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 Page 4 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 Page 5 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 Page 6 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 Page 7 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 Page 8 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 Page 9 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 Page 10 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 Page 11 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 Page 12 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 Page 13 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 Page 14 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 Page 15 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 Page 17 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 Page 21 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 Page 22 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 Page 23 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 Page 24 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 Page 25 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 € Architekt Dipl.-Ing. Ulrich Springer - öffentlich bestellter und vereidigter Sachverständiger 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 Page 27 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 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 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