BPT HANSA LUX SICAV-SIF - nh-cap.com … · 6 BPT Hansa Lux SICAV-SIF Annual Report 2015 BPT Hansa Lux SICAV-SIF (“the Fund” or “BPT Hansa”) is a direct real estate fund investing

1BPT Hansa Lux SICAV-SIF Annual Report 2015

BPT HANSA LUX SICAV-SIFSociété d’Investissement à Capital Variable

CONSOLIDATED FINANCIAL STATEMENTS

AND

INDEPENDENT AUDITOR’S REPORT

AS AT 31.12.2015

nh-cap.com

2 BPT Hansa Lux SICAV-SIF Annual Report 2015

General information

Business name BPT Hansa Lux SICAV-SIF (the “Fund”) Registeredalternativeinvestmentfundmanager(“AIFM”)

Beginningoffinancialyear 1January2015 Endoffinancialyear 31December2015

InvestmentManager NorthernHorizonCapitalA/S ChristianIX’sGade2,2ndfloor, DK-1111CopenhagenK,Denmark CustodianandPayingAgent BanquedeLuxembourgS.A.(the“BdL”) 14,BoulevardRoyal L-2449Luxembourg

FundAdministrator,Domiciliary, EuropeanFundAdministrationS.A.(the“EFA”)RegistrarandTransferagent 2,rued’Alsace,P.O.Box1725,L-1017Luxembourg TypeofFund Non-publicclosed-endedrealestatefund

StyleofFund Coreplus/Valueadded

StatusofFund Closedfornewsubscriptions

Marketsegment Retail/Offices/Hotel/Industrial

Lifetime Finite(3May2023)

AddressoftheFund 2,Rued’Alsace,L-1122Luxembourg, GrandDuchyofLuxembourg Fundmanager GeorgHaider

BoardofDirectors AlainHeinz,Chairman(Luxembourg) Dr.LarsChristianOhnemus(Denmark) RüdigerKimpel(Luxembourg)

Phone +35248488080Fax +3524865618690

Independent auditor Ernst & Young S.A. 7,RueGabrielLippman,Parcd’Activite’Syrdall2, L-5365Munsbach,Luxembourg

Propertyvaluators bulwiengesaappraisalGmbH Wallstraße61,10179Berlin,Germany and Dr.-Ing.EgbertKrellmann(publiclyappointedandswornexpert) Küsselstraße13A,14473Potsdam,Germany


DEFINITIONS OF kEy TERMS AND ABBREVIATIONS 4

MANAGEMENT STATEMENT 5

MANAGEMENT REVIEw 6

INDEPENDENT AUDITOR’S REPORT 15

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 16

CONSOLIDATED STATEMENT OF FINANCIAL POSITION 17

CONSOLIDATED STATEMENT OF CHANGES IN EqUITy 18

CONSOLIDATED STATEMENT OF CASH FLOwS 19

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 20

Contents


CSSF Luxembourgfinancialsupervisoryauthority(“CommissiondeSurveillanceduSecteurFinancier”)

Fund BPT Hansa Lux SICAV-SIF

IFRS InternationalFinancialReportingStandards

IFRS NAV NAVdeterminedincompliancewithIFRS

INREV EuropeanAssociationforInvestorsinNon-listedRealEstateVehicles

INREV NAV IFRSNAV,adjustedtocomplywithINREVguidelines

Investor(s) Well-informedinvestorsdefinedinArticle2(1)oftheSIFLawshallbeanyinstitutionalinvestor,apro-fessionalinvestororanyotherinvestorwhoa)hasconfirmedinwritingthatheadherestothestatusofwell-informedInvestor,andb)(ii)investsaminimumofEUR125,000intheFund,or(ii)hasobtainedanassessmentmadebyacreditinstitutionwithinthemeaningofDirective2006/48/EC,byaninvestmentfirmwithinthemeaningofDirective2004/39/ECorbyamanagementcompanywithinthemeaningofDirective2001/107/ECcertifyinghisexpertise,hisexperienceandhisknowledgeinadequatelyapprai-singaninvestmentinthespecialisedinvestmentfund

GAV Thegrossassetvaluemeaningtheaggregateofthemarketvalueofinvestments

INREV GAV IFRSGAV,adjustedtocomplywithINREVguidelines

Investment Manager NorthernHorizonCapitalA/S,registeredaddressatChristianIX’sGade2,2ndfloor,DK-1111Copenha-genK,DenmarkactingthroughitswhollyownedsubsidiaryNorthernHorizonCapitalGmbH,registeredaddressatWeinmeisterstrasse12-14,D-10178Berlin,Germany

Leverage DebtfinancingoftheFund,correspondingtomaximum70%ofGAV

NAV NetassetvaluefortheFund

NAV per share NAVdividedbytheamountofsharesintheFundatthemomentofdetermination

NOI Netoperatingincome

Direct Property Yield NOIdividedbythetotalacquisitionpriceincludingacquisitionfeesandincurredcapitalexpenditures

Return on Equity RatiobetweenReturnandAverageTotalEquityfortherelevantperiodexpressedasapercentage

Valuation Day 31Decembereachyear

Definitions of key terms and abbreviations


TodaytheBoardofDirectorshavereviewedandapprovedthe2015 consolidated financial statements of BPT Hansa Lux SI-CAV-SIFanditssubsidiaries.

Theconsolidatedfinancialstatementsarepreparedinaccordan-cewithInternationalFinancialReportingStandardsasadoptedbytheEuropeanUnion.Weconsidertheappliedpoliciestobeappropriateandthattheconsolidatedfinancialstatementspro-videatrueandfairviewoftheconsolidatedfinancialpositionofBPTHansaLuxSICAV-SIFanditssubsidiariesasof31December2015andoftheirconsolidatedfinancialperformanceandcon-solidatedcashflowsfortheyearthenendedinaccordancewithInternationalFinancialReportingStandardsasadoptedby theEuropeanUnion.

Werecommendthattheconsolidatedfinancialstatementsandtheannualreportareapprovedattheannualgeneralmeetingofshareholders.

15April2016

Board of Directors

Alain Heinz

Chairman

Dr. Lars Ohnemus

Rüdiger Kimpel

Management statement


BPT Hansa Lux SICAV-SIF (“the Fund” or “BPT Hansa”) is a direct realestatefundinvestingincommercialpropertiesinNorthernGermany,mainlyBerlin. The fund isdesigned for institutionalinvestors,Germanand international, and shouldbe seenasalong-term investment product. The financial objective of theFund,whenfullyinvested,istoprovideitsInvestorswithcon-sistentandaboveaveragerisk-adjustedreturnbyacquiringhighqualitycashflowgeneratingcommercialpropertieswithpoten-tialforaddingvaluethroughactivemanagement,therebycrea-tingastableincomestreamofhighyieldingincomecombinedwithcapitalgainsatexit.ThestrategyoftheFunddidnotchan-gesincetheyear-end2013.However,ithastobenotedthatthefundsizeofEUR300millionhasnotbeenreachedsofar.

NorthernHorizonCapitalA/ShasbeenappointedbytheBoardandtheshareholdersasinvestmentadviserandmanageroftheinvestmentsof theFund (the „InvestmentManager“). The In-vestmentManageractsasadviserfortheFundandmanagestheinvestmentsoftheFundinrelationtoitsinvestmentpractices.TheInvestmentManagerhasnotbeengrantedanydiscretion-aryinvestmentpowersovertheassetsoftheFund.Theadvicerelates to theplacementof fundsandrespects theoverall in-vestmentpolicies,riskprofile,purposeandinvestment-relatedrestrictionsdeterminedbythePPM.

TheInvestmentManagerhasaclearfocusoncorporategover-nanceandhighethicalstandardsandaswellaninternalcomp-liancemanagementtoensurethatallInvestorsaretreatedfairlyandequally.TheInvestmentManagerfollowstheINREVguide-linesforcorporategovernanceanditisalongstandingprincipleoftheInvestmentManagerthatallitsfundsaretransparentandthatcommunicationtoInvestorsisaccurate,directandtimely.Therequirementsforgoodcorporategovernanceinrelationtothecompositionoftheboardofdirectorsforeachfundarealsoadheredto,ensuringanindependentandcompetentBoardofDirectors.

Investorsparticipate inmanagementof theFundthroughGe-neralMeetings.AnyregularlyconstitutedmeetingoftheSha-reholdersoftheFundshallrepresenttheentirebodyofitsSha-reholders.Itshallhavethebroadestpowertoorder,carryoutorratifyactsrelatingtotheoperationsoftheFund.Thegeneralmeetingof shareholdersshallmeetuponcallby theBoard. Itmayalsobecalledupontherequestofshareholdersrepresen-tingatleast5%ofthesharecapital.NoticeoftheGeneralMee-tingisgivenatleast8daysinpriortothemeetingtotheiradd-ressesasrecordedintheregisterofShareholders.EverySharecarriesone(1)voteatgeneralmeetingsofShareholders.

TheBoardofDirectorsconsistsofaminimumofthreeandama-ximumoffivemembers.Currently,theBoardofDirectorscon-sistsofthreememberswithbroadinternationalexperience(pro-

filesandCV’softheDirectorsareavailableuponrequest).Anydirectormayberemovedwithorwithoutcauseorbereplacedatanytimebyresolutionadoptedbythegeneralmeeting

The Fund has appointed European FundAdministration as itsadministrator (the “Administrator“). In this capacity, the Ad-ministrator is responsible for the computation of the NAV oftheShares,themaintenanceofrecordsandothergeneralad-ministrativefunctionsassetforthunderLuxembourglaw.Fur-thermore, theadministrator shallalsoverify thatall InvestorscomplyatalltimeswiththestatusofWell-InformedInvestorspursuanttoarticle2oftheSIFLaw.EuropeanFundAdministra-tionalsoactsasdomiciliary,registrarandtransferagent.

TherealestatepropertyvaluationpoliciesoftheFundarede-terminedby theBoardbasedonmarketpractice.Real estatepropertiesareassessedat leastannuallyby two independentreal estateappraisers (the ”Appraisers“) appointed fromtimetotimebytheBoard.TheAppraisersareselectedfromprofes-sionalsorcompanieswhoarelicensedandwhooperateinthegeographicalareawhereanyrelevantrealestatepropertiesarelocated.Thepropertyvaluationisbasedonfairmarketvalueasof31Decembereachyearandinprincipleisasinglevaluationsignedbybothindependentappraisers.IftheAppraisersdonotreachanagreementandbothopinionsarecredible,theBoardwillrelyonthevaluethattheFundismostlikelytorealisefromthepropertyinanormalsale.Attheendof2015,Fundproper-tieswerevaluedexternallybyindependentvaluatorsbulwien-gesa appraisal GmbH and Dr.-Ing. Egbert Krellmann (publiclyappointedandswornexpert).

Each potential acquisition opportunity is subject to extensivecommercial, legal, technical and financial/tax due-diligenceperformedbytheInvestmentManagerincooperationwithre-putablelocalandinternationaladvisers.TheauditoroftheFundisErnst&YoungS.A.Luxembourg. Sinceinceptionin2008,theFundactivitiesaremonitoredonaregularbasisby theCSSF, theFundadministrativeagent (alsodomiciliary, registrar and transfer agent) European Fund Ad-ministration (the “EFA”, registered address at 2 Rue d’Alsace,L-1122Luxembourg)andFundcustodianandpayingagentBan-quedeLuxembourg(the“BdL”,registeredaddressat14boule-vardRoyal, L-2449 Luxembourg).As from16August2013 theCSSFhasregisteredBPTHansaasalternative investmentfundmanager (“AIFM”) in Luxembourgunder the Luxembourg Lawof12 July2013onalternative investment fundmanagersandtheEuropeanUnionDirectiveonAlternative InvestmentFundManagers(“AIFMD”). Inaddition, InvestmentManagerhasas-sessedthelevelofcompliancewithINREV’sreporting,NAVandfeeandexpensemetricsmodules.Theresultsofsuchself-asses-smentaresummarisedbelow:

Management Review


Table 1: Statement of level of adoption of INREV Guidelines

INREV module Guidelines Level of adoption or compliance

1 CorporateGovernance ThecompliancewiththeINREVcorporategovernancemodulehasbeenconside-redbythemanager.TheintendedframeworkpartiallycomplieswiththeINREVcorporatebestpractices.Thevehicleassessedattheendofthefinancialyearthatitiscurrentlyfollowingitsintendedcorporategovernanceframework.

2 Reporting Althoughnotdetailedinthefunddocumentation,theINREVreportingmodulehasbeenconsidered.TheINREVrequirementsarecompliedexceptthatnose-mi-annualreportingisprovidedforinvestors.

3 Propertyvaluation TheFund’spropertyvaluationsarecarriedoutinlinewithINREVbestpractices.Thoughnotseparatelydocumented,thevaluationperformedbytheexternalvaluatorissubjecttothemanager’sinternalreview.

4 Performancemeasurement TheFundcalculatesperformancemeasurementasperguidelinessetbyINREV.

5 INREVNAV TheFundcalculatesINREVNAVasperguidelinessetbyINREV.

6 Fee and expense metrics TheFundcalculatesINREVfeeandexpensemetricsasperguidelinessetbyIN-REV.However,theforwardlookingratioshavenotbeencomputedanddisclosedatvehiclelaunch.

7 Liquidity ThemanagerhasassessedthatitiscurrentlyfollowstheliquidityframeworkdefinedbyINREVexceptthattheFundasaclosed-endfunddoesnotmaintainaliquidityprotocoldocumentandthesecondarytradingpolicyhasnotbeendescri-bedintheFunddocumentationasitisnotpracticedbytheFund.

8 INREVdatadelivery TheFundisincompliancewiththeINREVdatadeliverymodule.

The Fund currently is not engaged in property developmentactivities, joint ventures, associate investments or othernon-propertyrelatedinvestments.

All thefinancial informationdisclosed in this reviewcoincideswiththefinancialstatementsforthefinancialyearended31De-cember2015.

MANAGER’S REPORT

Asoftheendof2015BPTHansaLuxSICAV-SIF(hereinafter“theFund”or“BPTHansa”)hascompleteditseighthfullyearofope-rations.ThenetpropertyoperatingincomeoftheFundin2015amountedEUR3.2million(EUR3.2millionin2014).Theaveragedirectpropertyyieldfortheyearwasslightlyhigherthanbud-getedinallproperties,Hamburg-Wärtsilä(7.3%),Berlin-Dahlem(4.2%), Walsroder Strasse (6.5%) and Bessemerstraße, Berlin(6.7%).The IFRSNAVper share increased fromEUR102.13atyear-end2014toEUR104.07attheyear-end2015.

TheFund’s total gross asset value (GAV) increased in2015 toEUR61.2millioncomparedtoEUR60.5millionatyearend2014andthedirectpropertyyieldshowsanaverageof5.4%fortheentire portfolio which is slightly above budget. In 2015, theFund has successfully maintained performance improvementoftheofficetowerinBessemerstraße,refinancedtheHannover

propertywithattractiveconditions,distributed3%tothesha-reholdersandtheFund’sgrosspropertyvalueincreasedbyEUR0.9millioncapitalgainstoEUR58.5millioncomparedtoatYE2014EUR57.6million.

The remaining weighted non-breakable lease term for thepropertiesintheportfoliowasapproximately10.3yearsattheendof2015.Theeconomicgrowthhadafavourableimpactonoccupancy levels of all assets except the hotel property, andpro-active asset management of the fund manager resultedinan increaseoftheaverage leaseofEUR0.60/sqminBesse-merstraßeanda lengtheningoftheweightedaverageunexpi-redleaseterm(“WALT”)of455%withinonly2years.Attheendof2015,theportfoliooftheFundshowsanoccupancyrateof94.3%.

