Property: VALUATION REPORT Mixed use property Address: Wandsbeker Marktstraße 37 D-22041 Hamburg Prepared for: Nykredit Under Krystallen 1 DK 1780 Kobenhavn V Purpose of valuation: Determination of the market value in accordance with Red Book standard for financing purposes. Date of valuation: 25.02.2016 Date of inspection: 25.02.2016 von Borries Advisory-Partners Büro Hamburg: Zippelhaus 2 20457 Hamburg Büro Uelzen: Büro Uelzen: Gut Golste 4 A 29587 Natendorf Tel +49 (0)40-43 21 861-0 Fax +49 (0)3212-1401332 info@vb-ap.de www.vb-ap.de Inhaber: Christof von Borries
Table of Contents No. Section Page 1 2 Executive Summary 3 Short Description 5 2.1 Building construction 5 2.2 Building structure 5 2.3 Legal situation 6 2.4 Valuation comments 8 2.5 Market value and conclusion 11 3 Appendix 12 Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 2 of 37
1 Executive Summary Basic information Property: Owner: Date of inspection: Inspected units: Address: Wandsbeker Marktstrasse 37 D-22041 Hamburg Municipality distr.: Hamburg Federal state Hamburg PO Wandsbek GmbH, Kiel 25.02.2016 1 retail, 1 residential unit Property Use class: Year of construction: Year of reconstruction: Year of refurbishment: Site area: Surrounding area use: Mixed use property approx. 1960, extension approx. 2002 - ground floor 2014 1,494 sq. m. retail, residential, restaurants Units areas Vacant units Vacant areas % Residential: 8 552 0 0 0% Office: 0 0 0 0 0% Retail: 1 510 0 0 0% Storage: 1 118 0 0 0% Parking lots: 14 6 0% Garages: 0 0 0% Others: Gastronomy 0 0 0 0 0% Others: medical practice 0 0 0 0 0% Others: 0 0 0 0 0% Total 24 1,180 6 0 0% Building materials: Roof: Windows: Facades: Basement: Staircases: Installations: Type of construction: timbers construction, saddleback roof, tiles aluminium, wood, plastic framed insulated and single glass brick stone, clinker partly basement, massive construction concrete construction with terrazzo stone average standard massive construction Authorities Building law: Environmental/contamination issues: Taxes: Preservation order: Encumbrances land register: Encumbrances public obligations: devel. pl: residential and mixed core use; building land none (assumed) currently free none none none Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 3 of 37
State of maintenance (1) Very good condition - (4) Medium condition - (7) Very poor condition, in need of immediate repair State of maintenance roof: State of maintenance windows: State of maintenance facade: State of maintenance basement State of maintenance staircases State of maintenance technical installations: State of maintenance other relevant issues: Overall state of maintenance: Backlog: 1 2 3 4 5 6 7 X X X X X X X X 20,000, wall cracks inside walls Additional assessments Location quality Residential: Location quality Commercial: Rent ability residential units: Rent ability commercial units: Sale ability: Eligibility for collateral in the short run: Eligibility for collateral in the long run: Alternative use: Type of alternative use: Method for the valuation: 1 2 3 4 5 6 7 X X X X X X X X none Discounted cash flow Special conditions Special conditions in the rental contracts: Special conditions in the purchase contract: none n/a Other information Are there any interest between the tenants and the owner: Is the rent in the rental contracts specified for each category of use: Rental contracts including VAT Other/additional relevant information: 1) 1=best; 7 very poor no yes yes, retail contract none Value Date of purchase: Sales price within the last 2 years: Cap. Rate in 10 years: Discount rate: Market value: Value per square meter useable area: n/a n/a 5.25% 5.00% 4,100,000 3,474 /sq. m. Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 4 of 37
2 Short Description 2.1 Building construction Property type: Mixed use property Year of : construction: 1960 (extension approx. 2002) modernization: 2014 (ground floor) refurbishment: 2014 (entrance hall) Construction: Type of construction: massive construction, brick stone Interior walls: concrete, light weight construction Floor slabs: reinforced concrete Facade: brick stone, plaster Windows: mix of aluminium, wood, plastic framed, mostly insulated glass; Roof: timbers construction, saddle back, extension with concrete construction and bituminized felt Staircase: reinforced concrete with terrazzo Balconies: 6 Installations: Heating: gas central heating and ventilation Warm water: instantaneous water heater Electrical: average quality (retail unit: good) Lift: none Others: retail unit with local air condition, burglar alarm Fitting quality: Residential: simple Retail: good Other special fittings: Condition of the building: Latest modernization/ maintenance: none The building is in an average condition and has no relevant damages. Some smaller damages like cracks in interior walls were detected and will be considered with a small capex. Complete reconstruction of the retail unit and the entrance hall in 2014 Approx. 