ad-hoc communiqués
in the event of major changes in the risk situation.
Within the framework of the Risk Documentation , the results of the risk analysis and
assessment are systematically documented.
3. Essential Risks of the Commerz Real Investmentgesellschaft, and their Control and Monitoring
The section below will elaborate all major risks as well as the
methods and processes deployed for the purpose of monitoring, evaluating and
controlling them.
Counterparty risk
For the unit-holders of public funds, the default of parties to the contract (default
of tenant, default of counterparty in money market transactions) can translate into
considerable discounts on the share value. This might even entail ramifications
including risks to the reputation and business risks. Due to different implications for
the pool of segregated real estate assets, a distinction is made between the tenant
default risk management and the counterparty exposure management in the context
of money market and exchange transactions.
Tenant Default Risk
The tenant default risk must be rated as diversified on the level of the pool of segregated assets. A corresponding approach in the limit and early warning system prevents
cluster formation and thus an excessive dependence on individual tenants. A regular
supervision of the ramifications of an increased number of defaulting portfolio tenants
is integral part of the stress test.
The tenant default risk is controlled by the usual means (sureties, joint guaranties).
Counterparty Exposure Involving Money Market and Foreign Exchange
Transactions
Transactions with new counterparties are principally permitted only after prior
approval by the Risk Management. The credit worthiness of the counterparties is
qualitatively measured on the basis of ratings issued by renowned agencies and
Commerzbank, and is part of the early warning system.
Initially, the exposure is diversified by spreading the capital investments and forward
exchange transactions across several partners. In the process, the concentration of
cash and cash equivalents is subject to daily monitoring in the limit system.
In the case of forward exchange transaction, the “expected loss” variable is part of
the limit system.
129
Facts and Figures
Risk Report
Miscellaneous
Issuer-Related Risk
Defaults by contract parties in conjunction with the investment of liquid assets can
entail substantial discounts in the respective share prices.
This risk is not relevant at the moment, because no liquid assets are invested in
securities at this time.
Market Price Risk
Interest Rate Risk
The shareholders of public funds are particularly susceptible to interest rate risks
whenever the gearing level for the fund properties is substantially raised. Moreover,
interest rate risks play a key role in the investment of the cash reserves of such funds.
The qualitative interest rate risks in the financing context are continuously screened
by the Group Finance & Treasury division through market observation, and managed
accordingly. Standard instruments include fixed price agreements and diversification
in terms of fixed-interest periods.
The investment of the cash reserve is done by the Product Management, which runs
its own qualitative check on the interest rate risk in conjunction with the continuous
market monitoring, and measures the distribution of funds across several institutes
and across a variety of lifetimes. Moreover, a market conformity check is performed
for each transaction closed.
Exchange Rate Risk
Investors of pools of segregated assets are particularly exposed to exchange rate risks
if major currency incongruence exists between asset side and funding side that is not
or insufficiently secured by derivative items. The exchange rate risk is measured
quantitatively by the value-at-risk approach.
Foreign currency positions are largely hedged in conjunction with the risk control.
Since the derivative positions serve exclusively hedging purposes, the Fund switched
from a qualified to a simple approach pursuant to the German Derivative Ordinance
(DerivateV) as at 01/01/2013. The permits adequate measuring and adjustments of the
derivatives used.
In regard to the remaining currency positions, a report limit is defined for each
foreign currency in dependence of the currency's volatility, the compliance with the
limit being monitored by the limit system and the early warning system. Moreover, the
maximum value-at-risk from open currency positions is limited, and also monitored by
the limit system and the early warning system. The currency hedging costs for the
real assets are included in the stress test.
130
The Price Change Risk (Securities, Stocks, Derivatives, etc.)
Changes in the prices of securities or similarly invested liquid assets belonging to the
pool of segregated assets can result in a corresponding fluctuation of the share value.
At the moment, the Fund is not investing in securities, making this risk irrelevant for
the time being.
Asset Value Risk
Genuine Asset Value Risk
The unit holders of public funds are impacted in particular by asset value risks,
as these represent the essential risk type for investors. Asset value risks have substantially intensified through the financial crisis, and concern the intrinsic asset value as
well as the selling prices.
Asset value risks are appraised qualitatively by compiling and continuously updating a
forecast.
The asset value risk is largely diversified by a corresponding spread of the portfolio.
The development on the portfolio level is monitored by regularly running stress tests.
An active portfolio management permits us to respond to changing market conditions
and trends. On top of that, the Fund Management strives to limit the exposure on the
property level through a careful selection of properties and detailed due diligences
conducted at the time of their acquisition, as well as through professional management.
Operational risk
Commerz Real and the investment companies are integrated into the Commerzbank
Group in terms of their OpRisk Management. This is where damage events are
centrally collected, matched with external damage data, and allocated adequate risk
capital and budgets. In-house, Commerz Real undertakes a qualitative assessment of
the OpRisk, essentially by using scenario analyses, quarterly evaluations, key risk
indicators (KRI) and business environment analyses (BEA ), and initiates risk control
countermeasures. In the case of services that the investment company outsourced
(even if only within the Group), the respective service providers are rated quarterly in
line with outsourcing controlling, which involves the use of a scoring model. It is
generally safe to say in regard to the operational risk that pools of segregated assets,
while potentially exposed to operational-risk scenarios, are usually indemnified by the
investment company, so that investors sustain no disadvantages if risks of this sort
materialise.
131
Facts and Figures
Risk Report
Miscellaneous
Operational risks exist specifically in the following areas:
IT
Pursuant to Item 4.1.2 c of the InvMaRisk circular by BaFin, the operational risks
count among the essential risk types. Investment companies are particularly susceptible to IT risks because failing IT systems could have massive ramifications, particularly because the price determination, sales and transactions rely on intense IT support.
The risk of an IT failure is countered by the redundant layout of systems and data
archiving, the set-up of an emergency data centre, and an appropriate emergency
plan. The safety mechanisms are subjected to an emergency drill once a year.
Human Resources
Particularly significant for the investment company are damages that are caused by
lacking qualification or failure / poor performance, insufficient control, overburdening
due to multiple tasks, etc. Damages arising from criminal or unauthorised acts,
insufficient sales activities, mismanagement and a high staff churn rate are also
captured in this item. Here, the risk situation is analysed within the framework of the
quarterly risk meetings, while identified weak spots are eliminated.
Organisation / Processes
These risks are generated by errors in processing, in the structural organisation or in
the control mechanisms etc. Just like in the human resources area, these processes
are continuously monitored, and issues remedied.
External Events / Legal Risks
In addition to external theft/ fraud, legal risks and legal change risks as well as the
damages arising from these are particularly significant for investment companies.
Membership in the BVI Federal Investment and Asset Management Association keeps
Commerz Real Investmentgesellschaft mbH up to date on new draft bills, while
integrating the company in the policy-building process through its work in the various
bodies and through white papers. Cases of external fraud are effectively prevented
through a tight-knit network of controls.
Business Risk
Market Risk / Business Parameters
Market risks are deemed highly significant and are rated as essential both for the
companies and for shareholders. For instance, new parameters for real estate funds,
changed opinions about real estate as an asset class, or client changes in regard to a
fund acquisition can have massive ramifications for the business model of the investment company as well as on the attractiveness of the fund from the perspective of
incumbent investors.
On top of that, the identification and control of market risks are part of the management tasks during the development of the corporate strategy. The management will
employ research resources toward this end, while striving to stay up to date on
imminent developments through membership and active collaboration in industry
interest groups, so as to be able to intervene in good time.
132
Reputation Risk
All investment company funds are subject to the risk of having the public faith in the
company tainted by negative public coverage of a given transaction, a business
partner or a business practice that involves one or more clients. This implies the
threat of massive cash drains for the investment company (as clients withdraw their
cash, so that planned fund ventures cannot go ahead). The risk is qualitatively
measured within the framework of the quarterly risk meetings as well as through the
threat analysis.
This is a risk addressed via an open and exhaustive communication policy. In addition, a crisis communication concept is in place. To control the reputation risk on the
industry level, Commerz Real is member in the appropriate industry interest groups.
Liquidity Risk / Funding Risk
Liquidity Risk in the Literal Sense
For shareholders of public funds, liquidity risks become relevant and significant whenever a massive redemption of share funds by investors necessitates the disposition of
properties at unfavourable prices (the assumption being that this event coincides with
a serious dip in market prices and serious damages to the reputation of the fund
management companies involved) or whenever legal changes are implemented that
limit the options to realise an investment in an open-ended real estate fund.
Liquidity risks in pools of segregated assets are subject to intense supervision and
control. The assessment is done mainly by the product management, which compiles a
weekly liquidity forecast that takes into account the inflow and outflow of funds on the
investor side, the property management, acquisitions and dispositions, loans taken
out, and cash and cash equivalents. This forecast is then used as basis for developing
risk control measures. The liquidity situation of the pool of segregated assets is
quantitatively measured through the “range of available liquidity” ratio, and monitored by the early warning system.
Refinancing Risk
Moreover, shareholders are also affected by issues concerning the follow-up financing
to the extent that these impact the liquidity of the pool of segregated assets or the
distribution.
The refinancing risk is qualitatively rated and controlled within the framework of the
continuous market observation by the Group Finance & Treasury department, which
acts in close coordination with the Product Management.