Having closed the investment period for new subscriptions,BPTHansahasnotbeenfacedwithany legacy issues;thebu-siness concept is clear and the operating results satisfactory.Inthisrespect,themanagementisproceedingtolookatdiffe-rent investmentopportunities. Buildingswithno future valueenhancementpotentialshallbedisposedandthefundswillbere-investedinpropertieshavingsuchpotentialaccordingtotheFund’sstrategy.Withthisstrategy,theFundexpectstobeabletodistributecomparabledividendstotheshareholders.


Additionally,theFundisstilllookingforopportunitiestosetupadditionalcompartmentsandtoamendthecurrentstructuretoanumbrellafundwithaclearmainfocusonBerlin.Theambitionistocreateamulti-compartment-vehicle,whichprimarilyleadstoasubstantialdecreaseofoverheadsfortheexistinginvestorsand provides existing and new investors with a focussed in-vestmentconceptbetweendifferentassetclassesinGermany’sexhaustingcapital.

MACROECONOMIC FACTORS

Followinganacceptableyearofgrowthof1.6%in2014,2015wasagainaffectedbyunsteadytrendsinworldandespeciallytheEuropeantradeandlowinterestrates.DespitetheongoingweakEUROcurrencyandEuropeaneconomicclimate,theGer-mangrowthkeptexpandingby1.7%in2015driven largelybythedomesticeconomyandincreasingexporttradesupportedbylowinterestratesandthepositivedevelopmentofthelabourmarket.

ThegovernmentisprojectinganongoingstableGDPgrowthof1.7%in2016andof1.5%in2017.Thecontinuousimprovementofthelabourmarketisprovidingasignificantsupportforpriva-teincomeandanincreaseinprivateconsumption.Germanyhasagainexperiencedastrongriseinemploymentduring2014and2015. The 43.18million people employed is the highest levelnotedever.Thetotalunemployment level issteadily low,andshowedinDecember2015alevelofonly6.1%.

After amoderate increase in consumerprices in 2014 (0.2%),2015showedaslightlyhigheraveragerateof0.3%.Theannualinflationfor2016isexpectedatmoreorlessthesamelevel.

CAPITAL STRUCTURE AND VEHICLE LEVEL RETURNS

Asat31December2015,theFund’spaidincapitalfromInves-torsamountstoEUR24.3million.Themaximumamountofsha-recapitalallowedinthePPMisEUR100million.However,theFund’s active equity raising periodhas endedbeginning 2012andsincethentheFundisclosedfornewinvestors.Alltheca-pitalcontributedintoFund’saccounthasbeenfullyinvested.

TheFundmadeadividenddistributionin2015ofEUR3.00perunit.TheNAVandINREVNAVarefurtherdetailedintheMana-ger’sreportsection.

TherehavebeennochangesintheFund’sfeestructureanditsimpactontheFund’scapitalstructureorvehiclelevelreturns.

FINANCIAL REPORT

Financial position of the FundAsat31December2015theGAVoftheFundincreasedtoEUR61.2millioncomparedto60.5millionasat31December2014.

Asof31December2015, theFundNAVwasEUR25.3million(EUR 104.07 per share), compared to EUR 24.9 million (EUR102.13 per share) as at 31 December 2014. The increase inNAVismainlyrelatedtothevaluationadjustmentoftheDah-lemproperty(anincreaseofEUR0.7millioninpropertyvaluerecordedandavaluationgainsofWärtsilä-Hamburg (EUR0.2million).

WiththeintentiontofullycomplywiththerequirementssetinINREV guidelines, the Fund also calculated INREVNAV,whichwasEUR22.4million(EUR91.87pershare)asat31December2015(EUR86.75pershareasat31December2014).

Though not discussed in the Fund documentation, the INREVNAVwascalculatedaccordingtotheprinciplesandguidelinesprovidedintheINREVGuidelinesthatwereamendedon1April2014.ThefrequencyofNAVcalculationthatissetinthePPMis

Table 2: Main macro-economic indicators for Germany

Indicator 2009 2010 2011 2012 2013 2014 2015GDPatMarketPrices(EURbn) 2,407 2,498 2,570 2,645 2,735 2,820 3,025

RealGDPGrowth(%,YOY) -4.7 3.6 3.0 0.9 0.4 1.4 1.7

GovernmentBalance(%ofGDP) -3.0 -3.3 -1.0 0.1 0.0 0.1 0.2

ConsumerPriceInflation(%) 0.4 1.1 2.3 2.0 1.5 0.9 0.3

Unemployedrate(%) 7.9 7.4 7.1 6.8 6.8 6.7 6.1

Population(million) 81.9 81.8 80.3 80.5 80.8 81.1 81.9

Sources:StatistischesBundesamt,DeutscheBundesbank,BundesagenturfürArbeit,HWWI.


asofeachValuationdate,andthesametermsareappliedforINREVNAVcalculation.The INREVNAV iscalculatedadjustingNAVfortheitemssummarisedinthetablebelow:

TheINREVGuidelinesrequirethattheset-upcostsoftheFundwouldbecapitalizedandamortizedoverthefirstfiveyearsaftertheinception.TheFundset-upcosts incurredattheinceptionof theFund in2008havenotbeencapitalizedandamortiseddue to the 5-year amortizationperiod set by INREVended in2013.Therefore,itisassumedthattheresidualcapitalizedset-upcostsasat31December2015wouldequaltoEUR0.

UndertheINREVGuidelines,theacquisitionexpensesofanin-vestment property should be capitalized and amortised overthefirstfiveyearsafteracquisitionoftheproperty.Theacqui-sitionexpensesofWalsroderStrasseandDahlempropertiesin2007andWärtsiläproperty in2008havebeencapitalizedac-cording to IFRS.However, thesewerenotamortized in INREVNAVcalculationasthe5-yearsamortizationperiodsetbyINREVNAVhasalreadyended.

Notes to INREV NAV1. In2013acquisitionexpensesamountingtoEUR808thousand

were incurred in relationtoacquisitionofBessemerstraßeproperty. In accordance with INREV guidelines, theseacquisition expenses are capitalized and amortised overthefiveyearsafter theacquisition.During2015, theFundamortized EUR 161 thousand, resulting in a cumulativeamortizationofEUR337thousand.Theresidualcapitalizedacquisitionexpensesasat31December2015amounttoEUR471thousand.

2. Under INREV Guidelines, the financial liabilities, includingdebt obligations, should be at fair value for INREV NAVcalculation purposes. As at 31 December 2015, the bankloansinamountofEUR34.2millionarecarriedatfixedrateinterestandmeasuredatamortisedcostusingtheeffectiveinterestmethodinthefinancialstatementsoftheFund.Thefairvalueofthesebankloansasdeterminedinaccordance

with IFRS amounts to EUR 38.2 million. The negativeadjustment of EUR 4.0 million represents the impact onINREVNAVofthemeasurementofthisdebttoitsfairvalue.

3. The tax effect in relation to measurement the fixed ratedebt to its fair value creates a positive effect of EUR 633thousandasat31December2015.Thetaxeffectinrelationto capitalization and amortization of property acquisitioncostsresultstoanegativeeffectofEUR75thousand.Thetaxeffectwascalculatedatthe15.825%taxrateapplicable inGermanyonthefinancialdebtfairvalueadjustmentandtheunamortized acquisition costs relating to BessemerstraßepropertyinGermany.

4. Theimpactofrevaluationoffairvalueofdeferredtaxeshasnot been reflected in the INREV NAV adjustments as themanagement aims to dispose the investment propertiesthroughthewayofanassetdeal.

Financial results of the FundIn2015,theFundrecordednetconsolidatedprofitofEUR1,202thousand(EUR1,165thousandlosswasrecordedin2014)whichhadapositiveeffectontheFund’sNAV.Moredetailsareprovi-dedinthestatementofcomprehensiveincome.

During2015thegrossrentalincomeearnedbytheFundsubsi-diariesamountedtoEUR4,112thousand(EUR4,110thousandduring2014).During2015thepropertyrelatedexpensesintheFund subsidiaries amounted to EUR 875 thousand (EUR 906thousand during 2014).

Fees and expenses TheFundfeestructureisdeterminedinthePPMthatwasap-provedby theCSSF.TheFundcalculates the feeandexpensemetrics based on INREV guidelines as a percentage of INREVGAVandINREVNAV.Thedetailcalculationsareprovidedintab-le 4.

Table 3: Adjustments for recalculating NAV to INREV NAV

No. Item Amounts in euros Notes 1 NAV as of 31 December 2015 25,339,922

2 Capitalizationandamortizationofpropertyacquisitioncosts* 471,402 1

3 Revaluationtofairvalueoffinancialassetsandfinancialliabilities (4,001,671) 2

4 Estimationoftaxeffectof(2.)and(3.)above 558,665 3

5 INREV NAV 22,368,318

6 Amountofunits 243,484

7 INREV NAV per unit 91.87

*Thecostsareamortizedduring5years


Thestructureoffeearrangementswithmanagersandaffiliatesaredescribedbelow:

Fund Management FeeThe InvestmentManager provides all economic and financialinformationwhich isnecessaryfortheoperationsoftheFund

aswell as investmentmanagementof theFund‘sportfolioona day to day basis. Therefore, the InvestmentManager is en-titledtoreceiveamanagementfeecalculatedat0.75%oftheGAVperannumoftherealestateportfolio.TheGAVoftherealestate portfolio is determined on each Valuation Day on thebasisof the investmentvalue, inaccordancewith IAS40.The

Table 4: Expense ratios of the Fund and Fund’s subsidiaries based on INREV fee metrics guidelines

Classification Fee/Expense Item AmountManagement fees Managementfees 433,688

Vehicle costs Custodianfees 50,953

Valuationfees 21,500

Auditfees 63,050

Legalfees 22,263

Otherconsultancyservices 183,512

Bankcharges 1,933

Administrationandsecretarialfees 92,473

Total vehicle costs before performance fees A 869,372

Performance fees B -

Total vehicle costs after performance fees C=A+B 869,372

Property expenses Propertymanagementfees 157,460

Propertyinsurance 83,441

Salesandmarketingexpenses 15,105

Servicechargeshortfall 92,480

Amortisationofpropertyacquisitioncosts 161,624

Total property expenses D 510,110

Total expenses before financing costs and taxes E=C+D 1,379,482

Weighted average INREV NAV (WA INREV NAV)

WeightedaverageINREVNAV F 21,440,289

Weighted average INREV GAV (WA INREV GAV)

WeightedaverageINREVGAV G 56,698,282

TER before performance fees

Fundexpensesbeforeperformance/WAINREVNAV =A/F 4.05%

Fundexpensesbeforeperformance/WAINREVGAV =A/G 1.53%

TER after performance fees

Fundexpensesafterperformance/WAINREVNAV =C/F 4.05%

Fundexpensesafterperformance/WAINREVGAV =C/G 1.53%

REER

Propertyexpenses/WAINREVNAV = D/F 2.32%

Propertyexpenses/WAINREVGAV = D/G 0.90%


investmentvalueisthegrossvalueoftherealestatepropertiesexclusiveofall liabilitiesandnotcountingnon-investmentas-setssuchascars,furniture,stationaryetc.

Performance Bonus FeeThemethodusedtocomputetheaccruedmonthlyPerformanceBonusFeeincludesaclawbackwheretheaccruedPerformanceBonusFeecanbereducedincasetheannualizedperformanceof theFund is less than the7%hurdle rate.ThePerformanceBonusFeeiscalculatedannuallyonthebasisofthe3-yearrol-lingaverageandispaidout8daysfollowingtheannualgeneralmeetingofShareholders.IftheannualReturnonEquity(ROE)(calculatedforperformancepurpose)of theFundexceeds7%p.a., calculated as CompoundedAnnualGrowthRates (CAGR)ofthebasisonthemonthlyweightedequityforthelastthreeyears, thePerformanceBonus Feewill amount to20%of thereturnachievedabovethistarget.

TheROEisanamount,expressedasapercentage,earnedonafundscommonstockforagivenperiod.Itiscalculatedbydivi-dingcommonstockequity(networth)atthebeginningoftheaccountingperiod intonet income for thepoint intimeafterpreferredstockdividendsbutbeforecommonstockdividends.Neitherin2014norin2015hastheInvestmentManagerbeenentitledtoreceiveaperformancefee.

Property Management Fee TheInvestmentManagerisentitledtoapropertymanagementfee calculated as 0.5% and 1% of themonthly rental incomeof the real estatesmanagedby the InvestmentManager. TheInvestmentManagerhassignedpropertymanagementagree-ments regarding the management of Dahlem and Wärtsiläproperties. The property management fee is accrued by theFundsubsidiariesholdingtherealestatesonamonthlybasis.

Acquisition feeThe InvestmentManager is entitled to aone-timeacquisitionfeeof0.3%ofthetotalacquisitionsum(directacquisitionpriceplustransactioncosts)ofeachrealestateinvestmentacquireddirectlyorindirectlybytheFund.ThereisnofeepayabletotheInvestmentManagerifanypropertiesaredivested.

PROPERTy REPORT

During2015theFundhadnonewacquisitionsordisposals.Theportfolioconsistsof4assetsandhasatotalrentableareaof33036sq.m.Thegrossvalueof the total investmentpropertiesincreasedtoEUR58.5million(2014:57.6million).TheincreasewasmateriallyaffectedbyavaluationcapitalgainoftheDahlemhotel.

In 2015 the average direct property yield increased to 5.4%(2014:5.3%).ThisismainlydrivenbyNOIimprovementinDah-lem and Bessemerstraße. The profit from property operatingincomefortheyearremainedstableatEUR3.2million,whichisslightlybelowthebudget.Theaverageoccupancyremainsathighlevelof94.3%withincreasingtrendfor2016(2014:96.9%)

The summary of the portfolio allocation by sector and geo-graphyisdetailedinthepicturebelow.

Property valuations Thebreakdownofeachpropertymarketvalueisshowninthetablebelow.

As of 31 December 2015, 100% of Fund properties were va-

luedexternallybyindependentvaluatorbulwiengesaappraisalGmbH and Dr.-Ing. Egbert Krellmann (publicly appointed andswornexpert).Theappraisersderivethefairvalueinaccordan-cewiththePracticeStatementsandRelevantGuidanceNotesoftheRICSAppraisalandValuationandapprovedbyboththe

Picture 1: Fund segment and region distribution*

RetailOfficeHotelIndustrial

*based on fair value of investment properties

BerlinHanoverHamburg

43 6 15 69 16 11 40

Table 5: Property portfolio, in million euros

Property Market value 31 December 2015

Market value 31 December 2014

Dahlem,Berlin 29.7 29.0

Wärtsilä,Hamburg 9.4 9.2

WalsroderStrasse,Hanover 8.6 8.6

Bessemerstraße,Berlin 10.8 10.8


InternationalValuationStandardsCommittee(IVSC)andbytheEuropeanGroupofValuers’Association(TEGoVA).Inaccordan-ce with that basis, themarket value is an estimated amountforwhichapropertyshouldexchangeonthedateofvaluationbetweenawillingbuyerandawillingseller inanarm’slengthtransaction after proper marketing wherein the parties hadeachactedknowledgeably,prudentlyandwithoutcompulsion.PrioryearvaluationswereperformedbyDipl.-Ing.GallinaGün-ter(CISHypCert)andDr.-Ing.EgbertKrellmann.

Theappraisersderivethefairvaluebyapplyingthemethodo-logyandvaluationguidelinesassetoutbytheRoyalInstitutionofCharteredSurveyorsintheUnitedKingdomandinaccordan-cewithIAS40.

Thefairvalueofinvestmentpropertyinthesubsidiariesisde-terminedusingrecognizedvaluationtechniques.Therangesofdiscountratesusedbytheappraiserstovaluethe investmentpropertiesasof31December2015wereinrangebetween5.5%and5.8%(DiscountedCashFlowmethod).Thevaluationpresu-mesthatthepropertiescouldberealisedintheordinarycourseofbusiness.