230,000 were invested incl. cost subsidy for the tenant Takko 2.2 Building structure Number of buildings: 1 Building structure: Basement: only front building, storage, social room, technic Ground floor: 1 retail unit Upper floors: 8 flats, 2 per storey Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 5 of 37
Units, areas and income: use rental units space vacancy current rent occup. vacant total occup. vacant total rate /sq. m. total (month) residential 8 0 8 552 0 552 0.0% 7.43 4,099.27 office 0 0 0 0 0 0 0.0% 0.00 0.00 med. pract. 0 0 0 0 0 0 0.0% 0.00 0.00 retail 1 0 1 510 0 510 0.0% 28.42 14,500.00 hotel 0 0 0 0 0 0 0.0% 0.00 0.00 gastro 0 0 0 0 0 0 0.0% 0.00 0.00 storage 1 0 1 118 0 118 0.0% 0.00 0.00 special 0 0 0 0 0 0 0.0% 0.00 0.00 sub. comm. 2 0 2 628 0 628 0.0% 23.07 14,500.00 subtotal 10 0 10 1,180 0 1,180 0.0% 15.76 18,599.27 parking out 8 6 14 0.0% 0.00 241.06 parking in 0 0 0 0.0% 0.00 0.00 other 0 0 0 0.0% 0.00 0.00 total 18 6 24 1,180 0 1,180 18,840.33 total p.a. 226,083.96 average flat size 69.0 sq. m. Tenant quality: The biggest tenant, accounting for almost 80% of the annual income, is the fashion retail chain Takko. Takko is one of the leading value fashion retail chains in Germany. The company has 17,000 employees and 1,900 stores in 16 European countries, 1,100 alone in Germany. Significant competitors of Takko are C&A, KiK, NKD and fashion chains like H&M and Primark. The company is further expanding in Europe. The main tenant is estimated to have a very good reliability. 2.3 Legal situation Building law: Zoning plan Mixed use Development plan from 1989 Residential along the street Up to 4 storeys Core area commercial use in The backyard 1 storey Special local constitutions: Land register: None Rights (no changes assumed): none Encumbrances: none Register of public obligations: None Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 6 of 37
Register of contaminated sites: Preservation order: Status of taxes and contributions: Other not registered agreements: Building permission: No entries The building is not listed as an ancient monument. The plot is currently free of encumbrances through taxes and contributions (assumed). None available The planning permission is not included in the available documentation. The material legality of the existing building development is assumed. Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 7 of 37
2.4 Valuation comments Valuation model: Comments on rent level: The analysis is based on a discounted cash flow analysis of the property with a 10 year view and a resale of the property at the end of year 10 (calculation see appendix). In this valuation model we use an equivalent yield for discount and resale that implicitly accounts for inflation and growth as well as the current property and the investment market including the particular characteristics of the property such as letting situation, location and building quality. Residential Market rents for residential (Engel & Völkers): Simple/ standard locations 7.00 to 8.50 /sq. m. Medium/ average locations 8.00 to 11.00 /sq. m. Good location 10.00 to 14.00 /sq. m. Best location/ new building 13.00 to 20.00 /sq. m. Rental offers for residential space 500m radius: 30 60 sq. m. 9.00 to 13.00 /sq. m. 60 90 sq. m. 7.00 to 12.50 /sq. m. Official rent index from 2015: 66 91 sq. m. 6.15 to 8.33 /sq. m. Average 7.04 /sq. m. The 3 most recent contracts were agreed at 9.00 /sq. m. Therefore we estimate a sustainable market rent of 8.25 /sq. m. Since July 2015 in Hamburg the new rental law (rental increase break, Mietpreisbremse ) is in effect. Residential rents can only be increased to 10% above the rent index in case of reletting. Retail Market rents for retail space: 2B district center 10.00 to 15.00 /sq. m. 2A district center 20.00 to 60.00 /sq. m. 1B city center 20.00 to 50.00 /sq. m. 1A high street 130.00 to 300.00 /sq. m. Asking rents for retail space in the surrounding: Radius 500m 12.00 to 46.00 /sq. m. Radius 1km 7.00 to 46.00 /sq. m. Wandsbeker Marktstraße is part of the district center of Wandsbek with good demand from retail chains, especially for big stores above 500 sq. m. With the new Budnikowski drugstore next door the location has a good pedestrian frequency. Based on comparable transactions in the surrounding the current rent is within the sustainable market range and the location quality is increasing further. Therefore we estimate the current rent as sustainable. Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 8 of 37