133
Facts and Figures
Investor Structure
Miscellaneous
Investor Structure
hausInvest is mainly an investment fund for private investors. With a view to its
safety-oriented investment strategy our Fund Management has limited commitments
by institutional investors – who sometimes have a shorter investment horizon than the
average short-term – principally to a maximum ratio of 10 percent of the Fund assets.
Thus, hausInvest established itself as a basic investment vehicle primarily for private
investors. 98.8 percent of the capital paid into the Fund belongs to private individuals.
The majority of these has invested amounts of 100,000 euros or less in the Fund. This
implies a wide spread of the Fund assets in terms of the Fund's investor structure, too.
It also makes it easier to foresee liquidity needs and to keep an adequate liquidity ratio
on hand so as to satisfy the redemption requests of investors on demand.
98.8 %
Private Investors
Investor structure of hausInvest
69.2% P rivate investors
(Commerzbank clients)
29.6% P rivate investors
(clients of other banks,
insurance companies
and sales partners)
1.2% Institutional investors
1
Referring to 100 % of the Fund
assets as at 30 September 2013
134
Summarised Statement of
By markets
Sum total
in % of the
Fund assets
I. Real estate 8,035,246,623.53
85.97 %
1. Developed property
8,027,596,623.53
85.89 %
0.00
0.00 %
7,650,000.00
0.08 %
II. Interests held in real estate companies 1,863,684,488.65
19.94 %
1. Majority interests
1,355,185,666.40
14.50 %
2. Minority interests
508,498,822.25
5.44 %
III. Cash and cash equivalents / cash in banks 1,289,777,526.21
13.80 %
IV. Miscellaneous assets 1,001,709,986.30
10.72 %
12,190,418,624.69
130.42 %
2,505,727,723.67
26.81 %
2. Property under construction
3. Vacant plots
Sum total of assets
V. Payables VI. Provisions 337,779,473.12
3.61 %
Sum total of liabilities and provisions
2,843,507,196.79
30.42 %
Fund assets
9,346,911,427.90
100.00 %
By markets
I. Real estate 1. Developed property
3. Vacant plots
II. Interests held in real estate companies 1. Majority interests
III. Cash and cash equivalents / cash in banks IV. Miscellaneous assets Sum total of assets
V. Payables VI. Provisions Sum total of liabilities and provisions
Fund assets
135
Facts and Figures
Miscellaneous
in €
Germany
Belgium
Finland
France
United Kingdom
1,606,334,000.00
0.00
0.00
1,891,060,000.00
1,794,066,483.97
1,598,684,000.00
0.00
0.00
1,891,060,000.00
1,794,066,483.97
0.00
0.00
0.00
0.00
0.00
7,650,000.00
0.00
0.00
0.00
0.00
382,825,707.57
143,700,237.62
22,660,037.24
351,378,426.57
176,636,841.95
260,199,005.03
143,700,237.62
22,660,037.24
46,280,073.29
176,636,841.95
122,626,702.54
0.00
0.00
305,098,353.28
0.00
1,186,622,331.40
0.00
0.00
22,726,931.61
27,881,503.65
72,150,969.59
0.00
89,959,740.53
69,950,989.13
158,078,288.09
3,247,933,008.56
143,700,237.62
112,619,777.77
2,335,116,347.31
2,156,663,117.66
63,039,293.95
0.00
57,518.25
889,931,140.38
857,668,664.16
13,146,186.88
5,782,929.31
248,910.02
83,615,227.96
36,268,205.10
76,185,480.83
5,782,929.31
306,428.27
973,546,368.34
893,936,869.26
3,171,747,527.73
137,917,308.31
112,313,349.50
1,361,569,978.97
1,262,726,248.40
in €
Italy
Japan
Canada
Luxembourg
Netherlands
665,210,000.00
106,418,157.22
0.00
0.00
1,013,700,000.00
665,210,000.00
106,418,157.22
0.00
0.00
1,013,700,000.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
51,106,088.57
42,514,115.61
13,294,421.39
128,980,130.03
0.00
51,106,088.57
42,514,115.61
13,159,110.34
128,980,130.03
0.00
0.00
0.00
135,311.05
0.00
0.00
38,571,230.55
1,147,645.90
4,198,462.37
2,510.09
0.00
94,255,762.08
106,041,587.17
186,601.94
104,857,242.68
15,842,431.93
811,719,496.55
259,172,322.37
13,483,533.42
233,837,372.71
1,068,113,662.48
68,747,936.75
57,043,288.91
13,132,146.65
0.00
255,817,120.32
30,290,882.91
213,751.55
152,304.66
4,832,370.85
91,317,279.06
99,038,819.66
57,257,040.46
13,284,451.31
4,832,370.85
347,134,399.38
712,680,676.89
201,915,281.91
199,082.11
229,005,001.86
720,979,263.10
Number of shares outstanding
230,656,600.605
Share value (€)
40.52
Exchange rates as at
27 September 2013
United States Dollar (USD) 1 € =
1.35040 USD
Pound Stirling (GBP) 1 € =
0.83930 GBP
Canadian Dollar (CAD) 1 € =
1.39510 CAD
Japanese Yen (JPY) 1 € =
133.06000 JPY
Polish Zloty (PLN) 1 € =
4.22886 PLN
Swedish Krona (SEK) 1 € =
8.67390 SEK
Singapore Dollar (SGD) 1 € =
1.69651 SGD
South Korean Won (KRW) 1 € =
1,453.64642 KRW
Czech Koruna (CZK) 1 € =
25.67945 CZK
Turkish Lira (TRY) 1 € =
2.75518 TRY
136
By markets
3. Vacant plots
Fund assets
By markets
3. Vacant plots
Fund assets
137
Facts and Figures
Miscellaneous
in €
Austria
Poland
Portugal
Sweden
Singapore
105,470,000.00
111,100,000.00
73,600,000.00
341,587,982.34
0.00
105,470,000.00
111,100,000.00
73,600,000.00
341,587,982.34
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
44,385,643.09
2,857,037.70
93,931,998.44
0.00
284,838,195.39
44,385,643.09
2,857,037.70
93,931,998.44
0.00
204,199,740.01
0.00
0.00
0.00
0.00
80,638,455.38
146,845.98
734,312.45
591,254.69
5,002,525.04
4,761.31
3,042,034.05
1,590,086.88
45,265,029.81
13,116,352.05
190,318,279.30
153,044,523.12
116,281,437.03
213,388,282.94
359,706,859.43
475,161,236.00
1,723,174.25
57,761,761.99
1,080,544.39
161,447,118.98
0.00
115,151.90
1,291,378.29
4,530,348.39
9,767,963.36
143,392.97
1,838,326.15
59,053,140.28
5,610,892.78
171,215,082.34
143,392.97
151,206,196.97
57,228,296.75
207,777,390.16
188,491,777.09
475,017,843.03
in €
Spain
Czech Republic
Turkey
144,100,000.00
0.00
182,600,000.00
144,100,000.00
0.00
182,600,000.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
124,575,607.48
0.00
0.00
124,575,607.48
0.00
0.00
0.00
0.00
724,375.07
0.00
1,422,836.10
11,096,146.73
22,736,244.69
3,222,199.65
155,920,521.80
147,311,852.17
187,245,035.75
10,248,785.20
0.00
68,029,229.49
13,713,722.19
15,178,543.53
27,170,924.19
23,962,507.39
15,178,543.53
95,200,153.68
131,958,014.41
132,133,308.64
92,044,882.07
138
By currency
Sum total
in % of the
Fund assets
I. Real estate 8,035,246,623.53
85.97 %
1. Developed property
8,027,596,623.53
85.89 %
0.00
0.00 %
7,650,000.00
0.08 %
II. Interests held in real estate companies 1,863,684,488.65
19.94 %
1. Majority interests
1,355,185,666.40
14.50 %
508,498,822.25
5.44 %
III. Cash and cash equivalents / cash in banks 1,289,777,526.21
13.80 %
IV. Miscellaneous assets 1,001,709,986.30
10.72 %
12,190,418,624.69
130.42 %
2,505,727,723.67
26.81 %
3. Vacant plots
Sum total of assets
V. Payables VI. Provisions 337,779,473.12
3.61 %
Sum total of liabilities and provisions
2,843,507,196.79
30.42 %
Fund assets
9,346,911,427.90
100.00 %
By currency
3. Vacant plots
Fund assets
139
Facts and Figures
Miscellaneous
in €
thereof in €
thereof in
foreign currency
United Kingdom
Japan
5,793,174,000.00
2,242,072,623.53
1,794,066,483.97
106,418,157.22
5,785,524,000.00
2,242,072,623.53
1,794,066,483.97
106,418,157.22
0.00
0.00
0.00
0.00
7,650,000.00
0.00
0.00
0.00
1,346,400,914.31
517,283,574.34
176,636,841.95
42,514,115.61
918,675,858.49
436,509,807.91
176,636,841.95
42,514,115.61
427,725,055.82
80,773,766.43
0.00
0.00
1,251,054,136.09
38,723,390.12
27,881,503.65
4,198,462.37
532,061,452.53
469,648,533.77
158,078,288.09
106,041,587.17
8,922,690,502.93
3,267,728,121.76
2,156,663,117.66
259,172,322.37
1,416,279,445.33
1,089,448,278.34
857,668,664.16
57,043,288.91
289,137,786.62