Property performanceTheoperatingresultsoftheFund’spropertieswerestableandin linewith thebudgetedfigures. Thedetail performance foreachpropertyisdescribedundereachpropertysectionbelow.

Dahlem, BerlinAfteritslaunchphasein2009,thehoteloperationsoftheBer-lin-Dahlem property have been developing only at a middlepaceandarestillbelowmanagementandhoteloperatorexpec-tations.Seminarishasreceivedonlymoderateturnoverresults,however,in2014forthefirsttimesincetake-overwithaninc-reasingtrend.Thesameappliesfor2015.

Duetothetrendof increasingnewhotelprojectsin2013and2014,thecompetitioninBerlindramaticallyhasbeendramati-callyreinforced.Asaconsequence,thepropertyvalueofDah-lemdecreasedfromEUR33milliontoEUR29millionin2014.

During2015theFundManagementmaintainedwithstrategiestoimprovetheturnoverandperformanceofthehoteloperatorandtoclosetheremainingvacantspace.Unfortunately,thecre-ditworthinessof thepost shopoperatordecreasedagainandtoavoidaninsolvencythefundenteredintoacourtsettlementandclosedthecurrentleaseagreementasof31December2015inreturntoapaymentofEUR100,000tobepaidbyinstalmentsoverthenextyears.

OnapositivenotetheBerlinhotelmarkethasimprovedandisboomingatthemoment.Inreflectionofthisfacttheproperty

valueofDahlemproperty increased fromEUR29.0million toEUR29.7million.

Wärtsilä, HamburgInthesixthfullyearaftercompletionoftheHamburgproperty,theperformanceofthispropertyremainedexcellent.WhentheFundenteredintothisinvestment,thedirectpropertyyieldaf-terconstructionwasexpectedtobeintherangeof6.0%-6.3%.Thedirectpropertyyieldremainedstableinthelastquarterat7.2%anditisinlinewiththebudget.Thepropertyisfreeofanydefects.ThepropertyvalueincreasedfromEUR9.2milliontoEUR9.4million.

Walsroder Strasse, HanoverThe Walsroder Strasse property showed again a strong year2015.Theofficespacewasfullyletthrough2015andtheFundprolongedthecurrentfinancingwithSparkasseHannoverwithattractiveconditions.Theaveragedirectpropertyyieldfor2015was6.5%(2014:6.9%)andwasinlinewiththebudget.

Bessemerstraße, BerlinThelocalmanagementisactivelymaintainingtoenterintonu-merousofnewleaseagreementsintheBessemerstraßeproper-tythathavealreadyandshallfurtherresulttoincreaseinboththeaveragerentalincomepersq.m.andtheweightedaveragelease term. Due to the ongoing proactive assetmanagementandnewleaseagreementsthedirectpropertyyieldincreasedinQ42015to7.3%andtheweightedaverageleaseterm(WALT)couldbeincreasedbymaterial455%andtheaveragerentalin-comebyEUR0.60/m²sincetakeoverendof2013.

Tenant Concentration in the FundIn2015,80.3%ofthetotalgrossrentalincomewasgeneratedbythetenlargesttenantsoftherealestateportfolio,withSemi-narisrepresenting44.3%oftherevenueoftheentirepropertyportfolio.

RISk MANAGEMENT

WärtsiläBosch RexrothEssigerWVVandremedien GmbHIMP Computersysteme AGPostshopPhysiopointDAKOthers

Seminaris

44,3%

17,0%

8,2%2,3%

2,0%1,8%

1,3%1,3%1,2%1,0% 19,7%

Picture 2: Rental concentration of 10 largest tenants of the Fund subsidiaries


Theriskmanagement functionof theFund is responsibilityoftheInvestmentManager.ThemanageroftheFundisresponsib-leforidentifyingtheFund’smarketriskportfolio,preparepro-posalsregardingmarketrisklimits,monitorthelimitutilizationandproduceoverallriskanalysesofthemarketrisk.Themana-germaintainsalistofallriskmanagementrelatedinstructions,monitorthesecomparedtointernationallyrecommendedbestpractice,andinitiatechangesandimprovementswhenneeded.Themanager assessedat theendof thefinancial year that itiscurrentlyincompliancewithintendedriskmanagementfra-mework.

Principal risks faced by the Fund Market riskTheinvestmentsaresubjecttotherisksinrelationtotheowner-shipandoperationofrealestate,includingrisksassociatedwiththegeneraleconomicclimate,localreal-estateconditions,geo-graphicormarketconcentration,theabilityoftheInvestmentManagerorthird-partyborrowerstomanagetherealproper-ties,governmentregulationsandfluctuationsininterestrates.

The Fund is exposed tooffice, retail andhotelmarket inBer-linandofficemarketinHamburgandHannoverthroughitsin-vestmentsintoinvestmentpropertythroughsubsidiaries.

Credit riskThe Fund is aiming to diversify its investments, and counter-partieswithlowcreditriskarepreferred.Majoracquisitionandprojectfinancecreditrisksareminimizedbysharingtheseriskswithbanksandinsurancecompanies.Creditrisksrelatedtotheplacementofliquidfundsandtotradinginfinancialinstruments(counterpartycreditrisks)areminimizedbymakingagreementsonlywiththemostreputabledomesticandinternationalbanksandfinancialinstitutions.

Interest rate riskInconnectionwiththeinvestments,theFundhassecuredloanswithmidandlong-termfixedinterestrates.ThePPMallowstheFundtousehedgingtechniquesdesignedtoprotecttheFundagainstadversemovementsininterestrates.CurrentlytheFunddoesnouseanyhedginginstruments.Asat31December2015all loans in theportfolioarefixed interest rates.Asat31De-cember2015,theaverageloancostsoftheFundequalled4.81%(2014:4.90%).Typically,interestrateriskisfixedforthewholeloanterm,i.e.5to10years.

Liquidity riskLiquidityriskmeanstheriskoffailuretoliquidateopenposition,torealisetheassetsbytheduetimeattheprescribedfairpriceortorefinanceloanobligations.

Theinvestmentsarehighlyilliquidandtherecanbenoassuran-cethattheFundwillbeabletoexittheinvestmentsinatimelymanner.Bytheirnature,realestateinvestmentsorinterestsinothernon-publicentitiesaresubjecttoindustrycyclicality,do-wnturnsindemand,marketdisruptionsandthelackofavailablecapitalforpotentialpurchasersandarethereforeoftendifficultortimeconsumingtoliquidate.

TheInvestmentManagermakesitsbesteffortstoensuresuffi-cient liquiditybyefficientcashmanagement,bymaintaininga“liquiditybuffer”andbyorganizingcommittedanduncommitt-ed credit lines.

Inordertominimiseliquidityrisk,apartoftherealestatefundassets may be invested in deposits of credit institutions, inshort-termdebtsecuritiesandinothersecuritieswithhighlevelofliquidity.Also,derivativeinstrumentsmaybeusedtoreduceliquidityrisk.

TheFund’spolicyistomaintainsufficientcashandcashequiva-lentswithintheFundanditscontrolledentitiesorhaveavailab-lefundingthroughanadequateamountofcommittedcreditfa-cilitiestomeettheircommitmentsatagivendateinaccordancewithitsstrategicplans.

Foreign exchange riskCurrently, the Fund’s reporting currency is EUR, aswell as itsassets,liabilities,incomeandexpenses.Thus,fortheFundacur-rencyriskiscurrentlynotreallyexistent.

Operational riskOperationalriskrepresentsthepotentialforlossresultingfrominadequateorfailedinternalprocessesorsystems,humanfac-tors,orexternalevents,includingbusinessdisruptionsandsys-temfailure.TheFundisexposedtomanytypesofoperationalriskandattemptstomitigatethembymaintainingasystemofinternal control procedures and processes that are designed to control riskwithinappropriate levels.Also, traininganddeve-lopment of personnel competences, and active dialoguewithinvestorshelpthecompanytoidentifyandreducerisksrelatedtoitsoperation.

Financing structureThe Fund’s target leverage is 70%of debt financing. As at 31December2015,theFundlevelloan-to-valueamountsto58.4%(2014:59.1%)whichisbelowthetargetleverageduetoamor-tization of bank loans. The Fund’s general loan strategy is tohaveaselectednumberofstrongandtrustworthybanksasfi-nancingpartnerswithfocuson long-termcredit facilities.TheFundmaintains itscurrentrelationshipswith itsfinancingpar-tnersand isconsistentlybuildingupanewnetworkby takingaproactiveapproachincooperatingwiththebanks,especially


afterthefinancialcrisiswhenbankshaveincreasedtheirfocusonriskmanagementandloanperformance.

Therehavebeennosignificantchangesinthefinancingstructu-reofthevehiclesincetheyearend2014,excepttheprolongati-onofthefinancingofWalsroderStraße.DuetotheentireFundloansarecarryingfixedinterestrate,theFundiscurrentlynotusinganyadditionalderivativefinancialinstruments.

As of 31 December 2015 the Fund’s subsidiaries were notbreachinganyofthebankloanagreementsandwereincomp-liancewiththeratiosmonitoredasspecifiedinthecontracts.Itisnotexpectedthatanyloancovenantwillbeinbreachintheforeseeablefuture.

Thekeyfinancingratiosoftheloanportfolioareprovidedtothetablebelow:

Thekeyfinancingratiosarecalculatedasfollows: Interest coverage ratioisbasedonprojectedNOIoverthefollowingfourquartersasaratioofprojectedinterestpay-mentsonbankloansoverthesameperiod.Thepurposeofthisratioistogiveanindicationofthevehicle’sgeneralabi-litytoserviceitsdebt.

Debt Service coverage ratioisbasedonprojectedNOIoverthefollowingfourquartersasaratioofprojected interestand scheduled amortisationpayments onbank loansoverthesameperiod.Thepurposeofthisratioistogiveanindi-cationofthevehicle’sgeneralabilitytoserviceitsdebt(bothscheduledpaymentsandinterests).

Weighted Average Cost of Debt is calculated taking theinterestrate(baserateandmargin)oneachexternaldebtinstrumentinthevehicleweightedbythesizeofsuchinstru-ments.

Weighted Average Maturity is calculated by taking thematurity on each external debt instrument in the vehicleweightedbythesizeofsuchinstruments.

Property level Loan-to-Value iscalculatedbytakingnomi-nalvalueofexternaldebtanddividingbythetotalfairvalueofinvestmentportfolio.

OUTLOOk FOR 2015

During2016,theFundwillconcentrateonthecompositionandperformanceofthecurrentpropertyportfolioincluding,ifpre-ferable,divestmentofadequatepropertiesandreinvestmentofequityintoBerlinassetstoallowforabetterrisk/returnbalan-ce. In linewith thisstrategy,adividenddistributionofcapitalgainsmaybeconsideredbytheBoardofDirectors.

Table 6: The key financing ratios on the loan portfolio of Fund’s subsidiaries

31 December 2015 31 December 2014Interestservicecoverageratio 2.15 2.05

DebtServicecoverageratio 1.37 1.30

WeightedAverageCostofDebtexcludingShareholdersLoans 4.81% 4.90%

WeightedAverageMaturityofDebtexcludingShareholdersLoans(years) 4.60 4.62

PropertylevelLoan-to-Value 58.4% 59.1%


TotheShareholdersofBPT Hansa Lux SICAV-SIF2,rued’AlsaceL-1122Luxembourg

Wehaveauditedtheaccompanyingconsolidatedfinancialsta-tementsofBPTHansaLuxSICAV-SIF,whichcomprisetheconso-lidatedstatementoffinancialpositionasat31December2015,theconsolidatedstatementofcomprehensiveincome,thecon-solidatedstatementofchangesinequityandtheconsolidatedstatementofcashflowsfortheyearthenended,andasummaryof significant accountingpolicies and other explanatory infor-mation.

Board of Directors’ responsibility for the consolidated finan-cial statementsTheBoardofDirectors is responsible for thepreparationandfairpresentationoftheseconsolidatedfinancialstatements inaccordancewithInternationalFinancialReportingStandardsasadoptedbytheEuropeanUnionandforsuchinternalcontrolastheBoard ofDirectors determines is necessary to enable thepreparation and presentation of consolidated financial state-mentsthatarefreefrommaterialmisstatement,whetherduetofraudorerror.

Responsibility of the “réviseur d’entreprises agréé”Ourresponsibilityistoexpressanopinionontheseconsolidat-edfinancialstatementsbasedonouraudit.WeconductedourauditinaccordancewithInternationalStandardsonAuditingasadopted for Luxembourg by the “Commission de SurveillanceduSecteurFinancier”.Thosestandardsrequirethatwecomplywith ethical requirements and plan and perform the audit toobtain reasonable assurance aboutwhether the consolidatedfinancialstatementsarefreefrommaterialmisstatement.

An audit involves performing procedures to obtain audit evi-denceabout theamountsanddisclosures in theconsolidatedfinancial statements. Theprocedures selecteddependon thejudgementof the“réviseurd’entreprisesagréé”, includingtheassessment of the risks ofmaterialmisstatement of the con-solidatedfinancial statements,whetherdue to fraudorerror.Inmaking those risk assessments, the “réviseur d’entreprisesagréé”considersinternalcontrolrelevanttotheentity’sprepa-rationandfairpresentationoftheconsolidatedfinancialstate-ments in order to design audit procedures that are appropriate inthecircumstances,butnotforthepurposeofexpressinganopinionontheeffectivenessoftheentity’sinternalcontrol.Anauditalsoincludesevaluatingtheappropriatenessofaccountingpoliciesusedand the reasonablenessof accountingestimatesmadebytheBoardofDirectors,aswellasevaluatingtheoverallpresentationoftheconsolidatedfinancialstatements.

Webelieve that theauditevidencewehaveobtained is suffi-cientandappropriatetoprovideabasisforourauditopinion.

OpinionInouropinion,theconsolidatedfinancialstatementsgiveatrueandfairviewofthefinancialpositionofBPTHansaLuxSICAV-SIFasof31December2015,andof itsfinancialperformanceanditscashflowsfortheyearthenendedinaccordancewithInter-nationalFinancialReportingStandardsasadoptedbytheEuro-peanUnion.

Other matterSupplementary information included in theannual reporthasbeenreviewedinthecontextofourmandatebuthasnotbeensubject tospecificauditprocedurescarriedout inaccordancewiththestandardsdescribedabove.Consequently,weexpressnoopiniononsuchinformation.However,wehavenoobserva-tiontomakeconcerningsuchinformationinthecontextofthefinancialstatementstakenasawhole.

Ernst & YoungSociétéanonymeCabinetderévisionagréé

MichaelHORNSBYLuxembourg,15April2016

Independent auditor’s report


’000 Euro Notes 2015 2014

Rental income 4,112 4,110

Costofrentalactivities 4 (875) (906)

Profit from property operating activities 3,237 3,204

Administrativeexpenses 5 (734) (730)

Centraladministrationandcustodyfees (51) (47)

Fund expenses (785) (777)

Otheroperatingincome 57 39

Otheroperatingexpenses (85) (26)

Grossvaluationgainsoninvestmentproperties 9 900 1,498

Grossvaluationlossesoninvestmentproperties 9 - (4,013)

Net operating profit before financing 3,324 (75)

Financial income 6 - 239

Financial expenses 7 (1,734) (1,719)

Net financing costs (1,734) (1,480)

Profit/ (loss) before tax 1,590 (1,555)

Income tax charge 8 (388) 390

Profit/ (loss) for the year 1,202 (1,165)

Other comprehensive income not to be reclassified to profit or loss in subsequent periods

Other comprehensive income, net of tax, not to be reclassified to - -

profit or loss in subsequent periods

Total comprehensive income/ (loss) for the year, net of tax 1,202 (1,165)

Theaccompanyingnotesareanintegralpartoftheseconsolidatedfinancialstatements.