Storage/ social: The rent for storage space is included in the retail area. Parking spaces: Current rents are agreed between 35 and 42 per sq. m. per month. The monthly rent for locally offered outside parking lots varies from 25 to 40, inside parking between 60 and 80. A rent of 40 is estimated as sustainable. Comments on the lease terms/ conditions: For an overview of the commercial contracts please see appendix. Additional information: Residential tenants pay all recoverable costs based on the law and are responsible for small repairs Takko does not pay any building insurance or ground tax Tenant improvements: To re-let a unit the landlord has to improve the unit to meet the requirements of a new tenant. Tenant improvements of 100 /sq. m. are calculated for all units depending on estimated tenant change. Deferred maintenance/capital expenditures: Saleability: Deferred maintenance: For the small damages within the flats we calculate a lump sum of 20,000. Due to location and very good rental condition with long term stable cash flow we estimate an overall very good saleability. Lettability: Residential: very good Retail. good Alternative use: Capitalisation rate (resale): Discount rate: None - existing use is sustainable The chosen capitalisation rate is used to calculate the supposable resale value of the property in 10 years. Based on a market situation comparable to today and in consideration of the basic advantages and disadvantages of the property a cap rate of 5.25% was chosen. The yield is used to calculate the present value of the cash flows over a 10 year term. The used valuation model is based on an equivalent yield that implicitly accounts for inflation and growth. The advantages of the property are a sustainable retail location in a city district center and a very good demand for mixed use properties in Hamburg. Based on the expected investment risk and the current market situation we assess a discount rate of 5.00%. This yield leads to a gross multiplier of approx. 18.13 Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 9 of 37
based on the current annual income, which is in the upper range of the market for older properties in sustainable retail locations outside the city center. Market trends: LOCATION GROSS YIELD TREND very good 3.6-4.6 g good 4.2-5.0 g average 5.0-5.9 m simple 5.6-6.7 m Market value per sq. m. 3,474 /sq. m. Comments on the sales price: n/a Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 10 of 37
2.5 Market value and conclusion Based on our calculations and in accordance with Red Book we estimate the market value of the property Wandsbeker Marktstraße 37, D-22041 Hamburg on the date February 25 th, 2016 at 4,100,000.00 in words: four million and one hundred thousand Euros Conclusion: The property is a mixed use building with a focus on retail income (80%). It is an average quality building in a sustainable retail location in the district center of Wandsbek. Main advantage is a long term rental contract with a solvent retail chain. Therefore we estimate a good eligibility for collateral in the long term and also a good eligibility for collateral in the short term. Hamburg, 04/03/16 i.a. Steffen Schroeder von Borries Advisory-Partners No conflict of interest We confirm that we have no conflict of interest, either with the Borrower or with the properties in question. We also confirm that von Borries Advisory-Partners does not benefit (other than from receipt of the valuation fee) from this valuation instruction. Copyright The Client assures that all valuations, reports, plans, drafts, renderings, tables and calculations will only be used for those purposes specified in the contract and will not be published without the prior consent of von Borries Advisory Partners in each individual case. The Client will only pass on the results of Advisor s work to third parties, even if directly connected with the Client, with the explicit prior written consent of the Advisor. Indemnity insurance von Borries Advisory-Partners assure that the amount of their professional indemnity insurance is limited to 2.5 million on a per case basis. Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 11 of 37