48,641,686.50
36,268,205.10
213,751.55
1,705,417,231.95
1,138,089,964.84
893,936,869.26
57,257,040.46
7,217,273,270.98
2,129,638,156.92
1,262,726,248.40
201,915,281.91
in €
Canada
Poland
Sweden
Singapore
Turkey
0.00
0.00
341,587,982.34
0.00
0.00
0.00
0.00
341,587,982.34
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
13,294,421.39
0.00
0.00
284,838,195.39
0.00
13,159,110.34
0.00
0.00
204,199,740.01
0.00
135,311.05
0.00
0.00
80,638,455.38
0.00
1,344,721.04
2,510.09
288,906.62
5,002,525.04
4,761.31
186,601.94
1,159,030.82
13,116,352.05
190,318,279.30
748,394.40
13,483,533.42
1,447,937.44
359,706,859.43
475,161,236.00
2,093,115.44
13,132,146.65
157,059.64
161,447,118.98
0.00
0.00
152,304.66
451,166.19
9,767,963.36
143,392.97
1,644,902.67
13,284,451.31
608,225.83
171,215,082.34
143,392.97
1,644,902.67
199,082.11
839,711.61
188,491,777.09
475,017,843.03
448,212.77
140
Statement of
Sum total
in % of the
Fund assets
thereof in
foreign currency
0.00
0.00%
0.00
2.Commercial property
8,027,596,623.53
85.89%
2,242,072,623.53
3.Mixed use properties
0.00
0.00%
0.00
0.00
I. REAL ESTATE
1.Residential rental property
4.Property under construction
5.Vacant plots
Total
0.00
0.00%
7,650,000.00
0.08%
0.00
8,035,246,623.53
85.97%
2,242,072,623.53
Italy
Japan
Canada
I. REAL ESTATE
0.00
0.00
0.00
665,210,000.00
106,418,157.22
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
665,210,000.00
106,418,157.22
0.00
5.Vacant plots
Total
I. REAL ESTATE
5.Vacant plots
Total
141
Facts and Figures
Statement of
Miscellaneous
in €
Germany
Belgium
Finland
France
United Kingdom
0.00
0.00
0.00
0.00
0.00
1,598,684,000.00
0.00
0.00
1,891,060,000.00
1,794,066,483.97
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
7,650,000.00
0.00
0.00
0.00
0.00
1,606,334,000.00
0.00
0.00
1,891,060,000.00
1,794,066,483.97
Luxembourg
Netherlands
Austria
Poland
in €
Portugal
0.00
0.00
0.00
0.00
0.00
0.00
1,013,700,000.00
105,470,000.00
111,100,000.00
73,600,000.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1,013,700,000.00
105,470,000.00
111,100,000.00
73,600,000.00
Sweden
Singapore
Spain
Czech Republic
in €
Turkey
0.00
0.00
0.00
0.00
0.00
341,587,982.34
0.00
144,100,000.00
0.00
182,600,000.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
341,587,982.34
0.00
144,100,000.00
0.00
182,600,000.00
Pages 46+
Property List
The Property List on pages 46 through
103 profiles the composition of the
portfolio of real assets, including detailed information on each property.
142
Statement of
Sum total
in % of the
Fund assets
thereof in
foreign currency
1.Majority interests
1,355,185,666.40
14.50%
436,509,807.91
Market value / purchase price of the real estate
2,226,258,986.35
23.82%
878,351,636.84
Payables arising from external loans
-398,285,694.09
-4.26%
-202,347,194.09
Payables arising from shareholder loans
-531,917,483.51
-5.69%
-288,681,045.10
59,129,857.64
0.63%
49,186,410.26
508,498,822.25
5.44%
80,773,766.43
II. INTERESTS HELD IN REAL ESTATE COMPANIES
Balance of other receivables / payables / provisions
Total
845,341,908.98
9.04%
180,163,983.71
-340,192,191.50
-3.64%
-101,089,884.53
0.00
0.00%
0.00
3,349,104.77
0.04%
1,699,667.25
1,863,684,488.65
19.94%
517,283,574.34
Italy
Japan
Canada
51,106,088.57
42,514,115.61
13,159,110.34
102,290,000.00
141,462,498.12
0.00
0.00
0.00
0.00
-61,700,000.00
-104,037,276.42
0.00
10,516,088.57
5,088,893.91
13,159,110.34
0.00
0.00
135,311.05
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
135,311.05
51,106,088.57
42,514,115.61
13,294,421.39
Total
143
Facts and Figures
Statement of
Miscellaneous
Germany
Belgium
260,199,005.03
238,777,835.47
0.00
in €
Finland
France
United Kingdom
143,700,237.62
22,660,037.24
46,280,073.29
176,636,841.95
177,200,000.00
149,650,000.00
69,000,000.00
359,820,922.20
-50,000,000.00
-50,000,000.00
0.00
-202,347,194.09
0.00
0.00
-87,050,000.00
-28,551,438.41
0.00
21,421,169.56
16,500,237.62
10,060,037.24
5,831,511.70
19,163,113.84
122,626,702.54
0.00
0.00
305,098,353.28
0.00
121,800,000.00
0.00
0.00
543,377,925.27
0.00
0.00
0.00
0.00
-239,102,306.97
0.00
0.00
0.00
0.00
0.00
0.00
826,702.54
0.00
0.00
822,734.98
0.00
382,825,707.57
143,700,237.62
22,660,037.24
351,378,426.57
176,636,841.95
in €
Luxembourg
Netherlands
Austria
Poland
Portugal
128,980,130.03
0.00
44,385,643.09
2,857,037.70
93,931,998.44
215,400,000.00
0.00
40,389,570.00
0.00
125,999,944.05
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-43,535,000.00
-86,419,869.97
0.00
3,996,073.09
2,857,037.70
11,467,054.39
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
128,980,130.03
0.00
44,385,643.09
2,857,037.70
93,931,998.44
Page 106+
Pages 46+
Property List
For details on the equity investment
companies, as well as on the real
estate held by them, see the Record of
Participations and the Property List.
144
Statement of
Total
145
Facts and Figures
Statement of
Miscellaneous
in €
Sweden
Singapore
Spain
Czech Republic
Turkey
0.00
204,199,740.01
0.00
124,575,607.48
0.00
0.00
377,068,216.52
0.00
229,200,000.00
0.00
0.00
0.00
0.00
-95,938,500.00
0.00
0.00
-184,643,768.68
0.00
-22,400,000.00
0.00
0.00
11,775,292.17
0.00
13,714,107.48
0.00
0.00
80,638,455.38
0.00
0.00
0.00
0.00
180,163,983.71
0.00
0.00
0.00
0.00
-101,089,884.53
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1,564,356.20
0.00
0.00
0.00
0.00
284,838,195.39
0.00
124,575,607.48
0.00
146
Statement of
Sum total
in % of the
Fund assets
thereof in
foreign currency
III. CASH AND CASH EQUIVALENTS / CASH IN BANKS
1.Overnight deposit investments
33,765,903.73
0.36%
15,655,903.73
1,220,192,090.99
13.05%
5,713,852.32
Term to maturity up to 3 months
199,484,230.68
2.13%
1,768,263.85
Term to maturity 3 to 6 months
349,657,860.31
3.74%
3,945,588.46
273,550,000.00
2.93%
0.00
397,500,000.00
4.25%
0.00
0.00
0.00%
0.00
35,045,190.78
0.37%
17,353,634.07
2.Time deposit investments
Term to maturity more than 12 months
3.Balance in current accounts and one savings account
4.Balance in distribution accounts
Total
774,340.71
0.01%
0.00
1,289,777,526.21
13.80%
38,723,390.12
Italy
Japan
Canada
0.00
0.00
0.00
775,061.21
3,945,588.46
0.00
775,061.21
0.00
0.00
0.00
3,945,588.46
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
372,584.69
252,873.91
2,510.09
Total
0.00
0.00
0.00
1,147,645.90
4,198,462.37
2,510.09
147
Facts and Figures
Statement of
Miscellaneous
Germany
Belgium
Finland
in €
France
United Kingdom
18,110,000.00
0.00
0.00
0.00
15,655,903.73
1,166,050,000.00
0.00
0.00
16,990,400.08
1,029,897.61
180,000,000.00
0.00
0.00
16,940,905.61
1,029,897.61
315,000,000.00
0.00
0.00
49,494.47
0.00
273,550,000.00
0.00
0.00
0.00
0.00
397,500,000.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1,687,990.69
0.00
0.00
5,736,531.53
11,195,702.31
774,340.71
0.00
0.00
0.00
0.00
1,186,622,331.40
0.00
0.00
22,726,931.61
27,881,503.65
Luxembourg
Netherlands
Austria
0.00
0.00
0.00
30,662,777.38
0.00
in €
Poland
Portugal
0.00
0.00
0.00
0.00
89,586.05
0.00
0.00
0.00
89,586.05
0.00
0.00
30,662,777.38
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
7,908,453.17
146,845.98
644,726.40
591,254.69
0.00
0.00
0.00
0.00
0.00
0.00
38,571,230.55
146,845.98
734,312.45
591,254.69
148
Statement of
Total
149
Facts and Figures
Statement of
Miscellaneous
Sweden
Singapore
Spain
Czech Republic
in €
Turkey
0.00
0.00
0.00
0.00
0.00
31,760.62
0.00
0.00
0.00
617,019.58
31,760.62
0.00
0.00
0.00
617,019.58
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
