FCC Proudreed Properties 2005 HSBC SG CORPORATE ...
FCC Proudreed Properties 2005 HSBC SG CORPORATE ... FCC Proudreed Properties 2005 HSBC SG CORPORATE ...
We confirm that we are able to comply with the applicable listing rule of the relevant stock exchange and listing authority, whether it is in London, Luxembourg or Dublin. We also confirm that the valuations have been carried out by a competent Independent Valuer and that Savills has no conflict of interest in advising the addressees of the report. We also confirm that Savills has sufficient professional indemnity insurance on a per claim basis in respect of the services herewith provided. The report and valuation have been prepared in accordance with the latest edition of the RICS ‘‘Red Book’’, the Appraisal and Valuation Standards (5 th Edition). We refer you to the documents entitled ‘‘Valuation Procedure and Assumptions’’ and ‘‘Specific Valuation Assumptions’’ attached to this certificate for details of the basis of our valuation, the work we have undertaken and the general assumptions upon which it has been prepared. You have requested that valuations be prepared upon the following basis: Market Value Market value means ‘‘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 knowledgably, prudently and without compulsion’’. Market Value with Vacant Possession As for market value, but assuming that the property is vacant at the valuation date. Reinstatement Cost This is an estimate of the cost of current reinstatement cost of the property in its current form, including costs of clearance, demolition and professional fees, but excluding VAT. We would underline that this indication of reinstatement cost for insurance purposes is given as a guideline only, since a formal estimate can only be given by a qualified Quantity Surveyor or equivalent person with sufficient current experience of construction costs. As the property has not been inspected by a Quantity Surveyor, the estimates of replacement cost are provided without liability. Valuation A schedule of individual net market values as at 31 May 2005 is attached. The sum of the individual property values should not be considered as our opinion of the value of the portfolio if sold as a whole. No allowance has been made in our valuation for the costs of realisation, any liability for tax which might arise in the event of disposal or deemed disposal or for the existence of any mortgage or similar financial encumbrance over the property. Finally, we would ask that neither the whole nor any part of this report or any reference thereto may be included in any document, circular or statement without our prior approval of the form and context in which it will appear, save that we agree to this report being included in the Offering Circular. Such publication of/or reference to this report will not be permitted unless it contains a sufficient contemporaneous reference to any departure from the Statements of Asset Valuation Practice and Guidance Notes published by the Royal Institution of Chartered Surveyors or the incorporation of the special assumptions referred to herein. 113
This valuation is provided for the stated purposes and is for the use only of the party to whom it is addressed and no responsibility is accepted to any other party. We remain at your disposal should you have any queries regarding this valuation or the attached report. Yours faithfully, Sara Lucas MRICS Director Savills 114
- Page 63 and 64: Facility Fees Pursuant to the terms
- Page 65 and 66: • details of the Property Manager
- Page 67 and 68: taking into account any rent guaran
- Page 69 and 70: (d) any Obligor or the Borrowers’
- Page 71 and 72: (or u100,000 for Proudreed France S
- Page 73 and 74: Account and the related Disposal Ex
- Page 75 and 76: The ‘‘Due Diligence Criteria’
- Page 77 and 78: (e) a deposit (by way of gage-espè
- Page 79 and 80: Pursuant to the terms of the Proper
- Page 81 and 82: negatively affect the credit qualit
- Page 83 and 84: provided however that no such termi
- Page 85 and 86: RESOURCES AVAILABLE TO THE BORROWER
- Page 87 and 88: Reserve. Furthermore, in the event
- Page 89 and 90: Obligor Post-Enforcement Priorities
- Page 91 and 92: Account following the occurrence of
- Page 93 and 94: (e) fifth, in or towards satisfacti
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- Page 97 and 98: VALUATION REPORTS 22 septembre 2005
- Page 99 and 100: We attach schedule of values, divid
- Page 101 and 102: 15 June 2005 Proudreed France Sarl
- Page 103 and 104: Finally, we would ask that neither
- Page 105 and 106: We attach schedule of values, divid
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- Page 109 and 110: Finally, we would ask that neither
