Office, retail buildings and daycare center at "Münsterstraße

Transcription

Office, retail buildings and daycare center at
"Münsterstraße/Bülowstraße" in D-44147 Dortmund /
Germany
Market valuation according to IFRS /IAS 40
Valuation date: Sept. 30th 2011
Office, retail buildings and daycare center at
"Münsterstraße/Bülowstraße" in D-44147 Dortmund /
Germany
addressed to
ASPEN Real Estate Ltd.
20 Lincoln St.
Tel Aviv
ISRAEL
prepared by
I MO E XPERTS
Dr. Kühne & Böker GbR
Immobilienbewertung
und -management
Persebecker Straße 47
44227 Dortmund
Dortmund, Nov. 12st 2011
This report includes 31 pages and 5 appendices
Office, retail buildings and daycare center in 44147 Dortmund / Germany
Market valuation according to IFRS / IAS 40 - Valuation date: Sep. 30th 2011
IMOEXPERTS
Summary
The market value of the valuation property, developed with an
office building, two retail buildings and a daycare center at
"Schützenstraße 94, 96, 126, 130 and Bülowstraße 15" in D44147 Dortmund /Germany, is determined on the valuation date
(Sept. 30th 2011) with a market value commensurate with the
rules of IAS 40 / IFRS 16.32, the Federal Valuation Ordinance
[WertV] and analogous to § 194 Federal Building Code [BauGB]
(market value) at approximately
26,500,000 !
(In words: twenty six million five hundred thousand Euros)
Nov. 12th 2011
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IMOEXPERTS
Contents
page
Summary............................................................................ 3!
Part A: ! Introduction .......................................................... 6!
1! Order ............................................................................ 6!
1.1! Notice of award and purpose of market value determination . 6!
1.2 Terms of reference ......................................................... 6!
1.3 Fundamentals of order processing..................................... 6!
2! Principles and method...................................................... 9!
Part B: ! Property and building description ............................12!
1! Property description .......................................................12!
1.1! Address........................................................................12!
1.2! Overview ......................................................................12!
1.3! Location .......................................................................13!
1.4 Property details .............................................................16!
1.5! Ground conditions and contamination ...............................19!
1.6 Development of the property ..........................................21!
1.7 Charges for local development ........................................21!
1.8 Encumbrances, limitations and rights ...............................21!
2! Building description ........................................................21!
Part C: ! Market valuation ...................................................22!
1 ! Rental situation .............................................................22!
1.1! Tenant .........................................................................22!
1.2! Rent ............................................................................24!
1.3! Alternative tenancy........................................................24!
2 ! Property market ............................................................25!
2.1 Standard land values / reference prices ............................25!
2.2 !Sustainable market rents to be assumed ..........................25!
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IMOEXPERTS
3! Derivation of a market value............................................26!
3.1 !Basis of valuation ..........................................................26!
3.2 !Valuation effective valuation date (Sept. 30th2011) ............28!
4! Market value .................................................................30!
Part D:!
Final remarks .......................................................31!
Appendix:
Appendix 1: Layout plans of the object
Appendix 2: Detailed maps of the objects
Appendix 3: Land register
Appendix 4: Calculations of the floor areas
Appendix 5: Pictures from the objects
Nov. 12th 2011
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Part A:
IMOEXPERTS
Introduction
1
Order
1.1
Notice of award and purpose of market value
determination
The order for the elaboration of the market valuation concerning
the valuation property was awarded by IMOEXPERTS from Aspen
Real Estate Ltd. on Nov. 6th 2011.
The market valuation report was rendered for purposes of
balancing in accordance with IFRS / IAS.
1.2
Terms of reference
The terms of reference have been defined as follows:
Determination of the market value of the property for the
valuation date Sept. 30th 2011.
1.3
Fundamentals of order processing
The valuation is prepared in accordance with the German Federal
Valuation Ordinance (WertV), the principles of market valuation
according to IFRS/IAS as well as the guidelines of DIN 276
"Building Costs" under consideration of the reference units
according to DIN 277.
The report is based on the following documents:
Documents regarding the property and the building
/1/
GEOEXPERTS: Technical Due Diligence June 5th 2011
/2/
Several layout plans of the property and the objects
/3/
Different excerpts from the Land register of the district court
of Dortmund from May 21st 2010 and Nov. 3rd 2010
/4/
Construction descriptions of the objects in 2010
/5/
Stadt Dortmund: Construction permits of the objects,
Daycare facility Jan. 28th 2010 (28 pages); office, discounter
Jul. 1st 2010 (40 pages); Service-Center with pharmacy and
bakery and open parking garage, Mai 5th 2010 (32 pages)
Nov. 12th 2011
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/6/
Stadt Dortmund: Protocol of the final construction inspection,
Oct. 14th 2010 (2 pages), Nov. 22nd 2010 (3 pages) and Nov.
29th 2010, 3 pages
/7/
Stadt Dortmund: Statement from the Contamination register
from Nov 18th 2010, 2 page
/8/
Stadt Dortmund: Excerpt from the land charges register
about existing public obligations, 12 pages
/9/
Valuations of the subsoil conditions, Erdlabor Dr. F. Krause,
Sept. 3rd, 18th 2009, Oct. 07th, 9th, 22nd, 28th 2009, Nov. 5th
2009 and various written statements
IMOEXPERTS
/10/ Extensive data, documents, protocols and certifications for
correction of faults and technical equipments.
Documents regarding the rental situation:
/11/ Rent contract with City of Dortmund dated Nov. 20th/29th
2009, with 1 amendment, updated Nov 15th/22nd 2010
/12/ Rent contract with Lidl-Vertriebs GmbH & Co.KG dated Oct.
13th 2009
/13/ Rent contract with Lidl-Vertriebs GmbH & Co.KG dated Oct.
13th 2009
/14/ Rent contract with GMG Generalmietgesellschaft mbH dated
Aug. 18th 2009 and 1st amendment (not signed yet)
/15/ Valuation reports and statements for the subgrade Nov. 18th
2009 and Oct. 5th, 07th, 22th, 28th 2009
/16/ Valuation reports and statements for the fire protection Nov.
24th 2009 (kindergarden), Jun. 24th 2010 (discounter), Mar.
25th 2010 (Service-Center)
/17/ Written confirmation by the constructer Dipl. Ing. Andreas
Schlösser of all open construction issues from Mai, 26th 2011
Miscellaneous documents:
/18/ Savills Immobilien Beratungs-GmbH: Exposé of the object
(21 pages)
/19/ Savills Immobilien Beratungs-GmbH: CD-data-room.
/20/ Oral statements from the owner during the site visit on May
4th 2011
Nov. 12th 2011
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IMOEXPERTS
/21/ Property market information (Committee on experts for real
estate values of the State of Nordrhein-Westfalen)
/22/ Analysis of potential and competition in the retail food trade
(GfK Gesellschaft für Konsumforschung)
Furthermore, the following literature sources were particularly
utilized:
!
Official Text Edition, International Financial Reporting
Standards (IFRS), including International Accounting
Standards (IAS) and Interpretation (status: 02/2005, 2nd
Edition, IDW Verlag GmbH)
!
Lüdenbach/Hoffmann, IAS/IFRS (2nd Edition 2004, Haufe
Verlag)
!
Kleiber/Simon, WertV 98 – Marktwertermittlung, Bundesanzeigerverlag, current edition
!
Kröll, Rechte und Belastungen bei der
ermittlung von Grundstücken, current edition
Nov. 12th 2011
Verkehrswert-
page 8 of 31
2
IMOEXPERTS
Principles and method
Market valuation according to IFRS/IAS
The EU Ordinance (No. 1606/2002, file ABL. NRL 243 from
11.09.2002, Page 1) adopted on July 19th 2002 prescribes the
compulsory application of the International Financial Reporting.
International
Financial
Reporting
Standards
(IFRS)
for
consolidated financial statements of capital market-oriented
enterprises starting in the year 2005. The IFRS encompass the
international standards for accounting or the still valid
International Accounting Standards (IAS) adopted before the
introduction of IFRS as well as the interpretations pertaining to
the individual IFRS or IAS which were adopted by the
International Financial Reporting Interpretations Committee
(IFRIC) or by its predecessor committee, the Standing
Interpretations Committee (SIC).
The approach employed by the "Initial Costs and Production
Costs" (acquisition model) as well as the alternative concept of
"fair value" (new valuation model) are particularly relevant for
valuation experts.
The "fair value" is to be determined in view of the valuation
object. This can be of importance in two cases. For one thing with
extraordinary depreciations (impairments of value) and for
another thing with revaluations as they are possible with real
estate within the framework of IAS 16, IAS 17 and IAS 40.
The "fair value" according to IAS is the market value. According to
IAS, the "fair value" corresponds to the market value of real
estate at the time of valuation minus the annual pro rata (normal)
depreciations which have accumulated between the effective
valuation date and the balance sheet date. The "fair value"
corresponds to the most likely price which can be reasonably
obtained on the market on the balance sheet date.
The following essential principles for the determination of "fair
value" (market value) are to be taken into consideration:
! The "fair value" of the real estate kept as a financial
investment has to reflect the current market situation and the
circumstances on the balance sheet date (not at a past or
future point in time).
! In addition to other influence variables, the "fair value" also
has to reflect the rental income from the present tenancies as
well as fair and reasonable assumptions which reflect the view
of the market; moreover, what contractual partners would
Nov. 12th 2011
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IMOEXPERTS
assume for rental income from future tenancies according to
the current market conditions.
! It is to be assumed that the transactions which will be
accepted as the basis of the "fair value" take place between
enterprises which are not affiliated and act completely
independent of each other.
! If the current prices of an active market are not available in
the event of valuation, an enterprise takes into account
information from the most varying sources, including:
a) current prices of an active market for real estate of a
divergent nature, other condition or location (or such which
are subject to divergent leasing conditions or other
agreements) which have been adapted to reflect these
differences.
b) the prices recently obtained on a less active market, which
have been adapted to reflect the changes of general
economic conditions since the time of the transaction in
which these prices have been obtained, and / or
c) discounted cash flow forecasts which are based on a reliable
valuation of future cash flows, supported through the
contractual conditions of existing tenancies or other
agreements as well as through external substantive
indications, such as current fair market rents for similar real
estate at the same location and in the same condition which
have been utilised for discounting rates which reflect the
present valuations of the market with regard to uncertainty,
the amount and the chronological accrual of future cash
flow.
! If the sources listed lead to different conclusions in view of the
"fair value" of real estate, the enterprise has to take into
account the differences in order to obtain a reliable estimated
value within a comparatively narrow range of future valuations
of "fair value".
! The "fair value" reflects the state of knowledge and the
expectations of the market participants as well as the factors
absolutely relevant to the market participants. The "fair value"
does not reflect the following:
a) the additional value which ensures from the formation of a
portfolio for enterprises in different locations,
b) synergetic effects between real estate kept as a financial
investment and other assets,
Nov. 12th 2011
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IMOEXPERTS
c) legal claims or legal restrictions which apply solely to the
present owner and / or
d) tax advantages or tax burdens which exist only for the
present owner.
! The "fair value" of real estate kept as a financial investment
reflects neither future expenditures for improvement or
appreciation nor the concomitant future benefit.
The handling of real estate which will be kept as a financial
investment complies with IAS 40.
The valuation occurs in accordance with the statements of
standard IAS 40 regarding "fair value", accordingly market value
which can be derived a.o. from the Federal Valuation Ordinance.
Nov. 12th 2011
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Part B:
IMOEXPERTS
Property and building description
1
Property description
1.1
Address
The postal address of the objects in 44147 Dortmund / Germany
are:
1. "Schützenstraße 94" for Service-center Telecom
2. "Schützenstraße 96" for retail (Rossmann, Lotto-Toto, Bakery)
3. "Schützenstraße 126" for retail (Lidl)
4. "Schützenstraße 130" for office 1st floor (above Lidl)
5. "Bülowstraße 15" for the daycare center ("Kinder-Tagesstätte")
.
1.2
Overview
Four different new buildings were built on the plot at the same
time and finished in October/November 2010 according to the
demands and requirements of the new tenants.
Table 1:
Buildings of the object
No.
building
buildin
g year
No. of
floors
gross floor
area [m"]
"
retail building
with office space
1st floor included
2010
2
2,255.05
2010
5
7,712.50
2010
2
1,119.95
2010
2
1,198.76
(=364.44 m2)
#
$
%
office building
(Service-center)
retail building
Rossmann = 760.78 m2
Lotto-Toto = 71.89 m2
Bakery = 239.02 m2
daycare facility
building
total
12,286.26 m"
The objects have in total a gross floor area of 12,286.26 m!. The
total size of the property is 18,574 m! with 327 parking facilities.
Nov. 12th 2011
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1.3
IMOEXPERTS
Location
Macro location (good)
The object is located in north part of the city of Dortmund, the
most sizable city in the Ruhr-area ("Ruhrgebiet") and metropolis
of Northrhine-Westfalia. Comparing the acreage Dortmund is the
fourth largest city in Germany and comparing the inhabitants it is
the fourth biggest city in the Ruhr-area beside Köln, Düsseldorf
and Essen.
The City of Dortmund is a modern city with app. 581,000
inhabitants. In former times it was famous for his mining and steel
industry. Today it is one of the most important cities for credit and
insurance companies and future industries such as IT and
communication, micro/nano technologies and logistics.
It is a sign of structural change that Dortmund today is the home
of a famous technical university with app. 22,000 students and a
technical quarter (Technologiezentrum Dortmund) with 280
companies working in the future industry business.
Dortmund is located in the East of the
"Ruhrgebiet" with app. 5.3 Million inhabitants.
Figure 1:
Metropol
region
Location of the object in Germany
Nov. 12th 2011
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IMOEXPERTS
Table 2:
Economic data of the city of Dortmund
Factor
City of Dortmund
Germany
580,644
82,002,356
- 1.4 % since 2000
+ 0.2 % since 1997
2,070
229
unemployment rate (Oct. 31st
2011)
12.4 %
6.5 %
Share of households with a
monthly net household
income of < 1,100 "
20.0 %
14.0 %
income of 1,100 " to 2,600 "
46.5 %
40.3 %
income of > 2,600 "
33.5 %
45.6 %
retail purchasing power per
capita (2010)
5,225 "
5,329 "
98.1
100.0
retail turnover index
110.2
100.0
Index of retail centrality
112.4
100.0
population (Dec. 31st 2010)
growth of the population
Population per km!
retail purchasing power index
per capita (2010)
Dortmund has a much higher unemployment situation then the
average in Germany. Compared to the whole Ruhr-area
("Ruhrgebiet") the unemployment can be shown as average for
this industrial area
The share of households with lower income is clear above
average.
Nov. 12th 2011
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Figure 2:
IMOEXPERTS
Location of the object in the north of the city centre of
Dortmund.
Micro location (good)
The property Schützenstraße/Bülowstraße is located in the
northern part of Dortmund within walking distance to the central
station and the centre of the city. The "City-North district"
("Nordstadt") has a high population density of app. 50,000.
According to the old industry history the City-North district is not
a prosperous part of the city. To rise the standard of
infrastructure the local government launched a support program
years ago. With success. Today it is one of 12 German districts
which are supported by the EU Community Initiative "URBAN II".
The infrastructure is good with the state road B54 in the direct
vicinity as well as Dortmund harbour and several motorways in
short distance. The central train station of Dortmund is in 1 km
distance. The next airport is Dortmund Airport in 12 km and the
International Airport of Düsseldorf in 60 km distance.
The micro location can be valued as good.
Nov. 12th 2011
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Figure 3:
1.4
IMOEXPERTS
Location of the object in the "City-North-District"
("Nordstadt"), a large submarket of Dortmund,
dominated by residential buildings (East of the object)
and Dortmund harbour (West of the object)
Property details
The property is registered in the land register of Dortmund (/8/),
kept at the district court of Dortmund as shown in table 3.
Two accesses are provided to the parking area accesses. One
from "Schützenstraße" (main access to the retail and Telecom
parking area) and one from "Bülowstraße" from where as well all
parking areas are reachable.
A main parking area is situated beside the retail shops in the
southeastern area of the property with 120 parking lots. Further
202 parking facilities (part of these built as an open two storied
parking garage) are provided around the Telecom building
northwestern boundary and another 5 parking lots referred to the
Nov. 12th 2011
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IMOEXPERTS
Kindergarten. The property is more or less rectangular and flat
and totally asphalted and paved.
&
%
$
"
#
Figure 4:
Arial plan of the objects with the southeastern (main)
parking area ("), parking areas of Telecom (#), open
parking garage ($) and further parking capacity in
the northern part of the plot. Daycare center (&).
Table 3:
Properties of the object (see plan in figure 4)
Property
size of the
area [m"]
main use
page 2819
field 52 / 694
16,005
western parking area + buildings
office and Kindergarten
page 2819
field 52 / 695
1,882
eastern access from Schützenstraße, parking area + building
page 2819
field 52 / 698
687
northeastern building retail
18,574 m!
Nov. 12th 2011
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IMOEXPERTS
The total size of the property is 18,574 m!.
The land register has the following registrations in chapter II:
!
Limited personal easement for heating pipes of the local
department of work (DEW)
!
easement for waste water pipes within the plots No. 52/696,
52/693
!
easement for single and common using for GMG (Telekom)
and Lidl.
The easement have no limitations for the use of the object.
The property is subdivided as shown in figure 5.
Nov. 12th 2011
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IMOEXPERTS
%
"
&
$
&
#
Figure 5: Cadastral map of the property (red line). No. " shows
the location of the retail building Lidl, No. # shows the
location of the office building Telekom, No. $ the
location of the retail building with Rossmann, LottoToto, Bakery and No. % the location of the daycare
facility, and the parking area and the open two storied
parking garage (&).
1.5
Ground conditions and contamination
According /7/, the property is registered in the land
contamination register as a former industrial and commercial
site. The registration results from the existence of car garages of
the Bundespost (former federal post).
A cover of up to 3m of artificial soil is lying on the property
according to /9/. No contaminants have been discovered during
the investigations in this layer. For the northwestern part of the
property (field 52/694 - see figure 6) the expert of the subsoil
conditions (written statement Dr. F. Krause Oct. 9th 2009 (/9/))
Nov. 12th 2011
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IMOEXPERTS
postulated that in the green area of the daycare facility needed a
change of the ground according to the German soil protection act
(BBodSchV).
Figure 6:
Location of the soil cover on field 52/694
According to the written confirmation of Linneweber Landschaftsbau, Mai 11th 2011, this obligation is fulfilled. No further
endangering is affecting the property from the subsoil
contamination.
No other hazardous contaminations were found according to the
various valuations of the subsoil conditions /9/.
No other adverse ground conditions could be observed during the
site visit.
Additional information concerning ground conditions also possibly
influencing the value of the property is only presentable through
further geological examinations. Within the scope of this report it
is assumed that the ground is suitable.
No high water or water conservation area is known for the
property.
Nov. 12th 2011
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1.6
IMOEXPERTS
Development of the property
No valid development plan is existing. Therefore changes need to
be valued according to § 34 BauGB. Therefore all construction
and building measures are permitted, which fit into the local
construction form and style.
No public obligations are existing according to the provided
documents.
Several minor defects have to be eliminated according to the
statement of the Department of construction of the City of
Dortmund. The list with open issues dated May 26th 2011 is
attached to this report as appendix 6. According to /17/, all open
issues will be eliminated under the supervision of the responsible
architect of the old owner.
1.7
Charges for local development
No local taxes for the construction of the roads (according to
BauGB) are open according to the handed documents and oral
statements of the old owner.
1.8
Encumbrances, limitations and rights
The land register shows several registrations and rights in
chapter II. Rights for the energy providers for the local net and
using rights for the tenants GMG and Lidl. For details see
appendix 3. These rights have no influence on the valuation.
2
Building description
For further detailed building description the appraiser refers to the
Technical and environmental due diligence report prepared by
GEOEXPERTS Dr. Kühne & Partner, dated June 5th 2011 (/1/).
Nov. 12th 2011
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IMOEXPERTS
Part C:
Market valuation
1
Rental situation
1.1
Tenants
The tenant situation for the four buildings can be shown as
following (No. see table B 3).
Table 4:
Tenants
Building
units
tenants
subtenants
"
2
Lidl VertriebsGmbH & Co.KG
none
(1 unit for
bottle shop
vacant)
retail and
office
building
"
1
Old owner
1
rent space
total
1,890.61 m2
none
364.44 m2
retail and
office
building
1st floor
#
1
GMG
Generalmietgesellschaft
mbh
none
7,037.10 m2
3
Lidl VertriebsGmbH & Co.KG
Rossmann
1,119.95 m2
office
building
$
retail
building
%
Bakery
1
City of
Dortmund
None
8
5
3
daycare
facility
building
Total
1
Lotto-Toto
1,198.76 m2
11,610.86 m2
According to oral statements of the owner, the "old owner" guarantees
the rent for the vacant office space (building ") 1st floor for 10.00 " net
rent per m2 and a duration of a 10 years rent contract.
Nov. 12th 2011
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IMOEXPERTS
11,610.86 m! are rented to the 5 tenants. The building is fully
rented but with one not used space of 445,67 m! rented by Lidl
and the so far not finished office space of 364,44 m! (rent
guarantee by the "old owner").