Consolidated Statement of Comprehensive Income


’000 Euro Notes 2015 2014

Non-current assets

Investmentproperties 9 58,500 57,600

Deferredtaxasset 8 925 1,080

Total non-current assets 59,425 58,680

Current assets

Tradeandotherreceivables 10 1,087 1,179

Prepayments - -

Cashandcashequivalents 11 640 701

Total current assets 1,727 1,880

Total assets 61,152 60,560

Equity

Share capital 12a 24,348 24,348

Retained earnings 992 520

Total equity 25,340 24,868

Liabilities

Non-current liabilities

Interestbearingloansandborrowings 13 33,256 33,097

Deferredtaxliabilities 8 1,132 1,024

Othernon-currentliabilities 122 111

Total non-current liabilities 34,510 34,232

Current liabilities

Interestbearingloansandborrowings 13 909 957

Tradeandotherpayables 14 97 149

Incometaxpayable - 39

Othercurrentliabilities 15 296 315

Total current liabilities 1,302 1,460

Total liabilities 35,812 35,692

Total equity and liabilities 61,152 60,560


Consolidated Statement of Financial Position


’000 EuroShare

capitalRetained earnings

Total equity

As at 1 January 2014 24,348 1,685 26,033

Netlossfortheyear - (1,165) (1,165)

As at 31 December 2014 24,348 520 24,868

Netprofitfortheyear - 1,202 1,202

Dividendspaid (730) (730)

Total comprehensive income - 472 472

As at 31 December 2015 24,348 992 25,340


Consolidated Statement of Changes in Equity


’000 Euro Notes 2015 2014

Operating activities

Profit (loss) before tax 1,590 (1,555)

Adjustmentsfornon-cashitems:

Valueadjustmentofinvestmentproperties,net 9 (900) 2,515

Changeinallowanceforbaddebts 4 (13) (40)

Financial income 6 - (239)

Write-offofloanadministrationfees 7 18 15

Financial expenses 7 1,687 1,704

Otherinterestexpenses 7 29 -

Workingcapitaladjustments:

Decrease/(Increase)intradeandotheraccountsreceivables 92 (121)

Increaseinothernon-currentliabilities 11 98

Increase/(Decrease)intradeandotheraccountspayable (52) 62

Decreaseinothercurrentliabilities (19) (109)

Paid income tax (180) (48)

Net cash flow from operating activities 2,263 2,282

Investing activities

Capitalexpenditureoninvestmentproperties 9 - (115)

Net cash flow from investing activities - (115)

Financing activities

Proceedsfrombankloans 13 1,000 -

Dividendsdistribution 12b (730) -

Reimbursementofbankloans 13 906 (1,371)

Interest paid (1,688) (1,704)

Net cash flow from financing activities (2,324) (3,075)

Net change in cash and cash equivalents (61) (908)

Cash and cash equivalents at the beginning of the year 701 1,609

Cash and cash equivalents at the end of the year 11 640 701


Consolidated Statement of Cash Flows


Notes to the Consolidated Financial Statements

1. GENERAL INFORMATION

BPTHansaLuxSICAV-SIFwasincorporatedintheGrandDuchyofLuxembourgon23October2006asa“sociétéanonyme”undertheLuxembourglawoncommercialcompaniesdated10August1915;amendedandregisteredasa“sociétéd’investissementàCapitalvariable”(“SICAV-SIF”)undertherelatedlawdated13February2007.

TheArticlesofIncorporation(the“Articles”)havebeenpublishedon26January2007intheMemorialC,RecueildesSociétésetAssociations(the“Mémorial”).BPTHansaLuxSICAV-SIFisregisteredattheRegistredeCommerce,Luxembourg,undernumberB122.072.TheArticlesofAssociationhavebeenamendedforthelasttimeon24June2010,publishedintheMémorialon16August2010.

BPTHansaLuxSICAV-SIFisestablishedforalimitedperiodsoastoendon3May2023butmaybedissolvedpriortothistermbyaresolutionoftheshareholders,subjecttothequorumandmajorityrequirementsfortheamendmentoftheArticles.

Asfrom16August2013theCommissionfortheSupervisionoftheFinancialSector(CommissiondeSurveillanceduSecteurFinan-cier,the“CSSF”)hasregisteredBPTHansaLuxSICAV-SIFasaself-managedalternativeinvestmentfund(“AIF”)inLuxembourgundertheLuxembourgLawof12July2013onalternativeinvestmentfundmanagersandtheEuropeanUnionDirectiveonAlternativeInvestmentFundManagers(“AIFMD”).

TheFundconsistsofBPTHansaLuxSICAV-SIFandthesubsidiariesdisclosedinNote21(the“Fund”).

BPTHansaLuxSICAV-SIFistheultimateparentandcontrollingentity.TheexclusiveobjectofBPTHansaLuxSICAV-SIFistoinvestinsecuritiesrepresentingriskcapitalinordertoprovideitsinvestorswiththebenefitoftheresultofthemanagementofitsassetsinconsiderationoftherisktheyincur.BPTHansaLuxSICAV-SIFisofferinganopportunitytoinvestinadiversifiedrealestatein-vestmentfundfocussingontheNorthernGermanrealestatemarket.

TheconsolidatedfinancialstatementsoftheFundfortheyearendedon31December2015wereauthorisedforissueinaccordancewitharesolutionoftheBoardofDirectorsof15April2016andwillbesubmittedtotheannualgeneralmeetingofshareholderson4May2016.

2. SUMMARy OF SIGNIFICANT ACCOUNTING POLICIES

Theprincipalaccountingpoliciesappliedinthepreparationofthesefinancialstatementsaresetoutbelow.Thesepolicieshavebeenconsistentlyappliedunlessotherwisestatedinthefollowingtext.

Basis of preparationTheFund’sconsolidatedfinancialstatementshavebeenpreparedinaccordancewiththeInternationalFinancialReportingStan-dards(the‘IFRS’)asadoptedforuseintheEuropeanUnion.

New and amended standards and interpretationsTheFundappliedforthefirsttimecertainstandardsandamendments,whichareeffectiveforannualperiodsbeginningonorafter1January2015.TheFundhasnotearlyadoptedanyotherstandard,interpretationoramendmentthathasbeenissuedbutisnotyeteffective.Thenatureandtheeffectofthesechangesaredisclosedbelow.Althoughthesenewstandardsandamendmentsappliedforthefirsttimein2015,theydidnothaveamaterialimpactontheannualconsolidatedfinancialstatementsoftheFund.Thenatureandtheimpactofeachnewstandardoramendmentisdescribedbelow:

Amendments to IAS 19 Defined Benefit Plans: Employee ContributionsIAS19requiresanentitytoconsidercontributionsfromemployeesorthirdpartieswhenaccountingfordefinedbenefitplans.


Wherethecontributionsarelinkedtoservice,theyshouldbeattributedtoperiodsofserviceasanegativebenefit.Theseamend-mentsclarifythat,iftheamountofthecontributionsisindependentofthenumberofyearsofservice,anentityispermittedtorecognisesuchcontributionsasareductionintheservicecostintheperiodinwhichtheserviceisrendered,insteadofallocatingthecontributionstotheperiodsofservice.Thisamendmentiseffectiveforannualperiodsbeginningonorafter1July2014.ThisamendmentisnotrelevanttotheFund,sincenoneoftheentitieswithintheFundhasdefinedbenefitplanswithcontributionsfromemployeesorthirdparties.

Annual Improvements 2010-2012 CycleWiththeexceptionoftheimprovementrelatingtoIFRS2Share-basedPaymentappliedtoshare-basedpaymenttransactionswithagrantdateonorafter1July2014,allotherimprovementsareeffectiveforaccountingperiodsbeginningonorafter1July2014.TheFundhasappliedtheseimprovementsforthefirsttimeintheseconsolidatedfinancialstatements.Theyinclude:

IFRS 2 Share-based PaymentThisimprovementisappliedprospectivelyandclarifiesvariousissuesrelatingtothedefinitionsofperformanceandservicecondi-tionswhicharevestingconditions.TheclarificationsareconsistentwithhowtheFundhasidentifiedanyperformanceandserviceconditionswhicharevestingconditionsinpreviousperiods.Inaddition,theFundhadnotgrantedanyawardsduringthesecondhalfof2014and2015.Thus,theseamendmentsdidnotimpacttheFund’sfinancialstatementsoraccountingpolicies.

IFRS 3 Business CombinationsTheamendment isappliedprospectivelyandclarifies thatall contingent considerationarrangements classifiedas liabilities (orassets)arisingfromabusinesscombinationshouldbesubsequentlymeasuredatfairvaluethroughprofitorlosswhetherornottheyfallwithinthescopeofIAS39.ThisisconsistentwiththeFund’scurrentaccountingpolicyand,thus,thisamendmentdidnotimpacttheFund’saccountingpolicy.

IFRS 8 Operating SegmentsTheamendmentsareappliedretrospectivelyandclarifythat:• Anentitymustdisclosethejudgementsmadebymanagementinapplyingtheaggregationcriteriainparagraph12ofIFRS8,

includingabriefdescriptionofoperatingsegmentsthathavebeenaggregatedandtheeconomiccharacteristics(e.g.,salesandgrossmargins)usedtoassesswhetherthesegmentsare‘similar’

• Thereconciliationofsegmentassetstototalassetsisonlyrequiredtobedisclosedifthereconciliationisreportedtothechiefoperatingdecisionmaker,similartotherequireddisclosureforsegmentliabilities

IAS 24 Related Party DisclosuresTheamendmentisappliedretrospectivelyandclarifiesthatamanagemententity(anentitythatprovideskeymanagementper-sonnelservices)isarelatedpartysubjecttotherelatedpartydisclosures.Inaddition,anentitythatusesamanagemententityisrequiredtodisclosetheexpensesincurredformanagementservices.Thisamendmenthasnomaterial impactonthegroup’sfinancialreportingastransactionsbetweentheFundanditsmanagementcompanyhavealreadybeendisclosedwithintherelatedpartiesnoteshistorically.

Annual Improvements 2011-2013 CycleTheseimprovementsareeffectivefrom1July2014andtheGrouphasappliedtheseamendmentsforthefirsttimeintheseconsolidatedfinancialstatements.Theyinclude:

IFRS 3 Business CombinationsTheamendmentisappliedprospectivelyandclarifiesforthescopeexceptionswithinIFRS3that:• Jointarrangements,notjustjointventures,areoutsidethescopeofIFRS3 • Thisscopeexceptionappliesonlytotheaccountinginthefinancialstatementsofthejointarrangementitself

TheFundisnotajointarrangement,andthusthisamendmentisnotrelevantfortheFundanditssubsidiaries.

IFRS 13 Fair Value MeasurementTheamendmentisappliedprospectivelyandclarifiesthattheportfolioexceptioninIFRS13canbeappliednotonlytofinancial


assetsandfinancialliabilities,butalsotoothercontractswithinthescopeofIAS39.TheFunddoesnotapplytheportfolioexceptioninIFRS13.

IAS 40 Investment PropertyThe description of ancillary services in IAS 40 differentiates between investment property and owner-occupied property (i.e.,property,plantandequipment).TheamendmentisappliedprospectivelyandclarifiesthatIFRS3,andnotthedescriptionofan-cillaryservicesinIAS40,isusedtodetermineifthetransactionisthepurchaseofanassetorabusinesscombination.Inpreviousperiods,theFundhasreliedonIFRS3,notIAS40,indeterminingwhetheranacquisitionisofanassetorisabusinessacquisition.Thus,thisamendmentdidnotimpacttheaccountingpolicyoftheFund.

Standards issued but not yet effectiveThestandardsandinterpretationsthatareissued,butnotyeteffective,uptothedateofissuanceoftheFund’sfinancialstatementsaredisclosedbelow.TheFundintendstoadoptthesestandards,ifapplicable,whentheybecomeeffective.

IFRS 9 Financial InstrumentsInJuly2014,theIASBissuedthefinalversionofIFRS9FinancialInstrumentsthatreplacesIAS39FinancialInstruments:RecognitionandMeasurementandallpreviousversionsofIFRS9.IFRS9bringstogetherallthreeaspectsoftheaccountingforfinancialinstru-mentsproject:classificationandmeasurement,impairmentandhedgeaccounting.IFRS9iseffectiveforannualperiodsbeginningonorafter1January2018,withearlyapplicationpermitted.Exceptforhedgeaccounting,retrospectiveapplicationisrequiredbutprovidingcomparativeinformationisnotcompulsory.Forhedgeaccounting,therequirementsaregenerallyappliedprospectively,withsomelimitedexceptions.

TheFundiscurrentlyassessingtheimpactofIFRS9andplanstoadoptthenewstandardontherequiredeffectivedate.

IFRS 15 Revenue from Contracts with CustomersIFRS15wasissuedinMay2014andestablishesafive-stepmodeltoaccountforrevenuearisingfromcontractswithcustomers.Un-derIFRS15,revenueisrecognisedatanamountthatreflectstheconsiderationtowhichanentityexpectstobeentitledinexchangefortransferringgoodsorservicestoacustomer.

ThenewrevenuestandardwillsupersedeallcurrentrevenuerecognitionrequirementsunderIFRS.Eitherafullretrospectiveapp-licationoramodifiedretrospectiveapplicationisrequiredforannualperiodsbeginningonorafter1January2018,whentheIASBfinalisestheiramendmentstodefertheeffectivedateofIFRS15byoneyear.Earlyadoptionispermitted.TheFundplanstoadoptthenewstandardontherequiredeffectivedateusingthefullretrospectivemethod.

Amendments to IFRS 11 Joint Arrangements: Accounting for Acquisitions of InterestsTheamendmentstoIFRS11requirethatajointoperatoraccountingfortheacquisitionofaninterestinajointoperation,inwhichtheactivityofthejointoperationconstitutesabusiness,mustapplytherelevantIFRS3principlesforbusinesscombinationsac-counting.Theamendmentsalsoclarifythatapreviouslyheldinterestinajointoperationisnotremeasuredontheacquisitionofanadditionalinterestinthesamejointoperationwhilejointcontrolisretained.Inaddition,ascopeexclusionhasbeenaddedtoIFRS11tospecifythattheamendmentsdonotapplywhenthepartiessharingjointcontrol,includingthereportingentity,areundercommoncontrolofthesameultimatecontrollingparty.

Theamendmentsapplytoboththeacquisitionoftheinitialinterestinajointoperationandtheacquisitionofanyadditionalinte-restsinthesamejointoperationandareprospectivelyeffectiveforannualperiodsbeginningonorafter1January2016,withearlyadoptionpermitted.Theimpactoftheadoptionoftheamendmentscanonlybeassessedintheyearofinitialapplicationoftheamendments,asthiswilldependontheacquisitionsofjointoperationsthattakeplaceduringthatreportingperiod.TheFunddoesnotintendtoadopttheamendmentsearly;therefore,itisnotpossibletoestimatetheimpactadoptionoftheamendmentswillhaveontheFund’sfinancialstatements.

Amendments to IAS 16 and IAS 38: Clarification of Acceptable Methods of Depreciation and AmortisationTheamendmentsclarifytheprincipleinIAS16andIAS38thatrevenuereflectsapatternofeconomicbenefitsthataregeneratedfromoperatingabusiness(ofwhichtheassetispart)ratherthantheeconomicbenefitsthatareconsumedthroughuseoftheasset.


Asaresult,arevenue-basedmethodcannotbeusedtodepreciateproperty,plantandequipmentandmayonlybeusedinverylimitedcircumstancestoamortiseintangibleassets.Theamendmentsareeffectiveprospectivelyforannualperiodsbeginningonorafter1January2016,withearlyadoptionpermitted.TheseamendmentsarenotexpectedtohaveanyimpacttotheFundgiventhattheFundhasnotusedarevenue-basedmethodtodepreciateitsnon-currentassets.

