Berlin,

Transcription

Berlin,
Sachverständigenbüro Dipl.-Ing. Ulrich Springer
Hauptbüro
Sachtlebenstraße 5
14165 Berlin
Dipl.-Ing. Ulrich Springer, Architekt
von der Industrie- und Handelskammer
zu Berlin öffentlich bestellter und
vereidigter Sachverständiger für
Bewertung und Mieten von bebauten
und unbebauten Grundstücken
0 30/ 8 47 88 48 50
0 30/ 8 47 88 48 59
0 30/
8 31 62 53
www.sv-springer.de
[email protected]
Tel.
Fax
0 33 203/ 8 76 33
0 33 203/ 8 76 35
Internet
e-mail
Niederlassung
Im Kamp 15
14532 Kleinmachnow
EVALUATION
No.
Tel.
Fax
Tel.
06/31 05 2011
For the Property
Street:
Stolkgasse 4
Place:
50667 Köln
Date:
July 1, 2011
Architekt Dipl.-Ing. Ulrich Springer - öffentlich bestellter und vereidigter Sachverständiger
Evaluation No. 06/31 05 2011
Page 2
Content
Appraiser Details .........................................................................................................3
Assignment Details ......................................................................................................4
Property Details ...........................................................................................................6
Property Description ....................................................................................................8
Building Specifications...............................................................................................11
Valuation Principles and Methods .............................................................................16
Appraisal of Land Value.............................................................................................21
Evaluation of included Lease List ..............................................................................22
Potentials and Risks ..................................................................................................23
Appraisal of Yield Value.............................................................................................24
Adaptation to the Market Situation.............................................................................25
Statements by the Appraiser Dipl.-Ing. Ulrich Springer .............................................26
Market Value .............................................................................................................27
List of References......................................................................................................28
Lease List,
Site Plan,
Photos (color copies)
Enclosures
Architekt Dipl.-Ing. Ulrich Springer - öffentlich bestellter und vereidigter Sachverständiger
Evaluation No. 06/31 05 2011
Page 3
Appraiser Details
Mr. Dipl.-Ing. Ulrich Springer completed the university degree Diplom-Ingenieur für
Bauwesen. Due to superior technical knowledge in the field of real estate, Mr.
Springer has received the public assignment and adjuration from the IHK Berlin as
surveyor for the valuation and leases of developed and undeveloped real property on
10-14-1980.
The publicly assigned and adjured surveyors represent the highest quality standard
amongst German appraisers. Publicly assigned and adjured surveyors in Germany
are independent. They do not belong to any corporation. However, collaborations
among independent surveyors exist, in the form of loose cooperation.
Each surveyor is personally responsible for his actions.
Mr. Springer is a member of the Verband der vereidigten Sachverständigen e. V.
Berlin und Brandenburg (Association of Adjured Surveyors of Berlin and
Brandenburg) and is involved in mentoring and advanced training of surveyors. He
has published various articles in numerous trade journals and is a member of the
expert committee for real-estate values of the city of Potsdam.
Architekt Dipl.-Ing. Ulrich Springer - öffentlich bestellter und vereidigter Sachverständiger
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Evaluation No. 06/31 05 2011
Assignment Details
Client:
Stolkgasse Vier BV & Co. KG
Leibnizstraße 56
10629 Berlin
The assignment was authorized on 09-22-2010.
Assignment scope:
Valuation of the market value for balance-sheet
purposes for the property and structures
Stolkgasse 4
50667 Köln
This value is equivalent to the fair value for
balance-sheet application as stated in IAS 40.
Available documents:
The client asked the respective administrators to
make the following documents available:
Land register excerpt,
Lease list
Assumptions and prognoses were not put forward
by the client, as it is known that these are not to
be used.
Architekt Dipl.-Ing. Ulrich Springer - öffentlich bestellter und vereidigter Sachverständiger
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Evaluation No. 06/31 05 2011
Inspection date:
March 30, 2011
Persons present:
Ms. Lassowski (Office Springer) and
the undersigned surveyor
Mr. Dipl.-Ing. Ulrich Springer
Valuation date:
May 31, 2011
Prior valuations for the
evaluation object during the
last three years:
This object was valuated by me for the client on
the following valuation dates:
- June 30, 2008
- June 30, 2009
- June 30, 2010
Information:
Written information on the current urban planning
situation was given by the city of Köln, office of
urban planning, on 03-11-2011.
The internet pages of the respective advisory
committee for real-estate values were consulted
about standard land values.
Architekt Dipl.-Ing. Ulrich Springer - öffentlich bestellter und vereidigter Sachverständiger
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Evaluation No. 06/31 05 2011
Property Details
Place:
50667 Köln, independent city in the state of
Nordrhein-Westfalen, third-largest city in Germany
Street:
Stolkgasse 4
Owner according to the land register excerpt of May 4, 2011:
Goethestraße Stolkgasse BV & Co. KG, Berlin
Land register:
Of Köln
Sheet No.:
17057
District:
Köln
Cadastral district No:
25
Cadastral unit No/size:
803
10.631 m² Building and outside area
Stolkgasse 2, 4
804
155 m² Building and outside area
trade and services
An den Dominikanern, Stolkgasse
1222/379
50 m² Building and outside area
Stolkgasse
Total area:
10.836 m²
Encumbrances/restrictions in
division II of the land register:
- Easements ensuring usage of refrigeration
facilities as well as the pressurization equipment
for the hydrant and fresh-water supply, and the
usage of the medium- and low-voltage mains.
Architekt Dipl.-Ing. Ulrich Springer - öffentlich bestellter und vereidigter Sachverständiger
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Evaluation No. 06/31 05 2011
- Easements
a) Pedestrian and vehicular right of way pertaining
to the eastern by-pass of the entitled property, as
well as to the northern by-pass including ramp
access and ramp exit of the underground garage,
in connection with the right to a walkway with
potted plants and to usage of the airspace for
exterior lighting
b) Overhang building right pertaining to canopies
and balconies
c) Usage right pertaining to the ramp wall for
underground-garage ventilation and lighting
- Easements pertaining to pedestrian and vehicular
usage of accesses and exits
- Easements pertaining to parking spaces
The registered land easements does not influence
the value.