Table 5:
Tenants and duration of contracts2
tenant
"
Lidl
2010
"
"old owner"
2011
expiry
21.11.2025
Option
part of building
3 x 5y
retail building
(ground floor) +
delivery area / staff
rooms
10 years guarantee
indexation
yes
(65 %)
office (1st floor)
to be
negotiated
2010
31.10.2020
3 x 2y
offices (5 floors)
yes
(65 %)
$
Lidl with 3
subtenants
2010
14.11.2025
3 x 5y
retail building
(ground floor)
yes
(65 %)
%
City of
Dortmund
2010
14.11.2030
2 x 5y
daycare building
(2 floors) with all
necessary facilities
yes
(75 %)
#
GMG
2
tenant
since
According to the rent contracts. "Old owner" according to oral
statement owner.
Nov. 12th 2011
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IMOEXPERTS
1.2
Rent
The acquired rent is listed in table 6.
Table 6:
Rent
rented area [m"]
rent p.a.
rent !/m" per
month
" Lidl
1,890.61
292,524.00 "
12,89 "
" Old
owner
364.44
43,732.80 "
10,00 "
7,037.10
202 parking lots
1,108,765.44 "
96,969.00 "
13,13 "
40.00 " per
parking lot
$ Lidl
1,119.95
167,816.40 "
12,49 "
% City of
Dortmund
1,198.76
232,135.56 "
16,14 "
11,610,86 m"
1,941,943.20 !
13,24 !
tenant
# GMG
3
sum
An actual annual lease for the object is 1,941,943.20 " p.a..
The rents are in line with the market requirements.
1.3
Alternative tenancy
The objects have a good chance for an alternative tenancy. The
office building as a office building for any other large company
with needs for call center and office space and the other buildings
for alternative retailers.
3
according to the 1st amendment to the main rent contract with GMG
(/20/) this amendment is not signed yet.
Nov. 12th 2011
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2
2.1
IMOEXPERTS
Property market
Standard land values / reference prices
According to the committee of experts for real values, the value
for commercial land for the City of Dortmund is 190 " / m! based
on 2011. The reference price for commercial spots in the
surrounded area around Dortmund are in a range from 160 to 245
". The land value therefore can be estimated to
18,574 m! " * 190 " / m! = 3,529,060.00 "
2.2
Sustainable market rents to be assumed
The actual rent for the office space is in the range from 10.00 " to
is 13.13 "/m!. For the retail in the range from 12.49 " to 12.89 "/
m!. And for the daycare facility 16.14 "/ m!. According to the
high standard of the buildings structure and the circumstance that
the buildings and open areas were built in 2010 the rent is in the
line with the market requirements.
According to the rent contract of GMG the actual rent for 202 of
the parking lots is 40 "/parking lot.
Because of the termination and long duration of the rent contracts
the actual rent can be quoted as sustainable over the next
decade.
The market valuation will be performed on the basis of the actual
rent (1,941,943.20 " p.a.).
Nov. 12th 2011
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IMOEXPERTS
3
Derivation of a market value
3.1
Basis of valuation
The valuation property concerns to a property category which is
normally appraised under yield aspects.
The property’s cash flow as well as the yields assumed to be
customary in the market under consideration of market risk is
decisive for the appraisal.
The property cash flow is derived from the gross yield of the
valuation property minus the property management expenses
normally to be paid or to be calculated. The result is the net yield.
The gross yield encompasses all sustainably attainable income
with orderly management and permissible utilization, particularly
rents and leases, including remunerations. However, contributions
which will be paid for coverage of operating expenses are not a
component of the gross yield.
Management
expenses
are
the
sustainable
occurring
administrative expenses, maintenance expenses and the risk of
rent loss as well as any non-apportionable operating expenses and
the depreciation. The depreciation is taken into account through
inclusion in the multiplier. In particular, the managerial expenses
thus encompass the following items:
! Administrative expenses are the expenses of personnel
facilities required for the administration of the property,
costs of supervision as well as the costs for the legal
voluntary audits of the annual financial statements and
business management.
and
the
and
the
! Maintenance expenses are expenses which must be incurred as
a result of wear, ageing and weather for preservation of the
contractual use of the buildings and structures during their
utilisation.
! Operating expenses are the expenses which are incurred
through the ownership of the property or through contractual
use of the property as well as its buildings and other
structures. They are not a component of the gross yield and
thus not to be considered separately for determination of the
net yield insofar as it does not concern non-apportionable
items.
Nov. 12th 2011
page 26 of 31
IMOEXPERTS
! The risk of rent loss describes the risk of re-renting (vacancy
rate, renewal rent and revitalisation, if necessary) in case of a
termination of contract.
The net yield is to be multiplied with a multiplier on the basis of
the customary and property-typical capitalization rate for
derivation of the market value.
The multiplier can be derived empirically or mathematically on the
basis of an economic remaining useful life to be assumed and a
fair rate of return. The remaining useful life is to be considered as
the number of years in which the buildings and structures can still
be economically utilized with orderly maintenance and
management. Repairs or modernizations carried out or neglected
maintenance efforts as well as other circumstances can prolong or
curtail the remaining useful life. If the buildings and structures do
not correspond to the general requirements of healthy housing
and working conditions or to the safety of the people living or
working on the property, this is to be especially considered during
the determination of the remaining useful life.
If the property is much larger than that which corresponds to an
adequate utilization of the buildings and structures, and if the
actual utilization or realization of a partial area is permissible and
possible, this partial area is not to be assessed during the
calculation of the interest amount of the land value.
Other circumstances influencing the current market value which
are not to be recorded during the determination up to now are to
be considered through surcharges and reductions or in other
suitable manner. In particular, the utilization of the property for
promotional purposes or housing and tenancy law obligations as
well as deviations from normal structural condition are to be taken
into account insofar as they are not already taken into account
through the valuation of the yield of through an appropriately
altered remaining useful life.
Nov. 12th 2011
page 27 of 31
IMOEXPERTS
3.2
Valuation effective valuation date (Sep. 30th
2011)
The valuation is based on the utilization of the buildings in the
status quo as a commercially used building with a retail centre.
The termination of the rent contracts are in 2020, 2025 and 2030
(see table 5). Alternative tenancy is possible and is not exclusively
connected to one tenant.
The gross yield is derived from the actual rent at 1,941,943.20 "
p.a..
The annual management expenses will be estimated as follows:
! Maintenance: 7.25 "/m2 for usable area p.a.4
! Administration: 2 % of the gross yield
! risk of rent loss: 4 % of the gross yield
The management
225,695.33 " p.a..
expenses
are
summarily
determined
at
The capitalization rate is set at 6.00 %.
The economic remaining useful life of the property is assumed
under consideration of the property’s age and condition as well as
the concept at 50 years.
A multiplier for the net yield is calculated to 15.76.
4
middle per sqm price because of the new building standard; the open
area is heavy used through high traffic and included
Nov. 12th 2011
page 28 of 31
IMOEXPERTS
Table 7:
Calculation of the market value of the object
annual lease (gross income)
- annual non-apportionable costs
1,941,943.20 ! p.a.
25,000.00 " p.a.
- management expenses
225,695.33 " p.a.
- land value proportion (6.5 % of land value)
229,388.90 " p.a.
net lease from the building
multiplier
capitalised value of the buildings
+ land value
1,461,858.97 ! p.a.
15.76
23,038,897.41 !
3,529,060.00 !
- renovation / rehabilitation
n.a.
* market adjustment factor
1.00
real value of the property
26,567,957.41 !
real value of the property (rounded)
26,500,000.00 !
Nov. 12th 2011
page 29 of 31
4
IMOEXPERTS
Market value
office building, two retail buildings and a daycare center at
"Schützenstraße 94, 96, 126, 130 and Bülowstraße 15" in D44147 Dortmund /Germany is determined on the valuation date
(Sep. 30th 2011) with a market value commensurate with the
rules of IAS 40 / IFRS 16.32, the Federal Valuation Ordinance
[WertV] and analogous to § 194 Federal Building Code [BauGB]
(market value) at approximately
26,500,000 !
(In words: twenty six million five hundred thousand Euros)
Nov. 12th 2011
page 30 of 31
Part D:
IMOEXPERTS
Final remarks
This reports bases on an evaluation of the site inspection of the
accessible areas, the interviews with the tenants, the provided
documents, common guidelines, practise and own experience.
No detailed technical inspection, no testing or calculations to
determine the static / the capacity of the building systems have
been performed. It should be known, that latent defects and
damages are not included in this report.
In case of a change of valuation relevant factors the reporter has
to be contacted (Dr. Manfred Kühne, kuehne@imoexperts.de, '
+49-231-7254786-0, Fax +49-231-7254786-9) to include these
facts into the report.
All evaluation is made to the best of the knowledge and belief of
the reporter.
If parts of the report are misunderstandable, the reporter has to
be contacted as well.
Dortmund, Nov. 12th2011
IMOEXPERTS ! Dr. Kühne & Böker GbR
_______________________
________________________
Approved Expert for damages
of buildings and valuation DESAG
Approved Expert for real values
DEKRA
Dr. Manfred Kühne
Nov. 12th 2011
Carsten Böker
page 31 of 31
I MO E XPERTS
IMOEXPERTS ⋅ Dr. Kühne & Böker GbR ⋅ Dortmund
D-44227 Dortmund
Germany
Phone: +49-231-7254786-0
Fax: +49-231-7254786-9
ASPEN Real Estate
att. Mr. Shahar Kohavi
20 Lincoln St.
Tel Aviv
Israel
your Ref.
our Ref.
Date
Real Estate valuation
and management
E-Mail: info@imoexperts.de
Stadtsparkasse Herdecke
BLZ 45051485
Kto. 9017302
2009-304 / Küh
05.11.2011
Office building at "Bergerstraße 80" in D-50231 Brühl /
Germany
Valuation according to IFRS at Sept. 30th 2011
Dear Mr. Kohavi,
hereby we confirm, that the market value of the valuation
property, developed with an office building at "Bergerstraße 80" in
D-50231 Brühl / Germany, is at the valuation date Sept. 30th 2011
according to the rules of IAS 40 / IFRS 16.32, the Federal
Valuation Ordinance [WertV] and analogous to § 194 Federal
Building Code [BauGB] unchanged since the valuation date Mar.
31st 2011 at
17,200,000 €
(In words: seventeen million two hundred thousand Euros)
The value is based on a valid rent contract with GMG
Generalmietgesellschaft mbH and a NRI of 1,190,762,50 € p.a.
until Jan. 20th 2021. The residual life cycle of the building is set to
50 years. Furthermore it is assumed that no major damages or
defects and no other value-effective obligations are existing.
We are for your disposal for any questions.
Kind regards
IMOEXPERTS ⋅ Dr. Kühne & Böker GbR
(Dr. Manfred Kühne)
Approved Expert for damages of
buildings and valuation DESAG
Office building at "Bergerstraße 80"
in D-50231 Brühl / Germany
Valuation date: March 31st 2011
Office building at "Bergerstraße 80"
in D-50231 Brühl / Germany
Valuation date: March 31st 2011
addressed to
20 Lincoln St.
Tel Aviv
ISRAEL
prepared by
I MO E XPERTS
Immobilienbewertung
und -management
44227 Dortmund
Dortmund, May 1st 2011
This report includes 34 pages and six appendices
Office building at "Bergerstraße 80" in D-50231 Brühl / Germany
Market valuation according to IFRS / IAS 40 - Valuation date: March 31st 2011
IMOEXPERTS
Summary
office building at "Bergerstraße 80" in D-50231 Brühl / Germany,
is determined on the valuation date (March 31st 2011) with a
market value commensurate with the rules of IAS 40 / IFRS
16.32, the Federal Valuation Ordinance [WertV] and analogous to
§ 194 Federal Building Code [BauGB] (market value) at
approximately
17,200,000 !
(In words: seventeen million twohundred thousand Euros)
May 1st 2011
page 3 of 34
IMOEXPERTS
Contents
page
Summary............................................................................ 3!
Part A: ! Introduction .......................................................... 6!
1! Order ............................................................................ 6!
1.1! Notice of award and purpose of market value determination . 6!
1.2 !Terms of reference ......................................................... 6!
1.3 !Fundamentals of order processing .................................... 6!
2! Principles and method...................................................... 9!
Part B: ! Property and building description ............................12!
1! Property description .......................................................12!
1.1! Address........................................................................12!
1.2! Overview ......................................................................12!
1.3! Location .......................................................................12!
1.4 !Property details.............................................................16!
1.5! Ground conditions and contamination ...............................18!
1.6 !Development of the property ..........................................18!
1.7 !Charges for local development ........................................19!
1.8 !Encumbrances, limitations and rights ...............................19!
2! Building description ........................................................20!
Part C: ! Market valuation ...................................................27!
1 ! Rental situation .............................................................27!
1.1! Tenant .........................................................................27!
1.2! Rent ............................................................................27!
1.3! Alternative tenancy........................................................28!
2 ! Property market ............................................................28!
2.1 !Standard land values / reference prices ............................28!
2.2 !Sustainable market rents to be assumed ..........................28!
May 1st 2011
page 4 of 34
IMOEXPERTS
3! Derivation of a market value............................................29!
3.1 !Basis of valuation ..........................................................29!
3.2 !Valuation effective valuation date (Mar. 31st 2011).............31!
4! Market value .................................................................33!
Part D:!
Final remarks .......................................................34!
Appendix:
Appendix 1:
Layout plan of the property
Appendix 2:
Detailed map of the object
Appendix 3:
Land register
Appendix 4:
Layout plans and cross sections of the building
Appendix 5:
Calculation of the floor area
Appendix 6:
Pictures from the object
May 1st 2011
page 5 of 34
Part A:
IMOEXPERTS
Introduction
1
Order
1.1
determination
Real Estate Ltd. on Apr. 16th 2011.
1.2
Terms of reference
valuation date March 31st 2011.
1.3
Documents regarding the property:
/1/
Excerpt from the commercial register of the district court
Duesseldorf, dated Feb. 24th 2011 (3 pages)
/2/
Purchase
contract
between
Codic
Immobilien
und
Projektentwicklung Beteiligungs GmbH and Aspen Real Estate
Investments 4 BV from Dec. 30th 2010 (46 pages and 1
appendix)
/3/
Excerpt from the land register of the district court of Brühl,
land register of Bühl for page Nr. 9613 from Nov. 11th 2010
/4/
Land
development
plan
(Bebauungsplan)
"04.07/4
Teilbereich I Margarethenhof" from the City of Brühl, dated
Sep. 4th 2009
May 1st 2011
page 6 of 34
/5/
IMOEXPERTS
Land registry plan: Rhein-Erft-Kreis Katasteramt, dated Dec.
29th 2009
Documents regarding the building:
/6/
Area development plan (Flächennutzungsplan) from the City
of Brühl, dated Nov. 11th 2009
/7/
Stadt Brühl: Building permit, dated Mar. 8th 2010,
amendment I, dated Dec. 15th 2010 and amendmend II,
dated Nov. 22nd 2010
/8/
BV Servicecenter DTKS: Goldbeck GmbH, Layout plans of the
object, dated Nov. 24th 2009
/9/
BV Servicecenter DTKS: GBU OHG Subgrade report, dated
Dec. 11th 2009 (23 pages)
/10/ BV Servicecenter DTKS: Kempen Krause Ingenieurgesellschaft, Fire protection report, dated Dec. 18th 2009 (43
pages)
/11/ BV Serviccenter DTKS: Ingenieurbüro Ralf
Calculation of floor area, dated Oct. 08th 2010
Schäfer,
/12/ Goldbeck West GmbH: Contract General Contractor, dated
Jan. 29th 2010.
/13/ Final Remarks Stadt Brühl: Bescheinigung Mängelbeseitigung, Protokoll zur Bauzustandsbesichtigung gem. §76
LBauO - nach abschließender Fertigstellung, dated Jan. 6th
2011 (1 page)
/14/ Extensive data, documents, protocolls and certifications for
correction of faults and technical equipements.
Documents regarding the rental situation:
/15/ Lease contract between PEARL Projektentwicklung GmbH and
GMG Generalmietgesellschaft mbH and Codic Immobilien und
Projektentwicklung Beteiligungs GmbH dated Dec. 17th / 18th
2009 (27 pages with 18 appendices)
/16/ 1st amendment to the lease contract /15/ dated Jul. 30th /
Sep. 30th 2010 (8 pages with 16 appendices)
Miscellaneous documents:
/17/ Exposé of the purchase objekt (14 pages)
/18/ Information about Brühl and the district region from the
internet
May 1st 2011
page 7 of 34
IMOEXPERTS
/19/ Property market information (Committee on experts for real
estate values of the State of Nordrhein-Westfalen/Rhein-ErftKreis)
/20/ Analysis of potential and competition in the retail food trade
(GfK Gesellschaft für Konsumforschung)
utilized:
!
Official Text Edition, International Financial Reporting
Standards (IFRS), including International Accounting
Standards (IAS) and Interpretation (status: 02/2005, 2nd
Edition, IDW Verlag GmbH)
!
Lüdenbach/Hoffmann, IAS/IFRS (2nd Edition 2004, Haufe
Verlag)
!
Kleiber/Simon, WertV 98 – Marktwertermittlung, Bundesanzeigerverlag, current edition
!
Kröll, Rechte und Belastungen bei der
ermittlung von Grundstücken, current edition
May 1st 2011
Verkehrswert-
page 8 of 34
2
IMOEXPERTS
International
Financial
Reporting
Standards
(IFRS)
for
valuation experts.
May 1st 2011
page 9 of 34
IMOEXPERTS
differences.
flow.
of "fair value".
May 1st 2011
page 10 of 34
IMOEXPERTS
present owner.
May 1st 2011
page 11 of 34
Part B:
IMOEXPERTS
Property and building description
1
Property description
1.1
Address
The postal address of the object is
"Bergerstraße 80" in D-50231 Brühl / Germany.
1.2
Overview
The property is build with a three-storeyed office building with no
basement under. It was constructed based on the conception and
demands of the 1st tenant to accommodate a call-center for
around 750 employees. Beside the social rooms, meeting rooms
and conference rooms on every floor, a canteen (around 380 sqm)
is situated on the 2nd floor. The building has been built in 2010.
The tenant took over the brand new rooms on Jan. 14th 2011.
The object locates an office building with a 7,741.44 m! large callcenter (DTKS - Deutsche Telecom) and 192 parking lots and
bicycle station.
1.3
Location
Macro location (good)
The object is located in the east part of the City of Brühl on the
cityborder to Cologne. Brühl is an independent city with a
population of 44,250 people in the district of Rhine-Erft-Kreis
(around 460,000 inhabitants) in Northrhine-Westfalia, Western
Germany.
The city is located in the middle of the crowded industrial area
with the following neighboring cities:
• Cologne with around 1 Mio. inhabitants – 18 km
• Bonn with around 320,000 inhabitants – 24 km
• Duesseldorf with around 580,000 inhabitants – 65 km
• Aachen with around 260,000 inhabitants – 74 km
The airport Cologne/Bonn is only 27 km away and Brühl is well
connected with the ICE railway to Frankfurt.
May 1st 2011
page 12 of 34
Figure 1:
IMOEXPERTS
Location of the object in the State of NorthrhineWestfalia between the Cologne, Bonn, Aachen within
the Rhine-Erft-Region
Because of its very good location within the Rhine area today
global players of the automotive industry, manufacturing and
security engineering and production outlets are established in
Brühl.
In former times Brühl was very famous for the brown-coal-mining.
Today these minig areas are recultivated and very important
recreation areas and parks for the region with high living quality.
The good infrastructure made Brühl a good place for trading and
living.
May 1st 2011
page 13 of 34
IMOEXPERTS
Table 1:
Economic data of the city of Brühl
Factor
City of Brühl
Germany
44,491
82,002,356
+4.9 % since 1995
+ 0.2 % since 1997
Population per km!
1,225
229
unemployment rate (Sept,
30th 2010)
7.7 %
7.6 %
income of < 1,100 "
6.9%
14.0 %
income of 1,100 " to 2,600 "
40.2 %
40.3 %
income of > 2,600 "
52.8%
45.6 %
population (Dec, 31st 2010)
growth of the population
Brühl is a smaller city in the region but has a good economical
structure with over 300 manufacturing well known and
international operating companies and over 500 retail-trade-spots.
The reason therefore is the huge commuter belt.
The share of households with high income is clear above average.
May 1st 2011
page 14 of 34
Figure 2:
IMOEXPERTS
Location of the object at the local road K 7 only 1.6
km east from the city centre.
Micro location (good)
The object itself is located in the East of Brühl in a commercial
area ("Gewerbegebiet Brühl-Ost"), one of several commercial
areas in and around Brühl.
The commercial structure of the whole area has been settled
historically. Beside the office building manufacturing companies
and other commercial enterprises, e.g. Eisenwerk Anlagenbau,
Metal Coat, Globus Baumarkt, Rewe, Praktiker are in the vicinity.
Directly south and west, the residential areas of Brühl are
neighboring.
The infrastructure of the object is very good with good connection
to the state road B265 (2 km), motorways A553 (2 km), A555
(3,5 km) an A4 (8 km).
