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Chapter V VII Project Example

The document describes a proposed 190,000 square foot commercial development on a 12 acre site. It includes details on the land costs, construction costs, loan terms, and anticipated holding period. The total development costs are estimated to be $11.9 million. A 12-month construction loan at 14% interest will be used to fund construction. Upon completion, the loan will convert to a 20-year permanent loan at 12% interest. The developer expects to hold the property for 5 years after completion.

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25 views28 pages

Chapter V VII Project Example

The document describes a proposed 190,000 square foot commercial development on a 12 acre site. It includes details on the land costs, construction costs, loan terms, and anticipated holding period. The total development costs are estimated to be $11.9 million. A 12-month construction loan at 14% interest will be used to fund construction. Upon completion, the loan will convert to a 20-year permanent loan at 12% interest. The developer expects to hold the property for 5 years after completion.

Uploaded by

Sajad
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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A.

Site and proposed improvements


Lot Size: 12 acres @ 43,560 sq. ft. per acr 522,720 square feet
Gross Building Area [GBA]: 190,000 square feet
Gross Leasable Area [GLA]: 175,000 square feet
FAR = 36.35%
Leasable Area = 92.11%
B. Development period 12 months
C. Site plan
Building Coverage 30%
street parking 20%
Open space/landscaping
D. Land Costs: 2,250,000 €
E. Construction Costs:
Site Improvement Costs: 750,000 €
Hard Costs: $54.00 psf of GBA 10,260,000 €
Soft Costs: $4.50 psf of GBA 855,000 €
F. Loan Information
Construction Loan
Loan term 12 months
% of construction loan drawn in the first 6 months 60%
% of construction loan drawn in the last 6 months 40%
Interest Rate 14% 0.011667
Construction loan fee 2.00%
Permanent loan
Debt Amortization 20 years
interest rate 12%
Permanent loan fee 2.5%
E. Anticipated hold after completion 5 years
Areas:
Lot Size: 12 acres @ 43,560 sq. ft. per acre
Gross Building Area [GBA]: FAR = 36.35%
Gross Leasable Area [GLA]: Leasable Area = 92.11%

Land Cost:

Construction Costs:
Site Improvement Costs:
Hard Costs: 54 €
Soft Costs: 5€
TOTAL non-financing construction costs:

Construction Period Financing:


Construction Loan Amount
Annual Interest Rate
Loan Fee @ 2%
Construction Period Interest

Permanent Financing: (to begin one year from the start of construction):
Loan Amount (= Construction Loan Balance)
Annual Interest Rate
Maturity
Payment Frequency
Loan Fee @ 2.5% (paid by developer @ start of construction)
Annual Debt Service (Annual PMT)

Total Project Costs (excluding loan fees and interest costs):


Land Acquisition
Site Improvement Costs
Hard Costs
Soft Costs
TOTAL
Year 0 1
Loan Amortization:
Beginning Balance
Ending Balance 12,744,786 €
Principal
Interest
Cash Flow - 318,620 € 12,744,786 €

Loan fee @ 2.5% 318,620 €


Permanent Loan Cost of Borrowing 13%

Depreciation:
Total Development Cost 12,744,786 €
Useful Life in Years 32 €
Depreciation Metho SL
Annual Deduction 404,596 €
Accumulated Depreciation

Construction Loan Analysis:

Total Development Costs: 11,865,000 €


First six months @ 60% 7,119,000 €
Second six months @ 40% 4,746,000 €

Non-Interest Monthly Interest


Month Costs Rate

0 -€ #N/A -€
1 1,186,500 € 1.2% -€
2 1,186,500 € 1.2% 13,843 €
3 1,186,500 € 1.2% 27,846 €
4 1,186,500 € 1.2% 42,014 €
5 1,186,500 € 1.2% 56,347 €
6 1,186,500 € 1.2% 70,846 €
7 791,000 € 1.2% 85,515 €
8 791,000 € 1.2% 95,741 €
9 791,000 € 1.2% 106,087 €
10 791,000 € 1.2% 116,553 €
11 791,000 € 1.2% 127,141 €
12 791,000 € 1.2% 137,853 €
Totals 11,865,000 € 879,786 €