Obligations to construct and
maintain:
The public building code concerning structures and
facilities as per § 1 Abs. 1 BauO NW is upheld as if
the aforementioned property were one with the
below-mentioned properties as per § 4 Abs. 2 BauO
NW:
Properties: Marzellenstraße No. 13,15,17,19,21/
Stolkgasse/An den Dominikanern 4 - 4b
District: Köln
Cadastral district: 25
Cadastral units: 804, 805, 806, 807
The entry does not influence the value.
Architekt Dipl.-Ing. Ulrich Springer - öffentlich bestellter und vereidigter Sachverständiger
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Evaluation No. 06/31 05 2011
Property Description
Location:
The evaluation object is situated in the district
Altstadt-Nord on Stolkgasse, a side street of
Ursulastraße, in the center of Köln, right next to the
central station in Köln. There is a further access via
the Postprivatstraße, which begins at the street An
den Dominikanern. The object is in the immediate
vicinity of the Kölner Dom (cathedral).
Transportation:
Very good transport connections: bus stops on
Ursulastraße and Tunisstraße, central station with
S-Bahn, U-Bahn and intercity train connections ca.
400 m, nearest autobahn access “Köln-Ehrenfeld”
ca. 2 km from the property.
Building land quality:
Construction-ready
Building zone:
Core zone
Impairments:
At the time of inspection, no immissions were
apparent. Considering prior usage, no soil
contamination (waste deposits) is to be expected.
Due to the strict regulations of the German Federal
Soil Protection Act (Bundesbodenschutzgesetz),
reductions in value are mandatory if pollutions
become known. Soil samples were not available.
The estimation of costs in this regard is not a
subject of this evaluation. Liability for inspections or
research not carried out is repudiated.
Architekt Dipl.-Ing. Ulrich Springer - öffentlich bestellter und vereidigter Sachverständiger
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Evaluation No. 06/31 05 2011
Nearby disturbing businesses:
None
Type and Extent of Use
Type of use:
An administration building stands on the property.
Extent of use:
With the current structures, the property is
developed to capacity.
The evaluation object was erected on the basis of a
valid building permit.
Nearby structures:
Adjacent, residential buildings, public-use facilities,
hotels, offices
Current urban planning situation:
According to the information given by the office of
urban planning of the city of Köln, the admissibility
of building projects will be assessed according to
the regulations of the implementation program No.
67457/05 in conjunction with § 34 BauGB. The
implementation program asserts the existent
buildings and structures.
Monument protection:
The evaluation object is not registered on the list of
monuments.
No information indicating any restrictions of real-estate usage or building permits is
available.
Architekt Dipl.-Ing. Ulrich Springer - öffentlich bestellter und vereidigter Sachverständiger
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Evaluation No. 06/31 05 2011
Terrain
Surface:
Even
Soil:
Structurally supportive due to existing construction
Site shape:
Irregular
Infrastructure
Street type:
Stolkgasse asphalt-paved side street, sidewalk
paved with concrete slabs
Supply lines:
Electricity, telephone, natural gas
Water and sewage:
Connected to public grid
Architekt Dipl.-Ing. Ulrich Springer - öffentlich bestellter und vereidigter Sachverständiger
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Evaluation No. 06/31 05 2011
Building Specifications
- Resulting from personal inspection The condition of the evaluation object on the date of inspection is assumed for the
evaluation date of May 31, 2011.
Type and Use of Building
Name/type:
Administration building
Usage:
Postal distribution center, offices, former nuclear
bunker over three underground floors, currently
parking garage
Year of construction:
1988
Technical lifespan:
80 years
Economic lifespan:
80 years
Remaining economic lifespan:
57 years
Constructive shell
Basement:
100 %, including atrium plus three underground
floors with connection to the railwaystation
Foundation:
Concrete-strip foundation, reinforced-concrete
foundation
External walls:
Reinforced-concrete frame structure, reinforcedconcrete, steel structure, concrete in the
underground floors possibly radiation-proof, walls
up to 50 cm thick
Architekt Dipl.-Ing. Ulrich Springer - öffentlich bestellter und vereidigter Sachverständiger
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Evaluation No. 06/31 05 2011
Internal walls:
Light partition walls (beams infilled with masonry),
in parts walls with windows, interior walls in parts
hollow-block masonry as exposed masonry, 24 cm
thick
Ceilings:
Reinforced-concrete ceilings
Waterproofing:
Existing and functional
Roof:
Flat roof, reinforced-concrete construction, thermal
insulation, foil, internal drainage, roof as terrace,
concrete coating with inlets as reinforced-concrete
ceiling, in parts glazing steel / insulation glazing
Facilities and Finishes
Natural-gas, water and
sewage pipes:
Steel, cast-iron, PVC, copper
Sanitary facilities:
Staff toilets - separate units for ladies and
gentlemen - tiled floor, walls tiled up to 2,50 m,
Center toilet for ladies and gentlemen, floor tiled,
walls tiled up to 2,50 m
Kitchen:
Small tea kitchen with built-in furniture, hot plates,
sink
Electric cables:
Normal quality, high-voltage connection
Heating:
Natural-gas central heating
Hot-water supply:
From electric heaters
Architekt Dipl.-Ing. Ulrich Springer - öffentlich bestellter und vereidigter Sachverständiger
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Evaluation No. 06/31 05 2011
Floors:
Composite screed, floating-floor screed, tiles,
carpeting, concrete-block flooring, natural-stone
flooring
Walls:
Wallpaper/paint
Internal plaster:
Smooth-finished plaster, ceilings mostly
suspended, exposed masonry, exposed concrete
Doors:
Aluminum lift gate, steel frames, hollow-particleboard doors, plywood doors, partly with windows
(partly security glass), steel doors with windows,
fire-retardant and fire-resistant doors,
steel/aluminum/insulation-glass doors
Entrance door:
Steel/aluminum/insulation glazing
Windows:
Aluminum-framed with insulation glazing, partly
trellised
Stairs:
Massive flights, concrete steps, natural-stone
covering
Shop windows:
Steel/aluminum/insulation glass
Building front:
Steel structure, exposed concrete, exposed
masonry
Former nuclear bunker:
Ramp from Hauptstraße secured with a purposebuilt lift gate, special ventilation and other
equipment is present, bunker can possibly be
reactivated
Architekt Dipl.-Ing. Ulrich Springer - öffentlich bestellter und vereidigter Sachverständiger
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Evaluation No. 06/31 05 2011
Other:
-
12 adjustable ramps for postal vehicles
-
5 service elevators for 2.200 kg/27 persons
-
9 elevator for 10 persons/800 kg
-
Fire-extinguishing system
-
Sprinkler system
-
Alarm system
-
Partly ventilation and air-conditioning system
-
Emergency power system
Structural defects/
Structural damage:
Sound and thermal insulation appropriate to the
construction date, all roof upstands, protrusions
and railings must be secured against moisture
penetration with applicable covering, possibly the
concrete surface of the building front needs to be
refurbished in parts (further inspections necessary)
Efficient ground plan:
Yes
Efficient room heights:
Yes
Efficient visual design:
Yes
Outside Facilities:
The evaluation object is limited by neighboring
structures. The courtyard is secured with a parkinglot gate. The outside areas are paved with
interlocking paving stones.