May 1st 2011
page 15 of 34
Figure 3:
IMOEXPERTS
Arial picture of Brühl with the commercial park "BrühlOst" also called "Brühl-Zuckerfabrik") in the East
The building was especially created as a main call-center spot for
Deutsche Telecom. There is no comparible institution in the
vicinity. It was built to accommodate 750 employees. Because of
the good location, good infrastructure and high population density
the location is a good spot for an institution like this.
The micro location can be valued as good.
1.4
Property details
The property is registered in the land register of Brühl, kept at
the local court of Brühl as shown in table 2. The land register is
documented in appendix 3 of this report.
May 1st 2011
page 16 of 34
IMOEXPERTS
Table 2:
Property of the object (see plan in figure 4 and
appendix 3)
Property
folio No. 9613
plot 21/536
"
Figure 4:
size of the
area [m"]
main use
10,105
building and open area
#
Cadastral map of the plot with the three-storied
building (") and the parking area wit 192 lots (#)
The total size of the property is 10,105 m!, almost 90 % of the
plot is covered with the building (3,022.92 m!) and paved traffic
areas and parking lots (192 lots).
The land register has no registrations in chapter II.
The property is subdivided as shown in figure 4.
May 1st 2011
page 17 of 34
IMOEXPERTS
The entrance of cars / delivery is performed over one accesses in
single direction onto the property from "Bergerstraße", a public
main asphalted access road to the commercial area "Brühl-Ost".
The access and the exit on the other side of the building are
paved.
The property is flat and is lying on an altitude of approx. 423 m
a.s.l..
1.5
No adverse ground conditions could be examinated during the site
visit.
is assumed that the ground is suitable.
No high water or water conservation area is known for the
property.
1.6
Development of the property
A development plan is existing for the property (Bebauungsplan
"Gewerbegebiet Margaetenhof 04.07/4"). The area is classified as
a commercial area ("GE - Gewerbegebiet").
All conditions set by the local development plan are fulfilled
according to the following table.
Table 3:
Conditions according to the local development plan
condition
acc. to the local
development plan
existing
comment
plot ratio (GRZ)
0.8
0.76
o.k.
Height of the
building - meter
above sea level
(a.s.l.)
81.00 m
a.s.l.
76.05 m
a.s.l.
o.k.
May 1st 2011
page 18 of 34
IMOEXPERTS
A building permit has been given by the City of Brühl on Mar. 8th
2010, a final inspection has been performed after the completion
on Dec. 21st 2010.
Therefore all construction and building measures are permitted,
which fit into the local construction form and style.
Furthermore the following statements can be given:
! The property is not located within a nature reserve or
conservation area.
! The property is not located within an area of urban planning
or a redevelopment area.
! The property is not located within a water conservation area.
! The building is not listed as a historic monument.
1.7
Charges for local development
No local taxes for the construction of the roads (according to
BauGB) are open. These have been paid by the City of Brühl
during the development of the commercial area.
1.8
The land register and the land
encumbrances, limitations or rights.
charges
register
has
no
Further relevant value rights and encumbrances are not known to
the appraisers.
It is therefore assumed that there are no relevant value rights of
third parties or encumbrances on the property.
May 1st 2011
page 19 of 34
2
IMOEXPERTS
Building description
The property is build with a three-storeyed office building (callcenter for "DTKS – Deutsche Telecom") with no basement under.
Beside the social rooms, meeting rooms and conference rooms on
every floor a canteen (around 380 sqm) has been built on the 2nd
floor. The building has been built in 2010. The tenant took over
the brand new rooms on Jan. 14th 2011.
The relevant data of the building are summarized in the
subsequent table.
Table 4:
Relevant data of the building
building age
No. of floors
2010
1
3/0
size of the building
Max. 50 m x 93 m
height of the building
max. 15.35 m
covered area
3,022.92 m!
gross floor area
8646.51 m!
gross volume
34,946.30 m#
rented area
7,741.44 m!
The building is subdivided into
! an entrance area
! offices
! canteen
! technic in the basement and on the rooftop
Parking area on the south and the east of the property.
1
No. of over ground floors / No. of underground floors
May 1st 2011
page 20 of 34
%
"
#
%
Figure 5:
$
IMOEXPERTS
&
&
Layout plan of the property and building with the
office building ("), the entrance (#), delivery area
($) and the access and exit (%) and parking zone
(&)
May 1st 2011
page 21 of 34
IMOEXPERTS
The construction of the building can be described as following.
Table 5:
Description of the construction of the object
building unit
type
standard
condition
building
ground
no adverse conditions
visible (no mining
structures or weak
ground)
0
++
foundation
single and strip footing
(reinforced concrete)
according to the static
calculation
3
++
base slab
reinforced concrete
according to the static
calculation with an
isolation layer against
ground water
3
?
structure
reinforced concrete
columns with precasted
concrete walls elements
3
+
facing of the
exterior walls
paint cover / aluminium
profiles
3
++
3
++
roof
flat roof with precasted
concrete trusses and
metal cover according to
the static calculation
roof cover: foil with heat
insulation
lightning protection
system
roof draiange
middle of the roof
3
++
staircases
staircases (concrete) with
steel railings floor
3
++
May 1st 2011
page 22 of 34
IMOEXPERTS
Table 5 (cont.):
building unit
inner walls
type
lime-sand bricks according
to the static calculation
and the fire protection
concept
standard
condition
3
++
Partition walls with high
standard sound absorbtion
windows
aluminium frames with
isolation glass
3
++
floor covering
screed flooring + concrete
/ stoneware tiles and or
carpet according to the
demand of the tenants
3
++
3
++
3
++
2
++
doors
Steel framed entrance
doors with locking
system/master-keysystem according to the
demand of the tenant and
the fire protection concept
steel frames with wooden
doors in inner areas
interior
suspended sound
insulation roofs
installation according to
the demand of the tenant
sanitary
facilities
bathrooms / sanitary
facilities on each floor
heating
central gas heating
system
ventilation /
AC
AC-systems in the whole
building
3
++
warm water
central with watertreatment-system
3
++
elevators
For each floor with
security system, separate
elevator for delivery
May 1st 2011
3
3
++
++
page 23 of 34
IMOEXPERTS
Table 5 (cont.):
building unit
type
standard
condition
utilities
connected to the public
network with fresh water,
electric power, waste and
telecom
3
++
electric sunprotection
systems
drainage of
the object
combined drainage
system, connected to the
public network
3
?
electro
installation
High standard installations
/ light in each room / unit
according to the demand
of the tenants
3
++
fire protection
system
according to the
regulations with:
3
++
fire resistant structure and
interior
fire extinguishers
sprinkler system
hydrants
central alarm system
(connected to the fire
control center)
alarm plans
exit signs / doors
emergency lights
standard:
? no access
1 simple
2 middle
3 high
4 very high
May 1st 2011
condition:
?
no access
++
new
+
fair
o
without visible damages
minor damages / defects
-major damages / defects
--massive damages / defects
page 24 of 34
IMOEXPERTS
According to the date of construction (2010) the general
appearance of the building is new and distinguished. No major
damages has been discovered.
Open area
The open area consist of
! the access and exit is located west from/to "Bergerstraße" for
delivery and parking
! parking area for cars with 192 parking lots - all paved and
marked
! delivery and waste area in the back of the building (east)
! green areas (lawn, bushes, trees) in front and in the back of
the property
! flagpoles in front of the building and high lamps within the
parking area and floor lamps around the building
! paved access at the front and the back of the building
! parking place for bicycles with canopy and covered smokers
area.
The drainage of the open area is performed over drainage inlets
and rain water can trickle away on the whole open area.
The upkeep of the open area is very good and new. No damages
or defects were visible.
Construction defects and damages
No construction defects and damages are visible. It has to be
stated, that only visible defects and damages could be listed. No
destructive testing, investigation of contaminants in the building
or technical testing of the equipment has been performed.
Maintenance and inspections
Based on the site visit and again because it is a new building it is
obvious, that the property is in a good condition.
The whole technical equipment has been installed by experts
regularly. The upkeeping of the building and the green is
performed by a facility management company.
May 1st 2011
page 25 of 34
IMOEXPERTS
The maintenance of the object is organized by the owner and will
be paid by the tenant.
May 1st 2011
page 26 of 34
Part C:
IMOEXPERTS
Market valuation
1
Rental situation
1.1
Tenant
At present, the object is fully rented to one tenant as shown in
table 6. According to the rent contract the tenant underleased
the canteen to a third party.
Table 6:
Tenant and terms according to /15/ and /16/
rented
termination of
floor area the rent contract
Jan, 20th 2021
GMG
3 x 2 years option
Generalmiet- 7,741.44
Single right for
gesellschaft
m!
notice 5 and 7.5
mbH
years after start of
rental
tenant
indexation
y (10 % / 80 %)
The GMG Generalmietgesellschaft mbh is represented by
STRABAG Property- and Facility Service GmbH and cooperation
and contract partner for DTKS Deutsche Telecom Kundenservice
GmbH. GMG is a 100 % subsidiary of Deutsche Telecom, the
former state owned telecommunication company.
1.2
Rent
The acquired rent according is listed in table 7.
Table 7:
Rent
tenant
rent (net) per
month
! / m"
rent (net) per
year
GMG
92,510.21 "
11,95 " / m!
1,110,122.52 "
May 1st 2011
page 27 of 34
1.3
IMOEXPERTS
Alternative tenancy
The object has a good chance for an alternative tenancy as a
office building for any other large company with needs for call
center and office space.
2
Property market
2.1
According to the committee of experts for real values, the value
for commercial land for the City of Brühl is 85 " / m! based on
2011. The referece price for commercial land in the District of
Rhine-Erft-Kreis and the surrounded commercial parks around
Brühl are in a range from 60 to 100 ". The land value therefore
can be estimated to
10,105 m! " * 85 " / m! = 858,925.00 "
2.2
Sustainable market rents to be assumed
The actual rent is 11,95 "/m!. According to the high standard of
the building structure the rent is in the line with the market
requirements.
According to the rent contract the actual rent for the parking lots
is 35 "/parking lot.
Because of the termination of the rent contract (Jan 20th 2021),
the actual rent can be quoted as sustainable over the next
decade.
The market valuation will be performed on the basis of the actual
rent (1,190,762.50 " p.a.).
May 1st 2011
page 28 of 34
3
3.1
Basis of valuation
IMOEXPERTS
The property’s cash flow as well as the yields assumed to be
Management
expenses
are
the
sustainable
occurring
and
the
and
the
utilisation.
items.
May 1st 2011
page 29 of 34
IMOEXPERTS
May 1st 2011
page 30 of 34
IMOEXPERTS
3.2
Valuation effective valuation date (Mar. 31st
2011)
The valuation is based on the utilization of the building in the
status quo as a commercially used building with a retail centre.
The termination of the rent contract is in Jan. 2021. An alternative
tenancy is possible and is not exclusively connected to one tenant.
The gross yield is derived from the actual rent at 1,190,762.50 "
p.a..
The annual management expenses will be estimated as follows:
! Maintenance: 4 "/m2 for usable area p.a.2
! Administration: 2 % of the gross yield
! risk of rent loss: 4 % of the gross yield
The management
102,411.51 " p.a..
expenses
are
summarily
determined
at
The capitalization rate is set at 6.00 %.
The economic remaining useful life of the property is assumed
under consideration of the property’s age and condition as well as
the concept at 50 years.
A multiplier for the net yield is calculated to 15.76.
2
low per sqm price because of the new building standard; the open area
is included
May 1st 2011
page 31 of 34
IMOEXPERTS
Table 9:
Calculation of the market value of the object
annual lease (gross income)
- annual non-apportionable costs
- land value proportion (6.00 % of land
value)
net lease from the building
multiplier
capitalised value of the buildings
+ land value
1,190,762,50 ! p.a.
102,411.51 " p.a.
51,535.50 " p.a
1,036,815.49 ! p.a
15.76
16,340,212 !
858,925 !
- renovation / rehabilitation
0"
* market adjustment factor
1,0
real value of the property
17,199,137 !
real value of the property (rounded)
17,200,000 !
May 1st 2011
page 32 of 34
4
IMOEXPERTS
Market value
office building at "Bergerstraße 80" in D-50231 Brühl / Germany,
is determined on the valuation date (March 31st 2011) with a
market value commensurate with the rules of IAS 40 / IFRS
16.32, the Federal Valuation Ordinance [WertV] and analogous to
§ 194 Federal Building Code [BauGB] (market value) at
approximately
17,200,000 !
(In words: seventeen million twohundred thousand Euros)
May 1st 2011
page 33 of 34
Part D:
IMOEXPERTS
Final remarks
accessible areas, the interviews with the tenants, the provided
In case of a change of valuation relevant factors the reporter has
to be contacted (Dr. Manfred Kühne, kuehne@imoexperts.de, '
+49-231-7254786-0, Fax +49-231-7254786-9) to include these
facts into the report.
the reporter.
Dortmund, May 1st 2011
_______________________
________________________
DEKRA
Dr. Manfred Kühne
May 1st 2011
Carsten Böker
page 34 of 34
"Schwarzwaldklinik Bad Rippoldsau" at "Fürstenbergstraße
38" in D-77776 Bad Rippoldsau / Germany
"Schwarzwaldklinik Bad Rippoldsau" at "Fürstenbergstraße
38" in D-77776 Bad Rippoldsau / Germany
addressed to
20 Lincoln St.
Tel Aviv
ISRAEL
prepared by
I MO E XPERTS
Immobilienbewertung
und -management
44227 Dortmund
Dortmund, November 15th 2011
This report includes 22 pages
"Schwarzwaldklinik Bad Rippoldsau" in Bad Rippoldsau / Germany
Market valuation according to IFRS / IAS 40 - valuation date: Sept. 30th 2011
IMOEXPERTS
Summary
The market value of the valuation property, developed with a
clinic
building
("Schwarzwaldklinik
Bad
Rippoldsau")
at
"Fürstenbergstraße 38" in D-77776 Bad Rippoldsau / Germany, is
at the valuation date Sept. 30th 2011 according to the rules of IAS
40 / IFRS 16.32, the Federal Valuation Ordinance [WertV] and
analogous to § 194 Federal Building Code [BauGB] at
8,000,000 !
(in words: eight million Euros)
Nov. 15th 2011
page 3 of 22
IMOEXPERTS
Contents
page
Summary.................................................................................3!
Part A: General fundamentals .....................................................5!
1! Order .................................................................................5!
1.1! Notice of award and purpose of market value determination ......5!
1.2 !Terms of reference ..............................................................5!
1.3 !Fundamentals of order processing .........................................5!
2! Principles and method...........................................................7!
Part B: Property and building description.................................... 10!
1! General location ................................................................. 10!
2 ! "Schwarzwaldklinik Bad Rippoldsau"..................................... 12!
3! Ground conditions and contamination ................................... 14!
4 ! Local development............................................................. 14!
5 ! Encumbrances, limitations and rights ................................... 14!
Part C: Market valuation .......................................................... 15!
1 ! Property market ................................................................ 15!
1.1 !Standard land values / reference prices ................................ 15!
1.2 !Competition in the rehabilitation clinic sector......................... 15!
2 ! Economic data .................................................................. 16!
3! Derivation of a market value................................................ 16!
3.1 !Basis of valuation .............................................................. 16!
3.2 !Valuation effective valuation date (Sept. 30th 2011) ............... 18!
4! Market value ..................................................................... 21!
4.1 !Market value for the valuation date (Dec. 31st 2010) .............. 21!
4.2 !Change of the market value compared to the valuation date
Dec. 31st 2010 .................................................................. 21!
5! Final remarks .................................................................... 22!
Nov. 15th 2011
page 4 of 22
IMOEXPERTS
Part A: General fundamentals
1
Order
1.1
determination
Real Estate Ltd. on Sept. 22nd 2011.
1.2
Terms of reference
valuation date Sept. 30th 2011.
1.3
! Property market information (Committee on experts for real
estate values of the municipality of Bad Rippoldsau)
! market evaluation such as
o Oral statements of the former facility manager of the clinic,
Mr. Müller
o Inquiries at local agents about rents / prices
o Indices for the valuation of rehabilitation clinics and clinics
(study HypZert e.V. and vhw) and hotels (USALI, SKR70,
study HypZert)
Nov. 15th 2011
page 5 of 22
IMOEXPERTS
In addition, the report is based on the results of the site visit from
Oct. 18th 2011. Participants of the site visit were:
! Mr. Müller, former facility manager of the Schwarzwaldklinik
Bad Rippoldsau
! Dr. Kühne, IMOEXPERTS, Dortmund
utilized:
! Official Text Edition, International Financial Reporting
Standards (IFRS), including International Accounting Standards
(IAS) and Interpretation (status: 02/2005, 2nd Edition, IDW
Verlag GmbH)
! Lüdenbach/Hoffmann,
Verlag)
IAS/IFRS
(2nd
! Kleiber/Simon,
WertV
98
–
Bundesanzeigerverlag, current edition
Edition
2004,
Haufe
Marktwertermittlung,
! Kröll, Rechte und Belastungen bei der Verkehrswertermittlung
von Grundstücken, current edition
! Hotelerie und Gastronomie Betriebsvergeleich (USALI / SKR
70, BBG Consult
! Studie Bewertung von Rehakliniken / Krankenhäuser / Hotels,
Fachgruppe Sozialimmobilien HypZert e.V.
! Studie Sonderimmobilien (betreutes Wohnen, Krankenhäuser)
vhw-Seminare
Nov. 15th 2011
page 6 of 22
2
IMOEXPERTS
International
Financial
Reporting
Standards
(IFRS)
for
valuation experts.
Nov. 15th 2011
page 7 of 22
IMOEXPERTS
differences.
flow.
of "fair value".
Nov. 15th 2011
page 8 of 22
IMOEXPERTS
present owner.
Nov. 15th 2011
page 9 of 22
IMOEXPERTS
Part B: Property and building description
1
General location
The Schwarzwaldklinik Bad Rippoldsau is located in the
traditionally-minded health resort of Bad Rippoldsau-Schapbach.
The municipality is the spa in the highest altitude in the black
forest region and an ideal location for rehabilitation and world
famous for its fresh air, natural springs and a wonderful
landscape with hills, forests and lakes.
The municipality of Bad Rippoldsau-Schapach is located in the
heart of the black forest in an altitude of 400 to 900 m a.s.l., 15
km south of Freudenstadt in the so called Wolf valley ("Wolftal"),
one of the most beautiful valleys in the black forest.
Figure 1: Location of Bad Rippoldsau in Southwest Germany
Nov. 15th 2011
page 10 of 22
IMOEXPERTS
The municipality of Bad Rippoldsau-Schapbach has approx. 2,300
inhabitants on an area of 7,300 ha. The direct vicinity of the
clinic is characterised by the Wolftal with the tree-covered hills of
the black forest.
Figure 2: Arial picture of the Schwarzwaldklinik
The only large local company is the mineral water producer
"Peterstaler Mineralquellen GmbH".
The infrastructure is middeling with the motorway BAB A5
("Rheintalautobahn") in 40 km distance (approx. 45 minutes of
driving) and the BAB A81 (Stuttgart - Lake Constancia) in 50 km
distance (approx. 60 minutes driving distance) and three
international airports (Baden Airpark, Strasbourg, Stuttgart) in
60 to 90 minutes driving distance.
Public transport facilities are provided by a local bus connection
between the larger city of Freudenstadt (15 km with a train
station) and Bad Rippoldsau.
Nov. 15th 2011
page 11 of 22
2
"Schwarzwaldklinik Bad Rippoldsau"
2.1
Address
IMOEXPERTS
The postal address of the "Schwarzwaldklinik Bad Rippoldsau" is
"Fürstenbergstraße 38" in D-77776 Bad Rippoldsau / Germany.
2.2
Property
The property is registered in the land register of Bad Rippoldsau
in the following fields. According to the lease contract the
following properties belong to the valuation object.
Table 1: Properties of the "Schwarzwaldklinik Bad Rippoldsau"
1
2
Property
size of the
area [m"]
main use
field 210
2,600
green land
field 210/1
1,728
not known
2
1
field 220
(21,330)
green land - opposite side
field 222
37,671
clinic
field 222/18
1,798
entrance area
field 222/22
470
parking area
field 222/23
6,000
green land
field 226
6,850
field 226/2
1,496
field 226/26
355
not known
field 240
2,896
not known
field 320/26
364
not known
not registered on the available cadastral map
belongs only partly to the valuation property
Nov. 15th 2011
page 12 of 22
IMOEXPERTS
The total size of the property is around 75,000 m!.
2.3
The building
The valuation object is built up with a rehabilitation clinic from
the building year 1975 to 1977. The clinic has been opened in
December 1977.
The clinic consists of
! 270 rooms in three large buildings
! two entrance areas with cafeterias
! a restaurant with a kitchen for 350 persons
! a spa area with indoor and outdoor pool (with three own
mineral water springs on the property)
! a therapy centre with a mudbath, massage, ergotherapy, etc.
! a doctors and surgery area
! a sister dormitory.
The whole building complex is situated on the southwestern hill
of the Wolftal and is stretched over 12 floors.
In 1988 to 1998 additional buildings have been built
(gymnasium) or renewed after a fire (transition area). In 2008
the clinic has changed the owner after a bankruptcy. In spring
2011 the clinic became bankrupt again. Since then, the clinic is
remote and under receivership.