3 Appendix Appendix 1 Appendix 2 Appendix 3 Appendix 4 Appendix 5 Appendix 6 Appendix 7 Appendix 8 Appendix 9 Appendix 10 Appendix 11 Appendix 12 Appendix 13 Comparables Conditions of the rental contracts DCF Calculation Layout plan SWOT Analysis Macro - micro location analysis Cadastral map Copy of land register Statement of the Environmental Agency Register of public obligations Preservation order Status of taxes and contributions Photo documentation Layout plan Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 12 of 37
Comparables Appendix 1 Sales comparables # year type location YOC usable area purchase price multiplier 1 2015 multi family house simple 1930 545 1,000,000 19.32 1,835 2 2015 multi family house medium 1957 1,688 4,450,000 23.95 2,636 3 2015 multi family house medium 1960 1,355 4,000,000 25.25 2,952 4 2015 mixed use simple 1963 617 1,050,000 15.80 1,702 5 2015 multi family house simple 1963 586 1,000,000 26.50 1,706 price /m² Asking residential rents in neighbourhood Distance km Bed rooms sq.m. rent /m² Notes 0.3 km 3 89 1228.50 13.80 new construction 0.59 km 3 66 590.00 8.94 1960ies building 0.6 km 2 63 728.00 11.56 good location 0.6 km 2 62 651.00 10.50 1980ies building 0.76 km 4 105 1250.00 11.90 refurbished 0.8 km 2 57 605.00 10.61 nmodern fittings Comparable retail rents in in Wandsbeker Marktstraße Location sq.m. rent /m² Notes No 47 250 8,500.00 34.00 realized No. 31 125 6,200.00 49.60 offer No. 15 158 5,000.00 31.65 realized No. 19 58 3,000.00 51.72 realized Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 13 of 37
parking other commercial residential VALUATION REPORT Conditions of the rental contracts Appendix 2 # Tenant use kind units Interest betw. tenant/ owner Start of contract End of contract Prolongation / option Space sq. m. current /sqm current income month Rent adjustment Remarks occupied apartments residential 8 551.91 7.43 4,099.27 vacant apartments residential 0.00 0.00 unit vacant since 31.01.2016 1 Takko Holding GmbH retail clothing store 1 no 05.05.2014 04.05.2026 3 x 5 years 510.12 28.42 14,500.00 step up to 15,000 in 2018; 10% VPI change, 80% rent adjustment tenant don't pay ground tax and building ensurance Takko Holding GmbH storage clothing store 1 no 05.05.2014 04.05.2026 " 118.31 0.00 0.00 " incl. in main contract 0.00 0.00 outside occupied parking out 8 30.13 241.06 outside vacant parking out 6 0.00 0.00 inside occupied parking in 0.00 inside vacant parking in 0.00 Total 24 1,180.34 18,840.33 Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 14 of 37
parking commercial residentia VALUATION REPORT DCF Calculation Appendix 3 U s e tenant No. units space sqm current rent /sqm sustain. rent /sqm Leaseup period in months Rent adjustment in years year 1 year 2 year 3 year 4 year 5 year 6 year 7 year 8 year 9 year 10 resale apartments (occupied) 8 551.91 7.43 8.25 5 49,191 50,281 51,370 52,460 53,550 54,639 54,639 54,639 54,639 54,639 54,639 apartments (vacant) 9.00 2 retail (Takko Holding GmbH) 1 510.12 28.42 28.42 173,971 173,971 179,970 179,970 179,970 179,970 179,970 179,970 179,970 179,970 173,971 storage (Takko Holding GmbH) 1 118.31 parking out (outside occupied) 8 30.13 40.00 3 3,840 3,840 3,840 3,840 3,840 3,840 3,840 3,840 3,840 3,840 3,840 parking out (outside vacant) 6 40.00 6 2,880 2,880 2,880 2,880 2,880 2,880 2,880 2,880 2,880 2,880 2,880 parking in (inside occupied) parking in (inside vacant) Total 24 1,180.34 229,883 230,972 238,061 239,150 240,240 241,329 241,329 241,329 241,329 241,329 235,330 Non Recoverable Cost management 4.00% -9,195-9,239-9,522-9,566-9,610-9,653-9,653-9,653-9,653-9,653-9,413 running maintenance 8.00 /sqm -9,443-9,443-9,443-9,443-9,443-9,443-9,443-9,443-9,443-9,443-9,443 cost of tenant fluctuation (vacancy) 0.25% -575-577 -595-598 -601-603 -603-603 -603-603 -603 other NRC Total of non recs 8.36% -19,213-19,259-19,560-19,607-19,653-19,699-19,699-19,699-19,699-19,699-19,459 Net Rental Income 210,670 211,713 218,500 219,544 220,587 221,630 221,630 221,630 221,630 221,630 215,871 Capital Expenditures deferred maintenance -20,000 capex tenant improvements/ modernisation -11,000-11,000-11,000-11,000-11,000-11,000-11,000-11,000-11,000-11,000 Property resale Cap Rate 5.25 % 4,111,832 4,111,832 Net Cash Flow 179,670 200,713 207,500 208,544 209,587 210,630 210,630 210,630 210,630 4,322,462 Discount Rate 5.00 % 171,114 182,053 179,247 171,569 164,217 157,176 149,691 142,563 135,774 2,653,617 For Information Net Present Value 4,107,020 Multiplier on current rent 18.13 Price per sqm 3,474 Market Value (rounded) 4,100,000 Multiplier on sustainable rent 17.42 Resale multiplier 17.42 Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 15 of 37