4,970,764.42
4,761.31
724,375.07
0.00
805,816.52
0.00
0.00
0.00
0.00
0.00
5,002,525.04
4,761.31
724,375.07
0.00
1,422,836.10
150
Statement of
Sum total
in % of the
Fund assets
thereof in
foreign currency
187,421,539.54
2.01 %
113,635,945.34
46,160,440.42
0.49 %
28,774,057.17
141,235,432.48
1.51%
84,861,888.17
IV. MISCELLANEOUS ASSETS
1.Receivables from property management
from rents and assessments
from operating costs not yet invoiced
from prepaid property management costs
2.Receivables from real estate companies (shareholder loans)
3.Interest receivables
from overnight deposits
from time deposits
from shareholder loans
25,666.64
0.00 %
0.00
531,917,483.51
5.69 %
288,681,045.10
8,082,659.94
0.09 %
2,511,764.11
198.94
0.00 %
158.70
2,644,551.23
0.03 %
2,825.55
5,437,909.77
0.06 %
2,508,779.86
4.Incidental acquisition costs
37,220,000.67
0.40 %
16,147,904.79
for real estate
27,778,384.42
0.30 %
11,243,159.65
4,904,745.14
for interests held in real estate companies
9,441,616.25
0.10 %
5.Receivables from pending transactions
18,461,621.00
0.20 %
0.00
6.Receivables from foreign revenue authorities
15,244,167.86
0.16 %
6,374,009.73
Receivables from reclaimable VAT
7,890,416.34
0.08 %
5,996,160.98
Receivables from other current taxes
7,353,751.52
0.08 %
377,848.75
7.Market value of forward exchange transactions
24,326,812.49
0.26 %
0.00
179,035,701.29
1.92 %
42,297,864.66
Participatory capital of Luxembourg equity investments
99,863,541.34
1.07 %
0.00
Service charges prepaid to property managers and other items relating to the
property management
31,702,415.23
0.34 %
26,139,235.59
Receivables from construction cost allocations
14,496,614.70
0.16 %
14,496,614.70
Receivables from capitalised deferred taxes
8.Other miscellaneous assets
13,785,414.98
0.15 %
0.00
Interest receivables from participatory capital
4,993,701.34
0.05 %
0.00
Receivables from acquisitions / sales of real estate and real
estate companies
4,785,271.90
0.05 %
0.00
Expenses for construction projects or restructuring measures
3,514,769.53
0.04 %
366,464.86
Furniture, fixtures and equipment
1,379,061.36
0.01 %
0.00
Receivables from prepaid ground rent
805,669.07
0.01 %
805,669.07
Receivables from cash inflow
632,795.98
0.01 %
0.00
Receivables from tenant cost shares
509,717.11
0.01 %
709.02
Receivables from real estate companies
Other miscellaneous receivables
Total
128,232.59
0.00 %
73,878.58
2,438,496.16
0.03 %
415,292.84
1,001,709,986.30
10.72 %
469,648,533.73
151
Facts and Figures
Statement of
Miscellaneous
in €
Germany
Belgium
Finland
France
United Kingdom
27,995,589.77
0.00
0.00
21,635,183.28
105,645,675.63
9,267,202.95
0.00
0.00
4,544,494.10
23,754,989.68
18,728,386.82
0.00
0.00
17,090,689.18
81,890,685.95
0.00
0.00
0.00
0.00
0.00
0.00
0.00
87,050,000.00
28,551,438.41
0.00
2,612,365.66
0.00
1,227,822.35
186,175.09
171.96
40.24
0.00
0.00
0.00
158.70
2,612,325.42
0.00
0.00
1,433.57
13.26
0.00
0.00
1,227,822.35
184,741.52
0.00
8,654,811.23
0.00
1,681,918.18
5,721,999.00
7,849,596.09
6,297,703.00
0.00
0.00
5,721,999.00
7,849,596.09
2,357,108.23
0.00
1,681,918.18
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
6,912,982.41
4,443,910.68
0.00
0.00
0.00
543,191.21
4,443,910.68
0.00
0.00
0.00
6,369,791.20
0.00
24,326,812.49
0.00
0.00
0.00
0.00
8,561,390.44
0.00
0.00
6,943,210.94
40,138,933.73
0.00
0.00
0.00
0.00
0.00
152,269.06
0.00
0.00
1,621,546.20
25,642,319.03
0.00
0.00
0.00
0.00
14,496,614.70
0.00
0.00
0.00
5,128,635.42
0.00
0.00
0.00
0.00
0.00
0.00
4,437,835.48
0.00
0.00
0.00
0.00
832,076.24
0.00
0.00
0.00
0.00
460,686.00
0.00
0.00
32,333.00
0.00
0.00
0.00
0.00
0.00
0.00
632,795.98
0.00
0.00
0.00
0.00
443,701.63
0.00
0.00
32,961.76
0.00
0.00
0.00
0.00
0.00
0.00
1,602,026.05
0.00
0.00
127,734.56
0.00
72,150,969.59
0.00
89,959,740.53
69,950,989.13
158,078,288.09
152
Statement of
Italy
Japan
Canada
2,146,167.52
0.00
0.00
1,759,948.16
0.00
0.00
386,219.36
0.00
0.00
from time deposits
0.00
0.00
0.00
61,700,000.00
104,037,276.42
0.00
903,545.02
763,687.82
0.00
0.00
0.00
0.00
232.51
170.98
0.00
903,312.51
763,516.84
0.00
1,681,362.77
975,497.54
0.00
for real estate
1,681,362.77
0.00
0.00
0.00
0.00
975,497.54
18,461,621.00
0.00
0.00
389,721.22
265,125.39
112,723.36
389,721.22
0.00
0.00
0.00
265,125.39
112,723.36
property management
0.00
0.00
0.00
8,973,344.55
0.00
73,878.58
0.00
0.00
0.00
232,463.67
0.00
0.00
0.00
0.00
0.00
8,656,779.56
0.00
0.00
0.00
0.00
0.00
estate companies
0.00
0.00
0.00
53,928.76
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
73,878.58
Total
0.00
0.00
30,172.56
0.00
0.00
94,255,762.08
106,041,587.17
186,601.94
153
Facts and Figures
Statement of
Miscellaneous
in €
Luxembourg
Netherlands
Austria
Poland
Portugal
0.00
9,699,172.77
988,964.35
1,586,593.24
270,041.28
0.00
121,849.35
40,068.40
303,373.49
270,041.28
0.00
9,577,323.42
948,895.95
1,283,219.75
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
43,535,000.00
0.00
27,734.18
0.00
39.52
277,253.53
0.00
0.00
0.00
0.00
0.00
0.00
27,734.18
0.00
39.52
0.00
0.00
0.00
0.00
0.00
277,253.53
0.00
2,834,160.00
0.00
0.00
497,600.01
0.00
2,834,160.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
497,600.01
0.00
0.00
0.00
0.00
0.00
0.00
1,777,121.31
234,523.30
0.00
606,111.57
0.00
1,777,121.31
234,523.30
0.00
0.00
0.00
0.00
0.00
0.00
606,111.57
0.00
0.00
0.00
0.00
0.00
104,857,242.68
1,504,243.67
1,818,546.40
3,454.12
79,023.42
99,863,541.34
0.00
0.00
0.00
0.00
0.00
0.00
335,000.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
4,993,701.34
0.00
0.00
0.00
0.00
0.00
330,000.00
0.00
0.00
17,436.42
0.00
894,817.34
1,367,482.33
0.00
0.00
0.00
48,904.00
3,109.00
0.00
61,587.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
32,344.70
0.00
0.00
0.00
0.00
0.00
54,354.01
0.00
0.00
0.00
198,177.63
58,601.06
3,454.12
0.00
104,857,242.68
15,842,431.93
3,042,034.05
1,590,086.88
45,265,029.81
154
Statement of
from time deposits
for real estate
property management
estate companies
Total
155
Facts and Figures
Statement of
Miscellaneous
in €
Sweden
Singapore
Spain
Czech Republic
Turkey
7,964,244.71
0.00
7,611,599.20
0.00
1,878,307.79
5,019,067.49
0.00
683,011.98
0.00
396,393.54
2,945,177.22
0.00
6,902,920.58
0.00
1,481,914.25
0.00
0.00
25,666.64
0.00
0.00
0.00
184,643,768.68
0.00
22,400,000.00
0.00
30.88
1,745,263.02
0.00
336,000.00
2,570.91
0.00
0.00
0.00
0.00
0.00
30.88
0.00
0.00
0.00
2,570.91
0.00
1,745,263.02
0.00
336,000.00
0.00
3,393,563.56
3,929,247.60
0.00
244.69
0.00
3,393,563.56
0.00
0.00
0.00
0.00
0.00
3,929,247.60
0.00
244.69
0.00
0.00
0.00
0.00
0.00
0.00
501,948.62
0.00
0.00
0.00
0.00
501,948.62
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1,256,564.28
0.00
3,484,547.53
0.00
1,341,320.95
0.00
0.00
0.00
0.00
0.00
480,003.60
0.00
2,705,613.71
0.00
533,199.96
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
366,464.86
0.00
0.00
0.00
0.00
0.00
0.00
772,442.36
0.00
0.00
0.00
0.00
0.00
0.00
805,669.07
0.00
0.00
0.00
0.00
0.00
709.02
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
409,386.80
0.00
6,491.46
0.00
2,451.92
13,116,352.05
190,318,279.30
11,096,146.73
22,736,244.69
3,222,199.65
156
Statement of
Sum total
in % of the
Fund assets
thereof in
foreign currency
2,108,392,487.85
22.56 %
874,111,207.85
993,061,611.48
10.62 %
531,590,331.48
0.00
0.00 %
0.00
2.from property acquisitions and construction projects
33,583,134.04
0.36 %
31,468,694.98
acquisitions and construction projects
33,127,384.40