Architekt Dipl.-Ing. Ulrich Springer - öffentlich bestellter und vereidigter Sachverständiger
Evaluation No. 06/31 05 2011
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The building description above is only applicable in the context of establishing market
value. In contrast to an expertise on structural damage, this description does not
contain a complete list of defects and damages. Other defects or damages, not
mentioned here, may exist. No investigations have been undertaken concerning
hidden defects or damages in parts of the building that are not accessible or
accessible only with difficulty.
Therefore, the undersigned may not be held liable for the existence of any defects or
damages not mentioned in this evaluation.
Architekt Dipl.-Ing. Ulrich Springer - öffentlich bestellter und vereidigter Sachverständiger
Evaluation No. 06/31 05 2011
Page 16
Valuation Principles and Methods
Adhering to IAS/IFRS, the fair value for land and building to be used for balance
sheet purposes generally is equivalent to the open-market or market value. The value
appraisal can be based on either national or international methods. In this case, the
market value is appraised using German evaluation methods. In Germany, legal
stipulations (Baugesetzbuch, German federal building code) must be adhered to in
the course of appraising the fair market value. These stipulations comply with
international valuation methods.
The market value as per § 194 BauGB (Baugesetzbuch = German federal building
code) is defined by the price that could be realized in the ordinary course of business
at the point in time for which the appraisal is carried out, considering legal
circumstances and actual attributes, further conditions and the location of the real
estate or other appraisal object, without taking into account exceptional or personal
circumstances. In the course of appraising the market values of properties, the
regulations of the ImmoWertV1 (Immobilienwertermittlungsverordnung = German
federal evaluation decree) must be applied.
Following § 3 ImmoWertV, the value situation on the real-estate market and the
condition of the property at the point in time, for which the appraisal is carried out
(valuation date), must be taken into account for the appraisal of the market value of a
property. The value situation on the real estate market results from the totality of
circumstances relevant to the formation of real-estate prices in the ordinary course of
business for supply and demand on the valuation date, such as the state of the
economy, the capital market and local developments. Exceptional and personal
circumstances are to be ignored.
1
Verordnung über Grundsätze für die Ermittlung der Verkehrswerte von Grundstücken (Decree of principles for the appraisal
of market values of real estate), version of May 19, 2010.
Architekt Dipl.-Ing. Ulrich Springer - öffentlich bestellter und vereidigter Sachverständiger
Evaluation No. 06/31 05 2011
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The condition of a property results from the totality of market-value-influencing legal
circumstances and actual attributes, further conditions and the property’s location.
Following § 8 ImmoWertV, the comparative-value method, the yield-value method,
the asset-value method or several of these methods must be applied in the course of
the market value appraisal. The market value must be appraised on the basis of the
applied valuation method, taking the real-estate market’s situation into account.
Selection of the Valuation Method
Precondition to applying the market-value or comparative-value method
(Vergleichswertverfahren) is that the value-distinguishing characteristics of the
comparison objects sufficiently match those of the valuation object. For developed
properties, particularly the buildings must be comparable as pertains to their usage,
age, size, construction standard and design. In the valuation case at hand, the
market-value or comparative-value method is not applicable, as a sufficient number
of sufficiently comparable objects does not exist for the valuation date.
The cost method (Sachwertverfahren) is applicable if the structural substance is the
leading factor for an object’s value (e. g. single-family homes). In the valuation case
at hand, the structural substance is not of significant import, the cost method is
therefore not applied.
The yield-value method (Ertragswertverfahren) is applied to appraise the fair market
value.
Architekt Dipl.-Ing. Ulrich Springer - öffentlich bestellter und vereidigter Sachverständiger
Evaluation No. 06/31 05 2011
Page 18
Yield-Value Method
In the course of applying the yield-value method, the value of the structures,
especially of buildings, is assessed on the basis of the yield (§ 17 p. 2 ImmoWertV),
separately from the land value.
Land Value
Generally, the land value is assessed by the market-value or comparative-value
method (Vergleichswertverfahren). As per § 16 p. 1 ImmoWertV, appropriate
standard land values may be used in addition to or as a substitute for the values of
comparison properties.
Due to the scarcity of property sales, the standard land values of the appropriate
expert committees are consulted. The standard land value is an average locationbased value, pertaining to a square meter of property area, which is assessed for a
multitude of properties that are largely alike in their real and legal characteristics,
have an essentially identical structure and location and display a very similar price
level (standard land value zone; Bodenrichtwertzone). The standard land value
therefore is directed at typical circumstances in the standard land value zone and
does not take the specifics of individual properties into account.
In the course of extracting the land value from the standard land value, deviations
between the individual characteristics of the valuation object and those of the typified
property pertaining to the standard land value need to be taken into account in the
form of discounts and surcharges.