SWOT analysis Appendix 4 Strengths: Weaknesses: Opportunities: Threats Sustainable retail location - shopping street in district center Very good public transport links 10 year lease contract, accounting for 80% of the income Sufficient number of parking lots High demand for mixed use properties in Hamburg Modernized ground floor retail unit Simple building structure and average condition Simple fittings of the residential units and noisy street Further increase of the retail location quality, which is based on new developments in the near surrounding Rent increase potential for most of the flats It is more a retail property than a mixed use property Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 16 of 37
Macro location analysis on city level Appendix 5 Macro location map: City: Socio-demographic facts: Key facts: Economic trends: Hamburg Inhabitants: approx. 1,750,000 (positive development in recent years) Unemployment rate: city 7.5%/ Germany 6.7% Purchase power: 111.3 (average = 100) Hamburg, situated directly at the River Elbe, is, after Berlin, the largest city in Germany. The city is a much demanded living and business location. The inhabitants of Hamburg have the highest average private income of all German cities. Hamburg is famous for its overseas harbour, which is the second largest in Europe and the eighth largest in the world. With the rivers Elbe and Alster as well as several river channels the cityscape is characterized by a high percentage of water and has a maritime flair. Hamburg is known for a large cultural offer (e.g. a variety of musical theatres) and its manorial urban mansions. Hamburg is an important cross point for trade, transport and service. With its branches of trade, e.g. aviation, chemical, ship building etc. it is among the most important industrial areas in Germany. Hamburg is one of the most important economic centres of Europe. Because of the harbour, the connection between east and west, its importance will continue to rise in the future. The strength of Hamburg s economy is the very good diversification between trade, industrial, and the service business. It is the reason for a very stable economic development without any strong variations. The city has almost overcome the economic crisis in line with the fast recovery of the whole German economy. The fast inclining export business and dynamic international trade are the main reasons. Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 17 of 37
Micro location analysis on vicinity level Appendix 6 Micro location map: Surroundings: The district Wandsbek is located in the north east of Hamburg and is known as a working class quarter. Due to the comprehensive demolition during WWIIthe district is today predominantly characterized by building structures from the 1950ies and 1960ies. The area around Wandsbeker Marktplatz and along Wangsbeker Marktstraße displays the commercial and administrative district center of Wandsbek. With a central bus station and subway stations the location is a public transport hub and creates a high pedestrian frequency. Wandsbeker Marktstraße is a shopping street including plenty of retail shops and service units as well as restaurants. The surrounding is characterized by retail and mixed-use buildings from the 1950ies to 1980ies. A few 100m east are a Karstadt department store and the shopping center Quaree Wandsbek-Markt. Next door the drugstore chain Budnikowsky has opend a store last year. The location shows a stable development and will further increase with the new 12,000 sq. m. retail building at the corner Wandsbeker Marktstraße and Brauhausstraße 200 m west of the valuated property. The shopping center called M1 will be completed in 2016/2017 and includes a 4 storey retail part (e.g. REWE market, Decathlon sport clothes) and a 3 story parking garage. Distance: Public transport: bus station in 400m, subway stations in 200m Motorway: A 24 in 2km Railway: main station in 6km Airport: Hamburg-Fuhlsbüttel in 8km City centre: in 7km Assessment of the location quality: Simple to medium quality for residential due to the noisy street. Good for retail, 2A location district center with high pedestrian footfall. Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 18 of 37