0.35 %
31,401,282.86
455,749.64
0.00 %
67,412.12
278,175,281.18
2.98 %
161,443,588.24
80,849,123.22
0.86 %
48,668,312.73
158,984,213.45
1.70 %
97,372,919.71
31,686,405.25
0.34 %
15,344,627.44
6,655,539.26
0.07 %
57,728.36
V. PAYABLES
1.from loans
thereof loans secured by encumbrances or mortgages
thereof short-term loans (Art. 53, InvA)
Security retentions
3.from property management
Prepaid rents and assessments
Prepayments on recoverable costs
Security deposits
Deliveries and services
4 from pending transactions
18,337,264.56
0.20 %
0.00
5 vis-à-vis foreign revenue authorities
1,054,351.24
0.01 %
44,505.44
Payables VAT
1,054,351.24
0.01 %
44,505.44
23,197,090.20
0.25 %
0.00
7.vis-à-vis CRI mbH
14,426,774.45
0.15 %
0.00
from fund management
13,695,203.51
0.15 %
0.00
714,597.88
0.01 %
0.00
Other payables
16,973.06
0.00 %
0.00
8.Other payables
28,561,340.15
0.31 %
22,380,281.83
vis-à-vis real estate companies
13,117,339.26
0.14 %
13,117,339.26
Profit sharing Westfield
7,117,177.41
0.08 %
7,117,177.41
Loan interest
2,927,178.18
0.03 %
1,160,774.35
Payables from cash outflow
1,514,424.26
0.02 %
0.00
from income tax vis-à-vis the parent company
864,961.67
0.01 %
0.00
Coupon redemptions
774,340.71
0.01 %
0.00
vis-à-vis the Euream GmbH for fund management
498,491.32
0.01 %
0.00
Payables VAT
Custodian bank fee
Other miscellaneous payables
Total
194,732.29
0.00 %
0.00
1,552,695.05
0.02 %
984,990.81
2,505,727,723.67
26.81 %
1,089,448,278.34
157
Facts and Figures
Statement of
Miscellaneous
in €
Germany
Belgium
Finland
France
United Kingdom
0.00
0.00
0.00
833,410,000.00
670,302,633.15
0.00
0.00
0.00
125,600,000.00
478,982,485.40
0.00
0.00
0.00
0.00
0.00
1,225,235.23
0.00
57,518.25
683,421.88
31,280,009.34
1,027,482.56
0.00
57,518.25
629,171.88
31,280,009.34
197,752.67
0.00
0.00
54,250.00
0.00
21,130,192.59
0.00
0.00
54,199,098.09
147,648,677.17
2,028,293.40
0.00
0.00
15,462,117.20
42,344,423.40
18,558,898.57
0.00
0.00
18,950,705.03
94,083,663.22
494,227.82
0.00
0.00
13,254,253.45
11,162,862.19
48,772.80
0.00
0.00
6,532,022.41
57,728.36
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
23,197,090.20
0.00
0.00
0.00
0.00
14,426,774.45
0.00
0.00
0.00
0.00
13,695,203.51
0.00
0.00
0.00
0.00
714,597.88
0.00
0.00
0.00
0.00
16,973.06
0.00
0.00
0.00
0.00
3,060,001.48
0.00
0.00
1,638,620.41
8,437,344.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
7,117,177.41
57,341.71
0.00
0.00
1,347,465.68
987,658.00
1,514,424.26
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
774,340.71
0.00
0.00
0.00
0.00
498,491.32
0.00
0.00
0.00
0.00
194,732.29
0.00
0.00
0.00
0.00
20,671.19
0.00
0.00
291,154.73
332,509.09
63,039,293.95
0.00
57,518.25
889,931,140.38
857,668,664.16
158
Statement of
Italy
Japan
Canada
1.from loans
48,380,000.00
52,607,846.08
0.00
48,380,000.00
52,607,846.08
0.00
0.00
0.00
0.00
0.00
0.00
14,807.39
0.00
0.00
14,807.39
Security retentions
0.00
0.00
0.00
V. PAYABLES
1,948,704.25
4,385,781.11
0.00
472,765.87
335,549.58
0.00
923,893.24
104,643.07
0.00
Security deposits
552,045.14
3,945,588.46
0.00
0.00
0.00
0.00
18,337,264.56
0.00
0.00
0.00
44,505.44
0.00
Payables VAT
0.00
44,505.44
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Payables VAT
0.00
0.00
0.00
Other payables
0.00
0.00
0.00
8.Other payables
81,967.94
5,156.28
13,117,339.26
0.00
0.00
13,117,339.26
0.00
0.00
0.00
Loan interest
0.00
5,156.28
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Coupon redemptions
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Custodian bank fee
Total
0.00
0.00
81,967.94
0.00
0.00
68,747,936.75
57,043,288.91
13,132,146.65
159
Facts and Figures
Statement of
Miscellaneous
in €
Luxembourg
Netherlands
Austria
Poland
Portugal
0.00
231,991,280.00
0.00
55,500,000.00
0.00
0.00
231,991,280.00
0.00
55,500,000.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
136,334.85
79,340.97
0.00
0.00
0.00
0.00
11,928.85
0.00
0.00
0.00
136,334.85
67,412.12
0.00
0.00
23,518,927.04
1,585,609.40
1,712,604.33
73,863.13
0.00
12,519,399.33
326,272.74
367,152.77
0.00
0.00
10,622,283.54
1,242,518.20
1,255,668.28
73,863.13
0.00
377,244.17
0.00
89,586.05
0.00
0.00
0.00
16,818.46
197.23
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
242,391.68
141,719.59
0.00
0.00
0.00
242,391.68
141,719.59
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
306,913.28
1,230.00
227,425.01
864,961.67
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
134,232.90
0.00
227,363.54
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
864,961.67
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
172,680.38
1,230.00
61.47
0.00
0.00
255,817,120.32
1,723,174.25
57,761,761.99
1,080,544.39
160
Statement of
V. PAYABLES
1.from loans
Security retentions
Security deposits
Payables VAT
Payables VAT
Other payables
8.Other payables
Loan interest
Coupon redemptions
Custodian bank fee
Total
161
Facts and Figures
Statement of
Miscellaneous
in €
Sweden
Singapore
Spain
Czech Republic
Turkey
151,200,728.62
0.00
0.00
0.00
65,000,000.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
106,466.13
0.00
0.00
0.00
0.00
106,466.13
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9,319,543.91
0.00
10,005,159.16
0.00
2,647,121.00
5,988,339.75
0.00
487,341.75
0.00
517,467.43
3,184,613.42
0.00
7,899,832.62
0.00
2,083,631.13
146,590.74
0.00
1,617,984.79
0.00
46,022.44
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
243,626.04
0.00
382,108.49
0.00
0.00
243,626.04
0.00
382,108.49
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
820,380.32
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
167,960.07
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
652,420.25
0.00
0.00
0.00
0.00
161,447,118.98
0.00
10,248,785.20
0.00
68,029,229.49
162
Statement of
Sum total
in % of the
Fund assets
thereof in
foreign currency
1 for production costs
4,196,850.77
0.04%
2,566,715.69
2.for maintenance costs
3,853,052.83
0.04%
853,988.50
20,156,207.56
0.22%
17,589,399.83
4 for taxes
288,352,740.33
3.09%
18,350,593.76
Capital gains taxation (CGT) on direct investments
221,938,271.10
2.37%
2,998,894.70
Current taxes
31,962,737.07
0.34%
15,220,100.26
CGT and discount on interests held
34,451,732.16
0.37%
131,598.80
5 for miscellaneous items
21,220,621.63
0.23%
9,280,988.72
Compensation payments to tenants
5,107,098.65
0.05%
3,458,651.82
Marketing costs
4,247,467.07
0.05%
2,243,545.85
Fit-out cost grants to tenants
2,223,258.38
0.02%
462,741.18
Ancillary sales costs for properties / real estate companies sold
VI. PROVISIONS
3.for operating and administrative costs
1,001,842.68
0.01%
44,420.69
Provisions from purchase price retentions and purchase price adjustments
967,863.00
0.01%
0.00
Reserves for repairs
939,007.97
0.01%
0.00
Accrued expenses pursuant to Art. 13, Sec. 4, Special Contract Terms
Other miscellaneous provisions
Total
496,667.41
0.01%
0.00
6,237,416.47
0.07%
3,071,629.18
337,779,473.12
3.61%
48,641,686.50
163
Facts and Figures
Statement of
Miscellaneous
Germany
Belgium
Finland
in €
France
United Kingdom
2,399,957.05
90,440.20
0.00
0.00
0.00
1,308,897.93
0.00
0.00
1,141,814.75
542,435.05
719,951.10
0.00
0.00
272,846.93
17,497,239.43
6,493,841.55
5,782,929.31
248,910.02
79,116,586.83
10,394,303.89
0.00
0.00
0.00
74,227,538.02
0.00
6,493,841.55
0.00
0.00
0.00
10,394,303.89
0.00
5,782,929.31
248,910.02
4,889,048.81
0.00
4,533,056.10
0.00
0.00
3,083,979.45
5,434,269.68
397,500.00
0.00
0.00
100,000.00
0.00
77,822.88
0.00