Architekt Dipl.-Ing. Ulrich Springer - öffentlich bestellter und vereidigter Sachverständiger
Evaluation No. 06/31 05 2011
Page 19
Yield Value of Structures
In accordance with the stipulations of the Immobilienwertermittlungsverordnung
(ImmoWertV, German federal valuation ordinance), the yield value is to be assessed
on the basis of the annual net yield of said structures.
The gross proceeds encompass all income sustainable available from the object in
the course of adequate and orderly business, especially rents and related fees.
Shared costs pertaining to operational costs are not taken into account.
If the usage of a property leads to no or unusual remunerations, the sustainable
available income is to be applied.
Running costs are the administrative and maintenance costs and the risk of rent loss
as ensues in normal operation; shared costs pertaining to operational costs are not
taken into account.
Administrative and maintenance costs and the risk of rent loss are to be assessed
following empirical experience, taking remaining lifespan into account and complying
with the principles of adequate and orderly operation.
Administrative costs are those costs that cover human and material resources
needed for the property’s administration, oversight costs as well as the costs for
legally binding and voluntary audits of financial statements and management (§19 p.
2 ImmoWertV).
Maintenance costs are costs that are needed for upholding the structures’ intended
usage in the face of attrition, aging and weather (§ 19 p. 2 ImmoWertV).
Architekt Dipl.-Ing. Ulrich Springer - öffentlich bestellter und vereidigter Sachverständiger
Evaluation No. 06/31 05 2011
Page 20
The risk of rent loss is the risk of diminished income due to uncollectible rents and
vacancies of rental area. It is also intended to cover legal costs due to collection,
lease cancellation or eviction (§ 19 p. 2 ImmoWertV).
The Liegenschaftszinssatz (interest rate on real property) is based on a marketoriented approach. It is influenced by several factors, such as the object’s location, its
state of repair, its potential for rent increases, lease duration and other market
conditions. The assessment of the Liegenschaftszinssatz follows the detailed
analysis of the aforementioned factors by the appraiser.
The remaining lifespan describes the number of years for which the structures can
presumably still be used efficiently, given proper operation and upkeep.
After deducting the land value’s allotted interest from the net yield, a share of the net
yield remains that is allotted to the structures. The yield-value method is based on
the idea that this share of net yield is equivalent to annuity from capital, which is
equated with the yield value of said structures and is expended over the remaining
lifespan of these structures. Basis for the capitalization is the formula of annuity in
arrears (Formel der nachschüssigen Zeitrente), due to which the factors (present
value factor; Barwertfaktor) for assessing the money value from the net-yield share
are calculated.
Architekt Dipl.-Ing. Ulrich Springer - öffentlich bestellter und vereidigter Sachverständiger
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Evaluation No. 06/31 05 2011
Appraisal of Land Value
The standard land value map indicates a standard land value for the area of 2.800,00
€/m² for core area/sercice based - FAR 5,0 - as of 01-01-2011. The realized FAR is
approx. 2,0. For the lower degree of utilization, a value reduction of, expertly
estimated, 30 % is applied. Expertly estimated, this standard land value remains
unchanged for the valuation date May 31, 2011.
Standard land value:
2.800,00 €/m²
./. 30 % value reduction due to lower degree of utilization
840,00 €/m²
1.960,00 €/m²
Property area:
10.836 m²
Land Value
10.836 m² x 1.960,00 €/m²
Rounded
=
21.238.560,00 €
21.239.000,00 €
Architekt Dipl.-Ing. Ulrich Springer - öffentlich bestellter und vereidigter Sachverständiger
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Evaluation No. 06/31 05 2011
Evaluation of included Lease List
All statements enclosed in the lease list provided by the administration are
taken at face value. The values have not been verified by me.
Number of tenants:
4 main commercial tenants
Term of lease:
Longest lease term until December 31, 2014
Option:
Largest tenants 2 x 5 years and 1 x 5 years
The lettable vacancy of 1.289,12 m² in the
underground floors is taken into account with a
sustainably acchievable rent of - expertly
estimated - 1,70 €/m².
Other:
The parking spaces are partly let separately.
Lease summary:
Total area lettable:
4 main tenants
19.465,40 m² x Ø of 7,99 €/m²
=
155.611,12 €
other areas
1.244,78 m² x Ø of 1,70 €/m²
=
2.110,09 €
Vacancy
1.289,12 m² x
=
2.191,50 €
open areas, storage,
1,70 €/m²
21.999,30 m²
Garage spaces - let
Garage spaces - vacant
Total sustainably attainable rent – net unheated
159.912,71 €
8.178,73 €
61,36 €
168.152,80 €
Architekt Dipl.-Ing. Ulrich Springer - öffentlich bestellter und vereidigter Sachverständiger
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Evaluation No. 06/31 05 2011
Potentials and Risks
Potentials:
- medium-term rent increase potential
- good central location near main train station
- Office spaces easily lettable due to the
central location
- high development potential for underground
parking garage, possibly automated
parking, stacked 2 cars high per floor
Risks:
./.
Architekt Dipl.-Ing. Ulrich Springer - öffentlich bestellter und vereidigter Sachverständiger
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Evaluation No. 06/31 05 2011
Appraisal of Yield Value
The net unheated rent for the whole object amounts to 159.912,71 € per month, with
an effective area of 21.999,30 m². Expertly estimated, the currently paid rent is
sustainably achievable. The rent for parking spaces is reported as 8.240,09 € per
month.
Annual rental income (net unheated)
159.912,71 € x 12 months =
1.918.952,52 €
8.240,09 € x 12 months =
98.881,08 €
gross proceeds
2.017.833,60 €
./. Operating expenses:
- maintenance costs (paid by the owner)
21.999,30 m² x 6,00 €/m² =
213 parking spaces x 71,00 €/space =
131.995,80 €
15.123,00 €
- administrative costs
2.017.833,60 € x 3 %
=
60.535,01 €
=
80.713,34 €
- risk of rent loss
2.017.833,60 € x 4 %
Annual net profit
288.367,15 €
1.729.466,45 €
./. Interest on land value
21.239.000,00 € x 5,5 % interest rate on real property =
Annual net profit from the building
1.168.145,00 €
561.321,45 €
Capitalized with 5,5 %, at a remaining economic
lifespan of 57 years (factor 17,32)
9.722.087,51 €
+ Land value
21.239.000,00 €
Yield value
30.961.087,51 €
Rounded
30.961.000,00 €
Architekt Dipl.-Ing. Ulrich Springer - öffentlich bestellter und vereidigter Sachverständiger
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Evaluation No. 06/31 05 2011
Adaptation to the Market Situation
According to § 8 ImmoWertV (federal evaluation decree), the market value must be
estimated considering the yield value as well as the situation on the property market.