Loan Fee @ 2% = 254,896 €

Construction Loan Borrowing Cost 19%


43,560 sq. ft. per acre 522,720 € square feet
190,000 € square feet
rea = 92.11% 175,000 € square feet

psf of GBA
psf of GBA

2 3 4 5

12,744,786 € 12,567,904 € 12,369,796 € 12,147,915 €


12,567,904 € 12,369,796 € 12,147,915 € 11,899,408 €
176,882 € 198,108 € 221,881 € 248,507 €
1,529,374.29 € 1,508,148.44 € 1,484,375.49 € 1,457,750 €
- 1,706,256 € - 1,706,256 € - 1,706,256 € - 1,706,256 €

404,596 € 404,596 € 404,596 € 404,596 €


404,596 € 809,193 € 1,213,789 € 1,618,385 €

Cumulative Cash INT=OLB(t-1)*r


Draw Loan Flow r=14%/12
Draw (t) = Non-interest cost (t) + interest(t)
-€ -€ - 254,896 € OLB(t)=OLB(t-1)+Draw(t)
1,186,500 € 1,186,500 € 1,186,500 €
1,200,343 € 2,386,843 € 1,186,500 €
1,214,346 € 3,601,189 € 1,186,500 €
1,228,514 € 4,829,703 € 1,186,500 €
1,242,847 € 6,072,549 € 1,186,500 €
1,257,346 € 7,329,896 € 1,186,500 €
876,515 € 8,206,411 € 791,000 €
886,741 € 9,093,153 € 791,000 €
897,087 € 9,990,240 € 791,000 €
907,553 € 10,897,792 € 791,000 €
918,141 € 11,815,933 € 791,000 €
928,853 € 12,744,786 € - 11,953,786 €
12,744,786 €
Expected Rent 19 €
Vacancy 30%
Operating expenses 1€

2,250,000 €

750,000 €
10,260,000 €
855,000 €
11,865,000 €

12,744,786 €
14%
254,896 €
879,786 € capitalised interest
deferred interest

12,744,786 €
12%
20
annual
318,620 €
1,706,256.37 € 1,706,256 €

2,250,000 €
750,000 €
10,260,000 €
855,000 €
14,115,000 €
6

11,899,408 € INT(t)=OLB(t-1)*r
11,621,081 € AMORT(t)=PMT(t)-INT(t)
278,327 € OLB(t)=OLB(t-1)-AMORT(t)
1,427,929 €
- 13,327,337 €

404,596 €
2,022,982 €

payment

Non-interest cost (t) + interest(t)


B(t-1)+Draw(t)
$/psf Expected growth 5%
5%
$/psf Expected growth 5%
Acquisition (Initial Equity)
Land Cost 2,250,000 €
Construction Loan F 254,896 €
Permanent Loan Fee 318,620 €

Construction Period (1 year)


CASH OUT
Site Improvements 750,000 €
Hard Costs 10,260,000 €
Soft Costs 855,000 €
Construction Interest 879,786 €
Total 12,744,786 €

CASH IN
Construction Loan -12,744,786 €

Property
Year 0 1 2 3
Operations:
Cash Account:
Potential Gross Income 3,237,500 € 3,399,375 €
less Vacancy -971,250 € -169,969 €
Effective Gross Income 2,266,250 € 3,229,406 €
less Operating Expenses -245,000 € -257,250 €
less Management Fee @ 5% -113,313 € -161,470 €
Net Operating Income 1,907,938 € 2,810,686 €
Property Before Tax -2,823,515 € -12,744,786 € 1,907,938 € 2,810,686 €

Year 0 1 2 3
Reversion:
Selling Price
less selling costs @ 2%
Sale Proceeds
Before Tax Cash Flow

Total Cash Flow


Property Before Tax -2,823,515 € -12,744,786 € 1,907,938 € 2,810,686 €

Discount Factor 1 0.943 0.890 0.840


Discount Cash Flow -2,823,515.36 € -12,023,383 € 1,698,058 € 2,359,906 €

Equity

Operations:
Property Before Tax -2,823,515 € -12,744,786 € 1,907,938 € 2,810,686 €
plus cash in (debt) 0€ 12,744,786 € 0€ 0€
less interest -1,529,374 € -1,508,148 €
less amortization -176,882 € -198,108 €
=Equity Before Tax -2,823,515 € 0€ 201,681 € 1,104,430 €

Reversion:
Property Before Tax Cash Flow
less outstanding Loan balance
=Equity Before Tax Cash Flow