Amendments to IAS 27: Equity Method in Separate Financial StatementsTheamendmentswillallowentitiestousetheequitymethodtoaccountforinvestmentsinsubsidiaries,jointventuresandassocia-tesintheirseparatefinancialstatements.EntitiesalreadyapplyingIFRSandelectingtochangetotheequitymethodinitsseparatefinancialstatementswillhavetoapplythatchangeretrospectively.Forfirst-timeadoptersofIFRSelectingtousetheequitymethodinitsseparatefinancialstatements,theywillberequiredtoapplythismethodfromthedateoftransitiontoIFRS.Theamendmentsareeffectiveforannualperiodsbeginningonorafter1January2016,withearlyadoptionpermitted.TheseamendmentswillnothaveanyimpactontheFund’sconsolidatedfinancialstatements.

Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets between an Investor and its Associateor Joint VentureTheamendmentsaddresstheconflictbetweenIFRS10andIAS28indealingwiththelossofcontrolofasubsidiarythatissoldorcontributedtoanassociateorjointventure.Theamendmentsclarifythatthegainorlossresultingfromthesaleorcontributionofassetsthatconstituteabusiness,asdefinedinIFRS3,betweenaninvestoranditsassociateorjointventure,isrecognisedinfull.Anygainorlossresultingfromthesaleorcontributionofassetsthatdonotconstituteabusiness,however,isrecognisedonlytotheextentofunrelatedinvestors’interestsintheassociateorjointventure.Theseamendmentsmustbeappliedprospectivelyandareeffectiveforannualperiodsbeginningonorafter1January2016,withearlyadoptionpermitted.TheseamendmentsarenotexpectedtohaveanyimpactontheFund.

Annual Improvements 2012-2014 CycleTheseimprovementsareeffectiveforannualperiodsbeginningonorafter1January2016.Theyinclude:

IFRS 5 Non-current Assets Held for Sale and Discontinued OperationsAssets(ordisposalgroups)aregenerallydisposedofeitherthroughsaleordistributiontoowners.Theamendmentclarifiesthatchangingfromoneofthesedisposalmethodstotheotherwouldnotbeconsideredanewplanofdisposal,ratheritisacontinuationoftheoriginalplan.Thereis,therefore,nointerruptionoftheapplicationoftherequirementsinIFRS5.Thisamendmentmustbeappliedprospectively.

IFRS 7 Financial Instruments: Disclosures(i) Servicing contractsTheamendmentclarifiesthataservicingcontractthatincludesafeecanconstitutecontinuinginvolvementinafinancialasset.AnentitymustassessthenatureofthefeeandthearrangementagainsttheguidanceforcontinuinginvolvementinIFRS7inordertoassesswhetherthedisclosuresarerequired.Theassessmentofwhichservicingcontractsconstitutecontinuinginvolvementmustbedoneretrospectively.However,therequireddisclosureswouldnotneedtobeprovidedforanyperiodbeginningbeforetheannualperiodinwhichtheentityfirstappliestheamendments.

(ii) Applicability of the amendments to IFRS 7 to condensed interim financial statementsTheamendmentclarifiesthattheoffsettingdisclosurerequirementsdonotapplytocondensedinterimfinancialstatements,unlesssuchdisclosuresprovideasignificantupdatetotheinformationreportedinthemostrecentannualreport.Thisamendmentmustbeappliedretrospectively.

IAS 19 Employee BenefitsTheamendmentclarifiesthatmarketdepthofhighqualitycorporatebondsisassessedbasedonthecurrencyinwhichtheobliga-tionisdenominated,ratherthanthecountrywheretheobligationislocated.Whenthereisnodeepmarketforhighqualitycorpo-ratebondsinthatcurrency,governmentbondratesmustbeused.Thisamendmentmustbeappliedprospectively.

IAS 34 Interim Financial ReportingTheamendmentclarifiesthattherequiredinterimdisclosuresmusteitherbeintheinterimfinancialstatementsorincorporated


bycross-referencebetweentheinterimfinancialstatementsandwherevertheyareincludedwithintheinterimfinancialreport(e.g.,inthemanagementcommentaryorriskreport).Theotherinformationwithintheinterimfinancialreportmustbeavailabletousersonthesametermsastheinterimfinancialstatementsandatthesametime.Thisamendmentmustbeappliedretrospectively.TheseamendmentsarenotexpectedtohaveanyimpactontheGroup.

Amendments to IAS 1 Disclosure InitiativeTheamendmentstoIAS1PresentationofFinancialStatementsclarify,ratherthansignificantlychange,existingIAS1requirements.Theamendmentsclarify:• ThematerialityrequirementsinIAS1• Thatspecificlineitemsinthestatement(s)ofprofitorlossandOCIandthestatementoffinancialpositionmaybedisaggregated• Thatentitieshaveflexibilityastotheorderinwhichtheypresentthenotestofinancialstatements• ThattheshareofOCIofassociatesandjointventuresaccountedforusingtheequitymethodmustbepresentedinaggregateas

asinglelineitem,andclassifiedbetweenthoseitemsthatwillorwillnotbesubsequentlyreclassifiedtoprofitorloss

Furthermore,theamendmentsclarifytherequirementsthatapplywhenadditionalsubtotalsarepresentedinthestatementoffinancialpositionandthestatement(s)ofprofitorlossandOCI.Theseamendmentsareeffectiveforannualperiodsbeginningonorafter1January2016,withearlyadoptionpermitted.TheseamendmentsarenotexpectedtohaveanyimpactontheFund.

Amendments to IFRS 10, IFRS 12 and IAS 28 Investment Entities: Applying the Consolidation ExceptionTheamendmentsaddressissuesthathaveariseninapplyingtheinvestmententitiesexceptionunderIFRS10.TheamendmentstoIFRS10clarifythattheexemptionfrompresentingconsolidatedfinancialstatementsappliestoaparententitythatisasubsidiaryofaninvestmententity,whentheinvestmententitymeasuresallofitssubsidiariesatfairvalue.Furthermore,theamendmentstoIFRS10clarifythatonlyasubsidiaryofaninvestmententitythatisnotaninvestmententityitselfandthatprovidessupportservicestotheinvestmententityisconsolidated.Allothersubsidiariesofaninvestmententityaremeasuredatfairvalue.TheamendmentstoIAS28allowtheinvestor,whenapplyingtheequitymethod,toretainthefairvaluemeasurementappliedby the investmententityassociateor jointventure to its interests insubsidiaries.Theseamendmentsmustbeappliedretrospectivelyandareeffectiveforannualperiodsbeginningonorafter1January2016,withearlyadoptionpermitted.TheseamendmentsarenotexpectedtohaveanyimpactontheFund.

The significant accounting policies applied by the Fund are as follows:

2a. Presentation currency TheconsolidatedfinancialstatementshavebeenpreparedinEuro(EUR),whichisBPTHansaLuxSICAV-SIF’sfunctionalandpresen-tationcurrency.

Unlessstatedotherwise,allvaluesareroundedtothenearestthousandsofEuro.Theconsolidatedfinancialstatementsarepre-sentedinthousandsofEuro.

2b. Consolidated financial statementsTheconsolidatedfinancialstatementsoftheFundincludeBPTHansaLuxSICAV-SIFandsubsidiaries(Note21)ofwhichBPTHansaLuxSICAV-SIFdirectlyor indirectlyholdsmorethan50percentofthevotingrights.Theequityandnet incomeattributabletonon-controllinginterests,ifany,areshownseparatelyintheconsolidatedstatementoffinancialpositionandconsolidatedstate-mentofcomprehensiveincome.

TheconsolidatedfinancialstatementsarepreparedonthebasisoffinancialstatementsofBPTHansaLuxSICAV-SIFanditssubsidia-riesbyconsolidationoffinancialstatements’itemsofauniformnature.ThefinancialstatementsusedforconsolidationhavebeenpreparedapplyingFund’saccountingpolicies.

Inter-companybalancesandtransactions,includingunrealisedprofitsandlosses,areeliminatedinconsolidation.

CompaniesacquiredorsoldduringayearareincludedintothefinancialstatementsfromthedateBPTHansaLuxSICAV-SIFobtainscontroltothedatecontrolceases,respectively.


Thepurchasemethod isapplied in theacquisitionofnewsubsidiarieswhichqualifyasbusinesscombination,underwhich theidentifiableassetsandliabilitiesandcontingentliabilitiesofthesecompaniesaremeasuredatfairvalueattheacquisitiondate.Costoftheacquiredcompanyconsistsoffairvalueofthepaidconsideration(cashorownshares).Ifthefinaldeterminationoftheconsiderationisconditionedbyoneorseveralfutureevents,theseareonlytakenintoaccountiftherelevanteventislikelyandtheamountcanbecalculatedreliably.Subsequentchangestothefairvalueofthecontingentconsiderationwhichisdeemedtobeanassetorliability,isrecognisedinaccordancewithIAS39eitherinprofitorlossoraschangetoothercomprehensiveincome.Ifthecontingentconsiderationisclassifiedasequity,itshallnotbere-measureduntilitisfinallysettledwithinequity.

Whenthetransactionhasnotbeenidentifiedasbeingabusinesscombination,thetransactionhasbeenaccountedforasacqui-sitionofindividualassetsandliabilitieswheretheinitialpurchaseconsiderationisallocatedtotheseparateassetsandliabilitiesacquired,basedontheirrelativefairvalues.

AssetsarerecognisedintheconsolidatedstatementoffinancialpositionwhenitisprobablethatfutureeconomicbenefitswillflowtotheFundandthevalueoftheassetscanbemeasuredreliably.

Liabilitiesarerecognisedintheconsolidatedstatementoffinancialpositionwhentheyareprobableandcanbemeasuredreliably.Oninitialrecognition,assetsandliabilitiesaremeasuredatcost.Subsequently,assetsandliabilitiesaremeasuredasdescribedforeachfinancialstatementitembelow.

FollowingthePrivatePlacementmemorandum(“PPM”)ofBPTHansaLuxSICAV-SIF,NorthernHorizonCapitalGmbH(formerBPTAssetManagementGermanyGmbH)and/orthirdpartiesareactingasalimitedpartnerintheSPVSandareholdingminoritysha-reholdings.InlinewiththePPMtheFundstructuredisclosesthefollowingminorityshareholdingintheFund’ssubsidiariesasat31December2015:

• NorthernHorizonCapitalGmbH(formerBPTAssetManagementGermanyGmbH)owning6.18%participationinBPTGmbH&Co.VermögensverwaltungKG,0.01%participationinBPT1GmbH&Co.VermögensverwaltungKGand0.01%inBPT3GmbH&Co.VermögensverwaltungKG;

• BauwoGrundstücksgesellschaftGmbHowning5.99%participationinBPT3GmbH&Co.VermögensverwaltungKG;• KommunalprojektprivatepublicpartnershipsGmbHowning6%participationinBPT2GmbH&Co.KG.

InlinewiththePPMtheFundenjoysfullbenefitoftheeconomicinterestinthesesubsidiaries,thusnominorityinterestisrecorded.

2c. Investment propertiesInvestmentpropertiesarerealestateproperties(landorabuilding–orpartofabuilding–orboth)held(bytheownerorbythelesseeunderafinancelease)toearnrentalsorforcapitalappreciationorboth,ratherthanfortheuseintheproductionorsupplyofgoodsorservicesorforadministrativepurposes;orsaleintheordinarycourseofbusiness.

Investmentpropertyisinitiallyrecordedatcostincludingcostsdirectlyresultingfromtheacquisitionsuchastransfertaxesandle-galfees.Costs,addingneworimprovedqualitiestoaninvestmentpropertycomparedtothedateofacquisition,andwhichtherebyimprovethefutureyieldoftheproperty,areaddedtocostasanimprovement.Costs,whichdonotaddneworimprovedqualitiestoaninvestmentproperty,areexpensedinprofitorlossunderoperatingexpenses.

UnderIAS40,investmentpropertiesarevaluedtofairvalue,asdeterminedbyindependentappraisers,beingthepricethatwouldbereceivedtosellanassetinanorderlytransactionbetweenmarketparticipantsatthemeasurementdate.Valuationsarealsoundertakenonacquisitionsandcontributionsinkind.Twoindependentvaluators:bulwiengesaappraisalGmbHandDr.-Ing.EgbertKrellmannhavebeenappointedasappraisersoftheFundfortheyears2014and2015.Theirvaluationsareprepared inaccor-dancewiththePracticeStatementsandRelevantGuidanceNotesoftheRICSAppraisalandValuationandapprovedbyboththeInternationalValuationStandardsCommittee(IVSC)andbytheEuropeanGroupofValuers’Association(TEGoVA)andbyapplyingthemethodologyandvaluationguidelinesassetoutbytheRoyalInstitutionofCharteredSurveyorsintheUnitedKingdomandinaccordancewithIAS40.


Valuationsarepreparedusingthedirectcapitalizationapproach.Underthedirectcapitalizationapproach,theincomeandexpen-sesofoneyeararestabilisedandthenetresultingoperatingincomeiscapitalisedatacapitalisationorreturnrateinproportiontothetitletothesubjectproperty.Suchincomecapitalisationconsidersthecompetitivereturnresultingfromalternativeinstrumentsofinvestmentintorealestateorotherproperty.Thiscalculationexcludestheeffectsoftaxesanddisposalcostsbornebytheseller,andisnetoftransactioncostsnormallybornebythepurchaser.Depreciationisnotprovidedoninvestmentproperties.

Thefairvaluedoesnotnecessarilyrepresenttheliquidationvalueofthepropertieswhichwouldbedependentuponthepricenegotiatedatthetimenetofsellingcosts.Thefairvalueis largelybasedonestimatesasdescribedabovewhichareinherentlysubjective.

Theyieldrequirement(discountfactor)isdeterminedforeachproperty.

Valueadjustmentsarerecognisedinprofitorlossundertheitems“Grossvaluationgainsoninvestmentproperties”and“Grossvaluationlossesoninvestmentproperties”.

2d. Accounts receivableReceivablesaremeasuredatnominalvaluelessallowancesfordoubtfuldebts,ifany.Themanagementassessesspecificprovisionsonacustomerbycustomerbasisthroughouttheyear.

2e. Cash and cash equivalentsCashincludescashonhandandcashwithbanks.Cashequivalentsareshort-term,highlyliquidinvestmentsthatarereadilycon-vertibletoknownamountsofcashwithoriginalmaturitiesofthreemonthsorlessandthataresubjecttoaninsignificantriskofchangeinvalue.

2f. DividendsProposeddividendsarerecognizedasaliabilityatthetimeofdeclaration.

2g. Interest bearing loans and borrowingsDebtstobanksandfinancialinstitutionsareinitiallyrecognisedatfairvaluelesstransactioncostsincurred.Subsequently,thesedebtsitemsaremeasuredatamortisedcostusingtheeffectiveinterestratemethod.

TheFundclassifiesitsfinancialliabilitiesascurrentwhentheyareduetobesettledwithintwelvemonthsafterreportingdate,evenif:

(i) Theoriginaltermwasforaperiodlongerthantwelvemonths;and(ii) Anagreementtorefinance,ortoreschedulepayments,onalong-termbasisiscompletedafterthereportingdateandbefore

theconsolidatedfinancialstatementsareauthorisedforissue.

Afinancialliabilityisderecognisedwhentheobligationundertheliabilityisdischargedorcancelledorexpired.

Whereanexistingfinancialliabilityisreplacedbyanotherfromthesamelenderonsubstantiallydifferentterms,orthetermsofanexistingliabilityaresubstantiallymodified,suchanexchangeormodificationistreatedasaderecognisingoftheoriginalliabilityandtherecognitionofanewliability,andthedifferenceintherespectivecarryingamountsisrecognisedinprofitorloss.