In my judgment, an adaptation of the yield value to the market situation is necessary
in this case.
Market Value = Yield Value
30.961.000,00 €
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Evaluation No. 06/31 05 2011
Page 26
Statements by the Appraiser Dipl.-Ing. Ulrich Springer
Independence from the party ordering the valuation or an interested party to the
valuation
I hereby declare that neither my collaboration partners nor I were in contact with the
parties of the real property transaction prior to the conclusion of the transaction
contracts, nor did any business relationship exist, and that I compiled the evaluations
in complete independence and neutrality. I also did not participate in the compilation
of evaluations as a basis for financing.
In the case of this assignment, a flat rate was agreed for each and every evaluation,
independent of the value of each respective object. No stipulations regarding the
professional fees exist.
No agreements or settlements between the appraiser and the client regarding
indemnification of the appraiser in relation to the evaluation exist.
Usage in financial statements
I hereby declare that all data of the evaluation may be used for the purposes of
financial statements and may be attached to them.
Releasing of the appraiser's opinion to the public
I hereby declare my assent to making the evaluation compiled by me available to the
public.
Architekt Dipl.-Ing. Ulrich Springer - öffentlich bestellter und vereidigter Sachverständiger
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Evaluation No. 06/31 05 2011
Market Value
For the property in question, the market value results from the adjusted yield
value.
I estimate the market value for the property and structures
Stolkgasse 4
50667 Köln
on
May 31, 2011
at
30.961.000,00 €
(In words: thirty million nine hundred sixty-one thousand Euros)
The market value is valid under the presupposition that the state of the object and all
value-affecting factors remain unchanged between the inspection date of March 30,
2011, and the evaluation date of May 31, 2011.
Berlin, July 1, 2011
Sp/sch/La
The Surveyor
Architekt Dipl.-Ing. Ulrich Springer - öffentlich bestellter und vereidigter Sachverständiger
Evaluation No. 06/31 05 2011
Page 28
List of References
- „Praxis der Grundstücksbewertung", Gerardy/Möckel
- „Schätzung und Ermittlung von Grundstückswerten", Dr. Rössler, Langner, Simon
- „Recht und Praxis der Wertermittlung von Grundstücken", Kleiber, Simon, Weyers
- „Wertermittlungsrichtlinie” 2005 (WertR) of 03-01-2006
- "Immobilienwertermittlungsverordnung" (ImmoWertV), Verordnung über Grundsätze für die Ermittlung der Verkehrswerte von Grundstücken in der Fassung
vom 19. Mai 2010 (Decree of principles for the appraisal of market values of real
estate)
- „Baugesetzbuch”, version of 09-23-2004 (BG, sheet I, p. 2414), last revised
following the Gesetz zur Erleichterung von Planungsvorhaben für die
Innenentwicklung der Städte of 12-21-2006 (BG, sheet I, p. 3316)
- Baunutzungsverordnung (BauNVO), version of 09-23-1990, last revised on 04-221993 in paragraph 3 of this law
- Standard land value map and property market report by the respective expert
committee for property values
- Information from the sales price records of the respective expert committee for
property values
Architekt Dipl.-Ing. Ulrich Springer - öffentlich bestellter und vereidigter Sachverständiger
Management Summary - IAS 40 Evaluation sheet
Zusammenfassung - IAS 40 Bewertungsbogen
Stolkgasse 4
50667 Köln
Administration building/Verwaltungsgebäude
Evaluation/Gutachten
No./Nr.
Valuation date/Bewertungsstichtag
May 31, 2010
1
2
3
4
5
6
7
8
Rental income, net unheated p.a.
Mieteinnahmen netto kalt p.a.
Operating expenses p. a.
Bewirtschaftungskosten p. a.
Net profit p. a.
Reinertrag, p. a.
Interest rate on real property in %
Liegenschaftszinssatz in %
Land value
Bodenwert
Yield value
Ertragswert
Market adaptation
Marktanpassungen
Applicable fair value
beizulegender Zeitwert
06/31 05 2011
May 31, 2011
1.892.261,76 €
2.017.833,60 €
279.574,12 €
288.367,15 €
1.612.687,64 €
1.729.466,45 €
6,00
5,5
12.841.000,00 €
21.239.000,00 €
26.400.000,00 €
30.961.000,00 €
250.000,00 €
26.650.000,00 €
-
€
30.961.000,00 €
Further necessary information
Weitere notwendige Informationen
Evaluation method
Bewertungsmethode
Location quality/Lage-Qualität
Object quality/Objekt-Qualität
Effective area/Nutzfläche
Parking spaces/Stellplätze
Occupancy rate/Vermietungsstand
Lease duration until/Mietdauer bis
Options/Optionen
Potentials
Yield-value method
Ertragswertverfahren
(1 - good, 2 - fair, 3 - basic) (1 - gut, 2 - mittel, 3 - einfach)
1
(1 - good, 2 - fair, 3 - basic) (1 - gut, 2 - mittel, 3 - einfach)
1
21.999,30
Partly individually let/teilweise separat vermietet
ca. 94 %
12-31-2014/31.12.2014
1 or 2 x 5 years/1 bzw. 2 x 5 Jahre
Medium-term rent-increase potential, good central location near main
train station, office spaces easily lettable due to the central location, high
development potential for underground parking garage, possibly
automated parking, stacked 2 cars high per floor
Chancen
mittelfristig Mietsteigerungspotenzial vorhanden, gute zentrale Lage am
Hauptbahnhof, aufgrund der zentralen Lage Büroräume gut vermietbar,
hohes Entwicklungspotenzial für Tiefgarage, u. U. Huckepackgaragen, 2
Pkw übereinander je Geschoss
Risks
-
Risiken
-
Summary
Good-quality commercial location
Object in good state of repair
Zusammenfassung
gute Lage für Gewerbe
guter Zustand des Objektes
Stolkgasse 4 BV & Co.KG
Mieter-/Einheitenliste
Objekt: Stolkgasse 4 in Köln
Zeitraum: von 01.04.2011 bis 30.04.2011
Gesamtsumme 21.999,30
Teilergebnis 21.999,30
Mandant Standort ObjektNr Fläche
Differenz zu Haberent: 0,50
EinheitArt
MietEigNr
Einzug
Auszug
Option
CFI
Köln
555
11.190,48 5. Gewerbe
20000050
01.05.05
31.12.14
Mieter ist berechtigt, nach Ablauf
für die gesamte Fläche um jeweils
bis zu 5 Jahre zu verlangen.
