ACRON Berlin-Brandenburg International Airporthotel (ABBIA) AG

Four-star Superior Steigenberger Airport Hotel –
Berlin-Brandenburg (BER), Germany

The investment property of the ACRON Berlin-Brandenburg International Airporthotel (ABBIA) AG is the four-star Superior hotel at the terminal of the new Berlin-Brandenburg BER airport, which will be leased and operated by Steigenberger Hotels AG, Frankfurt, for 25 years after the opening in August 2012. Berlin's new BER airport will be one of the largest international airports in Germany and it will start operations in June 2012. Integrated into the new BER Airport City, the investment property will be the only hotel with direct access to the airport terminal and train station, and will therefore be able to offer its guests the unique advantage of this location.

On August 31, 2010 ACRON Berlin Brandenburg International Airporthotel (ABBIA) AG signed the purchase contract for the hereditary building rights at the new Berlin Brandenburg International (BER) airport. The building permit was issued on November 30, 2010 and in February 2012, six months before the scheduled hotel opening, 95 percent of the shares of ACRON Berlin-Brandenburg International Airporthotel (ABBIA) AG were sold to a private investor. As founding shareholder, ACRON retains an interest of 5 percent of the shares in the company and will remain responsible for the asset- and property management.

Legal form	Swiss stock corporation CH-0203.034.891-5
Address / registered office of the company	ABBIA AG c/o ACRON AG Splügenstrasse 14 8002 Zurich Switzerland
Year closed / placement	2012
Number of shareholders	1

The Property

Type of use	Four-star Superior Steigenberger Airport Hotel
Address	Willy-Brandt-Platz 3 12529 Berlin-Schönefeld Germany
Year constructed / completion	August 2012
Site area	4,230 m² (approx. 45,533 sq. ft.)
Gross floor area	23,600 m² (approx. 254,037 sq. ft.)
Occupancy rate in % of total area	100
Parking spaces	50 parking spaces in the adjacent parking garage South firmly rented; in addition, 70 parking spaces in the same parking garage can be flexibly used

The Tenant

Tenant	Steigenberger Hotels AG, Frankfurt, Germany
Lease term	Double net lease, term of 25 years with 2 options to extend for 5 years each
Rent	Turnover rent, from the start 24 percent of the net total revenue plus share of the NOP from EUR 1 million; protection through minimum rent

Key Figures (in EUR)

Investment volume	67,074,074
Equity Investor	28,000,000
Equity ACRON AG	74,074 (CHF 100,000)
Borrowed funds	39,000,000