Total Cash Flow


Equity Before Tax C -2,823,515 € 0€ 201,681 € 1,104,430 €

Discount Factor 1 0.870 0.756 0.658


Discount Cash Flow -2,823,515 € 0€ 152,500 € 726,180 €

Payback Period
Year 0 1 2 3

roperty CF -2,823,515 € -12,744,786 € 1,907,938 € 2,810,686 €


Cummulative CF -2,823,515 € -15,568,301 € -13,660,364 € -10,849,678 €
Equity CF -2,823,515 € 0€ 201,681 € 1,104,430 €
Cummulative CF -2,823,515 € -2,823,515 € -2,621,834 € -1,517,405 €

Other Investment Criterion


Year 0 1 2 3
Equity Dividend Ratio 7.1% 39.1%
Initial Cap Rate 12.3%
Reversion Cap Rate
Operating expenses Ratio 15.8% 13.0%

Financial Service Ratio


Year 0 1 2 3
Debt Service Ratio 1.12 1.65
Mortgage Constant 13.4% 13.4%
Loan to Cost Ratio 81.9%
Income Debt Ratio 15.0% 22.1%
Lot Size: 12 acres @ 43,560 sq. ft. per acre 522,720
Gross Building Area [GBA]: FAR = 36.35% 190,000
Gross Leasable Area [GLA]: Leasable Area = 92.11% 175,000

4 5 6

3,569,344 € 3,747,811 € 3,935,201 €


-178,467 € -187,391 € -196,760 €
3,390,877 € 3,560,420 € 3,738,441 €
-270,113 € -283,618 € -297,799 €
-169,544 € -178,021 € -186,922 €
2,951,220 € 3,098,781 € 3,253,720 €
2,951,220 € 3,098,781 € 3,253,720 €

4 5 6

18,400,000 €
-368,000 €
18,032,000 €
18,032,000 €
Property level

2,951,220 € 3,098,781 € 21,285,720 € Before TaxIRR


NPV @ 6%
0.792 0.747 0.705 PI
2,337,643 € 2,315,590 € 15,005,593 € Payback

2,951,220 € 3,098,781 € 3,253,720 €


0€ 0€ 0€
-1,484,375 € -1,457,750 € -1,427,929 €
-221,881 € -248,507 € -278,327 €
1,244,964 € 1,392,525 € 1,547,464 €

18,032,000 €
-11,621,081 €
6,410,919 €
Equity Holder

1,244,964 € 1,392,525 € 7,958,383 € Before Tax Equity IRR


NPV @ 15%
0.572 0.497 0.432 PI
711,812 € 692,331 € 3,440,629 € Payback

4 5 6

2,951,220 € 3,098,781 € 21,285,720 €


-7,898,457 € -4,799,676 € 16,486,044 €
1,244,964 € 1,392,525 € 7,958,383 €
-272,441 € 1,120,084 € 9,078,467 €

4 5 6
44.1% 49.3% 281.9%

15.3%
13.0% 13.0% 13.0%

4 5 6
1.73 1.82 1.91 1.2 ok
13.4% 13.4% 13.4%
80% fail
23.2% 24.3% 25.5%
square feet Expected R 19 € /psf Expected g 5%
square feet Vacancy 30% 5%
square feet Operating 1.4 € /psf Expected g 5%
Sell price 18,400,000 €

18.5% >6% accept


8,869,891 € >0 accept
1.60 >1 accept
5.23 <6 accept
32% >15% accept
2,899,937 € >0 accept
2.03 >1 accept
4.20 <6 accept
Lot Size: 12 acres @ 43,560 sq. ft. per acre
Gross Building Area [GBA]: FAR = 36.35%
Gross Leasable Area [GLA]: Leasable Area = 92.11%

Acquisition (Initial Equity)


Land Cost 2,250,000 €
Construction Loan F 254,896 €
Permanent Loan Fee 318,620 €

Construction Period (1 year)


CASH OUT
Site Improvements 750,000 €
Hard Costs 10,260,000 €
Soft Costs 855,000 €
Construction Interest 879,786 €
Total 12,744,786 €

CASH IN
Construction Loan -12,744,786 €

Property
Year 0 1 2 3 4
Operations:
Cash Account:
Potential Gross Income 2,975,000 € 2,975,000 € 2,975,000 €
less Vacancy -892,500 € -892,500 € -892,500 €
Effective Gross Income 2,082,500 € 2,082,500 € 2,082,500 €
less Operating Expenses -280,000 € -294,000 € -308,700 €
less Management Fee @ 5% -104,125 € -104,125 € -104,125 €
Net Operating Income 1,698,375 € 1,684,375 € 1,669,675 €
Property Before Tax -2,823,515 € -12,744,786 € 1,698,375 € 1,684,375 € 1,669,675 €