Ausübung: 12 Monate vor Ablauf
der Festmietzeit.
Bemerkung
Option
Bemerkung
Vertragsverhandlung
Indexierung/Wertsicherungsklausel
-165.899,94 -95.675,00
-165.899,94 -95.675,00
Miete
BK
Sonstiges
Name1
für den Fall einer
Erhöhung der
MwSt. wird dieser
ohne Nachtrag
angepasst.
für den Fall einer
Erhöhung der
MwSt. wird dieser
ohne Nachtrag
angepasst.
-71,40
Müller
Claus
-60,00
0,00
0,00
-11,40
-71,40
-17.558,56
-16.000,00
0,00
-6.376,13
-39.934,69
-2.147,60
0,00
0,00
-408,04
-2.555,64
-17.504,29
-9.555,00
0,00
-5.141,27
-32.200,56
-2.270,32
0,00
0,00
-431,36
-2.701,68
0,00
0,00
0,00
0,00
0,00
0,00
0,00 #DIV/0!
-12.399,50
-9.100,00
0,00
0,00
-21.499,50
-7,00
-5,13 #DIV/0!
-429,52
0,00
0,00
-81,61
-511,13
#DIV/0! #DIV/0!
0,00
-60,00
0,00
0,00
-11,40
-71,40
#DIV/0! #DIV/0!
0,00
nicht vereinbart
CFI
Köln
555
0,00 8. TG-Stellplatz
20337022
15.12.09
nichts vereinbart
21000050
01.06.03
ändert sich
automatisch. Stand
bei Beginn des MV
bei der letzten
Mietangleichung um
mehr als 10 % nach
oben oder unten
verändert hat.
Deutsche Bahn
AG
21000060
01.06.03
nichts vereinbart
DB Services
Immobilien
GmbH
22000050
01.09.97
Indexveränderung
um mehr als 10 %
verändert sich der
Mietzins um 80 %
des
Veränderungsmaßst
abes
DB Fernverkehr
AG
22003010
15.06.06
23000051
01.01.10
CFI
Köln
555
CFI
Köln
555
CFI
Köln
555
CFI
Köln
555
CFI
Köln
555
0,00 8. TG-Stellplatz
3.180,48 5. Gewerbe
0,00 8. TG-Stellplatz
218,93 5. Gewerbe
1.772,57 5. Gewerbe
24000050
01.05.04
31.12.14
31.12.11
Köln
555
0,00 8. TG-Stellplatz
25000050
01.04.03
nichts vereinbart
CFI
Köln
555
0,00 8. TG-Stellplatz
25100051
01.01.10
nichts vereinbart
CFI
Köln
555
101,17 38. Lager/Gewerbe
25300050
01.01.02
unbefristet
CFI
Köln
555
115,44 38. Lager/Gewerbe
25300060
01.02.07
unbefristet
Köln
555
235,25 38. Lager/Gewerbe
25400050
01.04.05
unbefristet
nichts vereinbart
nichts vereinbart
nichts vereinbart
/
Deutsche
Postbank
nichts vereinbart
CFI
CFI
Deutsche
Bahn AG c/o
DB Fernverkehr
GmbH
LEERSTAND
die Mietzeit wird bis zum
31.12.2010 fest vereinbart. Danach
verlängert sich das Mietverhältnis
stillschweigend um jeweils ein
weiteres Jahr, sofern nicht eine der
Parteien bis spätestens zum 30.09.
eines jeden Jahres der Fortsetzung
schriftlich durch eingeschriebenen
Brief widerspricht.
nichts vereinbart
für den Fall einer
Erhöhung der
MwSt. wird dieser
ohne Nachtrag
angepasst.
für den Fall einer
Erhöhung der
MwSt. wird dieser
ohne Nachtrag
angepasst.
für den Fall einer
Erhöhung der
MwSt. wird dieser
ohne Nachtrag
angepasst.
für den Fall einer
Erhöhung der
MwSt. wird dieser
ohne Nachtrag
angepasst.
für den Fall einer
Erhöhung der
MwSt. wird dieser
ohne Nachtrag
angepasst.
-5,45
-11,40
01.11.08
Option auf weitere 5 Jahre. Option
muss 6 Monate vor Ablauf der
festen Mietzeit ausgesprochen
werden.
-9,66
0,00
20229043
31.05.12
0,00 -169.148,77
0,00
0,00 8. TG-Stellplatz
3.321,87 5. Gewerbe
0,00
-60,00
555
555
-61.000,00
Gerhard
Köln
Köln
-108.148,77
van den Elsen
CFI
CFI
-13.476,07 -275.051,01
HKV/m²
-13.476,07 -275.051,01
0,00
HK
UST GesamtSoll NKM/m² BKV/m²
Vorname1
Deutsche Post
Immobilien
GmbH
Index:10%
Grenzwert,
0,00
0,00
Europcar
Autovermietung
GmbH
0,00
-5,29
-4,82
0,00
-5,50
-3,00
0,00
0,00
Waldorf
Wutipong
Buschmann
Frank
-176,31
0,00
0,00
-33,50
-209,81
-1,74
0,00
Buschmann
Dirk
-230,88
0,00
0,00
-43,87
-274,75
-2,00
0,00 #DIV/0!