turnover in bn. VALUATION REPORT Market situation Appendix 7 German investment market: The German real estate investment market is in record mode and has closed the last year with the highest turnover ever, which was 40% higher than 2014. The last quarter 2015 alone included 17bn. and 34% of the entire year. Obviously the German real estate investment market is unimpressed by the geopolitical crises all over the world and benefits from an increasing amount of international capital looking for safe havens like the economically stable country Germany. Therefore the country is in the focus of international investment capital, approx. 50% of the turnover came from foreign investors. The market is prospering over all sections and is driven by the good financing conditions and the lack of alternative investment possibilities on the financial market Depending on the development of the FED and EZB base rates the forecast for 2016 is still very positive. The market participants are expecting again a turnover of around 50 bn. COMMERCIAL REAL ESTATE INVESTMENT GERMANY 60 50 55.00 50.00 40 40.00 30 20 19.60 23.00 25.60 30.00 17.00 10 0 2010 2011 2012 2013 2014 2015 Q4 2015 forecast 2016 The most popular investment class is still the core segment and office properties (41% of turnover) and retail properties (31% of turnover). But due to low yields and a restricted number of offers the volume of core plus investments are increasing and so do B-locations of A-cities and also A-locations in B-cities. Furthermore the market acts according to the motto big is beautiful, the demand increases in line with the volume of a transaction. Major players on the market are still institutional investors (>50% of turnover) like special funds and insurances as well as pension funds and private offices. The prime yields have again slightly declined on a historically low level of 3.9%. Hamburg Investment market: The Hamburg investment market has finished the year 2015 with the second best turnover ever, which was approx. 40% above the 10 year average. In line with the German market the investment market is prospering and driven by a high demand for all property categories. Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 19 of 37
bn. prime yield VALUATION REPORT The highest turnover share included office buildings (60% of the turnover). Most important buyers were institutional investors. And predominantly demanded are inner city locations and core properties. Due to the lack of supply the yields have decreased again and are lower than in the last market peak 2007. INVESTMENT TURNOVER / Prime Yield Hamburg 4.50 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0.00 5.00% 1.90 4.85% 2.20 4.65% 4.60% 1.90 2.70 3.70 4.40% 3.98 4.00% 0.68 4.00 5.10% 4.90% 4.70% 4.50% 4.30% 4.10% 3.90% 3.70% 3.50% Residential investment: (Source: Engel & Völkers) Multipliers: Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 20 of 37
Cadastral map Appendix 8 Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 21 of 37
Copy of Land Register Appendix 9 Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 22 of 37
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Statement of the Environmental Agency Appendix 10 Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 25 of 37
Register of public obligations Appendix 11 Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 26 of 37
Preservation order Appendix 12 Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 27 of 37
Status of taxes and contributions Appendix 13 The plot is currently free of encumbrances (assumed). Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 28 of 37
Photo documentation Appendix 14 Front view Shop entrance Neighbourhood Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 29 of 37
Rear view Backyard Rear facade Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 30 of 37
Roof of annex building Stair case Retail unit Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 31 of 37
Retail unit Retail unit Retail unit Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 32 of 37
Apartment door Apartment quality Apartment quality Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 33 of 37
Apartment quality Apartment quality Balcony, apartment quality Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 34 of 37
Radiator, apartment quality Electric installation Heating system, residential part Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 35 of 37
Layout plans Appendix 10 Basement and cellar Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 36 of 37
Example for part of upper floor Gut Golste 4 A I 29587 Natendorf Tel: 040/4321861 0 page 37 of 37