Year 0 1 2 3 4
Reversion:
Selling Price
less selling costs @ 2%
Sale Proceeds
Before Tax Cash Flow

Total Cash Flow


Property Before Tax -2,823,515 € -12,744,786 € 1,698,375 € 1,684,375 € 1,669,675 €

Discount Factor 1 0.943 0.890 0.840 0.792


Discount Cash Flow -2,823,515 € -12,023,383 € 1,511,548 € 1,414,234 € 1,322,539 €
Equity

Operations:
Property Before Tax -2,823,515 € -12,744,786 € 1,698,375 € 1,684,375 € 1,669,675 €
plus cash in (debt) 0€ 12,744,786 € 0€ 0€ 0€
less interest -1,529,374 € -1,508,148 € -1,484,375 €
less amortization -176,882 € -198,108 € -221,881 €
=Equity Before Tax -2,823,515 € 0€ -7,881 € -21,881 € -36,581 €

Reversion:
Property Before Tax Cash Flow
less outstanding Loan balance
=Equity Before Tax Cash Flow

Total Cash Flow


Equity Before Tax C -2,823,515 € 0€ -7,881 € -21,881 € -36,581 €

Discount Factor 1 0.870 0.756 0.658 0.572


Discount Cash Flow -2,823,515 € 0€ -5,959 € -14,387 € -20,916 €

Payback Period
Year 0 1 2 3 4

roperty CF -2,823,515 € -12,744,786 € 1,698,375 € 1,684,375 € 1,669,675 €


Cummulative CF -2,823,515 € -15,568,301 € -13,869,926 € -12,185,551 € -10,515,876 €
Equity CF -2,823,515 € 0€ -7,881 € -21,881 € -36,581 €
Cummulative CF -2,823,515 € -2,823,515 € -2,831,397 € -2,853,278 € -2,889,859 €
522,720 square feet Expected Rent 17 € /psf Expected g
190,000 square feet Vacancy 30% 5%
175,000 square feet Operating expense 1.6 € /psf Expected g
Sell price 13,800,000 €

5 6

2,975,000 € 2,975,000 €
-892,500 € -892,500 €
2,082,500 € 2,082,500 €
-324,135 € -340,342 €
-104,125 € -104,125 €
1,654,240 € 1,638,033 €
1,654,240 € 1,638,033 €

5 6

13,800,000 €
-276,000 €
13,524,000 €
13,524,000 €
Property level

1,654,240 € 15,162,033 € Before TaxIRR 8%


NPV @ 6% 1,326,202 €
0.747 0.705 PI 1.47
1,236,144 € 10,688,635 € Payback 5.58
1,654,240 € 1,638,033 €
0€ 0€
-1,457,750 € -1,427,929 €
-248,507 € -278,327 €
-52,016 € -68,223 €

13,800,000 €
-11,621,081 €
2,178,919 €
Equity Holder

-52,016 € 2,110,696 € Before Tax Equity IRR -6%


NPV @ 15% -1,978,127 €
0.497 0.432 PI 0.30
-25,861 € 912,512 € Payback -51.56

5 6

1,654,240 € 15,162,033 €
-8,861,636 € 6,300,397 €
-52,016 € 2,110,696 €
-2,941,876 € -831,180 €
0%

5%
Lot Size: 12 acres @ 43,560 sq. ft. per acre
Gross Building Area [GBA]: FAR = 36.35%
Gross Leasable Area [GLA]: Leasable Area = 92.11%

Acquisition (Initial Equity)


Land Cost 2,250,000 €
Construction Loan F 254,896 €
Permanent Loan Fee 318,620 €

Construction Period (1 year)


CASH OUT
Site Improvements 750,000 €
Hard Costs 10,260,000 €
Soft Costs 855,000 €
Construction Interest 879,786 €
Total 12,744,786 €

CASH IN
Construction Loan -12,744,786 €

Property
Year 0 1 2 3 4
Operations:
Cash Account:
Potential Gross Income 3,500,000 € 3,745,000 € 4,007,150 €
less Vacancy -700,000 € -149,800 € -160,286 €
Effective Gross Income 2,800,000 € 3,595,200 € 3,846,864 €
less Operating Expenses -245,000 € -257,250 € -270,113 €
less Management Fee @ 5% -140,000 € -179,760 € -192,343 €
Net Operating Income 2,415,000 € 3,158,190 € 3,384,408 €
Property Before Tax -2,823,515 € -12,744,786 € 2,415,000 € 3,158,190 € 3,384,408 €