Bouziri
Marcel
-425,32
0,00
0,00
-80,81
-506,13
-1,81
0,00
0,00
UST lt
Domus nur
34,20€
0,00
(ergibt sich
nur aus
NKM)
CFI
Köln
555
CFI
Köln
555
CFI
Köln
555
CFI
Köln
CFI
0,00 8. TG-Stellplatz
25500050
01.01.04
25500060
01.11.06
0,00 8. TG-Stellplatz
25600050
01.02.01
555
403,84 38. Lager/Gewerbe
25600060
01.09.02
Köln
555
0,00 8. TG-Stellplatz
25700050
01.06.05
nichts vereinbart
CFI
Köln
555
0,00 8. TG-Stellplatz
25900050
01.06.05
nichts vereinbart
CFI
Köln
555
0,00 8. TG-Stellplatz
26300051
18.03.10
CFI
Köln
555
0,00 8. TG-Stellplatz
26500050
01.08.05
nichts vereinbart
CFI
Köln
555
0,00 8. TG-Stellplatz
26700050
01.08.05
nichts vereinbart
CFI
Köln
555
0,00 8. TG-Stellplatz
26800052
01.09.09
nichts vereinbart
CFI
Köln
555
35,68 38. Lager/Gewerbe
27000050
15.05.06
unbefristet
nichts vereinbart
CFI
Köln
555
33,94 38. Lager/Gewerbe
27100050
01.10.06
unbefristet
nichts vereinbart
CFI
Köln
555
127,82 38. Lager/Gewerbe
27200050
01.05.06
unbefristet
nichts vereinbart
CFI
Köln
555
14,13 38. Lager/Gewerbe
27300050
15.05.06
unbefristet
nichts vereinbart
CFI
Köln
555
0,00 8. TG-Stellplatz
27400050
15.06.06
CFI
Köln
555
5,97 38. Lager/Gewerbe
27600050
01.08.06
unbefristet
nichts vereinbart
CFI
Köln
555
27,40 38. Lager/Gewerbe
27700050
15.08.06
unbefristet
nichts vereinbart
91,87 38. Lager/Gewerbe
nichts vereinbart
unbefristet
unbefristet
nichts vereinbart
MV verlängert sich jeweils um ein
halbes Jahr, falls es nicht 1 Monat
vor Ablaluf schriftlich gekündigt
wurde
nichts vereinbart
/
nichts vereinbart
nichts vereinbart
für den Fall einer
Erhöhung der
MwSt. wird dieser
ohne Nachtrag
angepasst.
für den Fall einer
Erhöhung der
MwSt. wird dieser
ohne Nachtrag
angepasst.
für den Fall einer
Erhöhung der
MwSt. wird dieser
ohne Nachtrag
angepasst.
für den Fall einer
Erhöhung der
MwSt. wird dieser
ohne Nachtrag
angepasst.
für den Fall einer
Erhöhung der
MwSt. wird dieser
ohne Nachtrag
angepasst.
für den Fall einer
Erhöhung der
MwSt. wird dieser
ohne Nachtrag
angepasst.
für den Fall einer
Erhöhung der
MwSt. wird dieser
ohne Nachtrag
angepasst.
für den Fall einer
Erhöhung der
MwSt. wird dieser
ohne Nachtrag
angepasst.
für den Fall einer
Erhöhung der
MwSt. wird dieser
ohne Nachtrag
angepasst.
für den Fall einer
Erhöhung der
MwSt. wird dieser
ohne Nachtrag
angepasst.
für den Fall einer
Erhöhung der
MwSt. wird dieser
ohne Nachtrag
angepasst.
für den Fall einer
Erhöhung der
MwSt. wird dieser
ohne Nachtrag
angepasst.
für den Fall einer
Erhöhung der
MwSt. wird dieser
ohne Nachtrag
angepasst.
für den Fall einer
Erhöhung der
MwSt. wird dieser
ohne Nachtrag
angepasst.
für den Fall einer
Erhöhung der
MwSt. wird dieser
ohne Nachtrag
angepasst.
für den Fall einer
Erhöhung der
MwSt. wird dieser
ohne Nachtrag
angepasst.
für den Fall einer
Erhöhung der
MwSt. wird dieser
ohne Nachtrag
angepasst.
Lindner Hotels Lindner
Domresidence / Hotels AG
-260,00
0,00
0,00
-49,40
-309,40
Lindner Hotels
Lindner
Domresidence /
Hotels AG
allinvos LH 1039
-180,00
-20,00
0,00
-38,00
-238,00
Hilton Hotel
Cologne
-613,60
0,00
0,00
-116,58
-730,18
Hilton Hotel
Cologne
-493,00
0,00
0,00
-93,67
-586,67
Anderegg
Anneliese
-61,36
0,00
0,00
-11,66
-73,02
Li Pira
Marion
-61,36
0,00
0,00
-11,66
-73,02
0,00
0,00
0,00
0,00
0,00
LEERSTAND
#DIV/0! #DIV/0!