According to the site visit, the former facility manager do their
best to keep up the maintenance. The technical equipment of the
clinic is still on the standard of the late 1970th. According to the
former facility manager of the clinic, the renovation backlog
meanwhile sums up in the range of 2,000,000 ".
The historical buildings around the clinic ("Villa Sommerberg" at
the hillside, old sister house at the entrance) and the
administration building do not belong to the valuation property.
Nov. 15th 2011
page 13 of 22
3
IMOEXPERTS
No adverse ground conditions could be examinated during the site
visit.
is assumed that the ground is suitable and not contaminated.
4
Local development
The valuation property is located in the development plan "Bad"
(legally effective since 1978) with the assessment as "SO, IIX"
with no limitation of ground or plot ratios (GFZ, GRZ).
The valuation property is developed
"Fürstenbergstraße" (L 96).
from the
public
road
Within the scope of the valuation it is assumed that the
developmental contributions are compensated or paid according to
the Federal Building Code (BauGB) as well as all rates in
accordance with the Local Tax Act (KAG).
5
No land register has been handed over by the owner or the
tenant. It is therefore assumed that there are no value effective
rights of third parties or encumbrances on the properties.
Nov. 15th 2011
page 14 of 22
IMOEXPERTS
Part C: Market valuation
1
Property market
1.1
According to the Committee on experts for real estate values of
the municipality of Bad Rippoldsau no official land values are
determined. According to the unofficial statement of the
responsible officer of the municipal administration the following
land values are defined (unchanged since 1997):
40 "/m!
No reference prices are available due to the lack of comparable
land transfers in the past.
The land value therefore can be calculated to
75,000 m2 * 40 !/m2 = 3,000,000 !
1.2
Competition in the rehabilitation clinic sector
General situation
In Germany broad overcapacities are existing in the rehabilitation
clinic sector despite the fact of the older getting population. The
actual predatory competition is determined by the factors
"location, quality and price".
As a rule, closed rehabilitation clinics will stay sustainable vacant.
In time of economically depression the pension and health
insurance companies are concentrating on their own clinics. The
decline of clinics is mainly effecting the private clinics.
The critical size for a economic operation of a rehabilitation clinic
is approx. 150 beds. The operation of a clinic is characterized by a
high amount of standing expenses, therefore a minimum capacity
of 70 % need to be achieved for an economically operation.
Local competition situation
In the distance within 100 kilometers around Bad Rippoldsau six
rehabilitation clinics are existing, which are operated by the
Nov. 15th 2011
page 15 of 22
IMOEXPERTS
pension and health insurance companies themselves or shared by
them. These are
! Baden-Baden, Donaueschingen, Glottertal and Nordrach
(operated by the RehaZentren Baden-Württemberg gGmbH)
! Schömberg and Bad Dürrheim
Further numerous private clinics are existing in the distance of
100 km.
It has to be stated, that the "Schwarzwaldklinik Bad Rippoldsau" is
located in a tense competition field.
2
Economic data
The valuation bases on the following assumptions and agreements
with the client:
! No plans according to scale were available for the valuation.
! No economic evaluations or annual reports are available for the
valuation objects.
! The main value-effective parameter are defined in coordination
with the experiences from the former operation of the clinic
supplemented with common and local indices and the
experience of the valuation experts al follows:
o
The average daily rate per bed is 100 ".
o
The occupation rate is 65 %.
o
Supplementary medical services can be acquired in the
range of 10 %, miscellaneous income of 5 % (e.g. sale of
mineral water, sell of therapheutic products (e.g. mud
cosmetics), external medical services)
o
The renovation backlog of the object sums up in the range
of 2,000,000 ".
3
3.1
Basis of valuation
Nov. 15th 2011
page 16 of 22
IMOEXPERTS
The property cash flow as well as the yields assumed to be
Management
expenses
are
the
sustainable
occurring
and
the
and
the
utilisation.
items.
Nov. 15th 2011
page 17 of 22
IMOEXPERTS
3.2
Valuation effective valuation date (Sept. 30th
2011)
The valuation property of "Schwarzwaldklinik Bad Rippoldsau" will
be valued based on the previous expositions and the general
concept as follows:
Derivation of a turnover and a sustainable leasehold value for the
clinic under the assumption on a stable market and a well
operated clinic.
Nov. 15th 2011
page 18 of 22
IMOEXPERTS
Table 2:
Derivation of a turnover for the "Schwarzwaldklinik Bad
Rippoldsau"
No. of
beds
average turnover per
bed (net)
occupancy
annual
turnover
270
100.00 "
65 %
6,405,750 "
supplementary medical services
10 %
640,575 "
miscallaneous
5%
320,288 "
annual turnover
approx. 7,366,613 !
The annual turnover for a well operated clinic in a stable market
field and a 10 %-portion of private paid treatment could be
estimated to 7.40 Mio. ".
A sustainable leasehold for
Rippoldsau" therefore could be
the
"Schwarzwaldklinik
Bad
15 % of 7,400,000 ! = 1,110,000 !.
Table 3:
Calculation of the management expenses
administration
Maintenance
risk of rent loss
total management expenses
3
2 % of the gross yield
10.0 "/m2 p.a.
3
5 % of the gross yield
22,200 "
243,000 "
55,500 "
approx. (rounded) 320,700 !
reduced value due to triple net contract and high renovation costs
Nov. 15th 2011
page 19 of 22
Table 4:
Calculation of the market value for the valuation
property
Sustainable gross rental income
1,110,000 "
Management expenses
- 320,700 "
land proportion
4
Net rental income
Multiplier
4
5
IMOEXPERTS
5
- 180,000 "
609,300 "
11.47
Market value before adjustment
6,988,671 "
Construction damage and defects /
modernization backlog
- 2,000,000 "
land value
3,000,000 "
market value
7,988,671 !
market value (rounded)
8,000,000 !
6.0 % of 3 Mio. "
20 y residual life cycle / 6.0 % property yield
Nov. 15th 2011
page 20 of 22
4
Market value
4.1
Market value for the valuation date (Dec. 31st
2010)
IMOEXPERTS
The market value of the valuation property, developed with a
clinic complex ("Schwarzwaldklinik Bad Rippoldsau") in D-77776
Bad Rippoldsau, is determined on the valuation date Sept. 30th
2011 according to the rules of IAS 40 / IFRS 16.32, the Federal
Valuation Ordinance [WertV] and analogous to § 194 Federal
Building Code [BauGB] at
8,000,000 !
(in words: eight million Euros)
4.2
Change of the market value compared to the
valuation date Dec. 31st 2010
Table 5:
Market value of the valuation object for the
valuation dates
Dec. 31st 2010
9,400,000 "
Sept. 30th 2011
8,000,000 "
change
./. 1,400,000 ! (=./. 14.9 %)
The main reason for the significant deduction of the value is the
fact, that the clinic became bankrupt the second time within the
last 3 years. A re-organization of the clinic needs to be made and
a significant renovation backlog has to be revised. The
development of the market value is very much dependent on a
quick re-let of the clinic.
Nov. 15th 2011
page 21 of 22
5
IMOEXPERTS
Final remarks
accessible areas, the interviews with the tenant, the provided
It has to be noticed, that the valuation object has to be assessed
as an investment with a high risk. At present under the high tense
competition in the clinic sector no high demand is existing for such
objects. In case of a sell of the object, at minimum a marketing
period of 1 year has to be taken into consideration. In case of a
demand for a short term sale, price reductions have to be taken
into account.
All provided data regarding the buildings, the economic data of
the object and the lease contract have been given by the tenant
and / or the client. No proof of the plausibility of these information
could be performed. In case of a change of valuation relevant
factors the reporter has to be contacted (Dr. Manfred Kühne,
kuehne@imoexperts.de, " +49-231-7254786-0, Fax +49-2317254786-9) to include these facts into the report.
the reporter.
Dortmund, November 15th 2011
_______________________
________________________
DEKRA
Dr. Manfred Kühne
Nov. 15th 2011
Carsten Böker
page 22 of 22
VALUATION REPORT
Marco Poloweg 3-5, Venlo
Carried out by:
NAI Netherlands
Concertgebouwplein 15
1071 LL Amsterdam
Commissioned by:
Aspen Real Este Investments B.V.
Stadhouderskade 125
1074 AV Amsterdam
CONTENTS
1. Assessed values
1.1. Party accepting the instruction
1.2. Client
1.3. Subject of the valuation
1.4. Instruction
1.5. Special details
1.6. Appraised values
3
3
3
3
3
4
2. Protocol and conclusion
2.1. Approach
2.2. Inclusions and exclusions
2.3. Sources consulted
5
5
5
3. Ownership
3.1. Land registry details
3.2. Real rights
7
7
4. Use
4.1. User
4.2. Leases
8
8
5. Siting
5.1. Location
5.2. Local description
9
9
6. Technical details
6.1. On-site inspection
6.2. Discription of the property
6.3. Areas
6.4. State of repair
6.5. Remarks
10
10
10
11
11
7. Environmental aspects
7.1. Soil pollution
7.2. Materials processed
7.3. Energylabel
12
12
12
8. Public law provisions
8.1. Zoning plan
8.2. Business establishment requirements
13
13
9. Market
9.1. General
9.2. Market data
14
15
10. Appraisal
10.1. Appraisal of location
10.2. Appraisal of property
Valuation report | Marco Poloweg 3-5, Venlo | 29 november 2011
18
18
1
Disclaimer: This valuation is intended for the exclusive of, and strictly confidential to the client mentioned in this report and for the specific purpose to which it refers.
No liability whatsoever will consequently be accepted if the report is used by third parties, unless written permission thereto has been granted by NAI Netherlands.
10.3. Marketability
10.4. SWOT-analysis
10.5. Sensitivity analysis
18
18
18
Appendices
Appendix 01: Definitions
Appendix 02: Terms and conditions
Appendix 03: Value calculation
Appendix 04: Photos
Appendix 05: Location
Appendix 06: Land registry information
Appendix 07: Deeds
Appendix 08: Rental information
Appendix 09: Environmental information
Appendix 10: Public law information
Appendix 11: Technical information
Appendix 12: About NAI Netherlands
II
III
VI
VII
XIII
XIV
XV
XVI
XVII
XVIII
XIX
XX
2
1. Assessed values
1.1. Party accepting the instruction
Party accepting the
instruction
Address
Postal code
Town/city
Telephone no.
Email
NAI Netherlands
Concertgebouwplein 15
1071 LL
Amsterdam
+31 20 364 00 07
hugo@nainetherlands.nl
1.2. Client
Client
Contact person
Address
Postal code
Town/city
Telephone no.
Email
Aspen Real Estate Investments B.V.
Mr. H.J. Meyer
Stadhouderskade 125
1074 AV
Amsterdam
+31 20 573 08 50
meyer@vanbaerle.nl
1.3. Subject of the valuation
Description
Address
Postal code
Town/city
A warehouse of 44,000 sqm., including offices, yard and subsoil
Marco Poloweg 3-5
5928 LE
Venlo
1.4. Instruction
•
•
•
•
•
th
The client instructed the party accepting the instruction on September 12 , 2011.
This valuation will be used for the financial reporting in accordance guidelines IFRS, IAS 40.
th
The valuation reference date has been set at September 30 , 2011.
No instructions for the valuation were given by the client.
The instruction is known to the party accepting it under file no. 100034.
1.5. Special details
This valuation is subject to special details, such as special, unusual or extreme assumptions and/or situations.
This valuation is a revaluation. The properties have not been inspected. This valuation is based on desk research,
th
inspections during an earlier valuation (May 12 , 2011) and information provided by the client. The client stated that
there is no material change of the property in regards to the value.
We assumed that all items in the demarcation lists are carried out.
3
2. Protocol and conclusion
2.1. Approach
Prior to carrying out this valuation the starting assumptions were laid down in consultation with the client. The valuers of
NAI Netherlands carried out the instruction after the starting assumptions had been laid down.
The valuation has been carried out according in the net initial yield method. The calculation concerned is included in
this report. This valuation has been carried out accordance with the RICS Valuation Standards (Red Book) latest edition
th
published by the Royal Institution of Charted Surveyors and/or with the International Valuation Standards 2007 (8
edition).
The valuers are appropriately qualified surveyors who operates within the requirements as to competences set out in
(PS 1.4 and 1.5) of the Valuation Standards (Red Book) as issued by the Royal Institution of Chartered Surveyors. We
are also acting as external valuers. We confirm that we do not have any previous material involvement with the client or
the property valued. We will not benefit (other than the valuation fee) from this valuation instruction.
The property was inspected earlier this year, with included location and surroundings, the exterior, the main interior and
service- and technical areas, representative to give an opinion (PS 5.1). The value is supported by market evidence and
taking the following into account: the type of construction and materials used, the state of repair, the location, the
designated use, as wel as other factors affecting the value.
2.2. Inclusions and exclusions
Unless expressly stated otherwise below, the definitions in Appendix 1 and the conditions of Appendix 2 of this valuation
report apply.
2.3. Sources consulted
Ownership
yes
yes
Title deed
Land registry details
User
yes
yes
List of lessees
Agreements with lessees
Technical details
Floor plans
Guarantee certificates
Inspection reports on electrical
mechanical plant
Long-range maintenance estimate
Measurements certificate (NEN 2580)
and
yes
no
no
no
yes
Environmental aspects
Asbestos certificate
Soil survey
Soil remediation certificate
Municipal information
Legionella investigation
no
yes
no
no
no
Provisions under public law
Zoning plan
Zoning regulations
Planning permission
Building regulations
yes
yes
no
no
5
Environmental impact assessment
Occupancy permits
no
no
Fixed charges
Property tax
Sewerage charges
Water board tax
Ground rent
Value for the purposes of the Valuation of
Immovable Property Act
yes, 2010
yes, 2010
yes, 2010
no
no
6
3. Ownership
3.1. Land registry details
According to the extract supplied by the Cadastre, Land Registry and Mapping Agency the plot is recorded, in the land
register under (see also appendix):
Address
Municipality
Section
No.
ha.
are
ca.
Marco Poloweg 5
Venlo
W
396
02
70
51
Marco Poloweg 3
Venlo
W
397
03
79
47
06
49
98
Total size
3.2. Real rights
th
On September 12 , 2011 the property referred to above is recorded at the Cadastre, Land Registry and Mapping
Agency and in the public registers in the name of Aspen Real Estate Investments B.V., with its registered office in
Amsterdam.
The ground is freehold. The land Value (in unbuilt-on state) is € 7,482,000.
There are special indications in the extract from the land registry concerning the present parcel. Obligation attached to
certain capacity concerning general terms and conditions of sale by the municipality of Venlo.
With regard to known easements/special obligations reference should be made to what is stated in the last known deed
th
of transfer of title, executed before civil-law notary Mr Johanna Wilhelmina Wessels, in Amsterdam, on June 4 , 2011.
A copy of this deed/these deeds is being appended to this valuation.
In article 5.2. is an anti-speculation clause included (6 month’s).
The valuers have studied the latest title deed, as added in the appendix, and taken them into consideration in the
valuation. In so far as can be visually observed by the valuers, and according to the declaration by the owner, no
onerous provisions or easements have become known.
The valuers have not made a detailed title search into the possible existence of any other real rights.
7
4. Use
4.1. User
At the time of the valuation the property is in use by Tommy Hilfiger Europe B.V. as industrial space.
4.2. Leases
Tommy Hilfiger Europe B.V. uses the property (Marco Poloweg 3, building A, B and C, parcel number 397) under a
lease whose principal characteristics are the following:
commencement date:
April 1st, 2011
lease term:
10 years
extension:
With consecutive 5-years periods
expiry date:
March 31st , 2021
notice period:
12 month’s
current rent:
€ 1,210,000 per annum
rent subject to BTW (Dutch value added tax):
Yes
indexation
Annually, for the first time on April 1st, 2012, in accordance with the CBS / CPIprice index figures.
Tommy Hilfiger Europe B.V. uses the property (Marco Poloweg 5 building D, parcel number 396) under a lease whose
principal characteristics are the following:
commencement date:
April 1st, 2011
lease term:
10 years
extension:
With consecutive 5-years periods
expiry date:
March 31st , 2021
notice period:
12 month’s
current rent:
€ 965,000 per annum
rent subject to BTW (Dutch value added tax):
Yes
indexation
Annually, for the first time on April 1st, 2012, in accordance with the CBS / CPIprice index figures.
This valuation is based on all letting details provided, as summarized above and on the assumption that these details
are correct.
8
5. Siting
5.1. Location
general
adjacent properties
condition
business park: Trade Port West
industrial / logistics
good
Accessibility
- by car
- by public transport
- by lorry
good, with good links to motorway A67
good, within a 3-minute walk of a bus stop (bus route 60, ten minutes to the railway
station Horst-Sevenum)
good, with good links to motorway A67
Parking facilities
- on site
- on the public road
- in the vicinity
available
not-available
not-available
5.2. Local description
Venlo is a municipality and a city in the southeastern Netherlands, next to the German border. It is situated in the
st
province of Limburg. Population (January 1 , 2010): 100,271.
9
6. Technical details
6.1. On-site inspection
•
The on-site inspection of the property being valued took place on:
th
May, 12 , 2011
•
Present at the on-site inspection were:
Mr. H.C. van Wamel MRICS RT, Member of Royal Institution of Charted Surveyors (membership number
1247205) and registered Property Valuer, registered with Stichting VastgoedCert in Rotterdam (certificate
number BV02.111.1952).
6.2. Discription of the property
The property comprises a warehouse with offices space divided over 4 buildings. It is possible to drive around the
buildings with trucks. There are many good loading and unloading capabilities. There are 42 loading docks in total.
The warehouse has a height of approx. 10 meters and has floors with a maximum load of 3,500 to 4,000 kg/m². Tenant
has installed a sprinkler system at her own costs and risk.
The warehouse are through their shape a rectangle good usable as a warehouse. The complex has a steel load bearing
construction, with facades of the warehouse clad in concrete panels.
The office space is mostly located in the front of the buildings and compromises approx. 6% of the overall complex. This
is a reasonable rate measured to today’s requirements by the market. The office is located on the ground and first floor.
The finishing of the office is good, it has suspended ceilings, system walls, a kitchen and toilet facilities.
6.3. Areas
Component
Function description
Year of construction
Leasable area
A
Office
1994
641.80 sqm.
B, ground floor
Office
1996
90.37 sqm.
B, 1st floor
Office
1996
123.40 sqm.
C, 1st floor
Office
2001
183.40 sqm.
D, ground floor
Office
1998
254.50 sqm.
D, 1st floor
Office
1998
1,177.67 sqm.
D, 2nd floor
Office
1998
236.38 sqm.
A
Industrial Space
1994
14,420.00 sqm.
B
Industrial Space
1996
2,164.33 sqm.
B, ground floor low
Industrial Space
1996
2,093.00 sqm.
B, 1 floor
Industrial Space
2001
2,093.00 sqm.
C
Industrial Space
1998
2,823.68 sqm.
D
Industrial Space
1998
2,823.68 sqm.
D, low
Industrial Space
1998
3,620.50 sqm.
D, mezzanine
Industrial Space
1998
3,620.50 sqm.
D, 2nd floor
Warehouse
1998/2006
st
Total
934,40 sqm.
43,999.91 sqm.
These surface areas are in accordance with standard NEN 2580 (Dutch standardization). In accordance to the received
measurement certificates.
10
6.4. State of repair
The state of repair of the property is indicated below, based on a visual inspection and in relation to the age of the
property. Broadly speaking the state of repair of parts of the property not mentioned is reflected in the value
assessment.
The property is in general in a good state of repair. In the calculation we made an estimation of the maintenance costs.
We used the book “Vastgoedexploitatiewijzer (VEX), published by FGH Vastgoed Expertise. Included in this book are
the key figures for expected maintenance costs. Our assessment of the state of repair is not a structural survey and is
indicative only. For more detailed information we recommend a structural survey.
The following is an indication of the state of repair of the parts of the building:
Feature
State of repair
Roof structure
Good
Good
Good
Good
Good
Good
Good
Good
Good
Good
Good
Good
Good
Good
Roof covering
External walls
Frames
Internal paintwork
External paintwork
Floors
Ceilings
Finish
Heating
Electrical system
Other systems
Internal structural facilities
Parking facilities
Remark
6.5. Remarks
We assumed that all items in the demarcation lists are carried out. Regardless on whose behalf this must be done.
11
7. Environmental aspects
7.1. Soil pollution
•
The owner is in possession of a soil survey. The survey was carried out by Mos Grondmechanica B.V. in April
th
25 , 2011. The conclusion of this report is that the land (including the groundwater) meets the existing and
intended use.
•
Provisions regarding the environmental aspects are not included in the title deed.
•
The land registry extracts include no special indications regarding the present parcels.
•
Business activities or production processes do not apply in relation to the present user which require special
attention in the context of the environment.
•
The valuers have made no visual observations which would indicate that soil pollution is being caused.
•
The site is in use as: road, parking facilities, garden .
7.2. Materials processed
It has not been observed whether environmentally harmful materials have been used in, to or on the structures.
The owner is not in possession of an asbestos inventory.
We have not been provided with a legionella survey. We have assumed that legionella and L.Pneumophila are not
present in the building.