Year 0 1 2 3 4
Reversion:
Selling Price
less selling costs @ 2%
Sale Proceeds
Before Tax Cash Flow

Total Cash Flow


Property Before Tax -2,823,515 € -12,744,786 € 2,415,000 € 3,158,190 € 3,384,408 €

Discount Factor 1 0.943 0.890 0.840 0.792


Discount Cash Flow -2,823,515 € -12,023,383 € 2,149,341 € 2,651,677 € 2,680,768 €
Equity

Operations:
Property Before Tax -2,823,515 € -12,744,786 € 2,415,000 € 3,158,190 € 3,384,408 €
plus cash in (debt) 0€ 12,744,786 € 0€ 0€ 0€
less interest -1,529,374 € -1,508,148 € -1,484,375 €
less amortization -176,882 € -198,108 € -221,881 €
=Equity Before Tax -2,823,515 € 0€ 708,744 € 1,451,934 € 1,678,152 €

Reversion:
Property Before Tax Cash Flow
less outstanding Loan balance
=Equity Before Tax Cash Flow

Total Cash Flow


Equity Before Tax C -2,823,515 € 0€ 708,744 € 1,451,934 € 1,678,152 €

Discount Factor 1 0.870 0.756 0.658 0.572


Discount Cash Flow -2,823,515 € 0€ 535,912 € 954,670 € 959,489 €

Payback Period
Year 0 1 2 3 4

roperty CF -2,823,515 € -12,744,786 € 2,415,000 € 3,158,190 € 3,384,408 €


Cummulative CF -2,823,515 € -15,568,301 € -13,153,301 € -9,995,111 € -6,610,703 €
Equity CF -2,823,515 € 0€ 708,744 € 1,451,934 € 1,678,152 €
Cummulative CF -2,823,515 € -2,823,515 € -2,114,772 € -662,838 € 1,015,314 €
522,720 square feet Expected Rent 20 € /psf Expected g
190,000 square feet Vacancy 20% 4%
175,000 square feet Operating expense 1.4 € /psf Expected g
Sell price 22,080,000 €

5 6

4,287,651 € 4,587,786 €
-171,506 € -183,511 €
4,116,144 € 4,404,275 €
-283,618 € -297,799 €
-205,807 € -220,214 €
3,626,719 € 3,886,262 €
3,626,719 € 3,886,262 €

5 6

18,400,000 €
-368,000 €
18,032,000 €
18,032,000 €
Property level

3,626,719 € 21,918,262 € Before TaxIRR 21%


NPV @ 6% 10,796,494 €
0.747 0.705 PI 4.82
2,710,096 € 15,451,510 € Payback 5.14
3,626,719 € 3,886,262 €
0€ 0€
-1,457,750 € -1,427,929 €
-248,507 € -278,327 €
1,920,463 € 2,180,005 €

18,032,000 €
-11,621,081 €
6,410,919 €
Equity Holder

1,920,463 € 8,590,925 € Before Tax Equity IRR 40%


NPV @ 15% 4,295,459 €
0.497 0.432 PI 2.52
954,809 € 3,714,094 € Payback 3.47

5 6

3,626,719 € 21,918,262 €
-2,983,984 € 18,934,278 €
1,920,463 € 8,590,925 €
2,935,777 € 11,526,701 €
7%

5%
Acquisition (Initial Equity)
Land Cost 2,250,000 €
Construction Loan F 254,896 €
Permanent Loan Fee 318,620 €

Construction Period (1 year)


CASH OUT
Site Improvements 750,000 €
Hard Costs 10,260,000 €
Soft Costs 855,000 €
Construction Interest 879,786 €
Total 12,744,786 €

CASH IN
Construction Loan -12,744,786 €

Property
Year 0 1 2 3 4
Operations:
Cash Account:
Potential Gross Income 3,237,500 € 3,399,375 € 3,569,344 €
less Vacancy -971,250 € -169,969 € -178,467 €
Effective Gross Income 2,266,250 € 3,229,406 € 3,390,877 €
less Operating Expenses -245,000 € -257,250 € -270,113 €
less Management Fee @ 5% -113,313 € -161,470 € -169,544 €
Net Operating Income 1,907,938 € 2,810,686 € 2,951,220 €
Property Before Tax -2,823,515 € -12,744,786 € 1,907,938 € 2,810,686 € 2,951,220 €