2h. Other liabilitiesOtherliabilities,comprisingpayablestosuppliers,guaranteedepositsreceivedfromtenantsandotherpayables,aremeasuredatamortisedcostusingtheeffectiveinterestratemethod.

Deferredincomeisrecognisedunderliabilitiesandincludesreceivedpaymentsforfutureincome.


2i. Financial assetsTheFundrecognisesfinancialassetsonitsconsolidatedstatementoffinancialpositionwhen,andonlywhen,theFundbecomesapartytothecontractualprovisionsoftheinstrument.

FinancialassetsinthescopeofIAS39areclassifiedaseitherfinancialassetsatfairvaluethroughprofitorloss,loansandrecei-vables,held-to-maturityinvestments,oravailable-for-salefinancialassets,asappropriate.Whenfinancialassetsarerecognisedinitially,theyaremeasuredatfairvalue,plus,incaseofinvestmentsnotatfairvaluethroughprofitorloss,directlyattributabletransactioncosts.

TheFunddeterminestheclassificationofitsfinancialassetsafterinitialrecognitionand,whereallowedandappropriate,re-evalua-testhisdesignationateachfinancialyear-end.

All“regularway”purchasesandsalesoffinancialassetsthatrequiredeliverywithinthetimeframeestablishedbyregulationormarketconventionarerecognisedattradedate(thedatethattheFundcommitstopurchaseorselltheasset),otherwisesuchtransactionsaretreatedasderivativesuntilthesettlementday.

Afinancialasset(or,whereapplicable,apartofafinancialassetorpartofagroupofsimilarfinancialassets)isderecognisedwhere:

(i) Therightstoreceivecashflowsfromtheassethaveexpired;(ii) TheFundhastransferreditsrightstoreceivecashflowsfromtheasset,orretainedtherighttoreceivecashflowsfromtheasset,

buthasassumedanobligationtopaytheminfullwithoutmaterialdelaytoathirdpartyundera“pass-through”arrangement;and

(iii)TheFundeither(a)hastransferredsubstantiallyalltherisksandrewardsoftheasset,or(b)hasneithertransferrednorretainedsubstantiallyalltherisksandrewardsoftheasset,buthastransferredcontroloftheasset.

2j. Contingent liabilitiesContingentliabilitiesarenotrecognisedintheconsolidatedfinancialstatements.Theyaredisclosedunlessthepossibilityofanoutflowofresourcesembodyingeconomicbenefitsisremote.

Acontingentassetisnotrecognisedintheconsolidatedfinancialstatementsbutdisclosedwhenaninfloworeconomicbenefitsispossible.

2k. Subsequent eventsPost-reportingdateeventsthatprovideadditionalinformationabouttheFund’spositionatthereportingdate(adjustingevents)arereflectedintheconsolidatedfinancialstatements.Post-reportingdateeventsthatarenotadjustingeventsaredisclosedinthenoteswhenmaterial.

2l. Rental incomeTheFundleasesitsbuildingstocustomersunderagreementsthatareclassifiedasoperatinglease.

Rentalincomerepresentsrentschargedtocustomersandisrecognisedonastraightlinebasis,netofanysalestaxes,overtheleaseperiodtothefirstbreakoption.

Expensereimbursementincomearerecognisedongrossbasisandincludedinprofitorlosswhenthecompanyisnotactingasagentonbehalfofthirdpartiesandchargingthecommissionsforthecollections.Otherwise,revenueisthecommissions.

2m. Expenses recognitionExpensesareaccountedforanaccrualbasis.Expensesarechargedtoprofitorloss,exceptforthoseincurredintheacquisitionofaninvestmentpropertywhicharecapitalisedaspartofthecostofinvestmentandcostsincurredtoacquireborrowings.Operatingexpensescomprisecostsincurredtoearnrentalrevenueduringthefinancialyeartocoveroperationsandmaintenanceoftheownproperties.


2n. Administrative expensesAdministrativeexpensesincludecostsandexpenseswhichwereincurredforthemanagementoftheinvestmentpropertiesandtheFundduringtheyear.

2o. Current taxationTheconsolidatedsubsidiariesoftheFundaresubjecttotaxationinthecountriesinwhichtheyoperate.Currenttaxationisprovidedforattheapplicablecurrentratesontherespectivetaxableprofits.

2p. Deferred taxationDeferredincometaxisprovidedusingtheliabilitymethodontemporarydifferencesatthereportingdatebetweentaxbasesofassetsandliabilitiesandtheircarryingamountsforfinancialreportingpurposes.

Deferredtaxliabilitiesarerecognisedforalltaxabletemporarydifferences,except:

i) Wherethedeferredtaxliabilityarisesfromtheinitialrecognitionofanassetorliabilityinatransactionthatisnotabusinesscombinationand,atthetimeofthetransaction,affectsneithertheaccountingprofitnortaxableprofitorloss;and

ii) Inrespectoftaxabletemporarydifferencesassociatedwithinvestmentsinsubsidiaries,associatesandinterestsinjointven-tures,wherethetimingofthereversalofthetemporarydifferencescanbecontrolledanditisprobablethatthetemporarydifferenceswillnotreverseintheforeseeablefuture.

Deferredincometaxassetsarerecognisedforalldeductibletemporarydifferences,carryforwardofunusedtaxcreditsandunusedtaxlosses,totheextentthatitisprobablethattaxableprofitwillbeavailableagainstwhichthedeductibletemporarydifferences,carryforwardofunusedtaxcreditsandunusedtaxlossescanbeutilisedexcept:

i) Wherethedeferredincometaxassetrelatingtothedeductibletemporarydifferencearisesfromtheinitialrecognitionofanassetorliabilityinatransactionthatisnotabusinesscombinationand,atthetimeofthetransaction,affectsneithertheac-countingprofitnorthetaxableprofitorloss;and

ii) Inrespectofdeductibletemporarydifferencesassociatedwithinvestmentsinsubsidiaries,associatesandinterestinjointven-tures,deferredtaxassetsarerecognisedonlytotheextentthatitisprobablethatthetemporarydifferenceswillreverseintheforeseeablefutureandtaxableprofitwillbeavailableagainstwhichthetemporarydifferencescanbeutilised.

Thecarryingamountofdeferredincometaxassetsisreviewedateachreportingdateandreducedtotheextentthatitisnolongerprobablethatsufficienttaxableprofitwillbeavailabletoallowallorpartofthedeferredincometaxassetstobeutilised.Unre-cogniseddeferredincometaxassetsarere-assessedateachreportingdateandarerecognisedtotheextentthatithasbecomeprobablethatfuturetaxableprofitwillallowthedeferredtaxassetstoberecovered.

Deferredincometaxassetsandliabilitiesaremeasuredatthetaxratesthatareexpectedtoapplytotheyearwhenanassetisrea-lisedortheliabilitysettled,basedontaxrates(andtaxlaws)thathavebeenenactedorsubstantivelyenactedatthereportingdate.

Deferredtaxassetsanddeferredtaxliabilitiesareoffset,ifalegallyenforceablerightexiststosetoffcurrenttaxassetsagainstcurrenttaxliabilitiesandthedeferredtaxesrelatetothesametaxableentityandthesametaxationauthority.

Deferredincometaxrelatingtoitemsrecogniseddirectlyinequityisrecognisedinequityandnotinprofitorloss.Deferredtaxitemsarerecognisedincorrelationtotheunderlyingtransactioneitherinothercomprehensiveincomeordirectlyinequity.

2q. Fair value measurementsTheFundmeasurescertainfinancialinstrumentssuchasderivatives,andnon-financialassetssuchasinvestmentproperty,atfairvalueattheendofeachreportingperiod.Also,fairvaluesoffinancialinstrumentsmeasuredatamortisedcostaredisclosedinthefinancialstatements.


Fairvalueisthepricethatwouldbereceivedtosellanassetorpaidtotransferaliabilityinanorderlytransactionbetweenmarketparticipantsatthemeasurementdate.Thefairvaluemeasurementisbasedonthepresumptionthatthetransactiontoselltheassetortransfertheliabilitytakesplaceeither:

• Intheprincipalmarketfortheassetorliabilityor• Intheabsenceofaprincipalmarket,inthemostadvantageousmarketfortheassetorliability

TheFundmustbeabletoaccesstheprincipalorthemostadvantageousmarketatthemeasurementdate.

Thefairvalueofanassetoraliabilityismeasuredusingtheassumptionsthatmarketparticipantswouldusewhenpricingtheassetorliability,assumingthatmarketparticipantsactintheireconomicbestinterest.

Afairvaluemeasurementofanon-financialassettakesintoaccountamarketparticipant’sabilitytogenerateeconomicbenefitsbyusingtheassetinitshighestandbestuseorbysellingittoanothermarketparticipantthatwouldusetheassetinitshighestandbestuse.

TheFundusesvaluationtechniquesthatareappropriateinthecircumstancesandforwhichsufficientdataareavailabletomeasurefairvalue,maximisingtheuseofrelevantobservableinputsandminimisingtheuseofunobservableinputssignificanttothefairvaluemeasurementasawhole:

• Level1—Quoted(unadjusted)marketpricesinactivemarketsforidenticalassetsorliabilities;• Level2—Valuationtechniquesforwhichthelowestlevelinputthatissignificanttothefairvaluemeasurementisdirectlyor

indirectlyobservable;• Level3—Valuationtechniquesforwhichthelowestlevelinputthatissignificanttothefairvaluemeasurementisunobservable.

Forassetsandliabilitiesthatarerecognisedinthefinancialstatementsonarecurringbasis,theFunddetermineswhethertransfershaveoccurredbetweenlevelsinthehierarchybyre-assessingcategorisation(basedonthelowestlevelinputthatissignificanttothefairvaluemeasurementasawhole)attheendofeachreportingperiod.

2r. Significant accounting judgments, estimates and assumptions

ThepreparationoftheFund’sconsolidatedfinancialstatementsrequiresmanagementtomakejudgments,estimatesandassump-tionsthataffectthereportedamountsofrevenues,expenses,assetsandliabilities,andthedisclosureofcontingentliabilities,atthereportingdate.However,uncertaintyabouttheseassumptionsandestimatescouldresult inoutcomesthatcouldrequireamaterialadjustmenttothecarryingamountoftheassetorliabilityaffectedinthefuture.

Judgments Classification of investment propertyTheFunddetermineswhetherapropertyqualifiesasinvestmentproperty.Investmentinpropertymainlycomprisestheinvestmentinlandandbuildingsintheformofoffices,commercialwarehouse,retailforresidentialpropertieswhicharenotoccupiedsubst-antiallyforuseby,orintheoperationsof,theFund,norforsaleintheordinarycourseofbusiness,butareheldprimarilytoearnrentalincomeandcapitalappreciationbyleasingtothirdpartiesunderlongtermoperatingleases.

Operating lease contracts – Fund as lessorLeasesinwhichsubstantiallyallrisksandrewardsofownershipareretainedbyanotherparty,thelessor,areclassifiedasoperatingleases.TheFundhaddetermined,basedonanevaluationofthetermsandconditionsofthearrangementsthatitretainsallthesignificantrisksandrewardsofownershipofthesepropertiesandsoaccountsfortheseleasesasoperatingleases.

Deferred taxTheFundissubjecttoincomeandcapitalgainstaxesinnumerousjurisdictions.Significantjudgmentisrequiredindeterminingthetotalprovisionforincomeanddeferredtaxes.Therearemanytransactionsandcalculationsforwhichtheultimatetaxdeterminati-


onandtimingofpaymentisuncertainduringtheordinarycourseofbusiness.Inparticular,theeffectivetaxrateapplicableonthetemporarydifferencesoninvestmentpropertiesdependsonthewayandtimingtheinvestmentpropertywillbedisposedof.TheFundrecognisesliabilitiesforanticipatedtaxissuesbasedonestimatesofwhetheradditionaltaxeswillbedue.Wherethefinaltaxoutcomeofthesemattersisdifferentfromtheamountsthatwereinitiallyrecorded,suchdifferenceswillimpacttheincomeanddeferredtaxprovisionsintheyearinwhichthedeterminationismade.

Determining whether the Fund meets the definition of an investment entity according to IFRS 10Tomeetthedefinitionofaninvestmententity,thefollowingcriteriamustbemet:– Anentityobtainsfundsfromoneormoreinvestorsforthepurposeofprovidingthoseinvestorswithinvestmentservices;– Anentitycommitstoitsinvestorsthatitsbusinesspurposeistoinvestfundssolelyforreturnsfromcapitalappreciation,in-

vestmentincomeorboth;and– Anentitymeasuresandevaluatestheperformanceofsubstantiallyallofitsinvestmentsonafairvaluebasis.

TheFundreportsitsinvestmentsatfairvalueunderIFRS40,‘InvestmentProperties’intheconsolidatedfinancialstatements.However,theentity’skeymanagementpersonneldonotrelysolelyonfairvalueofthepropertiesastheprimaryattributetoevaluatetheperformanceofsubstantiallyallitsinvestmentsandtomakeinvestmentdecisions.Instead,otherindicatorsareusedtoevaluateperformanceandmakeinvestmentdecisionswhichcompriseofprospectiveleases,occupancyrate,leaseterm,futurerents,propertyyield,propertylocation,netpropertyincome,tenantquality/profileandmanyothervariablesandmarketconditions.

TheBoardofDirectorsoftheFundhasthereforeconcludedthattheFunddoesnotmeetthedefinitionofaninvestmententityandthereforeisnotexemptedfromconsolidatingitscontrolledentities.

Estimates and assumptions

Deferred tax assetsDeferredtaxassetsarerecognisedforallunusedtaxlossestotheextentthatit isprobablethattaxableprofitwillbeavailableagainstwhichthelossescanbeutilised.Significantmanagementjudgmentisrequiredtodeterminetheamountofdeferredtaxassetsthatcanberecognised,baseduponthelikelytimingandleveloffuturetaxableprofitstogetherwithfuturetaxplanningstrategies.

Fair value of investment propertiesTheFundcarriesitsinvestmentpropertiesatfairvalue,withchangesinfairvaluebeingrecognisedinprofitorloss.TheFunden-gagedtwoindependentvaluationspecialiststodeterminefairvalueasat31December2014and31December2015.Thevaluatorsusedavaluationtechniquebasedonadirectcapitalizationapproachasthereisalackofcomparablemarketdatabecauseofthenatureoftheproperty.Thedeterminedfairvalueoftheinvestmentpropertiesisthemostsensitivetotheestimatedyield.Thekeyassumptionsusedtodeterminethefairvalueoftheinvestmentproperty,arefurtherexplainedinNote9.


3. FUND’S RISk MANAGEMENT POLICy

3a. Risk relating to investment in real estateInvestmentinrealestateissubjecttovaryingdegreesofrisk.Themainfactorswhichaffectvalueofinvestmentinclude:

(i) Changesinthegeneraleconomicclimate;(ii) Conditionsinthemarketinwhichinvestedrealestateoperate;(iii) Governmentregulationsandtaxation;(iv) Availabilityofinvestmentopportunitiesinrealestate;(v) Propertydamageandbusinessinterruptioninrelationtoit,thirdpartyliability.

ThekeyelementsoftheFund’sriskreductionstrategyshallinclude(describedinmoredetailintheFund’sPPMdated29June2012):

(i) Atleast80%ofallinvestmentsmustbeofalong-termnature,therebyreducingtheriskofhighvacancyratios.Allbuildingswillbemaintainedatahighstandardtoensurethattheunderlyingvaluesareprotected.

(ii) TheFundwillownadiversifiedportfolioofpropertiesthatarespreadacrossgeographiesandsegments;oncefullyinvested,theFundisexpectedtoownaportfolioof100,000–150,000squaremeters.