The inspection of the buildings includes a concise investigation to the presence of materials that at present view can
give environmental or health problems. We assumed that there are no such materials in the buildings.
In the valuation it is assumed that there are and will be no notices by the municipality or utility companies to the
property.
7.3. Energylabel
The client does not hold an energy performance certificate.
12
8. Public law provisions
8.1. Zoning plan
At the Municipality of Venlo the property in question falls within the current “Trade Port West-Oost" zoning plan, adopted
by a resolution of the municipal council on February 23, 2011.
Under article 5 of the planning regulations the designated use of the property is: “Bedrijventerrein” (Industrial area)
For the other provisions reference should be made to the appended zoning plan regulations.
The current use is in accordance with the zoning plan.
Under the current zoning plan regulations further enlargement of the use or buildings is possible. The maximum
permissible building area is 60%. The permissible building area of parcel 396 (Marco Poloweg 5) is 50%. We take into
account that it is possible to enlarge building D with approximately 2,700 sqm. Due to the current vacancy rate in Venlo
it is only profitable if the current tenant wants to expand.
The municipality has not made a preliminary planning decision concerning the premises being valued. The municipality
is not in the process of preparing a draft zoning plan.
The above details and those supplied in the appendix concerning the zoning have been provided by
www.ruimtelijkeplannen.nl.
8.2. Business establishment requirements
The full requirements under public law relating to establishing a business or to building have not been investigated.
13
9. Market
9.1. General
The Dutch industrial/logistics market
The logistics market is stabilizing in the Netherlands after a few years of decreasing demand in logistics space. The
average rent prices dropped from 2008 and showed that this sector reacts more direct than other sectors in the
commercial real estate markets. This can be explained by the type of lease contract which is commonly used in the
sector. Most of the contracts are short-term contracts which enables the tenants to anticipate on the economic
developments on short term basis by demanding by lower rent. According to the NVM the rent prices stabilized at the
1
end of 2010 in the Netherlands in the logistics segment.
The supply of industrial spaces rose over the last few years. This partly caused by the construction of too much logistic
space due to the construction of many distribution centers which were developed for the open market. The increase of
supply of logistical space is not only seen in one or two geographical areas, it can be found all over the Netherlands.
The five logistic hot spots in the Netherlands are:
Venlo-Venray
West-Brabant
Tilburg-Waalwijk
Port of Rotterdam
Oss-Veghel-Eindhoven
The top five is based on the availability of plots and logistic space, infrastructure, accessibility of logistic hubs,
2
collaboration of municipality/government, availability of personnel and education and the employability of employees.
Supply
The economic crises caused less demand of distribution centres. This, combined with too much construction of
distribution centres, made the logistics market less attractive. When one compares the total supply of industrial space
one could see that the supply in logistic space grew more over 2009-2010 than the industrial space. The supply in
industrial space was in 2009 9%, in 2010 13%. The supply of logistic space was in 2009 17%, in 2010 23%, according
3
to the NVM. The main reason for the increasing supply is less product streams and less stock.
Demand
The take-up of logistics space grew in 2010 by 24% compared to 2009. The total take-up in 2010 included 888,000 sqm.
Despite this figure many users of the logistic space still have space left which is not used at this moment. There is still
4
overcapacity in the market.
Rents
The average rent prices showed a decrease in 2009 but stabilized during 2010. Primarily the rent prices of older logistic
centres are under pressure. Logistic centres are under pressure. Logistic space on Schiphol are the highest in the
5
Netherlands, followed by Rotterdam and Amsterdam.
1
Stand van zaken Nederlandse markt voor bedrijfsruimte, 01-03-2011, NVM Business
Logistieke kaart van Nederland 2011, 16-05-2011, Logistiek, www.logistiek.nl
3
Stand van zaken Nederlandse markt voor bedrijfsruimte, 01-03-2011, NVM Business
4
Troostwijk Research: Logistiek pijler van herstel bedrijfsruimtemarkt. Logistiek Vastgoed Nederland 2011
5
Troostwijk Research: Logistiek pijler van herstel bedrijfsruimtemarkt. Logistiek Vastgoed Nederland 2011
2
14
Investments
The average gross initial yield of logistic space in the Netherlands was 8%. The top segment shows an gross initial yield
of about 7.0% - 8.5%. The more outdated logistic segment even shows gross initial yields above 10%.
Expectations
The take-up of logistics space will probably improve over this year because of positive economic figures like transit and
6
export. It has expected that this improvement will result in a rising demand in first class logistic space.
9.2. Market data
Logistics Venlo
The area Venlo-Venray is the top logistics hotspot of the Netherlands based on the availability of plots and logistic
space, infrastructure, accessibility of logistical hubs, collaboration of municipality/government, availability of personnel
7
and education and the employability of employees. Venlo is located in the province Limburg in the south of the
Netherlands. Next to the border with Germany. Mainly international companies are interested in Venlo due to its
8
geographical location near Germany and Belgium. There are 17 industrial areas in Venlo.
An overview of the comparable evidence can be found in the appendices.
6
Groei in vraag naar nieuwe distributieruimte, 06-05-2011
Logistieke kaart van Nederland 2011, Logistiek. www.logistiek.nl
8
Locaties 2011. Venlo
7
15
Transactions
Data
Compared with Marco Poloweg 3-5 (better = +, less = -, equal = 0)
Transaction date Place, address
Tenant
6-'11
3-'11
1-'11
11-'10
Logwin Air
Europa Apotheek
Road Ferry
Marcel Segers
Venlo, Marco Poloweg 19
Venlo, Dirk Hartogweg 14
Venlo Groot Egtenrayseweg 60
sqm.
Price€) / sqm.
Transaction price
300
13066
11230
2220
€ 24.000
€ 601.036
€ 550.000
€ 90.000
Location *1 Property *2
€ 80
€ 46
€ 49
€ 41
0
0
0
+
Corrected referenve price (€) / sqm.
Time *3
0
0
0
0
0
0
0
€ 80
€ 40
€ 40
€ 40
Office
€ 54
Average
€ 50
tot
tot
tot
tot
tot
€ 100
€ 45
€ 45
€ 45
€ 59
The market rental value which has been determined is based partly on recent transactions at more or less comparable
locations and concerning more or less comparable properties. These transactions must be interpreted with care,
however, as in the current market the incentives (such as rent-free periods, a contribution to the fitting-out costs and
other financial concessions) are part of the rent actually agreed. Because these incentives are seldom if ever stated in
most publications on transactions that have taken place, sufficient evidence on their effect on the published transactions
is lacking. The estimated market rental value is therefore always a combination of (published) transactions that have
taken place and the valuer’s feel for the market. We value the market value as follows:
Property
Use
Construction Lettable area Rental Value
year
per sqm .
Rental Value
A
Office
1994
641,80 €
95,00 €
60.971,00
B, ground floor
Office
1996
90,37 €
95,00 €
8.585,15
B 1st floor
Office
1996
123,40 €
95,00 €
11.723,00
C, 1st floor
Office
2001
183,42 €
95,00 €
17.424,90
D, ground floor
Office
1998
254,50 €
95,00 €
24.177,50
D, 1st floor
Office
1998
1.177,67 €
95,00 €
111.878,65
D, 2nd floor
Office
1998
236,38 €
95,00 €
22.456,10
A
Industrial Space
1994
14.420,00 €
45,00 €
648.900,00
B
Industrial Space
1996
2.164,33 €
45,00 €
97.394,85
B, ground floor low
Industrial Space
1996
2.093,10 €
40,00 €
83.724,00
B, 1st floor
Industrial Space
1996
2.093,10 €
20,00 €
41.862,00
C
Industrial Space
2001
2.823,68 €
45,00 €
127.065,60
D
Industrial Space
1998
9.522,76 €
45,00 €
428.524,20
D, low
Industrial Space
1998
3.620,50 €
40,00 €
144.820,00
D, mezzanine
Industrial Space
1998
3.620,50 €
25,00 €
90.512,50
D, 2nd floor
Warehouse
1998
934,40 €
5,00 €
4.672,00
€
1.924.691,45
For rent
Data
Place, address
sqm.
Construction
Venlo, Columbusweg 14
Venlo, Marco Poloweg 22-26
Venlo, Dirk Hartogweg 14
18334
5835
9096
8452
2009
2009
Average
Asking price
€ 1.046.815
€ 308.800
€ 462.480
€ 412.930
(€) / m2
€ 57
€ 53
€ 51
€ 49
€ 52
Location *1 Property *2
0
0
0
0
0
-
Time *3
0
0
0
0
Corrected referenve price (€) / sqm.
€ 40
€ 40
€ 40
€ 40
€ 40
tot
tot
tot
tot
tot
€ 45
€ 45
€ 45
€ 45
€ 45
The asking prices of the above property and the rents achieved for it do not reflect any incentives to be given.
16
Investments
Data
Transaction date
Place, address
Buyer
2011
2011
2011
's-Heerenberg, Industriestraat 5
Waalwijk, Zijlweg 18
Waddinxveen, Transportweg 20
DSV Solution
ABN AMRO
Uden/Intertoys
Construction
sqm.
2011
2011
15111
24000
44576
Average
Rental income
€ 641.009
€ 1.630.000
€ 2.700.743
Transaction price
€ 6.141.575
€ 23.000.000
€ 32.300.000
Gross yield (excl.
Corrected Grorss yield
Location *1 Property *2 Time *3
p.c.)
10,44%
7,09%
8,36%
+
+
+
0
-
0
0
0
7,50%
7,50%
7,50%
tot
tot
tot
8,00%
8,00%
8,00%
7,50%
tot
8,00%
*1 location = ( loaction, accesibility, parking, facilities)
*2 Property = (Area uility maintenance, year of constuction)
*3 time = ( market development since transaction date and valuation date
Gross initial yield
The gross initial yield can be derived from the investment transactions observed in the current market. The gross initial
yield is calculated by dividing the annual rent by the purchase price. There is no standard way of determining the gross
initial yield: it is determined by market parties in different ways. In one case the rental income is used while in another
the market rental value is taken as the starting point. There is also a difference between the purchase price including or
as the case may be excluding acquisition costs. We use the quotient of the rental income and the purchase price
excluding acquisition costs.
The gross initial yield as observed in the market is greatly affected by the specific characteristics of the investment. In
general these characteristics are not (fully) known. Examples of factors greatly affecting the gross initial yield are the
running costs (which reduce the net income) and the difference between the actual rental income and the market rental
value, which may result in a change to the actual rental income at the end of the lease.
In this valuation we have separated the cash flows from the net income (market rental value less running costs) and the
other corrections (such as the present value of the difference between the actual rental income and the market rental
value during the term of the lease).
The net income has subsequently been capitalized at a net initial yield. This net initial yield cannot be derived directly
from market data; it is based in the first instance on the valuers feel for the market. The other cash flow elements are
then included in the valuation, and the gross initial yield can then be obtained. Finally, the gross initial yield so obtaine d
is compared with the gross initial yields observed in the market and checked for differences which cannot be explained.
We have found three investment transactions which are more or less comparable with the present property. The gross
initial yield of these transactions ranges between 7.1 % and 10.44 %.
We have applied a gross initial yield of 8,75%, which lies within the range of the gross initial yields observed in the
market. In this valuation the gross initial yield corresponds to a net initial yield of 6.5 %.
The premises situated at Marco Poloweg 5 was bought in February 2007 by Alecta Pensionsförsakring for € 10,321,700.
Marco Poloweg 3-5 was bought in July 2011 by the owner for € 21.500.000.
At the time of the earlier valuation (May, 2011) the purchase price was not known. In determining the market value the
valuers assumed that all items in the demarcation lists are carried out and paid. It is common in such a transaction that
technical issues have a negative effect of the sale price. It is not a fully distressed sale, but the factor is that the Alecta
Pensionsförsakring had already decided to sell all its properties in the Netherlands. We have also heard that the
previous owner had reached an agreement with a German fund for a higher purchase price than the current owner.
However, because the fund creation wasn’t successful the German Fund terminated the purchase agreement. This was
not the case by the transactions mentioned above at investments.
17
10. Appraisal
10.1. Appraisal of location
The property is located on the business park “Trade Port West” in Venlo. The business park comprises companies who
are industrial and logistics oriented. Venlo is a hot spot for logistics real estate. We consider the location as a good
location.
10.2. Appraisal of property
The warehouse has specific been built for logistics purposes. The state of repair is good. The main dimensions are
good. The present tenant made extra floors and installed a sprinkler system at her own costs and risk. We consider the
property in view of location, state of repair and layout to be readily marketable.
10.3. Marketability
The marketability and lettability is reasonable, the property is located good on the park, near the access to the A67. The
saleability is good with the knowledge of the fact that the tenant Tommy Hilfiger Europe BV will end her lease in 2021.
10.4. SWOT-analysis
strenghts
Weakness
- the long term rental agreement with the tenant
- Venlo is the hot spot for logistics real estate
- many loading docks
- new logistics buildings in the surrounding
oppurtunities
threats
- the premises consists of 4 buildings which gives a
certain flexibility
the current economical circumstances
10.5. Sensitivity analysis
Valuations are based on several assumptions, characteristics of the property and market variables. Variation will give
different values. We believe the appraised value, at present market, is the most realistic and equal to the price achieved
by an actual sale at the Valuation reference date, but to show the effects of the subjectivity, below we list the deviations
by variation of the net initial yield.
valuation per September 30th, 2011
Net initial yield
Market Value
€
net initial yield
6,50%
24.860.000
-0,25%
-0,50%
0,25%
0,50%
6,25%
6,00%
6,75%
7,00%
€ 25.785.000 € 26.780.000 € 24.005.000 € 23.215.000
18
Appendices
Disclaimer: Dit rapport is bestemd voor de in dit rapport genoemde opdrachtgever en het doel waarvoor het is opgesteld. Er wordt geen verantwoordelijkheid aanvaard
bij gebruik door derden tenzij met schriftelijke toestemming van NAI Netherlands.
Appendix 01: Definitions
1.1. Terms and definitions
1.1.1. According to the International Valuation Standards
Market value
The Market Value is the amount expected to be agreed on the day of the valuation for a property between a willing seller
and a willing buyer dealing at arm’s length, after well-prepared and well-carried-out marketing, where the parties display
knowledge and caution and do not act under duress.
Market rent
The Market Rent is the rent expected to be agreed on the day of the valuation for a property, or part of a property,
between a willing landlord and a willing tenant dealing at arm’s length, after properly prepared and carried-out
marketing, where the parties display knowledge and caution and do not act under duress, assuming customary lease
terms.
1.2. Other definitions
1. The terms below, used in this report – excellent, good, reasonable, moderate, poor and not observed – have the
meanings given:
excellent
as good as new
good
up to the required standard
reasonable
below standard, but no maintenance will be required in the short term
moderate
maintenance required in the short term
poor
overdue maintenance
not observed
not seen on superficial inspection, but may well be present
2. The energy performance of the building is shown in an energy index in a standardized energy class ranging from A to
G and in colours. Very energy-efficient buildings are A-rated and are light green, very inefficient buildings have a G
rating and are bright red.
The calibration tables for energy classes have been used for the classification.
Table of energy classes for houses
Energy class
Housing energy performance index (EI) limit values
A++
Less than or equal to 0,50
0,51 – 0,70
0,71 – 1,05
1,06 – 1,30
1,31 – 1,60
1,61 – 2,00
2,01 – 2,40
2,41 – 2,90
More than 2,90
A+
A
B
C
D
E
F
G
Table of energy classes for utility buildings
Energy class:
Utility buildings energy performance energy index (EI) limit values
A++
Less than or equal to 0,50
A+
0,51 – 0,70
A
0,71 – 1,05
B
1,06 – 1,15
C
1,16 – 1,30
D
1,31 – 1,45
E
1,46 – 1,60
F
1,61 – 1,75
G
More than 1,75
II
Appendix 02: Terms and conditions
2.1. Property-specific clauses
2.1.1 State of repair and technical condition
1.
2.
3.
4.
5.
6.
7.
8.
Although on our inspection of the property we were able to gain an idea of the state of repair as far as we were able
to inspect the various parts, we looked only at the external and directly visible state of repair. In forming our view of
the technical and/or functional obsolescence of the constituent parts we took into account the age, type of use and
(multi)functionality of the whole building.
In assessing the state of repair of the property a relationship has been established with the age of the building; that
is, we have related the technical and/or functional obsolescence of the parts of the building to the age, the type of
use and the (multi)functionality of the whole building.
Our assessment of the state of repair is not a structural survey and is indicative only. For more detailed information
we recommend a structural survey.
The condition of the roof has only been assessed from the ground floor.
In making our valuation we have assumed that the condition of the technical systems in the building is in line with
its use, and that therefore any regular permits required from the government and local authorities can be obtained
without any special capital expenditure.
We did not take into account any changes that might have occurred between inspection and the date of valuation
or between the date of valuation and the date of the report.
The undersigned has assumed that any areas which have been stated by or on behalf of the client are correct.
Unless otherwise stated, the gross floor area has been defined by the Netherlands Standardization Institution in
NEN 2580 and the leasable area in Appendix B of NEN 2580. Reference should be made to NEN 2580 ‘Areas and
volumes of buildings’ for the terms, definitions and determination methods. The Appendix includes an abridged
version of the text of the standards.
2.1.2 Environment
1.
2.
3.
4.
5.
6.
7.
In making our valuation we have assumed that the land and buildings are free from poisonous substances or
substances which are dangerous to public health and/or the environment or affect the functionality of the plot.
We have not carried out investigations into the presence of substances in soil or groundwater, or into materials
which are harmful to people, the environment or buildings, or into the presence of substances which affect the
value.
When inspecting the premises we investigated in outline whether use had been made in the construction of the
building of materials which according to current insights could constitute a danger to the environment and/or to
people’s health, in particular asbestos.
If the report does not mention a negative environmental aspect, this does not mean that there are no negative
environmental aspects. The fact that negative environmental aspects are mentioned does not always mean that
they have been proved. Further investigation may then be desirable. If mention is made in this report of (possible)
contamination, paragraph 1 of this article applies in full.
Unless the report shows otherwise, in making our valuation we have assumed that no materials have been
processed in the building which are detrimental to the environment and/or public health.
We have assumed that the whole complex is free from legionella and that adequate measures have been taken to
prevent its occurrence.
An energy performance certificate must be in existence in relation to the construction, sale and leasing of a
building. If the report refers to the existence of an energy performance certificate we assume that it meets the latest
requirements. If the report refers to the absence of an energy performance certificate this does not mean that it
does not exist. In making our valuation we have assumed that the stated absence of an energy performance
certificate does not adversely affect the value.
2.1.3 Ownership
1.
2.
3.
4.
In making our valuation we have assumed that the immovable property will be transferred unencumbered by
mortgages and attachments.
Unless we state otherwise in this report, we have not carried out a title search which would show any real rights,
perpetual clauses and/or restrictions on use or alienation.
Differences between the local and the legal status of the ownership are only stated or included in the valuation in
so far as they can be observed visually and/or have been stated in a declaration by the owner.
In making our valuation no investigation has been carried out into the Owner’s Association which is in existence.
We have not inspected the balance sheet and profit and loss account of the Owners’ Association. In our valuation
III
5.
we have assumed that the financial position of the Owners’ Association is such that it does not adversely affect the
value determined by us. We have also assumed that the deed of division and/or the standing orders of the Owners’
Association do not include any stipulations which could adversely effect the value determined by us.
Although the values of parts of the property or complex valued may have been calculated separately for the
purposes of providing detailed figures in support of the valuation, these values cannot be regarded as separate
entities unless they are expressly shown as such in the determination of the value in Section 1.6.
2.1.4 Advantages
1.
2.
No allowance has been made for any premiums, grants or government contributions, of whatever kind, to be
obtained or refunded.
Possible specific advantages which certain owners/users could enjoy have been disregarded in the valuation.
2.1.5 Local regulations
1.
2.
3.
4.
In making our valuation we have assumed that on the value reference date the immovable property and the user of
it comply with all the government and local government rules and requirements.
No investigation has been carried out with regard to the required permits such as planning permissions,
environmental permits and licences to establish businesses.
We assumed that the buildings meet the building codes and regulations to the structure the property and the
required permits have been issued and unconditionally valid, unless otherwise indicated in the report.
No special information has been obtained concerning the application of the public law provisions, such as zoning
plans and building regulations and the policy pursued or to be pursued by the various government bodies in that
connection. The valuation assumes that no restrictions or other consequences arise from the laws, measures
and/or regulations referred to above which affect the value of the property being valued. If, contrary to the above,
information has in fact been obtained, it will usually have been obtained verbally, which affects its trustworthiness.
2.1.6. Tax laws
1.
2.
All amounts used in the valuation exclude turnover tax (BTW) and it is assumed that the exemption from turnover
tax applies when the property is leased or sold, unless the valuation of the individual immovable property shows
otherwise.
The values determined are ‘purchasing costs payable by the purchaser’ unless expressly stated otherwise.
‘Purchasing costs payable by the purchaser is taken to mean the transfer tax, notarial charges on account of the
transfer of the immovable property, together with the costs connected with entry of the transfer in the land register.
2.1.7. Right to tenancy
1.
2.
3.
4.
5.
6.
7.
8.
In the case of dwellings, as far as possible we have calculated the maximum reasonable rent on the basis of the
‘Housing Valuation System’. Should the current rent payable be above what is called the maximum reasonable
rent, we have attached no consequences to this.