0.00
47,204.15
2,090,374.42
415,000.00
0.00
0.00
664,980.00
462,741.18
159,171.99
0.00
0.00
798,250.00
23,714.83
967,863.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
939,007.97
0.00
496,667.41
0.00
0.00
0.00
0.00
2,019,030.82
0.00
0.00
534,537.33
2,857,439.25
13,146,186.88
5,782,929.31
248,910.02
83,615,227.96
36,268,205.10
164
Statement of
Italy
Japan
Canada
VI. PROVISIONS
213,970.69
0.00
0.00
308,617.52
211,121.16
0.00
634,206.29
0.00
0.00
4 for taxes
28,396,958.29
0.00
131,598.80
26,730,113.09
0.00
0.00
1,666,845.20
0.00
0.00
Current taxes
0.00
0.00
131,598.80
737,130.12
2,630.39
20,705.86
0.00
0.00
0.00
457,304.48
0.00
0.00
0.00
0.00
0.00
0.00
0.00
20,705.86
0.00
0.00
0.00
0.00
0.00
0.00
Marketing costs
Total
0.00
0.00
0.00
279,825.64
2,630.39
0.00
30,290,882.91
213,751.55
152,304.66
165
Facts and Figures
Statement of
Miscellaneous
Poland
in €
Luxembourg
Netherlands
Austria
Portugal
0.00
258,545.29
25,000.00
0.00
0.00
0.00
148,127.74
0.00
95,224.67
55,150.71
0.00
189,940.10
5,117.57
0.00
465,034.54
4,820,970.85
89,948,648.43
0.00
440,259.81
3,984,138.14
0.00
82,581,255.33
0.00
96,104.86
584,407.30
0.00
7,367,393.10
0.00
344,154.95
0.00
4,820,970.85
0.00
0.00
0.00
3,399,730.84
11,400.00
772,017.50
85,034.33
755,893.81
26,025.00
0.00
62,640.00
52,534.33
638,272.50
0.00
0.00
10,000.00
0.00
0.00
0.00
0.00
570,010.00
0.00
110,527.20
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
11,400.00
129,367.50
32,500.00
7,094.11
26,025.00
4,832,370.85
91,317,279.06
115,151.90
1,291,378.29
4,530,348.39
166
Statement of
VI. PROVISIONS
4 for taxes
Current taxes
Marketing costs
Total
167
Facts and Figures
Statement of
Miscellaneous
Sweden
Singapore
166,758.64
0.00
in €
Spain
Czech Republic
Turkey
0.00
0.00
0.00
1,042,178.90
0.00
7,292.02
0.00
34,371.28
80,869.67
0.00
211,158.58
0.00
79,843.35
5,745,099.33
139,620.97
12,553,859.40
15,178,543.53
24,976,471.18
2,998,894.70
0.00
11,339,302.44
0.00
23,380,655.36
2,746,204.63
139,620.97
1,214,556.96
0.00
1,595,815.82
0.00
0.00
0.00
15,178,543.53
0.00
3,775,235.72
3,772.00
941,412.19
0.00
1,038,059.48
3,458,651.82
0.00
397,500.00
0.00
0.00
153,171.43
0.00
492,805.96
0.00
918,783.75
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
163,412.47
3,772.00
51,106.23
0.00
119,275.73
9,767,963.36
143,392.97
13,713,722.19
15,178,543.53
27,170,924.19
168
Notes on the Statement of
Total fund assets
In the course of the first semester of the 2013 / 2014 financial year, Fund assets increased by 39.07 million euros or 5.73 percent to a total of 9,346.91 million euros. On
balance, 5,879,105.304 shares were issued. This resulted in a cash inflow of 236.70
million euros into the pool of segregated assets. The distribution for the 2012 / 2013
financial year in the amount of 280.45 million euros or 1.25 euros per share took place
on 17 June 2013.
I. Real estate
Page 41
Pages 46+
Property List
The real estate portfolio included 85 directly held properties by 30 September 2013.
During the reporting period, the French property located on Avenue du Maréchal Juin
in Meudon was sold; for details, see page 41. When taking into account the other real
estate transactions that took place during the reporting period, plus the revaluations
of properties by the valuation committees, plus the currency changes, then the total
value of the real assets decreased by 250.89 million euros or 3.03 percent to a grand
total of 8,035.25 million euros since 31 March 2013.
The Property List on pages 44+ profiles the composition of the portfolio of real assets,
including detailed information on each property.
II. Interests held in real estate companies
Page 106+
By 30 September 2013, the Fund part-owned 25 real estate companies in the form of
majority interests and four real estate companies in the form of minority interests, and
therefore 27 indirectly held properties. For an overview of all equity investments and
participating interests in properties, please see the List of Equity Investments on pages
106+ or the Property List on pages 46+.
III. Cash and cash equivalents
The minimum liquidity pursuant to Art. 80, Sec. 1, Sent. 2, German Investment Act, equals
13.47 percent of the total Fund assets. Cash and cash equivalents in the amount of
1,315.19 million euros have been set aside for interest and repayment burdens over the next
24 months. Also, funds amounting to 66.47 million euros have also been set aside to secure
the ongoing management and to meet impending property purchases and construction
projects or restructurings in the amount of 6.55 million euros. The next distribution will
require funds totalling 144.16 million euros. The free liquidity therefore equals -2.92
percent of the Fund assets.
169
Facts and Figures
Notes on the Statement of
Miscellaneous
IV. Miscellaneous assets
Re: item 2, Receivables from real estate companies
The receivables from real estate companies represent shareholder loans.
Re: item 8, Miscellaneous other assets
To the real estate companies in Luxembourg, 99.86 million euros out of the Pool of
Segregated Assets were made available as participatory capital. Due to their equity-like
structuring, these participatory rights are posted among “Miscellaneous assets” and
appraised at their nominal value. The payables from cash inflows represent share sales
by 27 September 2013 that were credited to the bank accounts of the pool of segregated
assets on 30 September 2013, the value date being 01 October 2013.
The receivables from the allocation of construction costs in the amount of 14.50 million
euros concern the allocation of construction costs and ancillary construction costs to our
joint venture partner White City Acquisitions Ltd, London, in connection with the
expansion of the Westfield property in London (also see item V. no. 2).
V. Payables
Re: item 1, Payables arising from external loans
The loans are secured either by mortgages or recourse guarantees, by bonds on land
charges, or by assignment of claims for reimbursement of expenditures.
Re: item 2, Payables arising from property acquisitions and construction projects
The expansion of the Westfield property in London has resulted in payables arising from
construction work in the amount of 24.63 million euros, which sum is essentially due to
the project developer, and which sum is offset by the allocation of construction costs and
ancillary construction costs in the amount of 14.50 million euros to our joint venture
partner White City Acquisitions Ltd, London (see item IV. no. 7).
On item 7, Miscellaneous payables
The payables from cash outflows represent share redemptions by 27 September 2013 that
were debited to the bank accounts of the pool of segregated assets on 30 September 2013,
the value date being 01 October 2013.
Risk-provisioning expenditures toward future capital
gains taxation abroad
In some countries, selling real estate locally owned by the Fund is subject to sales profit
taxation on the Fund level (capital gains tax – CGT ). As at 30 September 2013, we had set
aside sufficient provisions on the Fund level, based on the current market value of the real
estate, to cover any CGT to 100 percent. This ensures that the Fund returns already reflect
the full tax load potentially arising out of real estate sales abroad and subject to capital gains
taxation, the tax load in each case being calculated on the basis of the most recent market
value assessment.