(iii) TheFundwillhaveakeyfocusonmanagingthevacancyrateattheportfoliolevelbyseekingtohaveleaseagreementsofdifferentlengthinorderforleasestoexpiregraduallyovertheFund’slife,totheextentpossible.

(iv) TheFundwillseektoestablishadiversifiedtenantbasespreadacrossmanyindustries/sectors.(v) EachmajorinvestmentwillbereviewedandapprovedbytheBoardofDirectors.Comprehensivecommercial,legal,technical

andtaxduediligencewillbeperformedoneachacquisition.Onlyreputableandindependentadviserswithstrongtrackre-cordsinthefieldofacquisitionswillbeselectedwhenassessingandevaluating

(vi) variousinvestmentopportunities.(vii) Insurancewillbeorganizedthroughanationalorinternationalinsurancecompany.Subjecttolocationanduseoftheproper-

ties,insurancewill includelossofrentcoverageofatleast12monthsinthecaseofterroristattacks,fire,destructionofaparticularproperty,oranyothereventthatmightdamagetheproperty.

(viii) OnlyleadingnationalorinternationalcompanieswithapprovedtrackrecordsuchasErnst&Young,PricewaterhouseCoopers,DeloitteorKPMGwillprovidetax,financial,andaccountingadvice.

ToaddresstheseriskstheFundissubjecttothefollowinginvestmentdiversificationpolicythataredescribedinmoredetailintheFund’sPPM:

(i) Followingtheinvestmentperiodnomorethan15%ofthefinalFund‘sGAVwillbeinvestedinanysinglerealestateproperty;(ii) Thetenlargestinvestmentsmaynotbemorethan50%ofthefinalFund’sGAV;and(iii) TheFundwillnotinvestmorethan30%ofitsNAVinonerealestatecompany.

Asof31December2015,48.57%ofFund’sGAVisinvestedinasinglerealestatepropertylocatedinTakustraße39/Lansstraße2,D–14195Berlin-Dahlem;17.66%oftheofFund’sGAVisinvestedinanothersinglerealestatepropertylocatedinBessemerstraße82,D–12103Berlin,OTSchöneberg;15.37%of theofFund’sGAV is invested ina third single realestateproperty located inSchlenzigstrasse8,D–21107,Hamburg.

Inthisrespectithastobenoted,thatthepresentportfoliosizehasnotreachedthesizeofEUR1,000,000,000initiallyplanned.Furthermore,anextraordinarygeneralmeetingofshareholdersin2010hasdecreasedthetargetedFundsizetoEUR300,000,000beforetheinvestmentperiodexpired.Therefore,managementseestheabovementioned“passivebreach”oftheFund’sdiver-sificationpolicynotasaFund’scomplianceissue,butmoreasafact,that lessequitycouldberaisedduringtheinitialplannedinvestmentperiod.Asaresult,theinitialportfoliocouldnotbeincreased.

3b. Significant accounting judgments, estimates and assumptions In2013themanagementhastakenactiontostartdisposingthepropertieswithnofuturevalueenhancementandtore-investingthefundsinto(more)smallerassetswiththeaimthatnomorethan15%ofthefinalFund‘sGAVwillbeinvestedinanysinglerealestateproperty,iftheinterestoftheFundandtheshareholdersojustifies.Additionally,furtheractivitiestorestructuretheFundto


anumbrellafundareunderreview,inordertoopentheinvestmentpossibilityagainforexistingandnewinvestorsandtoincreasetheFundsize.

3c. Credit risk TheFund’sproceduresareinforcetoensureonapermanentbasisthatpropertiesareleasedtocustomerswithanappropriatecre-dithistoryanddonotexceedanacceptablecreditexposurelimit.Majoracquisitionandprojectfinancecreditrisksareminimisedbysharingtheseriskswithbanksandinsurancecompanies.Creditrisksrelatedtotheplacementofliquidfundsandtotradinginfinancialinstruments(counterpartycreditrisks)areminimisedbymakingagreementsonlywiththemostreputabledomesticandinternationalbanksandfinancialinstitutions.

Themaximumexposuretocreditriskisrepresentedbythecarryingamountofeachfinancialasset,includingderivativefinancialinstruments,ifany,intheconsolidatedstatementoffinancialposition.

3d. Interest rate risk TheFund isexposedto interest rateriskprimarily throughmarketvaluechangestothenetdebtportfolio (pricerisk)andalsothroughchangesininterestrates.Fluctuationsininterestratesaffecttheinterestexpense.Thereistheriskmanagementpolicytosecurethelong-termloanstoafixedratefortheirwholelife.Inordertoachievethis,theFundentersintofixedrateloans(Note19b).

At31December2015and2014100%oftheFund’sborrowingsareatfixedinterestrate,therefore,changesininterestratehasnoimpactonFund’sequityandFund’sprofitbeforetax.

3e. Liquidity riskTheinvestmentsmadebytheFundwillbeilliquidinnature.TheabilityoftheFundtoliquidateitsinvestmentsatattractivepricesatappropriatetimeswilldependonanumberoffactorsthatmaybeoutsideofthecontrolofthemanagement.TheFund’smana-gementreviewstheliquidityoftheassetsheldwithintheFundbasedoncurrentmarketconditionsonaregularbasis.

TheFund’sobjectivesaretomaintainabalancebetweencontinuityoffundingandflexibilitythroughtheuseofbankloans.Basedonthecarryingvalueofborrowingsreflectedintheconsolidatedfinancialstatements,2.7%ofFund’sborrowingswillmatureinlessthanoneyearat31December2015(2014:2.8%).ThetablebelowsummarisesthematurityprofileofFund’sfinancialliabilitiesat31December2015and2014.

Less than 1

’000 Euro On demand year 1-5 years >5 years Total

Year ended 31 December 2015

Interestbearingloansandborrowings - 2,511 28,766 8,785 40,062

Tradeandotherpayables - 97 - - 97

Otherliabilities - 296 23 99 418

Total current and non-current - 2,904 28,789 8,884 40,577


Interestbearingloansandborrowings - 2,607 33,922 4,490 41,019

Incometaxpayable - 39 - - 39

Tradeandotherpayables - 149 - - 149

Otherliabilities - 315 89 22 426

Total current and non-current - 3,110 34,011 4,512 41,633


3f. Foreign exchange risk TheFundholdsfinancialassetsandfinancialliabilitiesdenominatedintheEuro,whichisitsfunctionalcurrency.TheFund,therefo-re,hasnoriskfrommovementsinexchangeratesofothercurrenciesagainstEuro.

3g. Capital management TheFundmonitorscapitalusinggearingratio,whichisdeterminedbydividingborrowingsbythesumofsubscribedcapitalandborrowings.TheFund’stargetgearingratioismaximum70%thatshouldbereachedwhentheFundisfullyinvested.

’000 Euro 2015 2014

Interestbearingloansandborrowings 34,165 34,054

Total borrowings 34,165 34,054

Subscribedcapital 24,348 24,348

Total borrowings and subscribed capital 58,513 58,402

Gearing ratio 58.4% 58.3%


4. COST OF RENTAL ACTIVITIES

’000 Euro 2015 2014

Real estate taxes 281 281

Repair and maintenance 114 125

Utilities 176 178

Propertymanagementexpenses 158 157

Propertyinsurance 83 81

Baddebtallowances 13 40

Othercosts 50 44

Total cost of rental activities 875 906

In2015,EUR513thousandoftotalrentalactivitiescostswererechargedtothetenants(2014:EUR511thousand).Therechargedamountisincludedintherentalincomebalance.

5. ADMINISTRATIVE EXPENSES

’000 Euro 2015 2014

Managementfee 434 447

External consultant expenses 209 212

BoardfeesandotherBoardrelatedexpenses 86 65

Other 5 6

Total 734 730

NorthernHorizonCapitalA/SisentitledtoabasemanagementfeeequivalenttoapercentageofthevalueoftheFund’sinvestmentinrealestate.AquarterlymanagementfeeisbasedontheinvestmentpropertiesGAVattheendofeachcalendarquarterandcharged0.75%oftheGAVperannumoftherealestateportfolio.

6. FINANCIAL INCOME

’000 Euro 2015 2014

Otherfinancialincome - 239

Total - 239


7. FINANCIAL EXPENSES

’000 Euro 2015 2014

Interestonbankloans 1,687 1,704

Otherfinancialexpenses 18 15

Otherinterestexpenses 29 -

Total 1,734 1,719

8. INCOME TAX

BPTHansaLuxSICAV-SIFissubjecttoanincometax(corporateincometaxandmunicipalbusinesstax)attheglobalrateof29.22%(2014:29.22%).However,BPTHansaLuxSICAV-SIFcanexemptfromitstaxbaseallinvestmentincomeorcapitalgainsattributabletosecurities.

Realestaterevenues,orcapitalgainsderivedfromrealestatearesubjecttotaxesbyassessmentinthecountrieswhererealestateissituated.TheFund’ssubsidiariesdepreciatetheirhistoricalpropertycostinaccordancewithapplicabletaxregulations.Depre-ciationisdeductedfromtaxableprofitsindeterminingcurrenttaxableincome.

Themajorcomponentsofincometaxfortheyearsended31December2015and2014are:

’000 Euro 2015 2014

Consolidated statement of comprehensive income

Taxontaxableincomefortheyear 6 (4)

Taxrelatedpriorperiods* (131) -

Adjustmentofdeferredtaxfortheyear (263) 394

Income tax expense reported in the income statement (388) 390

Revaluationofderivativeinstrumentstofairvalue - -

Income tax expense reported in other comprehensive income - -

Income tax expense reported in the statement of comprehensive income (388) 390

*TaxpaidinrelationtoWeinmeisterpropertydisposalin2013.


Deferredincometaxasat31December2014and2013relatestofollowing:

Consolidated statement of Consolidated income

financial position statement

’000 Euro 2015 2014 2015 2014

Deferred tax liability

Investmentpropertyfairandtaxvaluedifferences (1,132) (1,024) (108) (527)

(1,132) (1,024) (108) (527)

Deferred tax assets

Taxlossesbroughtforward 925 1,080 (155) 921

925 1,080 (155) 921

Deferred income tax asset/ (liability), net (207) 56 Deferred income tax expenses/(income) (263) 394

Reflectedinthestatementoffinancialpositionasfollows

Deferredtaxassets 925 1,080

Deferredtaxliability (1,132) (1,024)

Deferred income tax liability, net (207) 56

ThetaxlossesincurredbytheFund’sGermanentitieswererecognisedtotheextentitcanbeutilisedinnearfuture.

Thereconciliationbetweentaxexpenseandaccountingprofitfortheyearsended31December2015and2014isasfollows:

’000 Euro 2015 2014

Profit/(loss)beforeincometax 1,590 (1,165)

AtLuxembourgstatutorytaxrateof29.22%(2014:29.22%) (468) 454

Effectofdifferenttaxratesinothercountries 208 (64)

Adjustmentsrelatedtopreviousyear (131) -

Total income tax expenses (388) 390

Summaryoftaxationratesbycountryispresentedbelow:

2015 2014

Germany 15.825% 15.825%

Luxembourg 29.22% 29.22%

ThesubsidiariesinGermanyarenotsubjecttotheGermanincometax.BPTHansaLuxSICAV-SIFisthelimitedtaxpayerinGermanyontheincomereceivedfromitspartnershipinterestheldinthesubsidiariesatataxrateof15.825%in2015and2014.


9. INVESTMENT PROPERTy

Investmentpropertyrepresentsbuildings,whicharerentedoutunderleasecontracts.

ThefairvalueoftheinvestmentpropertieswasjointlyappraisedbytwoindependentvaluatorsbulwiengesaappraisalGmbHandDr.-Ing.EgbertKrellmann(publiclyappointedandswornexpert),inaccordancewiththePracticeStatementsandRelevantGuidan-ceNotesoftheRICSAppraisalandValuationandapprovedbyboththeInternationalValuationStandardsCommittee(IVSC)andbytheEuropeanGroupofValuers’Association(TEGoVA).Inaccordancewiththatbasis,themarketvalueisanestimatedamountforwhichapropertyshouldexchangeonthedateofvaluationbetweenawillingbuyerandawillingsellerinanarm’slengthtran-sactionafterpropermarketingwhereinthepartieshadeachactedknowledgeably,prudentlyandwithoutcompulsion.PrioryearvaluationswerealsoperformedbytwoindependentvaluatorsbulwiengesaappraisalGmbHandDr.-Ing.EgbertKrellmann.

TheappraisersderivethefairvaluebyapplyingthemethodologyandvaluationguidelinesassetoutbytheRoyalInstitutionofCharteredSurveyorsintheUnitedKingdomandinaccordancewithIAS40.

Investmentpropertieswerevaluedonanannualbasis,asrequiredbytheFund’sPrivatePlacementMemorandumdated29June2012.

’000 Euro 2015 2014

Cost

Balance at 1 January 60,332 60,217

Additions(subsequentexpenditure) - 115

Cost at 31 December 60,332 60,332

Fair valuations

Accumulated fair value adjustment at 1 January (2,732) (217)

Disposals - -

Netrevaluationgain(loss)fortheyear 900 (2,515)

Accumulated fair value adjustment at 31 December (1,832) (2,732)

Carrying amount at 31 December 58,500 57,600

In2009,theFundhasreceivedagovernmentgrantofEUR3,760thousandfordevelopmentofBerlin-DahlemCampus,whichdec-reasedtheacquisitioncostoftheinvestmentproperty.


Fair value hierarchyThefollowingtableshowsananalysisofthefairvaluesofinvestmentpropertyrecognisedinthestatementoffinancialpositionbylevelofthefairvaluehierarchy:

Total gain or (loss)

‘000 Euro in year 2015 in the

31 December 2015 Level 1 Level 2 Level 3 Total income statement

Hannover-Office - - 8,600 8,600 -

Berlin–Hotel/Retail - - 29,700 29,700 700

Hamburg–Office/Industrial - - 9,400 9,400 200

Berlin-Office - - 10,800 10,800 -

Total - - 58,500 58,500 900

TherewerenotransfersbetweenLevelsduringtheyear.Gainsand lossesrecorded inthe incomestatementfor recurringfairvaluemeasurementscategorisedwithinLevel3ofthefairvaluehierarchyamounttoEUR900thousandandarepresentedintheconsolidatedincomestatementinlines‘Grossvaluationgainsoninvestmentproperties’and‘Grossvaluationlossesoninvestmentproperties’.

Description of valuation processTherealestatepropertyvaluationpoliciesoftheFundaredeterminedbytheBoardbasedonmarketpractice.Realestateproper-tiesareassessedatleastannuallybytwoindependentrealestateappraisers(the”Appraisers“)appointedfromtimetotimebytheBoard.TheAppraisersareselectedfromprofessionalsorcompanieswhoarelicensedandwhooperateinthegeographicalareawhereanyrelevantrealestatepropertiesarelocated.Thepropertyvaluationisbasedonfairmarketvalueasof31DecembereachyearandinprincipleisasinglevaluationsignedbybothindependentAppraisers.IftheAppraisersdonotreachanagreementandbothopinionsarecredible,theBoardwillrelyonthevaluethattheFundismostlikelytorealizefromthepropertyinanormalsale.

Valuation techniques used to derive Level 3 fair valuesAt31December2015,valuationsof investmentpropertieswereperformedby two independentvaluators jointly,bulwiengesaappraisalGmbHandDr.-Ing.EgbertKrellmann(publiclyappointedandswornexpert).

Thetablebelowpresentsthefollowingforeachclassoftheinvestmentproperty:- Thefairvaluemeasurementsattheendofthereportingperiod;- Adescriptionofthevaluationtechniquesapplied;- Theinputsusedinthefairvaluemeasurement;- Quantitativeinformationaboutthesignificantunobservableinputsusedinthefairvaluemeasurement.


