Having regard to the foregoing, we are of the opinion that the estimated values of the Right of Freehold of the existing Galeria Mokotów shopping centre and Perpetual Usufruct of the subject land, as at 30th September 2008 were as follows:(1) Existing Building GROSS MARKET VALUE US$ 556,600,000 (Five Hundred Fifty Six Million and Six Hundred Thousand American Dollars) Subsequently, allowances have been made for transaction expenses of realisation, or for taxation, which might arise in the event of a disposal. The report is subject to, and should be read in conjunction with, the attached General Terms and Conditions of Business and our General Principles Adopted in the Preparation of Valuations and Reports, which are attached in Appendices 1 and 2. The interpretive commentary on this definition is attached at Appendix 3. You have asked us to establish the Market Value of the property, as at the date of valuation, defined as: ‘The estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm's-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.’
#GALERIA CUPRUM ARENA LUBLIN CODE#
and have assumed that these have been prepared in accordance with the RICS Code of Measuring Practice 5th Edition.īasis of Valuation Our Valuation has been prepared in accordance with the RICS Valuation Standards published by the Royal Institution of Chartered Surveyors on the basis of Market Value as defined in Appendix 3. We have been provided with floor areas by Rodamco CH1 Sp. We have not been instructed to carry out a building survey or environmental risk assessment. We have inspected the development site on 30th September 2008 and carried out all the necessary enquiries with regard to rental and investment value, planning issues and investment considerations. The report is also allowed to be issued for the purposes of financial statements of Glob Trade Centre S.A. as well as its shareholders, some of which are public companies. We understand that the valuation is required for Aareal Bank AG loan security purposes and financial statements of Rodamco CH1 Sp.
Małgorzata Żółtowska Jakub Kleban Tel: +48 22 318 00 00 Fax: +48 22 318 00 99 ĭear Sirs, RE: VALUATION AND REPORT ON GALERIA MOKOTÓW SHOPPING CENTRE LOCATED IN WARSZAWA Instructions We have pleasure in reporting to you in accordance with your letter of instruction dated 30th September 2008 regarding the above property.
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