The value of Testa´s assets comes to €3,123 million (ES)

The value of Testa´s property assets (property subsidiary belonging to the Sacyr Vallehermoso group) as of 31st December 2004 came to €3,099.92 million according to the valuation of the specialist firm CB Richard Ellis (CBRE).

This amount does not include advances for purchasing fixed assets yet to be formalised which amount to €22.7 million, as a result of which the final value of Testa´s property assets comes to €3,123 million.

The CB Richard Ellis valuation represents a 13.25% increase compared to the same date in 2003. In comparable terms, that is to say discounting purchases and sales made during the year, the value of assets has increased by 6.7%.

According to this valuation, the unrealised capital gains of Testa´s assets are €825.6 million. The level of property occupation was 96.34% at the 31st December 2004.

The structure of the valuation according to type of assets is as follows:
OFFICES €1,723.91 million, 55.61 %
SHOPPING CENTERS €413.90 million, 13.35%
HOUSING TO LET €196.62 million, 6.34%
INDUSTRIAL €112.30 million, 3.62%
HOTELS €153.57 million, 4.95%
OLD PEOPLE HOMES €56.16 million, 1.81%
PARKING AND OTHERS €22.57 million, 0.75%
SITES €75.12 million, 2.42%
WORK IN PROGRESS €283.67 million, 9.15%
ASSETS IN HOLDINGS €62.08 million, 2.00%
TOTAL CBRE €3,099.92 million, 100%
ADVANCES €22.70 million

TOTAL TESTA €3,122.62 million

Source: Sacyr Vallehermoso

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