In the case of business premises subject to Article 290, Book 7 of the Civil Code we have given an indication of any
rent to be determined on the basis of Article 303, Book 7 of the Civil Code. The rent referred to in Article 303, Book
7 of the Civil Code must be determined according to a specific method described in the legislation. It is not possible
to say anything with certainty in advance about the possible outcome of a rent referred to in the law. Our advice is
therefore only indicative.
In making our valuation we have assumed that on the expiry of the lease(s) no costs or income arises for the owner
as a result of tenants leaving behind modifications/improvements which they have made to the leased space.
In making our valuation we have assumed that there are no ongoing or announced rent disputes between the
tenant and the landlord.
The valuation has been carried out on the basis of the continuation of the current lease(s).
The valuation assumes that there are no arrears of rent or other payment obligations.
In making our valuation we have assumed that any deposit(s) paid by the tenant(s) are not part of the value of the
property being valued and that the parties will settle these on a transfer of the property.
If the property is in use under a lease with a subsidiary or parent company of the tenant, that lease is disregarded
in this valuation.
2.1.8. Future legislation
In carrying out the instruction given to us we have not taken into account possible future changes in the existing
legislation.
IV
2.1.9. Rights of third parties
We assume that there are no rights of third parties under any agreement other than those specifically referred to in the
report.
2.1.10. Time
It should be noted that our valuation are based upon facts and evidence available at the date of valuation. It is therefore
recommended that valuations be periodically reviewed.
2.2. General clauses
2.2.1 . Liability
1.
2.
3.
This report is intended for the purpose stated at the beginning, and is for the client’s use only. No responsibility is
accepted by the undersigned for its use by third parties unless such use is with the written consent of the
undersigned.
As far as possible we have checked all the information and details and included them in the value appraisal. We
have drawn up the report carefully, but accept no liability should the information supplied to us turn out to be
incorrect or incomplete.
NAI Netherlands (R&B Real Estate B.V. holds an adequate Professional Indemnity insurance but any liability is
limited to the amount covered by the professional Indemnity Policy.
2.2.2 Copyright
Nothing in this valuation may be reproduced, stored in a computerized data file or disclosed, in any form or in any way,
whether electronically, mechanically, by photocopying, recordings or in any other way, without the prior written consent
of NAI Netherlands.
2.2.3 Concurrence with IVS, RICS and NVM
1.
2.
This valuation is subject to the General Conditions NVM (version February 2006) of the Dutch Association of
Brokers;
This valuation has been drawn up in accordance with the Practice Statements set out in the International Valuation
Standards 2007 (8th edition) published by the International Valuation Standards Committee (IVS 2007) or the
RICS Valuation Standards(“Redbook”) published by the Royal Institution of Chartered Surveyors (RICS).
2.2.4 Independence declaration by valuer
1.
2.
3.
4.
The party accepting the assignment declares that it and companies affiliated with it and their employees have not
recently been involved and will not be involved in the foreseeable future in any capacity whatsoever with the
property being valued, where such involvement could result in a conflict of interest.
The party accepting the assignment and/or companies affiliated with it can carry out regular assignments for the
client. If the party accepting the assignment carries out regular assignments for the client, the total of the annual
payments by the client must not exceed 5% of the consolidated annual turnover of the party accepting the
assignment.
The valuation of the property has in all cases been carried out by professional valuers who have been certified by
the Stichting VastgoedCert, Rotterdam and are member of the Royal Institution of Charted Surveyors.
We confirm that no conflict of interest exists with regard to this instruction and/or the client(s).
V
Appendix 03: Value calculation
Declaration concerning the calculation of the value
Valuation methods
In the computation model one or two calculation methods may have been employed: the rental capitalization method
and/or the DCF calculation. The two methods are explained below.
Rental capitalization method
The starting point for the Market Value on the basis of the rental value capitalization method is the gross market rent of
the Property’s lettable floor area. The value of the Property is determined by capitalization of the net market rent (gross
market rent less annual expenses for the property).
The market rent is determined by comparing the supply and/or effected transactions of similar properties (comparative
method) and can be found in the evaluation of the market, the location and the property itself and is based on market
conditions (supply and demand), economic conditions (interest, inflation, etc), location (environment, facilities and
developments) and the property’s quality (structural features, state of repair and possibilities for use).
The capitalization factor is the reciprocity of a market-compliant net return demand (net yield). This return depends on
certain aspects, such as market conditions, location and the property itself and is based on, among others, the similar
factors as described before.
Possible differences between rental income and market rent are reflected on the basis of the remaining term of the
lease agreement(s).
The valuation is taking into account the potential vacancy, letting costs, costs of maintenance modifications or
refurbishment, transfer tax and notarial charges.
Valuation uncertainty
There is currently considerable uncertainty in the international economic situation Due to the limited number, or in some
markets a complete lack of market transactions, there is currently insufficient market activity to generate good market
evidence to support value analysis. Historic transaction information is not to be used appropriately since market
dynamics have altered considerably. The valuation is therefore based on a limited number of transactions as well as on
average market views, opinions and strategies of potential buyers. Recent and future market movements are analysed
and have given input for the valuation.
Realising the assumptions required by the definition of Market Value is not easy at this time since there are a limited
number of potential buyers and a lack of mortgage lending. Due to all this the level of uncertainty is assessing value at
this time has an inevitable effect on the certainty that can be attached to it.
The characteristics of this subject, related to the market circumstances and the above, gives us reasonable certainty
about the objectivity and quality of this valuation.
VI
Market Value Appraisal
Adress
City
Valuer
Marco Poloweg 3-5
Venlo
Mr. H.C. van Wamel MRICS RT BV02.111.1952
Basic assumptions
FOTO
ZIE TAXATIERAPPORT
Property name
Property reference number
Proeprty type
Year of construction
Ownership
Industrial
1996-1998-2001
full ownership
Valuation date
30 september 2011
Leasable area
Gross leasable (GLA)
Parking spaces
Parkings space per leasable sqm
44.000
45.252
n/a
n/a
File number
Client
average inflation (15 yrs)
100034
average market rent growth (15 yrs)
Aspen Real Estate Investments B.V.
IRR (15 yrs)
Gross yield incl p.c. (rental value)
7,76%
Gross yield incll. p.c. (rental income incl. vacant space)8,89%
Gross yield excl p.c. (rental value)
7,74%
Gross yield excl. p.c. (rental income incl. vacant space)8,75%
Multiplier (rental value)
Multiplier (rental income incl. vacant space)
12,92
11,43
1,64%
0,86%
6,80%
Markthuurwaarde
description of use
Tommy Hillfiger Europ B.V. (A-B-C)
Tommy Hilfiger (D)
Total (gross sqm) 45.252
split
56%
44%
97%
Adjustments to the rental value
structural vacancy
turnover vacancy
leasable areaav. rental value/sqm/yr
24.633
€ 45
19.367
€ 43
44.000
€ 43,74
av. rental value/space
€ 0,00
€ 0,00
Gross market rental value (rounded)
€
€
€
(sub) total
1.097.651
827.041
1.924.691
% of the rent
0,00% €
1,33% €
per annum
25.662,55
€
€
25.663
€
€
25.662,55
1.899.029
€
1.899.029
% of the rent
3,81%
9,24%
1,23%
1,78%
0,00%
16,06%
€
€
€
€
€
€
73.400
177.760
23.674
34.195
309.029
Net rental value
€
1.590.000
Capitalised rental value prior to adjustments (incl. purchaser's costs)
€
24.461.544
€
1.912.770
€
€
€
€
1.912.770
Total adjustment to gross rental value
Adjusted gross rental value
Annual operating expenses
fixed charges (local taxes/insurance)
maintenance
property management/service cost
letting cost / delinquent rent
non recoverable VAT (general)
Total operating expenses
parking
0 spaces
0 spaces
per sqm
€ 1,67
€ 4,04
€ 0,54
€ 0,78
€ 0,00
€ 7,02
Capitalisation
Net initial yiels
6,50%
Corrections
Excess rent / deficit rent
rental value
rental income (incl. vacant space)
vacancy
rental income (excl. vacant space)
PV of excess/deficit rent
gross
€ 1.924.691
€ 2.175.000
€0
€ 2.175.000
€ 250.309
Other
PV of VAT compensation
PV of non recoverable VAT (tenant specific)
PV of transmission mast rent
Total
net
€ 1.590.000
€ 1.865.971
€0
€0
€0
Comment
We have assumed that all items included in the demarcation lists are carried out.
rental
weighted
potential
average remaining lease term (yrs)
mnth discount rate
-11,51%
9,47
114
weighted average remaining lease term (yrs)
0,00
0,00
0,00
7,0%
mnth discount rate
0
7,0%
0
7,0%
0
7,0%
Lump sum adjustments
initial vacancy
incentives / rent abatement
non recoverable service cost
letting cost
subtotal
deferred maintenance
refurbishment
subtotal
PV of future ground lease payments
PV of other items
subtotal
Total PV of lump sum adjustments
€0
€0
€0
€0
€0
€0
€0
€0
€
-
€
-
€
€
-
Marktwaarde na kapitaalscorrecties
6,10%
€
€
26.374.314
1.516.337
Market value (excl. purchaser's costs)
€
24.857.977
Adjusted capitalised rental value (incl. p.c.)
Acquisition cost
Market value per rentable sqm
Market value
€ 565
encumbered by tenancy (excl. p.c.)
as of
30-9-2011
€
24.860.000
Appendix 04: Photos
VII
VIII
IX
X
XI
XII
Appendix 05: Location
Venlo
Bron: GoogleMaps
Marco Poloweg 3-5
XIII
‫תאריך ‪24.11.2011 :‬‬
‫סימוכין‪1851-11 :‬‬
‫שומת מקרקעין מקיפה ‪ -‬זכויות במקרקעין‪,‬‬
‫אזור התעשייה‬
‫"עתיר ידע"‪ ,‬כפר סבא‬
‫השומה תקפה ליום ‪30.9.2011‬‬
‫‪1‬‬
‫‪ .1‬פרטי הזמנת השומה‬
‫‪.1.1‬‬
‫התאגיד מזמין השומה‬
‫חברת אספן נדל"ן בע"מ (להלן‪" :‬החברה")‪.‬‬
‫‪.1.2‬‬
‫שמו של האורגן בתאגיד אשר הזמין את השומה‬
‫ההזמנה בוצעה באמצעות מר אילן גיפמן‪ ,‬מנכ"ל החברה‪.‬‬
‫נמסר לנו ע"י החברה כי מר גיפמן הוא שהחליט על ההתקשרות עמנו‪.‬‬
‫‪.1.3‬‬
‫מועד ההתקשרות‬
‫ההתקשרות ביני ובין החברה נערכה עפ"י פניית החברה מיום ‪.20.11.2011‬‬
‫‪.1.4‬‬
‫הנסיבות בגינן בוצעה השומה‬
‫פרסום דוחות כספיים‪.‬‬
‫‪.1.5‬‬
‫התקן החשבונאי‬
‫נמסר לי ע"י החברה כי הנכס מוגדר על ידה כנדל"ן להשקעה עפ"י תקן חשבונאי‬
‫מס' ‪.40‬‬
‫‪.1.6‬‬
‫התניות בעניין שכר הטרחה‬