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- Page 117 and 118: We confirm that we are able to comp
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- Page 121 and 122: This valuation is provided for the
- Page 123 and 124: We confirm that we are able to comp
- Page 125 and 126: 15 June 2005 Proudreed France Sarl
- Page 127 and 128: This valuation is provided for the
- Page 129 and 130: For recently completed developments
- Page 131 and 132: Schedule of Values - Appendix 1 130
- Page 133 and 134: Appendix 2 - Schedule of Values 132
- Page 135 and 136: Appendix 4 Net Market Fund Ref Prop
- Page 137 and 138: We are in the opinion that the valu
- Page 139 and 140: Assets of the Issuer Receivables an
- Page 141 and 142: The Custodian will receive a fee, p
- Page 143 and 144: et seq. of the French Monetary and
- Page 145 and 146: THE BORROWERS The Paris Properties
- Page 147 and 148: • borrowing or more generally rai
- Page 149 and 150: Loan Capital: Commercial Mortgage L
- Page 151 and 152: − and generally all transactions
- Page 153 and 154: 7 rue d’Amiens S.C.I. Introductio
- Page 155 and 156: • granting any security interest
- Page 157 and 158: 1 - BALANCE SHEET - ASSETS Corporat
- Page 159 and 160: 3 - INCOME STATEMENT Corporate name
- Page 161 and 162: NOTES TO THE ACCOUNTS Before repart
- Page 163 and 164: FIXED ASSETS Corporate name: PARIS
We confirm that we are able to comply with the applicable listing rule of the relevant stock exchange and<br />
listing authority, whether it is in London, Luxembourg or Dublin. We also confirm that the valuations have<br />
been carried out by a competent Independent Valuer and that Savills has no conflict of interest in advising<br />
the addressees of the report. We also confirm that Savills has sufficient professional indemnity insurance<br />
on a per claim basis in respect of the services herewith provided.<br />
The report and valuation have been prepared in accordance with the latest edition of the RICS ‘‘Red<br />
Book’’, the Appraisal and Valuation Standards (5 th Edition). We refer you to the documents entitled<br />
‘‘Valuation Procedure and Assumptions’’ and ‘‘Specific Valuation Assumptions’’ attached to this<br />
certificate for details of the basis of our valuation, the work we have undertaken and the general<br />
assumptions upon which it has been prepared.<br />
You have requested that valuations be prepared upon the following basis:<br />
Market Value<br />
Market value means ‘‘the estimated amount for which a property should exchange on the date of<br />
valuation between a willing buyer and a willing seller in an arm’s-length transaction after proper<br />
marketing wherein the parties had each acted knowledgably, prudently and without compulsion’’.<br />
Market Value with Vacant Possession<br />
As for market value, but assuming that the property is vacant at the valuation date.<br />
Reinstatement Cost<br />
This is an estimate of the cost of current reinstatement cost of the property in its current form, including<br />
costs of clearance, demolition and professional fees, but excluding VAT.<br />
We would underline that this indication of reinstatement cost for insurance purposes is given as a<br />
guideline only, since a formal estimate can only be given by a qualified Quantity Surveyor or equivalent<br />
person with sufficient current experience of construction costs. As the property has not been inspected by<br />
a Quantity Surveyor, the estimates of replacement cost are provided without liability.<br />
Valuation<br />
A schedule of individual net market values as at 31 May <strong>2005</strong> is attached. The sum of the individual<br />
property values should not be considered as our opinion of the value of the portfolio if sold as a whole.<br />
No allowance has been made in our valuation for the costs of realisation, any liability for tax which might<br />
arise in the event of disposal or deemed disposal or for the existence of any mortgage or similar financial<br />
encumbrance over the property.<br />
Finally, we would ask that neither the whole nor any part of this report or any reference thereto may be<br />
included in any document, circular or statement without our prior approval of the form and context in<br />
which it will appear, save that we agree to this report being included in the Offering Circular. Such<br />
publication of/or reference to this report will not be permitted unless it contains a sufficient<br />
contemporaneous reference to any departure from the Statements of Asset Valuation Practice and<br />
Guidance Notes published by the Royal Institution of Chartered Surveyors or the incorporation of the<br />
special assumptions referred to herein.<br />
113