Highest and best useForallinvestmentpropertythatismeasuredatfairvalue,thecurrentuseofthepropertyisconsideredthehighestandbestuse.

Fair value 31 Valuation Key unobservable

Class of property December 2015 technique inputs Range

’000 Euro

Hannover-Office 8,600 Income -Discountrate 6.26%

capitalization -Longtermvacancyrate 3.10%

-Capitalizationyield 5.75%

- ERV EUR42-126

Berlin–Hotel/Retail 29,700 Income -Discountrate 5.83%



- ERV EUR152-384

Hamburg–Office/Industrial 9,400 Income -Discountrate 5.73%



- ERV EUR85-145

Berlin-Office 10,800 Income -Discountrate 6.25%



- ERV EUR41-73

Total 58,500

Descriptions and definitionsThetableinthepreviouspageincludesthefollowingdescriptionsanddefinitionsrelatingtovaluationtechniquesandkeyunobser-vableinputsmadeindeterminingthefairvalues:

Income capitalizationValuationsarepreparedusingthedirectcapitalizationapproach.Underthedirectcapitalizationapproach,theincomeandexpen-sesofoneyeararestabilisedandthenetresultingoperatingincomeiscapitalisedatacapitalisationorreturnrateinproportiontothetitletothesubjectproperty.Suchincomecapitalisationconsidersthecompetitivereturnresultingfromalternativeinstrumentsofinvestmentintorealestateorotherproperty.Thiscalculationexcludestheeffectsoftaxesanddisposalcostsbornebytheseller,andisnetoftransactioncostsnormallybornebythepurchaser.

Long term vacancy rateLong-termvacancyrateisdeterminedbasedonthepercentageofestimatedvacantspacedividedbythetotallettablearea.

Estimated rental value (ERV)Therentatwhichspacecouldbeletinthemarketconditionsprevailingatthedateofvaluation.

Capitalization yieldAverageinternalrateofreturnofthecashflowfromtheproperty.


10. TRADE AND OTHER RECEIVABLES

’000 Euro 2015 2014

Tradereceivable,gross 662 674

Lessallowancefordoubtfulreceivables (274) (314)

Accountsreceivablefromlimitedpartners 427 456

Prepaid expenses 133 159

Accrued income 1 3

Otheraccountsreceivable 138 201

Total 1,087 1,179

Tradereceivablesarenon-interestbearingandaregenerallyon30days’terms.

Asat31December2015,tradereceivablesatnominalvalueofEUR274thousand(2014:EUR314thousand)wereimpairedandfullyprovidedfor.Allowancesfordoubtfulreceivablesaccountedforin2015arerelatedtoBessemerproperty(EUR13thousand).Theallowancesfordoubtfulreceivablesaccountedforin2014arerelatedtoBerlin-Dahlemproperty(EUR301thousand)andBessemerproperty(EUR13thousand).

Movementsintheprovisionforimpairmentofreceivableswereasfollows:

’000 Euro 2015 2014

Balanceat1January (314) (274)

Chargefortheyear (13) (40)

Amountwrittenoff 53 -

Balance at 31 December (274) (314)

Asat31December,theageinganalysisoftradereceivablesthatwerepastduebutnotimpairedisasfollows:

Neither past Past due but not impaired

due nor

’000 Euro Total impaired <30 days 30-60 days 60-90 days 90-120 days >120 days

2015 387 - 38 - - - 349

2014 360 - - 67 - - 293


11. CASH AND CASH EqUIVALENTS

’000 Euro 2015 2014

Cashatbanksandonhand 640 701

Total cash 640 701

Forthepurposeoftheconsolidatedcashflowstatement,cashandcashequivalentsconsistofcashandcashequivalentsnetofoutstandingbankoverdrafts.Asat31December2015and31December2014,theFundhadnooutstandingbankoverdrafts.

12. EqUITy

12a. Subscribed capitalAsat31December2015and2014,thesubscribedcapitalofBPTHansaLuxSICAV-SIFisrepresentedby243,484ordinaryshareswithaparvalueofEUR100each,fullypaid-in.Therewerenochangesinnumberofsharesandsharevalueduring2015and2014. 12b. Dividends paid

’000 Euro 2015 2014

Declaredandpaidduringtheyear* 730 -

Total dividends paid 730 -

*EUR3pershare.


13. INTEREST BEARING LOANS AND BORROwINGS

Effective

’000 Euro Maturity interest rate 2015 2014

Non-current borrowings

BerlinerSparkasse 30June2019 5.32% 16,942 17,406

MünchenerHypothekenbankeG 30September2018 2.83% 5,921 6,057

BerlinerSparkasse 31December2019 5.97% 5,330 5,485

SparkasseHannoverAG* 30October2022 4.77% 5,039 5,191

SparkasseHannoverAG 30October2022 1.79% 1,000 -

Lesscapitalisedloanarrangementandlegalfees (67) (85)

Lesscurrentportion (909) (957)

Total non-current debt 33,256 33,097

Current portion of non-current borrowings

Currentportionofnon-currentborrowings 909 957

Total current debt 909 957

Total 34,165 34,054

*On20October2015theloanmaturitywasextendedfrom30October2016to30October2022.

ForthematurityoftheborrowingsseeNote3d.

Fortheborrowingsreceived,theFundissuedthefollowingsecurities:• Assignmentoflandchargeforpropertieslocatedat: o Walsroderstrasse93/93a,Hannover,Germany,withthecarryingvaluetotallingtoEUR8,600thousand; o Bessemerstrasse82,Berlin,Germany,withthecarryingvaluetotallingtoEUR10,800thousand; o Lansstrasse2,14195Berlin-Dahlem,Germany,withthecarryingvaluetotallingtoEUR29,700thousand; o Schlenzigstrasse8,D-21107Hamburg,Germany,withthecarryingvaluetotallingtoEUR9,400thousand.• Assignmentofrightsandclaimsofexistingandfuturerentreceivablesfromleaseagreementsofinvestmentpropertieslocated

atWalsroderstrasse93/93a,Hannover,Germany;Bessemerstrasse82,Berlin,Germany;Lansstrasse2,14195Berlin-Dahlem,GermanyandSchlenzigstrasse8,D-21107Hamburg,Germany.


14. TRADE AND OTHER PAyABLES

’000 Euro 2015 2014

Tradepayables 97 149

Total trade and other payables 97 149

Termsandconditionsoftradeandotherpayables:• Tradepayablesarenon-interestbearingandarenormallysettledon30-dayterms.• Otherpayablesarenon-interestbearingandhaveanaveragetermof3months.

15. OTHER CURRENT LIABILITIES

’000 Euro 2015 2014

Accruedauditandaccountingfees 95 96

Accrueddirectorsfeesandrelatedtaxes 20 14

Otheraccruedpayables 98 105

Othercurrentliabilities 83 100

Total other current liabilities 296 315

16. COMMITMENTS AND CONTINGENCIES

16a. Operating lease commitments – Fund as a lessorTheFundleasesrealestateunderoperatingleases.Thetermsoftheleasesareinlinewithnormalpractisesineachmarket.Leasesarereviewedorsubjecttoautomaticinflationaryadjustmentsasappropriate.

TheleasingarrangementsenteredintoorinrelationwithFund’sinvestmentpropertiesportfoliowhichincludeaclauseauthorisingtenantstoterminatetheleasingarrangementsuptosix-months’noticeareassuchconsideredascancellableleases.

Leasepaymentsreceivablefromnon-cancellableleaseareshownbelow.Forthepurposesofthisscheduleitisconservativelyassu-medthataleaseexpiresonthedateofthefirstbreakoption.

2015 2014

’000 Euro Amount receivable % Amount receivable %

Within1year 3,399 10% 3,380 9%

Between2and5years 11,882 34% 11,933 32%

5yearsandmore 19,748 56% 22,103 59%

Total 35,029 100% 37,416 100%

16b. LitigationAsat31December2015,theFundhadnopendinglegalactions.


17. RELATED PARTIES

Duringtheyear,theFundenteredintotransactionswithrelatedparties.Thosetransactionsandrelatedbalancesarepresentedbelow.

Northern Horizon Capital A/S TheFundhasenteredintoinvestmentadvisoryagreementwithNorthernHorizonCapitalA/S.Underthetermsoftheagreement,NorthernHorizonCapitalA/Sgroupcompaniescarryoutassetmanager’sfunctionsonbehalfoftheFundandtheFundispayingmanagementfeesrespectively(Note5).In2015and2014aquarterlymanagementfeewasbasedontheinvestmentpropertiesGAVattheendofeachcalendarquarterandcharged0.75%oftheGAVperannumoftherealestateportfolio.

Inaddition,internalcostsbornebyNorthernHorizonCapitalA/Sgrouprelatedtotheacquisitionofpropertiesareremuneratedwithanacquisitionfeeof0.3%oftheinvestmentvalueofeachacquisitionmade.Therewerenoacquisitionsofpropertiesin2015or2014andrespectivelynoacquisitionfeecharged.

Thefollowingtableprovidesthetotalamountofthetransactions,whichhavebeenenteredintowithrelatedpartiesfortherele-vantfinancialyear:

’000 Euro 2015 2014

Northern Horizon Capital A/S group

Managementfees (434) (447)

Propertymanagementfees (20) (25)

NorthernHorizonCapitalA/Sowns6,591ordinarysharesoftheFund(2.7%).

Entities having control or significant influence over the FundTheshareholdersowningmorethan5%oftheordinarysharesasof31December2015:

Number of shares %

DanskeCapital,SampoBankPlcclients 130,396 53.6%

AageV.JensenCharityFoundation 40,000 16.4%

DanskeCapitalPlc 26,634 10.9%

EvliBankPlc 16,640 6.8%

Board of Directors interests in the FundAsof31December2015themembersoftheBoardofDirectorsheld3,659ordinarysharesoftheFund(1.5%).

18. REMUNERATION OF THE MANAGEMENT AND OTHER PAyMENTS

TheFund’smanagement(BoardofDirectors)remunerationamountedtoEUR21thousandin2015(2014:EUR22thousand).In2015and2014,themanagementoftheFunddidnotreceiveanyloansorguarantees;nootherpaymentsorpropertytransfersweremade or accrued.


19. FINANCIAL INSTRUMENTS

19a. Fair values SetoutbelowisacomparisonbycategoryofcarryingamountandfairvaluesofalloftheFund’sfinancial instrumentsasof31December2015and2014:

Carrying amount Fair value

’000 Euro 2015 2014 2015 2014

Financial assets

Tradeandotherreceivables 1,087 1,179 1,087 1,179

Cashandcashequivalents 640 701 640 701

Financialliabilities

Interestbearingloansandborrowings 34,165 34,054 38,166 39,137

Tradeandotherpayables 97 149 97 149

Othercurrentliabilities 296 316 296 316

Fair value hierarchyQuantitativedisclosuresoftheFund’sfinancialinstrumentsinthefairvaluemeasurementhierarchyasat31December2015and2014:


’000 Euro Level 1 Level 2 Level 3 Total fair value


Interest-bearingloansandborrowings - 38,166 - 38,166


’000 Euro Level 1 Level 2 Level 3 Total fair value


Interest-bearingloansandborrowings - 39,137 - 39,137

Themanagementassessedthatcash,tradeandotherreceivables,tradeandotherpayablesandotherliabilitiesapproximatetheircarryingamountslargelyduetotheshort-termmaturitiesoftheseinstruments.

Thefairvalueofthefinancialassetsandliabilitiesisincludedatthepricethatwouldbereceivedtosellanassetorpaidtotransferaliabilityinanorderlytransactionbetweenmarketparticipantsatthemeasurementdate.Thefollowingmethodsandassumptionswereusedtoestimatethefairvalues:

• TradeandotherreceivablesareevaluatedbytheFundbasedonparameterssuchasinterestrates,specificcountryriskfactors,individualcreditworthinessofthecustomer,andtheriskcharacteristicsofthefinancedproject.Basedonthisevaluation,allo-wancesaretakenintoaccountfortheexpectedlossesofthesereceivables.Asat31December2015,thecarryingamountsofsuchreceivables,netofallowances,werenotmateriallydifferentfromtheircalculatedfairvalues.

• FairvaluesoftheFund’sinterest-bearingloansandborrowingsaredeterminedbyusingtheDiscountedCashFlow(DCF)met-hodatprevailinginterestrates.


19b. Interest rate riskThefollowingtablesetsoutthecarryingamountbymaturity,oftheFund’sfinancialinstrumentsthatareexposedtointerestraterisk:


Less than More than

’000 Euro 1year 1-2 years 2-3 years 3-4 years 4-5 years 5 years Total

Fixed rate

Bankloan (164) (195) (198) (202) (205) (4,075) (5,039)

Bankloan* (5) (30) (31) (31) (32) (870) (1,000)

Bankloan (140) (144) (5,619) - - - (5,903)

Bankloan (436) (563) (594) (15,318) - - (16,910)

Bankloan (164) (175) (185) (213) (389) (4,186) (5,313)

*newloantakenonOctober22,2015.


Less than More than

’000 Euro 1year 1-2 years 2-3 years 3-4 years 4-5 years 5 years Total

Fixed rate

Bankloan (152) (5,039) - - - - (5,191)

Bankloan (136) (140) (144) (5,613) - - (6,033)

Bankloan (514) (542) (571) (603) (15,135) - (17,365)

Bankloan (155) (164) (175) (185) (214) (4,572) (5,465)

Interestonfinancialinstrumentsclassifiedasfixedrateisfixeduntilthematurityoftheinstrument.TheotherfinancialinstrumentsoftheFundthatarenotincludedintheabovetablesarenon-interestbearingandarethereforenotsubjecttointerestraterisk.

19c. Credit riskTherearenosignificantconcentrationsofcreditriskwithintheFund.

20. SUBSEqUENT EVENTS Therehavebeennoeventssubsequenttothebalancesheetdatewhichrequireadjustmentofordisclosureinthefinancialstate-ments.


21. LIST OF CONSOLIDATED COMPANIES

Subsidiariesincludedintheconsolidatedfinancialstatements

Company name Registered office Registration Number Date of Acquisition

Activity Share capital

BPTHansaS.àr.l. 2,rued’Alsace,L-1122Luxembourg

B-120957 13November2007 Financingcompany 100%

BPTGmbH&Co.Vermögensverwal-tungKG

Weinmeisterstr. 12 –14,10178Berlin,Germany

HRA42461B 10November2006 Asset holding company

100%(directly93.82%,indirectly6.18%)

BPTGmbH Weinmeisterstr. 12 –14,10178Berlin,Germany

HRB110698B 10November2006 Generalpartner 100%

BPT1GmbH&Co.Vermögensverwal-tungKG


HRA41318B 20November2007 Asset holding company

100%(directly99.99%,indirectly0.01%)

BPT1GmbH Weinmeisterstr. 12 –14,10178Berlin,Germany

HRB113832B 20November2007 Generalpartner 100%

BPT2GmbH&Co.KG Weinmeisterstr. 12 –14,10178Berlin,Germany

HRA44328B 28July2007 Asset holding company

100%(directly94%,indirectly6%)

BPT2Verwaltungs- gesellschaftmbH


HRB126293B 28July2007 Generalpartner 100%

BPT3GmbH&Co.Vermögensverwal-tungKG


HRA42479B 4June2008 Asset holding company

100%(directly94%,indirectly6%)

BPT3GmbH Weinmeisterstr. 12 –14,10178Berlin,Germany

HRB116714B 4June2008 Generalpartner 100%

Documents

BPT HANSA LUX SICAV-SIF - nh-cap.com … · 6 BPT Hansa Lux SICAV-SIF Annual Report 2015 BPT Hansa Lux SICAV-SIF (“the Fund” or “BPT Hansa”) is a direct real estate fund investing