‫לא הותנו התניות כלשהן בעניין שכר טרחתי‪.‬‬
‫‪.1.7‬‬
‫התחייבויות לשיפוי‬
‫לא קיבלתי כתב שיפוי ממזמין השומה‪.‬‬
‫‪.1.8‬‬
‫יחסי תלות‬
‫‪.1.9‬‬
‫מטרת השומה‬
‫הנני עורכת מדי פעם חוות דעת לחברה‪.‬‬
‫לא נוצרה בשל כך תלות של משרדי בחברה‪.‬‬
‫הערכת השווי הנו לצורכי דיווח בדוחותיה הכספיים של החברה‪.‬‬
‫‪2‬‬
‫‪ .1.10‬פרטי השמאי‬
‫שם השמאית‪:‬‬
‫מס' רישיון ‪:‬‬
‫רלי טרייסטמן ‪ -‬אגמי‪.‬‬
‫רישיון מס' ‪ 382‬משנת ‪.1994‬‬
‫משפטנית ושמאית מקרקעין‪ ,‬בוגרת התכנית ללימודי שמאות מקרקעין וניהול‬
‫נכסים במסגרת לימודי החוץ של הטכניון‪.‬‬
‫בעלת משרד "טרייסטמן ‪ -‬אגמי שמאות מקרקעין"‪.‬‬
‫בשנים ‪ - 2007 - 1991‬שותפה בכירה ומנהלת מחלקת שמאות במשרד ע‪ .‬האושנר‬
‫ושות' הנדסה ושמאות מקרקעין‪.‬‬
‫‪ .1.11‬הסכמה לפרסום‬
‫הנני נותנת בזאת את הסכמתי כי חוות דעת זו תצורף לדוחות הכספיים של‬
‫החברה וכן את הסכמתי כי חוות דעת זו תפורסם בציבור‪.‬‬
‫‪ .1.12‬המועד הקובע‬
‫המועד הקובע לשומה – ‪.30.9.2011‬‬
‫לא הובא או הגיע לידיעתי מידע לפיו חלו‪ ,‬בתקופה שבין המועד הקובע לבין‬
‫תאריך עריכת השומה‪ ,‬שינויים מהותיים אשר עשויים להשפיע על שוויו של‬
‫הנכס‪.‬‬
‫‪ .1.13‬פרטי הביקור בנכס‬
‫ביקור בנכס ובסביבה נערך בתאריך ‪ 21.11.2011‬ע"י דנה אשכנזי‪ ,‬שמאית‬
‫מקרקעין‪.‬‬
‫עיינתי במסמכים הבאים‪:‬‬
‫‪ ‬העתק הסכמי החכירה עם מינהל מקרקעי ישראל‪.‬‬
‫‪ ‬פלט רישום מקרקעין‪ .‬עותק שהופק באמצעות האינטרנט במשרדי ביום‬
‫‪.24.11.2011‬‬
‫‪ ‬העתקי אישורי מצב זכויות‪ ,‬ללא חתימה‪ ,‬ממינהל מקרקעי ישראל מיום‬
‫‪.10.10.2011‬‬
‫‪ ‬נתוני שכירות עדכניים למועד הקובע‪.‬‬
‫‪ ‬העתק הסכמי השכירות שנחתמו בשנת ‪.2011‬‬
‫‪ ‬תכניות בניין עיר רלוונטיות‪.‬‬
‫‪3‬‬
‫הפרטים והנתונים כמו גם ערכי השווי‪/‬מחיר המופיעים בחוו"ד זו‪ ,‬נכונים למועד הביקור‬
‫בנכס או למועד‪/‬ים מסוימ‪/‬ים הנקוב‪/‬ים בו בלבד‪ .‬ייתכנו שינויים בשוויו ההוגן של הנכס‬
‫בהתאם לתנודות השוק ולרבות שינוי בשיעורי התפוסה‪ ,‬גובה שכר הדירה ושיעורי הריבית‪.‬‬
‫חוות דעתנו ערוכה‪ ,‬בין היתר‪ ,‬על בסיס המידע שנמסר מהחברה ועבר על ידינו עיבוד ובקרה‬
‫להצגתו בדו"ח זה‪.‬‬
‫‪ .2‬פרטי הנכס‬
‫גוש‬
‫‪:‬‬
‫‪.9077‬‬
‫חלקה‬
‫‪:‬‬
‫חלק מחלקה מס' ‪.17‬‬
‫שטח קרקע‪:‬‬
‫‪ 9,050‬מ"ר‪ .‬לחלקה בשלמות‪.‬‬
‫חלקים מהבניין נמכרו ואינם כלולים בחוות דעת זו‪.‬‬
‫יחידות משנה‪:‬‬
‫עפ"י הסכמי החכירה עם מינהל מקרקעי ישראל‪.‬‬
‫‪ 19 ,13-15 ,11 ,5-7 ,1-3‬ו – ‪.21‬‬
‫‪ 5,045.26‬מ"ר‪.‬‬
‫סה"כ שטח יחידות המשנה ‪-‬‬
‫בנוסף‪ ,‬רשומות הצמדות‪.‬‬
‫שטח לשיווק‪:‬‬
‫עפ"י הסכמי השכירות ‪-‬‬
‫מהות הנכס‪:‬‬
‫מבנה תעשייה‪.‬‬
‫זכויות‬
‫‪:‬‬
‫‪ 5,870‬מ"ר‪.‬‬
‫לחברת אספן נדלן זכויות חכירה מהוונות ממנהל‬
‫מקרקעי ישראל‪.‬‬
‫הזכויות טרם נרשמו בלשכת רישום המקרקעין‪.‬‬
‫שיעבודים ‪:‬‬
‫קיימות ‪ 2‬משכנתאות ראשונות בלאומי לישראל בע"מ‪.‬‬
‫כתובת‪:‬‬
‫רחוב עתיר ידע מס' ‪ ,15-17‬אזור התעשייה המזרחי‪ ,‬כפר סבא‪.‬‬
‫‪4‬‬
‫‪ .3‬תיאור הסביבה‪ ,‬הקרקע והמבנים‬
‫‪ .3.1‬תיאור הסביבה‬
‫אזור התעשייה "עתיר ידע" הידוע גם כ"סנטרל ‪ ,"2000‬ממוקם דרום מזרחית לעיר‪,‬‬
‫סמוך למחלף אלישמע‪.‬‬
‫האזור מאופיין בבנייה חדשה לתעשייה עתירת ידע‪ ,‬לצד שטחי מסחר‪ ,‬בעיקר בתי‬
‫קפה ומסעדות‪.‬‬
‫אזור התעשייה סמוך לכבישים הארציים והגישה אליו נוחה לבאים מכיוון כביש‬
‫מס' ‪ ,6‬דרך מחלף "חורשים" וכביש הרוחב מס' ‪ 531‬וכן‪ ,‬לבאים מכיוון מערב‪,‬‬
‫מכביש מס' ‪ 5‬דרך כביש מס' ‪ 40‬ומכביש מס' ‪ 4‬דרך כביש מס' ‪.531‬‬
‫בכניסה לאזה"ת‪ ,‬מרכז מסחרי גדול‪ ,‬הכולל בין היתר סופרמרקט "מגה"‪.‬‬
‫הפיתוח הסביבתי מלא‪.‬‬
‫להלן תרשים הסביבה עם סימון מקום הנכס‪:‬‬
‫מיקום הנכס‬
‫כביש ‪ – 6‬מחלף‬
‫חורשים‬
‫מחלף ירקון‬
‫‪5‬‬
‫‪ .3.2‬תיאור הקרקע‬
‫חלקה מס' ‪ 17‬בגוש ‪ 9077‬הנה חלקה חדשה שנוצרה לאחר תהליך איחוד וחלוקה‪.‬‬
‫שטחה הרשום בשלמות הינו ‪ 9,050‬מ"ר‪.‬‬
‫החלקה החדשה‪ ,‬בעלת צורה רגולרית דמוית מלבן‪ ,‬פונה בחזית דרום מערבית‬
‫לרחוב עתיר ידע‪.‬‬
‫בעורף‪ ,‬שטחים פתוחים‪.‬‬
‫להלן מפת גוש עם סימון מקום החלקה ‪:‬‬
‫בנין ‪3‬‬
‫‪6‬‬
‫‪ .3.3‬תיאור המבנה‬
‫הבניין בן ‪ 3‬קומות ‪ +‬שתי קומות ביניים מעל קומת חניון תת‪-‬קרקעי‪ ,‬כולל ‪2‬‬
‫אגפים‪:‬‬
‫אגף מערבי‪ -‬אינו נכלל בנשוא השומה‪.‬‬
‫אגף מזרחי ‪ -‬המהווה את הנכס שבנדון‪.‬‬
‫הבניין הוקם בשנת ‪.2000‬‬
‫הכניסה הראשית כוללת לובי‪ ,‬שתי מעליות נוסעים וחדר מדרגות מרכזי‪.‬‬
‫הקירות והרצפה מחופים בשיש‪.‬‬
‫הבניין מחופה אבן נסורה‪.‬‬
‫הקומות מותאמות ומשמשות לתעשייה עתירת ידע‪.‬‬
‫בחלק מקומת הקרקע שימושי תעשייה מסורתית‪.‬‬
‫הבניין כולל חמש כניסות בכל כניסה חדר מדרגות מרכזי ומעלית נוסעים‪.‬‬
‫קומות הביניים כוללות חדרי שירותים וממ"ק‪.‬‬
‫בבנין מותקנת מערכת מיזוג אוויר מרכזית‪ ,‬ספרינקלרים וגלאי אש‪.‬‬
‫מצב התחזוקה ורמת הגימור בבנין גבוהים‪.‬‬
‫עפ"י דיווחי החברה‪ ,‬השטח לשיווק השייך לחב' אספן נדל"ן בע"מ כ‪ 5,870-‬מ"ר‪.‬‬
‫להלן סיכום השטחים לשיווק‪:‬‬
‫מפלס‬
‫קרקע‬
‫א'‬
‫ב'‬
‫סה"כ‬
‫שטח‬
‫‪ 2,000‬מ''ר‬
‫‪ 1,820‬מ''ר‬
‫‪ 2,050‬מ''ר‬
‫‪ 5,870‬מ''ר‬
‫‪7‬‬
‫‪ .4‬מצב תכנוני‬
‫‪ .4.1‬תוכניות בנין עיר‬
‫תב"ע מס' כס‪1/1/‬‬
‫פורסמה למתן תוקף בי‪.‬פ‪ 1636 .‬מיום ‪.18.07.70‬‬
‫עפ"י התוכנית מסווגים המגרשים הנדונים ב"אזור מגורים מיוחד אשר השימושים‬
‫המותרים יקבעו בתוכנית מפורטת"‪.‬‬
‫תב"ע מס' כס‪ 1/1/‬מ'‬
‫פורסמה למתן תוקף בי‪.‬פ‪ 3755 .‬מיום ‪.29.3.90‬‬
‫מטרת התכנית‪:‬‬
‫קביעת הוראות בדבר מרתפים‪ ,‬גלריות ומחסנים בתחום תכנית המתאר בכפר‪-‬‬
‫סבא‪.‬‬
‫‪ ‬יעוד המרתף ‪ -‬אחסנה בלבד‪.‬‬
‫‪ ‬שטח לבניה ‪ .16% -‬בנוסף ניתן לבנות חניה בגבול החלקה באישור מהנדס‬
‫העיר‪.‬‬
‫‪ ‬גובה המרתף המרבי ‪ 2.4‬מ' בין רצפת המרתף לתקרה המטויחת שמעליה‪.‬‬
‫‪ ‬חניה תת קרקעית תותר בקווי החלקה באישור מהנדס העיר‪.‬‬
‫תב"ע מס' כס‪1/26/‬‬
‫פורסמה למתן תוקף בי‪.‬פ‪ 3797.‬מיום ‪7.9.90‬‬
‫בין מטרות התוכנית‪:‬‬
‫‪‬‬
‫‪‬‬
‫‪‬‬
‫‪‬‬
‫‪‬‬
‫שינוי ייעוד מאזור מגורים מיוחד לאזור המלאכה‪ ,‬תעשיה ואחסנה‪.‬‬
‫פתיחת דרכים חדשות‪.‬‬
‫קביעת שטחים ציבוריים ופרטיים פתוחים‪.‬‬
‫קביעת הוראות בנייה מיוחדות באזור התעשייה‪ ,‬המלאכה והאחסנה‪.‬‬
‫איחוד וחלוקה עפ"י סימן ז' לחוק‪ ,‬בהסכמת הבעלים‪.‬‬
‫הקרקע הנדונה מיועדת לאזור תעשייה ומלאכה‪.‬‬
‫זכויות הבנייה‪:‬‬
‫קומת קרקע ‪-‬‬
‫סה"כ אחוזי בניה ‪-‬‬
‫גובה מרבי ‪-‬‬
‫שטח מגרש מינימאלי ‪-‬‬
‫‪ 40%‬תכסית מקסימאלית‪.‬‬
‫‪ 100%‬ועוד ‪ 20%‬גלריות או מרתפים‪.‬‬
‫‪ 12‬מטר‪ 3 ,‬או ‪ 4‬קומות‪.‬‬
‫כ‪ 2.2 -‬דונם‪.‬‬
‫‪8‬‬
‫תב"ע מס' מק‪/‬כס‪/25/1/‬י'‬
‫פורסמה למתן תוקף בי‪.‬פ ‪ 4440‬מיום ‪.8.9.96‬‬
‫להלן עיקרי התכנית‪ ,‬הרלוונטיים לקרקע הנדונה‪:‬‬
‫התכליות המותרות באזור התעשייה‪:‬‬
‫‪ ‬תעשיות ומלאכות שאין בהם מטרדים סביבתיים‪.‬‬
‫‪ ‬משרדים הקשורים למתן שירותים למפעלים וחברות אשר יפעלו‬
‫באזור‪.‬‬
‫זכויות הבנייה‪:‬‬
‫‪ 126%‬משטח החלקה‪.‬‬
‫שטח עיקרי ‪-‬‬
‫‪ 40%‬מהשטח העיקרי‪.‬‬
‫שטח שירות מעל מפלס הקרקע ‪-‬‬
‫‪.50%‬‬
‫תכסית מרבית ‪-‬‬
‫‪ 4‬קומות‪ ,‬עד ‪ 19.5‬מטר‪.‬‬
‫גובה מבנים לא יעלה על ‪-‬‬
‫‪ 6.5‬מ'‪.‬‬
‫גובה קומת קרקע (נטו) ‪-‬‬
‫גלריה‪ -‬תותר הקמת גלריה ששטחה ייחשב במניין השטחים העיקריים‪.‬‬
‫גובה קומה עליונה ‪ 4.5‬מ' ברוטו‪.‬‬
‫גובה קומת מרתף עליונה לא יעלה על ‪ 2.80‬מ' נטו‪.‬‬
‫וכל קומת מרתף נוספת תהיה בגובה של ‪ 2.50‬מ' נטו‪.‬‬
‫תב"ע מס' מק‪/‬כס‪26/1/‬א'‬
‫פורסמה למתן תוקף בי"פ ‪ 4926‬מיום ‪.12.10.2000‬‬
‫התוכנית כוללת איחוד וחלוקה מחדש לפי פרק ג' סימן ז' לחוק התכנון‬
‫והבנייה ‪ -‬בהסכמת הבעלים‪.‬‬
‫אין שינוי בהוראות וסה"כ זכויות הבניה‪.‬‬
‫כס‪/26/1/‬ב' פורסמה למתן תוקף בי‪.‬פ ‪ 5289‬מיום ‪.15.04.04‬‬
‫‪ ‬אזור התעשייה יהיה מיועד לתעשיות "עתירות ידע"‪" ,‬תעשיות נקיות" כגון‪ :‬בתי‬
‫תוכנה‪ ,‬מידע‪ ,‬תקשורת‪ ,‬ננו‪-‬טכנולוגיה‪ ,‬יחידות מו"פ‪ ,‬תעשיית תרופות משרדים‪.‬‬
‫‪‬תמנע במקום אפשרות לפתיחת עסקים היצרים מטרדי רעש‪ ,‬ריחות וזיהום‬
‫אוויר או מטרדים הקשורים לתנועות כלי רכב כבדים‪ ,‬יצור שאינו מוגדר‬
‫תעשיות "עתירות ידע"‪ ,‬כגון בתי מלאכה‪ ,‬מוסכים וכד'‪.‬‬
‫‪‬ניתן לשלב בקומות הקרקע של המבנים פונקציות מסחר מצומצמות לשירות‬
‫תעשיות עתירות הידע והמשרדים‪ :‬שירותי דלפק‪ ,‬מסעדות וכד' וזאת בשטח‬
‫שלא יעלה על ‪ 20%‬מהשטח העיקרי של קומת הקרקע‪.‬‬
‫‪‬תישאר תכסית פנויה של ‪ ,15%‬לצורך גינון המאפשר נטיעת עצים בוגרים‪.‬‬
‫‪ ‬חומרי הגמר של המבנים יהיו ברמה איכותית גבוהה‪ :‬אבן‪ ,‬שיש‪ ,‬קרמיקה‪,‬‬
‫מתכת ובאישור מהנדס העיר‪.‬‬
‫‪9‬‬
‫‪ .4.2‬היתרי בניה‬
‫‪ .4.2.1‬תוכנית בקשה להיתר מס' ‪ 16214‬מאושרת מיום ‪26.11.1996‬‬
‫"מבנים לתעשייה קלה ותוכנית שינויים"‪.‬‬
‫השינויים המבוקשים בהיתר (לבניינים ‪ 1‬ו‪: )3-‬‬
‫במבנה מס' ‪ – 1‬ביטול מפלס גלריה‪.‬‬
‫במבנה מס' ‪ - 3‬תוספת שלב ב' בקומות הקרקע עד מפלס ביניים‬
‫עליון‪.‬‬
‫תוספת קומה שלישית וחדרים טכניים מעל בכל הבניינים‪.‬‬
‫להלן פרוט שטחי הבנייה עפ"י תכנית היתר הבנייה‪:‬‬
‫בניין מס' ‪3‬‬
‫מפלס‬
‫שטח עיקרי‬
‫שטחי שירות‬
‫(ללא חנייה)‬
‫סה"כ‬
‫חנייה‬
‫סה"כ‬
‫מרתף‬
‫קרקע‬
‫ביניים‬
‫א'‬
‫ביניים‬
‫ב'‬
‫גג‬
‫‪4,896‬‬
‫‪131‬‬
‫‪5,115‬‬
‫‪121‬‬
‫‪3,449‬‬
‫‪489‬‬
‫‪691‬‬
‫‪378‬‬
‫‪439‬‬
‫‪471‬‬
‫‪316‬‬
‫‪324.93‬‬
‫‪489‬‬
‫‪5,587‬‬
‫‪509‬‬
‫‪5,553‬‬
‫‪592‬‬
‫‪3,765‬‬
‫‪325‬‬
‫‪3,750‬‬
‫‪4,239‬‬
‫‪5,587‬‬
‫‪509‬‬
‫‪5,553‬‬
‫‪592‬‬
‫‪3,765‬‬
‫‪325‬‬
‫סה"כ‬
‫‪13,711‬‬
‫‪3,108‬‬
‫‪16,820‬‬
‫‪3,750‬‬
‫‪20,570‬‬
‫‪ .4.2.2‬טופס ‪ 4‬מיום ‪11.10.2000‬‬
‫לבנין ‪ 3‬בלבד אשר נבנה עפ"י היתר ‪ 16214‬מיום ‪.15.07.97‬‬
‫‪ .4.2.3‬היטל השבחה‬
‫הנכס נבנה עפ"י היתר בניה משנת ‪.1996‬‬
‫הייעוד עפ"י ההיתר ‪ -‬תעשייה קלה‪.‬‬
‫בתחשיב השווי לא מובאות זכויות בניה נוספות ולפיכך לא מחושב‬
‫גם היטל השבחה בגינן‪.‬‬
‫ערכי השווי מתייחסים לשימוש הנעשה בנכס הנכלל בהגדרת‬
‫השימוש לתעשייה קלה‪ .‬לא נעשים שימושי מסחר‪ .‬בעת מתן היתר‬
‫הבנייה‪ ,‬כללו השימושים לתעשייה קלה שימושי תעשייה‪ ,‬מלאכה‬
‫ומשרדים‪.‬‬
‫להערכתי‪ ,‬אין כיום עילה לגביית היטל השבחה‪.‬‬
‫‪10‬‬
‫‪.5‬‬
‫מצב משפטי‬
‫‪ .5.1‬פלט רישום מקרקעין‬
‫עפ"י פלט רישום מקרקעין מיום ‪ 24.11.2011‬שהופק במשרדנו באמצעות‬
‫האינטרנט רשום הנכס הנדון כדלהלן‪:‬‬
‫גוש‬
‫חלקות‬
‫שטח רשום בשלמות‬
‫בעלות‬
‫‪9077‬‬
‫‪17‬‬
‫‪ 9,050‬מ"ר‬
‫קרן קיימת לישראל‬
‫‪ .5.2‬זכויות החכירה ממנהל מקרקעי ישראל‬
‫הזכויות הנן זכויות חכירה ממינהל מקרקעי ישראל‪.‬‬
‫הרישום במינהל מקרקעי ישראל הנו במתכונת של בית משותף‪.‬‬
‫עיינתי בהסכמי חכירה מהוונים שנחתמו ביום ‪ 18.2.2003‬לעניין היחידות‬
‫השונות בבניין מס' ‪ .3‬טרם עיינתי בתשריט לפיו סומנו היחידות הנדונות‪.‬‬
‫עיינתי באישורי מצב זכויות ממינהל מקרקעי ישראל מיום ‪.10.10.2011‬‬
‫האישורים שהוצגו לעיוני אינם חתומים‪.‬‬
‫ביקשתי מהחברה להוציא אישורי מצב זכויות חתומים‪.‬‬
‫באישורים שהוצגו בפני חלה טעות ברישום השטחים ביחס לתת חלקה מס' ‪11‬‬
‫(נרשם ‪ 162‬מ"ר במקום ‪ 1,629‬מ"ר) וכן ביחס להצמדה של תת חלקה מס' ‪21‬‬
‫(נרשם ‪ 183‬מ"ר במקום ‪ 1,830‬מ"ר)‪.‬‬
‫עיקרי זכויות החכירה‪:‬‬
‫תקופת החכירה‪:‬‬
‫מטרת החכירה‪:‬‬
‫‪ 49‬שנים‪ .‬עד יום ‪.4.1.2042‬‬
‫חנות בבניין רווי‪.‬‬
‫עפ"י אישורי מצב זכויות קיימות ‪ 2‬משכנתאות לטובת בנק לאומי לישראל בע"מ‪.‬‬
‫‪11‬‬
‫להלן פרוט היחידות‪:‬‬
‫יחידת שטח רשום הצמדות‬
‫במ"ר‬
‫משנה‬
‫תאור‬
‫‪ 56‬מ''ר‬
‫‪1‬‬
‫‪ 32‬מ''ר‬
‫‪2‬‬
‫חניה‬
‫‪ 1,592‬מ''ר‬
‫‪3‬‬
‫משטח‬
‫ממ"ק‬
‫מבוא‬
‫‪ 16‬מ''ר‬
‫‪5‬‬
‫ממ"ד‬
‫מבוא‬
‫‪ 16‬מ''ר‬
‫‪6‬‬
‫ממ"ק‬
‫‪ 8‬מ''ר‬
‫‪7‬‬
‫חניה‬
‫מחסן‬
‫‪ 1,630‬מ''ר‬
‫‪11‬‬
‫אחר‬
‫מבוא‬
‫ממ"ק‬
‫מבוא‬
‫‪ 17‬מ''ר‬
‫‪13‬‬
‫ממ"ק‬
‫מבוא‬
‫‪ 17‬מ''ר‬
‫‪14‬‬
‫ממ"ק‬
‫‪ 8‬מ''ר‬
‫‪15‬‬
‫חניות‬
‫‪ 1,637‬מ''ר‬
‫‪19‬‬
‫מבוא‬
‫ממ"ק‬
‫גג‬
‫‪ 15‬מ''ר‬
‫‪21‬‬
‫אחר‬
‫‪ 5,045‬מ''ר‬
‫סה"כ‬
‫‪12‬‬
‫שטח במ"ר‬
‫‪ 667‬מ''ר‬
‫‪ 18‬מ''ר‬
‫‪ 21‬מ''ר‬
‫‪ 19‬מ''ר‬
‫‪ 10‬מ''ר‬
‫‪ 19‬מ''ר‬
‫‪ 10‬מ''ר‬
‫‪ 550‬מ''ר‬
‫‪ 28‬מ''ר‬
‫‪ 61‬מ''ר‬
‫‪ 45‬מ''ר‬
‫‪ 21‬מ''ר‬
‫‪ 19‬מ''ר‬
‫‪ 10‬מ''ר‬
‫‪ 19‬מ''ר‬
‫‪ 10‬מ''ר‬
‫‪ 543‬מ''ר‬
‫‪ 37‬מ''ר‬
‫‪ 21‬מ''ר‬
‫‪ 1,831‬מ''ר‬
‫‪ 4‬מ''ר‬
‫‪ .6‬מחזיקים בנכס‬
‫הנכס הנדון מושכר ל ‪ 10 -‬שוכרים בשכירות חופשית‪.‬‬
‫לחלק מהשוכרים קיימות אופציות להארכת תקופת השכירות‪.‬‬
‫השטח לשיווק הינו ‪ 5,870‬מ"ר ‪.‬‬
‫חל שינוי בשטח לשיווק ביחס לנתונים בשנת ‪.2010‬‬
‫שטח קומת הקרקע הושכר בשנת ‪ 2010‬לשוכר יחיד לפי שטח של ‪ 1,920‬מ"ר‪.‬‬
‫השוכר עזב את הנכס ובמקומות הושכר אותו שטח לשני שוכרים‪ ,‬לפי ‪ 2,050‬מ"ר‪.‬‬
‫דמי השכירות החודשיים הינם ‪ ₪ 288,931‬המהווים כ‪ ₪ 49 -‬למ"ר לחודש‪.‬‬
‫מקומות חניה‬
‫בבניין קיימים ‪ 264‬מקומות חניה‪.‬‬
‫‪ 98‬מקומות חניה תת קרקעיים ו‪ 166-‬מקומות חניה עיליים‪.‬‬
‫מתוך סך החניות בבניין‪ 49 ,‬מקומות חניה תת קרקעיים ו‪ 81-‬מקומות חניה עיליים‬
