Netsel Marina Valuation Report Update
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www.dtz.com Netsel Marina Valuation Report Update Prepared on behalf of Torunlar GYO 31 December 2012 www.dtz.com/tr This Report titled “Netsel Marina Valuation Report Update” has been prepared by DTZ Pamir & Soyuer, as requested by Torunlar Gayrimenkul Yatırım Ortaklığı A.Ş. DTZ Debenham Tie Leung International Property Advisers is exclusively represented in Turkey by Pamir ve Soyuer Gayrimenkul Danışmanlık A.Ş. (“DTZ Pamir & Soyuer”). The mailing address of Pamir & Soyuer is presented below: Hakkı Yeten Caddesi 15/7 Şişli - İstanbul 34365 Phone : +90 (212) 231 5530 Fax : +90 (212) 231 5820 E-mail : [email protected] Executive contacted for the purposes of this Report is: Prepared by: Sedef Uğurlaş, Architect, Senior Advisor CMB Licensed Valuer Reviewed by: Firuz Soyuer, MBA, MRICS Managing Partner We do not guarantee the fulfillment of any estimates contained within this report, although they have been conscientiously prepared on the basis of our own research and information made available to us. The report may not be published, reproduced or quoted in part or in whole, nor may it be used as a basis for any contract, prospectus, agreement or other document without our prior written consent. www.dtz.com/tr TABLE OF CONTENTS I. EXECUTIVE SUMMARY.................................................................................................................... 1 II. INTRODUCTION ................................................................................................................................. 2 A. INSTRUCTION ...................................................................................................................................... 2 B. PURPOSE OF VALUATION ..................................................................................................................... 2 C. BASIS AND DEFINITION OF VALUATION ................................................................................................ 2 D. MARKET VALUE .................................................................................................................................. 2 E. DEFINITION OF VALUE ......................................................................................................................... 3 1. Definitions ..................................................................................................................................... 3 2. Market Value ................................................................................................................................. 3 F. APPROACHES TO VALUATION .............................................................................................................. 4 G. ASSUMPTIONS AND SOURCES OF INFORMATION .................................................................................... 4 H. HIGHEST AND BEST USE ASSESSMENT ................................................................................................. 5 I. APPROACH & METHOD ........................................................................................................................ 5 J. DATE OF VALUATION .......................................................................................................................... 5 K. CURRENCY EXCHANGE RATES ............................................................................................................. 5 III. TURKEY GENERAL INFORMATION .......................................................................................... 6 A. GENERAL OVERVIEW .......................................................................................................................... 6 B. DEMOGRAPHY ..................................................................................................................................... 6 C. ECONOMIC OVERVIEW......................................................................................................................... 7 IV. MARINA SECTOR TURKEY ......................................................................................................... 8 V. MARMARIS DISTRICT GENERAL OVERVIEW .......................................................................... 10 A. MARMARIS MARINAS ........................................................................................................................ 11 1. Martı Marina ............................................................................................................................... 11 2. Marmaris Yacht Marine ............................................................................................................... 12 3. Albatros Marina ........................................................................................................................... 13 VI. NETSEL MARINA ......................................................................................................................... 14 A. LEGAL DESCRIPTION ......................................................................................................................... 15 1. Title Deed Information ................................................................................................................. 15 2. Construction Rights ...................................................................................................................... 15 3. Operation Licence ........................................................................................................................ 16 B. MARİNA DESCRİPTİON ....................................................................................................................... 16 C. MARİNA CAPACİTY & OCCUPANCY.................................................................................................... 17 D. BERTHING FEES................................................................................................................................. 18 E. LEASABLE AREAS ............................................................................................................................. 18 VII. VALUATION ................................................................................................................................. 21 A. COMMENTS / EXPLANATION / METHODOLOGY .................................................................................... 21 B. ASSUMPTIONS AND INPUT VARIABLES ............................................................................................... 21 1. Analysis Start Date ....................................................................................................................... 21 2. Revenues ...................................................................................................................................... 21 3. Discounts, Vacancy and Collection Loss ....................................................................................... 22 4. Operating and General Management Expenses ............................................................................. 22 5. Capital Expenditure ..................................................................................................................... 23 6. Last 15 Year’s Revenues - 35 to 49 ............................................................................................... 24 7. Discount Rate............................................................................................................................... 24 C. VALUATION ...................................................................................................................................... 24 VIII. APPENDICES ................................................................................................................................ 25 A. VALUATION TERMS AND CONDITIONS ................................................................................................ 25 B. TITLE ................................................................................................................................................ 25 C. ENVIRONMENTAL MATTERS .............................................................................................................. 25 D. STATUTORY REQUIREMENTS AND PLANNING...................................................................................... 25 E. INFORMATION ................................................................................................................................... 26 i F. LEGAL ISSUES ................................................................................................................................... 26 G. DATE OF VALUATION AND CURRENT MARKET CONDITIONS................................................................ 26 H. DISPOSAL RIGHTS ............................................................................................................................. 26 I. INFRASTRUCTURE .............................................................................................................................. 26 J. ROAD PROPOSALS ............................................................................................................................. 27 K. SURVEYS .......................................................................................................................................... 27 IX. REFERENCES AND EXHIBITS ................................................................................................... 28 ii I. EXECUTIVE SUMMARY We herewith submit our Valuation Report pertaining to the Netsel Marina (the “Property”) located in