170
Key Performance Indicators
Annual rental income by type of use
Germany
United
Kingdom
Netherlands
France
Austria
Portugal
office
64.2
31.3
89.0
80.4
89.8
3.7
Retail / gastronomy
11.2
57.6
0.8
9.1
1.2
82.7
Hotel
11.9
5.4
0.0
2.6
0.0
9.0
Leisure
0.0
1.0
0.5
0.1
0.0
0.0
Industrial (storage / warehouse)
3.8
3.1
0.0
0.0
0.0
0.0
Automotive
3.6
0.7
7.3
5.6
8.3
1.1
Residential
0.8
0.0
0.0
0.0
0.0
0.0
Other use
Total
4.5
0.9
2.4
2.2
0.7
3.5
100.0
100.0
100.0
100.0
100.0
100.0
Remaining lease terms, by net rental income
Germany
United
Kingdom
Netherlands
France
Austria
Portugal
0.0
0.0
0.0
0.0
0.0
0.0
2013
2.4
0.1
0.6
0.7
5.8
6.2
2014
10.6
5.1
9.4
17.5
14.4
10.5
2015
18.4
2.9
24.6
26.8
33.2
2.9
2016
21.8
0.9
9.2
24.9
0.5
8.3
2017
6.8
4.8
17.6
22.3
18.5
22.3
2018
11.2
32.8
10.6
1.1
1.7
14.8
2019
2.1
10.3
5.7
2.5
3.9
23.1
2010
0.4
1.9
9.9
1.1
0.0
2.1
2021
7.8
2.9
0.4
0.0
3.5
1.7
2022
2.0
3.0
0.0
0.0
0.0
0.0
16.5
35.3
12.0
3.1
18.5
8.1
Unlimited
2023 +
Vacancy rates
office
Germany
United
Kingdom
Netherlands
France
Austria
Portugal
13.2
0.8
17.5
6.4
5.5
0.0
Retail / gastronomy
0.9
1.2
0.0
0.6
0.2
4.9
Hotel
0.0
0.0
0.0
0.0
0.0
0.0
Leisure
0.0
0.0
0.0
0.0
0.0
0.0
Industrial (storage / warehouse)
0.0
2.6
0.0
0.0
0.0
0.0
Automotive
0.4
0.1
1.4
0.4
1.8
0.1
Residential
0.1
0.0
0.0
0.0
0.0
0.0
0.0
Other use
0.8
0.5
0.3
0.2
0.5
Vacancy rate (memo item)
15.4
5.2
19.2
7.6
8.0
5.0
Occupancy rate
84.6
94.8
80.8
92.4
92.0
95.0
171
Facts and Figures
Miscellaneous
in %
Italy
Sweden
Spain
37.3
38.6
0.6
54.7
45.9
95.6
2.1
0.0
0.0
0.5
5.0
2.1
0.0
0.0
3.7
0.0
Turkey
Japan
Poland
Direct
investments
Equity
investments
Total
0.1
0.0
87.7
58.0
59.1
58.3
95.8
99.9
1.8
29.1
31.8
29.8
0.0
0.0
0.0
4.2
0.0
3.1
2.2
0.0
0.0
0.7
1.3
0.9
0.0
0.0
0.0
0.0
1.3
0.0
0.9
5.8
0.0
0.0
0.0
8.5
4.1
4.9
4.3
1.2
0.0
0.0
0.0
0.0
0.2
0.0
0.2
1.7
3.5
1.7
1.9
0.1
2.0
2.4
2.9
2.5
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
in %
Italy
Sweden
Spain
Turkey
Japan
Poland
Direct
investments
Equity
investments
Total
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.2
0.0
0.7
4.3
0.2
0.4
0.0
16.5
1.4
4.0
2.1
5.0
65.9
11.9
17.2
0.0
2.2
13.6
12.9
13.4
3.2
3.2
47.4
0.9
0.0
0.1
15.6
11.1
14.4
38.0
4.4
9.8
44.8
0.0
3.5
17.2
4.2
13.6
15.3
2.9
11.1
5.9
0.0
0.1
12.3
10.6
11.9
10.1
1.0
4.4
5.8
0.0
23.9
11.9
13.4
12.3
7.4
6.1
0.0
0.0
0.1
0.0
5.0
11.1
6.6
18.1
6.3
1.3
0.0
99.9
53.5
5.7
5.2
5.6
0.0
0.0
0.0
25.0
0.0
0.0
3.1
9.0
4.7
0.0
0.6
0.0
0.0
0.0
0.2
1.0
11.5
3.9
2.2
5.3
13.9
0.0
0.0
0.0
13.2
6.8
11.5
in %
Italy
Sweden
Spain
Turkey
Japan
Poland
Direct
investments
Equity
investments
Total
6.9
2.4
0.0
0.0
0.0
0.8
7.6
5.8
7.1
0.1
5.5
8.9
0.0
0.0
0.3
1.1
2.4
1.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.7
0.0
0.0
0.0
0.0
0.0
0.2
0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.5
0.0
0.4
0.6
0.7
0.0
0.0
0.0
0.5
0.5
0.3
0.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.4
0.5
0.0
0.0
0.0
0.1
0.4
0.6
0.3
8.0
9.8
8.9
0.0
0.0
1.7
10.1
9.3
9.9
92.0
90.2
91.1
100.0
100.0
98.3
90.1
87.0
90.1
172
Letting Management Challenges
Buildings with a vacancy rate of more than 33 %
Germany
No.
Asset name
Postal code / city
Address
2
10
Classicon
Japan Center
10117 Berlin
Leipziger Platz 9
Taunusstrasse 2
Vacancy on the property level
in %
65.4 %
44.6 %
Vacancy on the Fund level
in %
0.2 %
0.6 %
Note
The marketing concept for The measures for repositionthe building was consist- ing the property on the marently designed to serve more
ket have been concluded,
than one occupier. In May
and the general responses
2013, around 1,700 sqm
to the floor areas and the
were let to an Austrian real
quality of the building are
estate conglomerate. The
highly positive. This makes
company signed a ten-year
us confident that there is
lease. Talks with prospective
reason to expect a lease
tenants for the remaining
signing in the course of the
coming months.
floor areas are under way.
173
Facts and Figures
Miscellaneous
France
15
16
19
United Kingdom
43
47
Parc de Reflets
Eurosquare II
80335 Munich
63263 Neu-Isenburg
10627 Berlin
93400 Saint-Ouen
Machtlfinger Strasse 5–15
Martin-Behaim-Strasse 4-6
Pestalozzistrasse 77
165 Avenue du Bois de la Pie
164 Quartier Victor Hugo
44.6 %
48.9 %
74.4 %
38.6 %
63.1 %
0.2 %
0.1 %
0.1 %
0.0 %
0.5 %
Following extensive
measures to strategically
reposition the property, several leases over a combined
floor area of 2,500 sqm were
signed. Lease negotiations
with other prospects are
under way.
The property's main tenant
prematurely signed a lease
contract renewal for around
4,010 sqm of lettable
area, which will end on
31/12/2019. The main tenants intends to rent another
380 sqm. Demand in the
re-letting segment remains
slow then as now, so that
we brace ourselves for an
extended marketing period
for the lettable area.
Since the beginning of the
year, many promising lease
negotiations have been
conducted. In the fall of
2013, a lease over 1,230
sqm was concluded with the
Scandinavian retail multiple
TIGER Trading GmbH.
This location is characterThe refurbishment of the
ised by slow demand and a
floor areas vacated by the
relatively high vacancy rate. previous tenant was successAt the moment, negotiations
fully completed, as was the
with one prospect are under redesign of the lobby. At the
way for a lease of smaller moment, we are conducting
sub-areas. As far as the
talks with a prospective
remaining units go, it is
tenant who is interested in
safe to expect an extended
renting the major share of
marketing period.
the available space, while
also talking to other lead
interested in smaller units of
around 2,000 sqm and 3,000
sqm.
174
Letting Management Challenges
Buildings with a vacancy rate of more than 33 %
United Kingdom
No.
Asset name
Postal code / city
Address
Netherlands
60
61
Comet
ten-thirty
Harlow
1185 WC Amstelveen
Essex CM 20 2DF 20-22
Edinburgh Way
Burgemeester
Rijnderslaan 10-30
Vacancy on the property level
in %
100.0 %
100.0 %
Vacancy on the Fund level
in %
0.4 %
1.1 %
Note
The vacancy rate is
The market environment at
explained by the bank- this location is still very difruptcy of the previous sole
ficult. Due to slow demand
tenant Comet last fall. The
for larger floor areas, we
property's lettable area is
assume that the premises
subject to an ongoing active will be vacant for some time.
marketing effort. In addition to planning new
marketing concepts, we
are looking into alternative
usage options.
175
Facts and Figures
Miscellaneous
Luxembourg
Italy
Portugal
63
67
77
84
94
Arena Toren A
Elsevier
Président A
Edison Park Center
Montijo Retail Park
1101 BH Amsterdam
1043 NX Amsterdam
2540 Luxembourg
De Entree 11–97
Radarweg 29
Viale Tommaso Edison
110A / 110B
35.8 %
45.6 %
42.4 %
62.0 %
100.0 %
0.2 %
0.4 %
0.3 %
0.4 %
0.2 %
The building counts among
the high-end properties on
the South-East Amsterdam
sub-market. The lobby
and all vacant units were
completely modernised.
There is reason to expect an
incremental letting effort.
Sesto San Giovanni 2870-100 Alfonsoeiro-Montijo
Intense lease negotiations
At this time, we are in As a result of the macro-ecoSo far, we have been tied to
with two prospects interest promising negotiations with
nomic situation in Italy, the the deed signed with the developers, and had to obtain
in renting the major share potential tenants for virtually
occupier market continues
of the residual office acall of the remaining units. to be defined by cost-cutting the latter's approval for every
new lease contract. This
commodation are currently
measures and restructuring
used to hamper any letting
under way.
drives. Despite the difficult
activity whatsoever. Since
initial situation, intense
May 2012, we have been
negotiations successfully
motivated one of the leading able let in our own right. We
are actually quite confident
printer and copy-machine
that we will sign the first
makers to rent three floors
(around 3,200 sqm). It was tenants before the end of the
the third strong tenant year as we cooperate closely
covenant to move into the
with our management comcomplex. Since then, we pany on the ground, which is
well networked.
have noted a significantly
increasing interest in the
property, and therefore
expect the next leases to be
signed in spring 2014.
