ACRON Daytona L.P.

Supermarket – Daytona Beach, Florida

After a nine-year holding period, the Daytona Food Lion store was sold on
April 11, 2006. Located on Florida's State Road along the eastern coast, the supermarket was located at a distance of only approx. 400 meters from famous Daytona Beach. The selling price obtained was 33.2 percent higher than the gross investment volume at the time of the supermarket's acquisition. An average return of 8.91 percent annually was generated over a nine-year holding period.

Private Placement

Legal form	U.S. Limited Partnership
Year acquired	1997
Year sold	2006
Number of partners	1

The Property

Type of use	Supermarket
Year constructed	1984

Key Figures (in USD)

Investment volume, gross1)	2,440,000
Equity	940,000
Borrowed funds	1,500,000
Selling price, net	3,250,000

Overall Result

Holding period	9 years
Return, IRR	8.91 % annually

¹⁾ Includes purchase price, additional costs, cash reserves (if any), and all soft costs.