Income Account:
Net Operating Income 1,907,938 € 2,810,686 € 2,951,220 €
less Interest -1,529,374 € -1,508,148 € -1,484,375 €
less Depreciation -404,596 € -404,596 € -404,596 €
Taxable Income 0€ 0€ -26,033 € 897,941 € 1,062,248 €
Tax @ 28% 0€ 0€ -7,289 € 251,424 € 297,430 €

Property Before Tax -2,823,515 € -12,744,786 € 1,907,938 € 2,810,686 € 2,951,220 €


less Tax 0€ 0€ 7,289 € -251,424 € -297,430 €
Property After Tax C -2,823,515 € -12,744,786 € 1,915,227 € 2,559,262 € 2,653,791 €

Year 0 1 2 3 4
Reversion:
Selling Price
less selling costs @ 2%
Sale Proceeds
Before Tax Cash Flow

Sales Proceeds
less Original Cost
Land Acquisition -2,250,000 €
Site Improvement Costs -750,000 €
Soft Costs -10,260,000 €
Hard Costs -855,000 €
Construction Period Interest 0€
Total Original Cost
plus Accumulated Depreciation
Capital Gain
Capital Gain Tax @ 28%

Total Cash Flow


Property Before Tax -2,823,515 € -12,744,786 € 1,907,938 € 2,810,686 € 2,951,220 €
less Tax 0€ 0€ 7,289 € -251,424 € -297,430 €
Property After Tax C -2,823,515 € -12,744,786 € 1,915,227 € 2,559,262 € 2,653,791 €

Equity

Operations:
Property Before Tax -2,823,515 € -12,744,786 € 1,907,938 € 2,810,686 € 2,951,220 €
plus cash in (debt) 0€ 12,744,786 € 0€ 0€ 0€
less interest -1,529,374 € -1,508,148 € -1,484,375 €
less amortization -176,882 € -198,108 € -221,881 €
=Equity Before Tax -2,823,515 € 0€ 201,681 € 1,104,430 € 1,244,964 €
less Tax 0€ 0€ 7,289 € -251,424 € -297,430 €
=Equity After Tax Ca -2,823,515 € 0€ 208,970 € 853,006 € 947,534 €

Reversion:
Property Before Tax Cash Flow
less outstanding Loan balance
=Equity Before Tax Cash Flow
less Tax
=Equity After Tax Cash Flow

Total Cash Flow


Equity Before Tax C -2,823,515 € 0€ 201,681 € 1,104,430 € 1,244,964 €
less Tax 0€ 0€ 7,289 € -251,424 € -297,430 €
Equity After Tax Cas -2,823,515 € 0€ 208,970 € 853,006 € 947,534 €
5 6

3,747,811 € 3,935,201 €
-187,391 € -196,760 €
3,560,420 € 3,738,441 €
-283,618 € -297,799 €
-178,021 € -186,922 €
3,098,781 € 3,253,720 €
3,098,781 € 3,253,720 €

3,098,781 € 3,253,720 €
-1,457,750 € -1,427,929 €
-404,596 € -404,596 €
1,236,435 € 1,421,195 €
346,202 € 397,935 €

3,098,781 € 3,253,720 €
-346,202 € -397,935 €
2,752,579 € 2,855,786 €

5 6

18,400,000 €
-368,000 €
18,032,000 €
18,032,000 €

18,032,000 €

-14,115,000 €
2,022,982 €
5,939,982 €
1,663,195 €

Property level

3,098,781 € 21,285,720 € Before TaxIRR 18%


-346,202 € -1,265,260 €
2,752,579 € 20,020,460 € After Tax IRR 16%

3,098,781 € 3,253,720 €
0€ 0€
-1,457,750 € -1,427,929 €
-248,507 € -278,327 €
1,392,525 € 1,547,464 €
-346,202 € -397,935 €
1,046,323 € 1,149,529 €

18,032,000 €
-11,621,081 €
6,410,919 €
-1,663,195 €
4,747,724 €
Equity Holder

1,392,525 € 7,958,383 € Before Tax Equity IRR 32%


-346,202 € -2,061,130 €
1,046,323 € 5,897,254 € After Tax Equity IRR 25%

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