-1,96
-0,22
-1,22
0,00
0,00
Zinken
Michael
-61,36
0,00
0,00
-11,66
-73,02
Heß
Paul
-61,36
0,00
0,00
-11,66
-73,02
0,00
-63,00
0,00
0,00
-11,97
-74,97
0,00
DB Fernverkehr
AG
Weme Galerie
am Museum
WEWE
Werner+Mert
es GmbH
-71,36
0,00
0,00
-13,56
-84,92
-2,00
0,00
0,00
Kirwald
Berhardt
-67,88
0,00
0,00
-12,90
-80,78
-2,00
0,00
0,00
-265,80
0,00
0,00
-50,50
-316,30
-2,08
0,00
-2,00
0,00
Pirlet & Partner
Baukonstruktion
en
Kiene
Michael
-28,26
0,00
0,00
-5,37
-33,63
Uhländer
Gabriele
-61,36
0,00
0,00
-11,66
-73,02
Impertro
Monika
-11,94
0,00
0,00
-2,27
-14,21
-2,00
0,00
Schwall
Michael
-54,80
0,00
0,00
-10,41
-65,21
-2,00
0,00
0,00
0,00
0,00
CFI
Köln
555
0,00 8. TG-Stellplatz
27900050
01.11.06
CFI
Köln
555
7,29 38. Lager/Gewerbe
28000000
01.04.08
CFI
Köln
555
0,00 8. TG-Stellplatz
28100050
01.11.06
nichts vereinbart
CFI
Köln
555
0,00 8. TG-Stellplatz
28110050
01.06.08
nichts vereinbart
CFI
Köln
555
10,18 38. Lager/Gewerbe
28200050
01.12.06
unbefristet
nichts vereinbart
CFI
Köln
555
34,80 38. Lager/Gewerbe
28400050
15.11.06
unbefristet
nichts vereinbart
CFI
Köln
555
0,00 8. TG-Stellplatz
28500050
16.03.07
nichts vereinbart
CFI
Köln
555
0,00 8. TG-Stellplatz
28600050
01.06.08
nichts vereinbart
CFI
Köln
555
0,00 8. TG-Stellplatz
28700050
01.04.07
nichts vereinbart
CFI
Köln
555
0,00 8. TG-Stellplatz
28800050
15.06.07
nichts vereinbart
CFI
Köln
555
0,00 8. TG-Stellplatz
28880051
01.01.08
nichts vereinbart
CFI
Köln
555
0,00 8. TG-Stellplatz
28900050
15.07.07
CFI
Köln
555
0,00 8. TG-Stellplatz
28910050
15.09.07
nichts vereinbart
unbefristet
nichts vereinbart
Heinrich
-61,36
0,00
0,00
-11,66
-73,02
Mildt
Andreas
-14,58
0,00
0,00
-2,77
-17,35
Nußbaum
Annemarie
-61,36
0,00
0,00
-11,66
-73,02
0,00
-63,03
0,00
0,00
-11,98
-75,01
0,00
DB Sicherheit
GmbH
-20,36
0,00
0,00
-3,87
-24,23
-2,00
0,00
Mathar
Roman
-69,60
0,00
0,00
-13,22
-82,82
-2,00
0,00
Hettmer
Thomas
-61,36
0,00
0,00
-11,66
-73,02
Mönig
Dirk
-63,03
0,00
0,00
-11,98
-75,01
-1.008,40
0,00
0,00
-191,60
-1.200,00
-63,03
0,00
0,00
-11,98
-75,01
-63,03
0,00
0,00
-11,98
-75,01
-63,03
0,00
0,00
-11,98
-75,01
-63,03
0,00
0,00
-11,98
-75,01
-60,00
0,00
0,00
-11,40
-71,40
-67,23
-60,00
0,00
0,00
0,00
0,00
-12,77
-11,40
-80,00
-71,40
0,00
-150,00
0,00
0,00
-28,50
-178,50
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
Sixt European
Holding GmbH
& Co.KG
nichts vereinbart
DB
Sicherheit
GmbH
Adelheid
nichts vereinbart
Kulas
Sara
Brusdeilins
Philipp
Karolewski
Danuta
DB Regio NRW
GmbH
LEERSTAND
LEERSTAND
LEERSTAND
LEERSTAND
LEERSTAND
LEERSTAND
555
0,00 8. TG-Stellplatz
28920052
01.02.10
CFI
CFI
Köln
Köln
555
555
0,00 8. TG-Stellplatz
0,00 8. TG-Stellplatz
28930052
28940010
01.09.10
01.02.09
nichts vereinbart
nichts vereinbart
CFI
Köln
555
0,00 8. TG-Stellplatz
28940110
01.12.09
nichts vereinbart
CFI
CFI
CFI
CFI
CFI
CFI
Köln
Köln
Köln
Köln
Köln
Köln
555
555
555
555
555
555
38. Lager/Gewerbe 29000000
38. Lager/Gewerbe 29000010
38. Lager/Gewerbe 29000020
38. Lager/Gewerbe 29000030
nicht im Domus angelegt
38. Lager/Gewerbe 29000040
01.01.10
01.01.10
01.01.10
01.01.10
01.01.08
01.01.10
0,00
Johanna
Kiton GmbH
/
Regionalsicherh
eit West
Kastl
Köln
-2,00
Scheibe
Yvonne
CFI
46,99
133,13
103,74
433,80
151,19
201,34
Jannes
Pfeiffer
nichts vereinbart
lt Domus
31.12.10
ende
für den Fall einer
Erhöhung der
MwSt. wird dieser
ohne Nachtrag
angepasst.
für den Fall einer
Erhöhung der
MwSt. wird dieser
ohne Nachtrag
angepasst.
für den Fall einer
Erhöhung der
MwSt. wird dieser
ohne Nachtrag
angepasst.
für den Fall einer
Erhöhung der
MwSt. wird dieser
ohne Nachtrag
angepasst.
für den Fall einer
Erhöhung der
MwSt. wird dieser
ohne Nachtrag
angepasst.
für den Fall einer
Erhöhung der
MwSt. wird dieser
ohne Nachtrag
angepasst.
für den Fall einer
Erhöhung der
MwSt. wird dieser
ohne Nachtrag
angepasst.
für den Fall einer
Erhöhung der
MwSt. wird dieser
ohne Nachtrag
angepasst.
für den Fall einer
Erhöhung der
MwSt. wird dieser
ohne Nachtrag
angepasst.
für den Fall einer
Erhöhung der
MwSt. wird dieser
ohne Nachtrag
angepasst.
0,00
0,00
0,00
0,00
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Architekt Dipl.-Ing. Ulrich Springer - öffentlich bestellter und vereidigter Sachverständiger
Stolkgasse 4, 50667 Köln
Architekt Dipl.-Ing. Ulrich Springer - öffentlich bestellter und vereidigter Sachverständiger
Stolkgasse 4, 50667 Köln
street front/Straßenfront
access ramp/Auffahrt
Architekt Dipl.-Ing. Ulrich Springer - öffentlich bestellter und vereidigter Sachverständiger
Stolkgasse 4, 50667 Köln
side view/Seitenansicht
interior view/Innenansicht