177
Miscellaneous
178
Bodies
181
Corporate Governance and BVI Code of Conduct
182
178
Bodies
Investment Company
Commerz Real
Investmentgesellschaft mbH
Friedrichstrasse 25
65185 Wiesbaden
Phone +49 (0)611 7105-0
E-mail [email protected]
District Court Wiesbaden, commercial register number HRB 8440
Established 25 March 1992
1
2
3
C hairman of the Board, Commerz
Real AG, Eschborn, and Deputy
Chairman of the Shareholders'
Committee, ILV Immobilien-Leasing
Verwaltungsgesellschaft Düsseldorf
mbH, Düsseldorf, and Member of
the Supervisory Board of Commerz
Real Spezialfondsgesellschaft mbH,
Wiesbaden, and Member of the
Supervisory Board of Commerz Real
Kapitalverwaltungsgesellschaft
mbH, Düsseldorf.
Member of the Board of Commerz
Real AG, Eschborn, Member of the
Supervisory Board of Commerz
Real Spezialfondsgesellschaft mbH,
Wiesbaden, Member of the Board
of Commerz Real Mobilienleasing
GmbH, Düsseldorf, and Member
of the Board of CR Asset GmbH,
Grünwald, and Member of the
mbH, Düsseldorf.
Member of the Board, Commerz Real
AG, Eschborn, Deputy Chairman of
the Supervisory Board, Commerz
Real Spezialfondsgesellschaft
mbH, Wiesbaden, Member of the
mbH, Düsseldorf.
4
mbH, Düsseldorf.
5
mbH, Düsseldorf.
Subscribed capital 5.2 MM €
Paid-up capital 5.2 MM €
Liable capital (net worth) 21.7 MM €
Status: 31 December 2012
Senior Management
Dr. Andreas Muschter (CEO) 1
Dr. Frank Henes2
Roland Holschuh (as at 15 May 2012)3
Dr. Eduardo Moran (as at 01 June 2013)4
Erich Seeger 5
Partner
Commerz Real AG, Eschborn
(a Commerzbank AG member company)
Commerz Grundbesitz Beteiligungsgesellschaft mbH & Co. KG, Frankfurt am Main
(a Commerzbank AG member company)
Custodian Bank
Commerzbank AG, Frankfurt am Main
District Court Frankfurt am Main, HRB 32000
Liable capital (net worth) pursuant to Art.10, German Banking Act (KWG) 27,918 MM €
Status: 31 December 2012
179
Facts and Figures
Miscellaneous
Bodies
Supervisory Board
Martin Zielke 1, 2, 3, Chairman
Member of the Board, Commerzbank AG, Frankfurt am Main
Michael Bonacker 3, Deputy Chairman
Division Head, GM-DS, Commerzbank AG, Frankfurt am Main
Martin Fischedick
Division Head, Corporate Banking, Commerzbank AG, Frankfurt am Main
Michael Mandel 1, 2, 3
Division Head, Private and Corporate Customers, Commerzbank AG, Frankfurt am Main
Joachim Plesser 4
Former Member of the Board, Hypothekenbank Frankfurt AG, retired
Dirk Schuster 1, 2
Chief Credit Officer Group Credit Risk Management – Private Customers, Commerzbank
AG, Frankfurt am Main
Wiesbaden, November 2013
Dr. Andreas Muschter (CEO)
Dr. Frank Henes
Roland HolschuhErich Seeger
Dr. Eduardo Moran
1
Member of the Real Estate
Investment Committee.
2
Member of the Securities Investment
Committee.
3
Member of the Securities Investment
Committee.
4
Independent member of the
Supervisory Board pursuant to Art. 6,
Sec. 2a, Sent. 1, German Investment
Act
180
Valuation Committee
Timo Bärwolf, B.Com., Cert.En.
Publicly appointed and sworn expert for the appraisal of developed
and undeveloped property, Münster
Stefan Brönner, B.Com. MRICS
and undeveloped property, Munich
Uwe Ditt, MBA
and undeveloped property, Mainz
Florian Lehn, Cert.En.
and undeveloped property, Munich
Martin von Rönne, Cert.En.
and undeveloped property and the determination of market values, Hamburg
Dr. Günter Schäffler, D.En.Sci.
and undeveloped property and rent rates of properties and buildings, construction
planning and construction cost control, Stuttgart
Michael Schlarb, Cert.En., MRICS
and undeveloped property, Essen
Prof. Jürgen Simon, D.En.Sci.
and undeveloped property, Hanover
Klaus Thelen, Cert.En.
Publicly appointed and sworn expert for the appraisal of developed and undeveloped
property, Gladbeck
Experts for Pre-Acquisition Valuations
Dr. Klaus P. Keunecke, D.En.Sci.
Publicly appointed and sworn expert for the valuation and rent rates of
developed and undeveloped real estate, Berlin
Auditor
PricewaterhouseCoopers Aktiengesellschaft
Certified public accountants, Frankfurt am Main
181
Facts and Figures
Miscellaneous
BVI Code of Conduct
BVI Code of Conduct
BVI (Federal Investment and Asset Management Association), the leading association of
the German investment fund industry formulated – in cooperation with its members – the
so-called BVI Code of Conduct for the protection of fund investors, which orients itself to
the principles of good corporate governance. Originally drafted as self-commitment of
the investment industry, the code has been revised since, and subdivides into two parts
now: Part I of the BVI Code of Conduct is immediately effective on the grounds of the
“Declaration of Universal Applicability” issued by the Federal Supervisory Authority for
Financial Services (BaFin) on 20 January 2010 for investment companies and listed
investment companies. Part II of the BVI Code of Conduct remains in effect to govern the
self-regulation of the investment industry. For the latest version of the BVI Code of
Conduct, please see www.bvi.de.
In managing its hausInvest fund, Commerz Real Investmentgesellschaft mbH has
committed itself to a consistent implementation of the BVI Code of Conduct (Parts I and
II). Compliance with the provisions of the BVI Code of Conduct is therefore subject to
constant internal control. Regarding the endorsement of the Code, we would like to make
explicit
mention of the fact that Commerz Real Investmentgesellschaft mbH relies, in addition to
its in-house experts, on the advice provided by external experts (e.g. attorneys, tax
consultants, real estate analysts, etc.) in the management of its funds. Moreover,
Commerz Real Investmentgesellschaft mbH has commissioned an affiliated company,
Commerz Real AG, to handle all real estate transactions (acquisitions and sales) for its
investment funds. Commerz Real Investmentgesellschaft mbH has undertaken the
required measures to supervise the activities of Commerz Real AG effectively at all
times.
www.bvi.de
www.hausinvest.de
182
Performance is Subject to Fluctuations
As investment vehicles, open-ended real estate funds are grouped with investment
funds, and manifest a noticeably lower rate of fluctuation in terms of performance than
many other capital investments. For open-ended real estate funds, such fluctuations as
do occur are caused by a variety of developments on the real estate markets. Unperturbed by market fluctuations of this sort, hausInvest has shown positive results every
year since the Fund’s inception. Nonetheless, it cannot be ruled out for the future that
even hausInvest may have to report negative returns one day.
Real Estate Valuations Influence the Performance
The cyclical development of the real estate markets – which includes particularly the
location-driven changes in regard to average rent rates, demand, as well as sales and
purchase prices for real estate – necessitate a continuous revaluation of the Fund
properties. The valuation of real estate is legally required, and is performed for each
property at least once a year by an independent valuation committee of publicly appointed and sworn experts. Depending on the market situation at the time, the revaluation of
properties may precipitate an appreciation or a depreciation, thus causing either an
increase or a decrease in returns, as the case may be.
Suspension of Share Redemptions
Given Special Circumstances
The liquidity of open-ended real estate funds is subject to varying degrees of cash
inflows and outflows. A major increase in net cash inflows can therefore cause a fund's
liquidity to rise and put pressure on returns in times of low interest rates. Naturally,
investing liquid capital in real estate does take a certain amount of time. In anticipation of
a potential short-term increase in net capital outflow, a fund is legally held to keep a
minimum liquidity equivalent to 5 percent of the fund assets in order to accommodate
share redemptions. Under the self-obligating policy of its Investment Company, the
liquidity ceiling for hausInvest is no less than 10 percent. In the unlikely event that the
statutory minimum liquidity is undercut, or that the liquid capital of the Fund does not
suffice to accommodate redemption requests, the Fund Management may temporarily
suspend the redemption of shares in the interest of all investors (see the item “Suspension of Redemptions” in the Sales Prospectus, Art. 12, General Contract Terms). In
special cases, the Fund Management is actually obliged to do so.
183
Facts and Figures
Miscellaneous
Legal and Fiscal Risks
An amendment of incorrectly assessed tax bases of the fund concerning past financial
years (e.g. as revealed through external audits) may, if it principally represents a fiscally
adverse correction for the investor, have the effect that the investor has to shoulder the tax
burden of past financial years that results from the correction even if he or she held no
interest in the pool of segregated assets at the time. Inversely, an investor may not benefit
from a correction principally representing a fiscal tax advantage for the current financial
year, or past financial years, in which he had invested in the pool of segregated assets, if
he or she redeemed or sold the shares before the corresponding correction was implemented.
A correction of tax data may moreover have the effect that taxable earnings or tax benefits
are actually assessed for an assessment period other than the originally applicable one,
and that this may have negative repercussions for a given investor.
ONE OF OUR PORTFOLIO PROPERTIES: “Orio Center” (shopping mall), Bergamo, Italy
ONE OF OUR PORTFOLIO PROPERTIES: “Eurotheum” in Frankfurt am Main, Germany
Commerz Real
Investmentgesellschaft mbH
Friedrichstrasse 25
65185 Wiesbaden
Phone +49 (0)611 7105-0
www.hausinvest.de

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