‫שייכים לחברת אספן‪.‬‬
‫מהם מושכרים ‪ 63‬מקומות חנייה בלבד‪.‬‬
‫בתחשיב השווי מובאים בחשבון ‪ 63‬מקומות חניה המושכרים ל ‪ 6 -‬שוכרים‪.‬‬
‫דמי השכירות – ‪ .₪ 15,220‬המהווים כ – ‪ ₪ 241‬למקום‪.‬‬
‫‪ .6.1‬פרטי המחזיקים עפ"י ענפים‬
‫הנכס מושכר לשוכרים שונים העוסקים בהיי טק ‪.‬‬
‫‪ .6.2‬מחזיקים ששיעור החזקתם עולה על ‪20%‬‬
‫שוכר אחד שוכר שטח ששיעורו ‪ 26%‬מסך השטחים לשיווק‪.‬‬
‫השטח ממוקם בקומת הקרקע ורמת הגימור שוות ערך למעטפת‪.‬‬
‫דמי השכירות – ‪ ₪ 45‬למ"ר‪.‬‬
‫‪13‬‬
‫‪ .6.3‬הסכמים שחודשו בשנת ‪.2011‬‬
‫בתקופה הנדונה נחתמו ‪ 5‬הסכמי שכירות חדשים‪.‬‬
‫להלן פירוט השינויים‪:‬‬
‫קומה‬
‫שוכר חדש‬
‫שוכר קיים‬
‫סה"כ‬
‫א'‬
‫א'‬
‫ג'‬
‫ג'‬
‫ב'‬
‫ב'‬
‫ב'‬
‫ב'‬
‫ב'‬
‫ג'‬
‫שטח‬
‫‪ 1,500‬מ''ר‬
‫‪ 550‬מ''ר‬
‫‪ 650‬מ''ר‬
‫‪ 223‬מ''ר‬
‫‪ 240‬מ''ר‬
‫‪ 340‬מ''ר‬
‫‪ 250‬מ''ר‬
‫‪ 150‬מ''ר‬
‫‪ 840‬מ''ר‬
‫‪ 1,127‬מ''ר‬
‫‪5,870.00‬‬
‫דמ"ש‬
‫‪31.12.2010‬‬
‫‪65,100‬‬
‫‪23,870‬‬
‫‪30,299‬‬
‫‪10,395‬‬
‫‪14,942‬‬
‫‪14,967‬‬
‫‪9,937‬‬
‫‪7,493‬‬
‫‪44,985‬‬
‫‪52,534‬‬
‫‪274,522‬‬
‫‪₪‬‬
‫‪₪‬‬
‫‪₪‬‬
‫‪₪‬‬
‫‪₪‬‬
‫‪₪‬‬
‫‪₪‬‬
‫‪₪‬‬
‫‪₪‬‬
‫‪₪‬‬
‫‪₪‬‬
‫דמ"ש‬
‫‪30.9.2011‬‬
‫‪67,891‬‬
‫‪27,553‬‬
‫‪33,310‬‬
‫‪11,596‬‬
‫‪14,711‬‬
‫‪15,378‬‬
‫‪10,210‬‬
‫‪8,085‬‬
‫‪46,221‬‬
‫‪53,977‬‬
‫‪288,931‬‬
‫‪₪‬‬
‫‪₪‬‬
‫‪₪‬‬
‫‪₪‬‬
‫‪₪‬‬
‫‪₪‬‬
‫‪₪‬‬
‫‪₪‬‬
‫‪₪‬‬
‫‪₪‬‬
‫‪₪‬‬
‫ההפרש‬
‫‪2,792‬‬
‫‪3,683‬‬
‫‪3,011‬‬
‫‪1,201‬‬
‫‪-231‬‬
‫‪411‬‬
‫‪273‬‬
‫‪591‬‬
‫‪1,236‬‬
‫‪1,443‬‬
‫‪14,409‬‬
‫‪₪‬‬
‫‪₪‬‬
‫‪₪‬‬
‫‪₪‬‬
‫‪₪‬‬
‫‪₪‬‬
‫‪₪‬‬
‫‪₪‬‬
‫‪₪‬‬
‫‪₪‬‬
‫‪₪‬‬
‫ב‪%-‬‬
‫‪4%‬‬
‫‪13%‬‬
‫‪9%‬‬
‫‪10%‬‬
‫‪-2%‬‬
‫‪3%‬‬
‫‪3%‬‬
‫‪7%‬‬
‫‪3%‬‬
‫‪3%‬‬
‫‪5%‬‬
‫למ"ר בחודש‬
‫‪31.12.2010‬‬
‫‪₪ 43.40‬‬
‫‪₪ 43.40‬‬
‫‪₪ 46.61‬‬
‫‪₪ 46.61‬‬
‫‪₪ 62.26‬‬
‫‪₪ 44.02‬‬
‫‪₪ 39.75‬‬
‫‪₪ 49.96‬‬
‫‪₪ 53.55‬‬
‫‪₪ 46.61‬‬
‫‪₪ 46.77‬‬
‫כמו כן‪ ,‬הושכרו ‪ 31‬מקומות חניה נוספים‪.‬‬
‫נכון ליום ‪ 31.12.2010‬הושכרו ‪ 32‬מקומות חניה‪ ,‬תמורת ‪ ₪ 7,526‬לחודש‪.‬‬
‫נכון ליון ‪ 30.9.2011‬הושכרו ‪ 63‬מקומות חניה‪ ,‬תמורת ‪ ₪ 15,220‬לחודש‪.‬‬
‫‪ .6.4‬תפוסה‬
‫‪.100%‬‬
‫שיעור התפוסה בנכס שבנדון ‪-‬‬
‫‪ .6.5‬דמי ניהול‬
‫המבנה מנוהל ע"י חברה ניהול חיצונית‪.‬‬
‫‪14‬‬
‫למ"ר בחודש‬
‫‪30.9.2011‬‬
‫‪₪ 45.26‬‬
‫‪₪ 50.10‬‬
‫‪₪ 51.25‬‬
‫‪₪ 52.00‬‬
‫‪₪ 61.29‬‬
‫‪₪ 45.23‬‬
‫‪₪ 40.84‬‬
‫‪₪ 53.90‬‬
‫‪₪ 55.03‬‬
‫‪₪ 47.89‬‬
‫‪₪ 49.22‬‬
‫‪ .7‬היסטוריה של הנכס‪ ,‬שומות ועסקאות‬
‫‪ .7.1‬רכישות ועסקאות‬
‫לא בוצעו רכישות ועסקאות בחמש שנים הקודמות למועד הקובע‪.‬‬
‫‪ .7.2‬שומות מקרקעין קודמות עד שלוש השנים לפני המועד הקובע ‪30.9.2011‬‬
‫ערכתי עדכון שווי לנכס שבנדון נכון ליום ‪.30.06.2011‬‬
‫אומדן השווי – ‪.₪ 36,740,000‬‬
‫שיעור השינוי ביחס לחוות הדעת הנוכחית הינו כ‪.13% -‬‬
‫ערכתי חוות דעת לנכס שבנדון נכון ליום ‪.31.12.2010‬‬
‫אומדן השווי – ‪.₪ 33,960,000‬‬
‫שיעור השינוי ביחס לחוות הדעת הנוכחית הינו כ‪.22% -‬‬
‫השינוי נובע משינוי בדמי השכירות המתקבלים‪ ,‬לאור ההסכמים החדשים‬
‫שנחתמו וכן שינוי בדמי השכירות הראויים‪ ,‬בהסתמך על סקר שוק שערכנו‬
‫בסביבה הסמוכה והסכמי השכירות החדשים בנכס הנדון‪.‬‬
‫לאור דמי השכירות המשולמים ודמי השכירות בסביבה‪ ,‬עלו דמי השכירות‬
‫הראויים בתום תקופות ההתקשרות מ – ‪ ₪ 42‬למ"ר ל – ‪ ₪ 45‬למ"ר‬
‫ו – ‪ ₪ 50‬למ"ר‪ ,‬בהתאם לרמת הגמר‪.‬‬
‫ערכתי חוות דעת לנכס שבנדון נכון ליום ‪.31.12.2009‬‬
‫אומדן השווי – ‪.₪ 33,700,000‬‬
‫ערכתי חוות דעת לנכס שבנדון‪ ,‬נכון ליום ‪.30.6.2008‬‬
‫אומדן השווי ‪ -‬בסך ‪.₪ 33,840,000‬‬
‫‪15‬‬
‫‪ .8‬גישות השומה‬
‫‪ .8.1‬קיימות ‪ 3‬גישות להערכת מקרקעין‬
‫גישת ההשוואה‬
‫בגישה זו‪ ,‬אומדן השווי מתבסס על נתוני שוק ועסקאות בנכסים דומים‪ ,‬תוך‬
‫ביצוע ההתאמות הנדרשות ביחס לנכס הנישום‪.‬‬
‫גישת העלויות‬
‫גישה זו ידועה גם כגישת החילוץ ‪.‬הנכס מוערך עפ"י עיקרון התחלופה‪.‬‬
‫השווי הנו סיכום של ערך הקרקע‪ ,‬עלות ההקמה והיזום של המבנה‪.‬‬
‫גישת היוון ההכנסות‬
‫בגישה זו אומדים את שווי הנכס על ידי היוון ההכנסות הצפויות להתקבל‬
‫לאורך חייו הכלכליים של הנכס‪.‬‬
‫גישה זו מתאימה בעיקר לנכסים מניבים‪.‬‬
‫‪ .8.2‬גורמים ושיקולים‬
‫‪ .8.2.1‬סביבה‬
‫הסביבה‪ ,‬אזור התעשייה "עתיר ידע" במזרח כפר סבא‪.‬‬
‫האזור נהנה מנגישות נוחה מהכבישים הארציים הסמוכים‪.‬‬
‫מאופיין בתעשייה עתירת ידע‪.‬‬
‫‪ .8.2.2‬מאפייני הנכס‬
‫הבניין הוקם כבניין לתעשייה מתקדמת‪.‬‬
‫השימושים בקומות העליונות לתעשייה עתירת ידע‪ ,‬בחלק מקומת‬
‫הקרקע‪ ,‬שימושי תעשייה מסורתית‪.‬‬
‫רמת הגמר גבוהה‪.‬‬
‫רמת התחזוקה טובה‪.‬‬
‫‪ .8.2.3‬מקומות חנייה‬
‫בעבר‪ ,‬לא היי תה באזור מצוקת חנייה ולפיכך גולם שווי מקומות החנייה‬
‫בשווי הנכס‪.‬‬
‫בתקופה האחרונה החלו בסביבה הסמוכה לגבות דמי שכירות עבור‬
‫מקומות החנייה‪.‬‬
‫בשלב זה‪ ,‬מובאים בחשבון ‪ 63‬מקומות החניה‪ ,‬המשולמים בלבד‪.‬‬
‫‪16‬‬
‫‪ .8.2.4‬זכויות במקרקעין‬
‫החלקה רשומה בבעלות קק"ל‪.‬‬
‫הזכויות במקרקעין הנן מכוח הסכמי חכירה שנחתמו בין מינהל‬
‫מקרקעי ישראל ואספן נדל"ן לגבי כל אחת מהיחידות‪.‬‬
‫הסכמי החכירה מסתיימים בשנת ‪( .2042‬נותרו כ ‪ 31 -‬שנים)‪.‬‬
‫תשלום דמי החכירה לתקופת חכירה נוספת‪ ,‬בערכי היום‪ ,‬הנו זניח‪.‬‬
‫עד כה טרם הושלם רישום זכויות החכירה בלשכת רישום המקרקעין‪.‬‬
‫הנחת העבודה הינה כי אין ולא תהיה מניעה לרישום זכויות חברת‬
‫אספן בלשכת רישום המקרקעין‪.‬‬
‫‪ .8.2.5‬זכויות בנייה נוספות‬
‫עפ"י חשבוני קיימות זכויות לבנייה נוספת‪.‬‬
‫השטחים הבנויים העיקריים‪ ,‬עפ"י היתר הבנייה משנת ‪ 1996‬מהווים‬
‫ניצול של כ ‪ 102% -‬משטח הקרקע‪.‬‬
‫זכויות הבנייה המותרות הנן ‪ 126% -‬בנייה‪.‬‬
‫דהיינו קיימות זכויות בהיקף של כ ‪ 24% -‬בנייה‪.‬‬
‫לאור העובדה שחלק מהמבנים נמכר ויתכן ונבנו שטחים נוספים‪ ,‬לא‬
‫מובאות בחשבון‪ ,‬בשלב זה‪ ,‬זכויות הבניה הנוספות‪.‬‬
‫‪ .8.2.6‬אפשרויות השימוש בנכס‬
‫עפ"י תב"ע מאושרת הייעוד הנו לתעשייה ומתאפשר מגוון שימושים‬
‫רחב‪ ,‬למעט תעשיות מטרידות‪.‬‬
‫היתר הבנייה ניתן לתעשייה קלה‪.‬‬
‫עפ"י הסכמי החכירה היחידות בבניין מוגדרות כ"חנות בבניין רווי"‪.‬‬
‫השימוש הנעשה בפועל הנו לתעשייה עתירת ידע‪.‬‬
‫ערכי השווי המובאים בחשבון משקפים שימושים לתעשייה קלה‬
‫ותעשייה עתירת ידע‪ ,‬להערכתי לא ידרשו תשלומים למינהל מקרקעי‬
‫ישראל ולעיריית כפר סבא בגין השימושים הנ"ל‪.‬‬
‫‪ .8.2.7‬סיכויים וסיכונים בנכס וגורמים העשויים להשפיע עליהם‬
‫לא ידוע לי על סיכויים וסיכונים ספציפיים לנכס שבנדון‪ ,‬מלבד‬
‫הסיכויים והסיכונים הטמונים בהתנהלות שוק הנדל"ן‪.‬‬
‫‪ .8.2.8‬מרכיב השיתוף‬
‫נחתמו הסכמי חכירה נפרדים מול מינהל מקרקעי ישראל‪.‬‬
‫לפיכך מרכיב השיתוף אינו רלוונטי‪.‬‬
‫‪17‬‬
‫‪ .8.2.9‬מיסוי‬
‫הערכה זו איננה מביאה בחשבון מס רווחי הון‪/‬מס שבח מקרקעין הצפוי‬
‫במכירה‪ .‬זאת מאחר ושיעור המס הנו סובייקטיבי למוכר‪.‬‬
‫‪ .8.3‬עקרונות התחשיב‬
‫‪ .8.3.1‬פירוט גישת השומה‬
‫הנכס שבנדון הנו נכס מניב‪.‬‬
‫אומדן השווי נקבע בגישת היוון ההכנסות‪.‬‬
‫‪ .8.3.2‬שער ההיוון‬
‫להלן מס' דוגמאות רלוונטיות לקביעת שער ההיוון‪:‬‬
‫‪ - 03/2011‬חברת סלע קפיטל רכשה את בניין הנהלת חברת‬
‫בזק בירושלים‪.‬‬
‫‪ 12,500‬מ"ר‪.‬‬
‫שטח בנוי ‪-‬‬
‫העסקה נערכה לפי שיעור תשואה של ‪.9.3%‬‬
‫‪ -04/2011‬חברת סלע קפיטל נדל"ן רכשה מגזית גלוב‬
‫ישראל שני מרכזים מסחריים שכונתיים הידועים‬
‫בשם " ‪ G‬טל" ו‪G " -‬אפק" בראש העין תמורת‬
‫‪ 93.7‬מיליון ‪.₪‬‬
‫העסקה משקפת שיעור תשואה של ‪.7.85%‬‬
‫‪ -06/2011‬חברת אמות רכשה חלק ממבנה תעשיה‬
‫ולוגיסטיקה חדש ומודרני באזור התעשייה‬
‫מודיעין‪.‬המבנה בשטח של כ‪ 12,500 -‬מ"ר אליו‬
‫צמודים שטחי פריקה‪ ,‬טעינה ואחסנה פתוחה‬
‫בהיקף של כ‪ 6,500 -‬מ"ר‪.‬‬
‫‪ 67‬מיליון ‪.₪‬‬
‫מחיר העסקה ‪-‬‬
‫‪ 5.5‬מיליון ‪.₪‬‬
‫הכנסה תפעולית‪-‬‬
‫העסקה משקפת תשואה בשיעור של ‪.8.21%‬‬
‫‪ 06/2011‬חברה בת של חברת בריטיש ישראל רכשה מחצית‬‫מהזכויות בקניון חדרה‪.‬‬
‫‪ 260‬מיליון ‪.₪‬‬
‫העסקה משקפת תשואה בשיעור של ‪.7.4%‬‬
‫‪-07/2011‬‬
‫חברת אמות רכשה חלק נוסף ממבנה תעשייה‬
‫ולוגיסטיקה באזור התעשייה במודיעין (כמפורט לעיל)‪.‬‬
‫‪ 93‬מיליון ‪.₪‬‬
‫במקביל חתמה אמות הסכם שכירות ל‪ 20 -‬שנה לפיו‬
‫תתקבל הכנסה תפעולית של ‪ 7‬מיליון ‪ ₪‬בשנה‪.‬‬
‫שיעור התשואה המתקבל בעסקה הינו כ‪.7.53% -‬‬
‫‪18‬‬
‫בהתאם לנתונים דלעיל שיעור ההיוון נקבע בשיעור ‪.8.5%‬‬
‫שערי היוון אלה מגלמים את הסיכויים והסיכונים הגלומים בסוג הנכס‪,‬‬
‫מיקומו ורמת הביטחון בקבלת דמי השכירות‪.‬‬
‫שער ההיוון מורכב מהריבית השנתית חסרת הסיכון המבוססת על אג"ח‬
‫ממשלתי צמוד מדד לתקופה ארוכה‪.‬‬
‫בנוסף מרכיב הפחת‪ ,‬פרמיה בגין סיכון ואי וודאות‪ ,‬איכות השוכרים‬
‫וגובה דמי השכירות ביחס למקובל בשוק‪.‬‬
‫‪ .8.3.3‬דמי שכירות ראויים בתום הסכמי השכירות‬
‫להלן דוגמאות לדמי שכירות מבוקשים בסביבה הסמוכה‪:‬‬
‫טווח המחירים בהסכמי השכירות החדשים הנו ‪ ₪ 50-61‬למ"ר‪.‬‬
‫למעט הסכם אחד בקומת הקרקע לפי ‪ ₪ 45‬למ"ר (שטח ברמת מעטפת)‪.‬‬
‫‪ ‬דמי שכירות ברחוב עתיר ידע מס' ‪20‬‬
‫הסכמי שכירות משנת ‪:2011‬‬
‫קומת קרקע בשטח של ‪ 294‬מ"ר תמורת ‪ ₪ 60‬למ"ר‪.‬‬
‫קומה א' בשטח ‪ 280‬מ"ר תמורת ‪ ₪ 52‬למ"ר‪.‬‬
‫‪ ‬ברחוב עתיר ידע ‪ ,9‬מוצע להשכרה בקומה ‪ 1‬בבניין משרדים והיי טק‬
‫‪ 310‬מ"ר משרדים מרוהט בקיובקסים עבור ישיבה באופן ספייס‪.‬‬
‫דמי שכירות מבוקשים ‪ ₪ 63‬למ"ר‪.‬‬
‫‪ ‬ברחוב עתיר ידע ‪ ,14‬בבניין הולך ונבנה (כניסה ב ‪ )1/2013‬של חברת‬
‫קלימוטק מוצעים להשכרה ‪ 2,500‬כ‪ -‬מ"ר למטרת‬
‫משרדים‪/‬אחסנה‪/‬תעשיית היטק ברמת גמר בסיסית ‪.‬‬
‫דמי שכירות מבוקשים ‪ ₪ 55 :‬למ"ר בקומות א' או ב'‪.‬‬
‫‪ ₪ 65‬למ"ר בקומת קרקע‪.‬‬
‫‪ ‬עפ"י פרסומי חברת רשף נכסים מוצעים להשכרה שטחים שונים ב‬
‫א‪.‬ת‪ .‬עתיר ידע בדמי שכירות הנעים בין ‪ ₪ 55- 40‬למ"ר‪.‬‬
‫‪ ‬עפ"י פרסום של נת"מ שרותי נדל"ן מוצעים להשכרה ב א‪.‬ת‪ .‬עתיר‬
‫ידע שטחים שונים הנעים סביב ‪ ₪ 55‬למ"ר‪.‬‬
‫‪19‬‬
‫‪ .8.3.4‬דמי שכירות ראויים‬
‫דמי השכירות הראויים נקבעו כדלקמן‪:‬‬
‫‪ ₪ 45‬למ"ר לשטח ברמת מעטפת‪.‬‬
‫‪ ₪ 50‬למ"ר ליתרת השטחים‪.‬‬
‫בסוף שנת ‪ 2011‬עומד להסתיים הסכם שכירות לשטח של כ – ‪1,127‬‬
‫מ " ר‪.‬‬
‫לאור גודל השטח‪ ,‬מובאת בחשבון הפחתה בגין עלות הפרדת המערכות‬
‫לשטחים קטנים יותר‪.‬‬
‫העלות הצפויה‪ ,‬עפ"י הערכת החברה ליתרת השטח מוערכת בכ‪₪ 500 -‬‬
‫למ"ר‪ ,‬קרי כ‪.₪ 560,000 -‬‬
‫בתחשיב השווי מובאת בחשבון דחייה של שנה עד להשכרת שטח זה‪.‬‬
‫‪ .8.3.5‬הסתמכות על מומחים ו‪/‬או שמאים אחרים‬
‫בחוות דעת זו לא הסתמכתי על מומחים ו‪/‬או שמאי מקרקעין אחרים‪.‬‬
‫‪ .8.4‬השומה‬
‫אומדן שווי הנכס שבנדון‪ ,‬בשוק החופשי בקריטריון של קונה מרצון ממוכר‬
‫ברצון‪ ,‬כשהוא ריק‪ ,‬פנוי ונקי מכל חוב‪ ,‬שיעבוד‪ ,‬משכנתא וזכויות צד ג' למעט‬
‫זכויות השוכרים החופשיים‪ ,‬בסך השווה ל – ‪₪ 41,530,000‬‬
‫(ארבעים ואחת מיליון חמש מאות ושלושים אלף ‪.)₪‬‬
‫לא כולל מע"מ‪.‬‬
‫‪ .8.5‬בדיקת רגישות‬
‫בדיקת הרגישות נערכת בפרמטרים של שער היוון ‪:‬‬
‫שינוי בשער ההיוון‬
‫שינוי בדמי השכירות הראויים‬
‫‪-10.0%‬‬
‫‪-5.0%‬‬
‫‪0.0%‬‬
‫‪5.0%‬‬
‫‪10.0%‬‬
‫‪-1.0%‬‬
‫‪-0.5%‬‬
‫‪0.0%‬‬
‫‪₪ 43,280,000‬‬
‫‪₪ 45,250,000‬‬
‫‪₪ 47,210,000‬‬
‫‪₪ 49,180,000‬‬
‫‪₪ 51,140,000‬‬
‫‪₪ 40,550,000‬‬
‫‪₪ 42,370,000‬‬
‫‪₪ 441,900,000‬‬
‫‪₪ 46,020,000‬‬
‫‪₪ 47,840,000‬‬
‫‪₪ 35,990,000 ₪ 38,130,000‬‬
‫‪₪ 37,580,000 ₪ 39,830,000‬‬
‫‪₪ 39,170,000 ₪ 41,530,000‬‬
‫‪₪ 40,760,000 ₪ 43,230,000‬‬
‫‪₪ 42,350,000 ₪ 44,930,000‬‬
‫‪20‬‬
‫‪0.5%‬‬
‫‪1.0%‬‬
‫‪₪ 34,070,000‬‬
‫‪₪ 35,560,000‬‬
‫‪₪ 37,050,000‬‬
‫‪₪ 38,540,000‬‬
‫‪₪ 40,040,000‬‬
‫המועד הקובע ‪-‬‬
‫‪30.9.2011‬‬
‫מיסים ותשלומים ‪-‬‬
‫להערכתנו‪ ,‬לא צפויים תשלומים בגין היטל השבחה‪.‬‬
‫תקופת החכירה צפויה להסתיים בעוד כ‪ 32 -‬שנה‪.‬‬
‫נכון להיום‪ ,‬התשלומים החזויים למינהל מקרקעי‬
‫ישראל בגין חידוש תקופת החכירה זניחים‪ ,‬לפיכך‬
‫אינם מובאים בחשבון בתחשיב השווי‪.‬‬
‫הנני מצהירה כי אני בעלת ידע וניסיון רלוונטיים לביצוע הערכת השווי וכי אין לי עניין‬
‫אישי בנכס ו‪/‬או בבעליו וההערכה שלהלן נעשתה על פי מיטב ידיעותיי‪ ,‬ניסיוני ושיקול‬
‫דעתי המקצועיים‪.‬‬
‫הנני מצהירה כי חוות דעתי זו נערכה על פי תקן מספר ‪" 17.1‬גילוי מינימאלי נדרש‬
‫בעבודות שמאות מקרקעין המבוצעות לצורך דיווחים על פי חוק ניירות ערך‪,‬‬
‫התשכ"ח‪ "1968-‬שניתן ע"י הועדה לתקינה שמאית במועצת שמאי המקרקעין‪.‬‬
‫חוות דעת זו ערוכה על פי תקנות שמאי מקרקעין (אתיקה מקצועית) התשכ"ו ‪1966 -‬‬
‫ועפ"י התקנים המקצועיים של הועדה לתקינה שמאית‪.‬‬
‫בכבוד רב‪,‬‬
‫רלי טרייסטמן‪-‬אגמי‬
‫משפטנית ושמאית מקרקעין‬
‫תאריך החתימה על דו"ח זה‪28.11.2011 :‬‬
‫‪21‬‬

Office, retail buildings and daycare center at "Münsterstraße

Transcription

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