4.1. Business Plan

Business Plan

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INDEX 1.- Introduction 3

2.- Description of the business units 6

2.1 – Architectural Program 6

2.2 – Architectural Image 7

2.3 – ABPUy Lifestyle 8

2.4 – The Offices 8

2.5 – The Hotel 9

2.6 – Retail 10

2.7 – Conference and Events Center 11

2.8 – Common areas 11

2.9 – Parking 11

2.10 – Distances and references 12

3.- Investment Benefit 14

4.- Overview of Uruguay 16

4.1 – The Economy 16

4.2 – Society 17

4.3 – Security/Safety 18

4.4 – Politics 18

4.5 – Climate 18

5.- Financial Information 19

6.- Financial assumptions 25

7.- Cash Flow 29

7.1 – All Sales Scenario 29

7.2 – Sales and Operating Hotel Scenario – 100% Equity 30

7.3 – Sales and Operating Hotel Scenario – 40 EQ, 60 TF 38

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1. Introduction

Airport Business Park Uruguay is a unique project, the first of its kind in Uruguay and

leader in the region.

Conceived of by Greenpol International Investment and Business Brokers and designed by

LV – arquitectura -. Airport Business Park Uruguay will be a cutting edge business park,

with a total surface area of 35,000 m2.

The location will be in the department of Canelones, Uruguay, facing Carrasco

International Airport (www.aeropuertodecarrasco.com.uy).

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This is the country´s main terminal, as well as having the largest flow of passengers. It

was completely remodeled and inaugurated in 2009, becoming one of the most modern

airports in the continent and strategically positioning itself as a HUB for the MERCOSUR.

Built in a strategic area, Airport Business Park Uruguay will offer office buildings, high-end

commercial spaces, a business hotel, dining areas, and conference and event rooms with

state of the art designs.

This entire infrastructure will be complemented by diverse and complete service amenities

and goods to satisfy daily needs, with consideration given to improving the quality of life in

the contemporary workspaces with the incorporation of a gym and spa.

Technically suitable for the use of renewable energy, aiming to form an innovative

business park in its entirety, following an efficient eco scheme allowing the complex to be

self-sufficient in the common service areas, based on the reuse of rainwater, wind turbines

and solar panels, using the electric energy service as a backup only.

Airport Business Park Uruguay is a mixed-use area that has:

• AAA offices in a green campus.

• A high-end retail area.

• Several public services area.

• Executive Business Hotel.

• Events and conference center.

• Indoor and outdoor car parks.

• Pedestrian walkways throughout the area.

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Target sectors

Airport Business Park Uruguay will become a unique, differential and preferential business

destination for local and international companies that are connected to global business, on

a regional and international stage in constant development.

Accompanying this constant development is why this product has been created for a

strengthened commercial sector in continuous growth and global expansion, with

demanding characteristics.

Among the target sectors are companies related to technology, communications, banking

and finance, airlines, representing international companies, professional services as well

as all activities to be found in the Airport Business Park Uruguay, a strategic and exclusive

place, which is a Business Center with a high global level, up to even the most demanding.

Exclusivity that is strengthened by its own features, being a distinctive and cutting edge

product, strategically located facing the Airport, with direct connections to the center of the

Capital City and on the way to the touristic eastern area of the country.

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2. Description of the business units

Structure – Technical details of the project

• Total area: 35,000 m2

• Office buildings: 10,500 m2

• Hotel building: 5,000 m2

• Commercial area: 1,800 m2

• Conference Center: 1,300 m2

• Green spaces: 20,000 m2

• Indoor car park in the basement: 2,900 m2

• Outdoor car park: 4,800 m2

Airport Business Park Uruguay (ABPUy) aims to become the main business center in

Uruguay.

2.1. Architectural program

Projected over an area of 35,000 m2, it will house more than 24,000 m2 of constructed area

forming different and independent business units (UN).

The ABPUy comprises three separate curvilinear structures but which are, at the same

time, connected at different levels by means of bridges which dynamically frame the air

space, containing common areas intended to supply the complex.

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Two of these structures (1 and 2), will house around 10,500 m2 of office space, while block

3 will be used as a business hotel of 5,000 m2.

Through vehicle access one can reach the complimentary parking areas located in front of

each of the buildings, as well as the underground car park located in the first basement

which expands under the entire construction area providing direct access to the buildings´

interior.

Through the double height ground floor the different areas of the complex can be

accessed, forming, as such, a unifying basement whose surface will enhance a shopping

trip in one of the structures, with a double front to the high end exterior and the services to

the inner square, while the ground floor of the second office structure will provide space for

conferences and events.

Time is a fundamental value in the life of any human being, so amenities are contemplated

which favor the leisure of the occupants who shall have a private state of the art gym, and

service offices that facilitate chores such as: banks, post offices, pharmacy, supermarkets,

currency exchange office, hairdresser, etc.

As such ABPUy becomes exclusive and complete in the local and regional category.

2.2. Architectural image

The three main volumes are spread on the ground in accordance with the need to interact

with each other in a spontaneous, organic way and disobeying rigid geometric laws.

Thus transpires a free spirit, reflecting the new architectural movement that is emerging

globally, and consists of finding the balance and harmony of curved lines that define the

interior space ensuring that it extends outwardly without exact visual limits.

Another example of this new style, called Parametricism, is the new Carrasco Airport,

recently inaugurated and located opposite the ABPUy site.

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Therefore a clear architectural fusion is sought between both complexes, not only through

the materials of the elements that comprise them, such as concrete, glass and steel, but

also through the plasticity and movement developed by its curved forms.

2.3. ABPUy Lifestyle

ABPUy has a strong client orientated philosophy, taking into account the needs of users,

as well as those of the project´s investors. The inspiration was focused on creating

welcoming environments where people spend a significant amount of their day.

Situated within green spaces and extensive gardens, pedestrian areas, water mirrors, and

nature, Airport Business Park Uruguay will offer an outlet for any break in the working day,

contributing to a good quality of life for its occupants.

The ABPUy concept goes beyond referring to the work environment within the office, and

includes other elements which improve the quality of life for the population of the Business

Center.

This specifically refers to all the additional services to be offered within the site as a whole.

ABPUy not only aims to improve the quality of life of the people who utilize it, but also to

become a benchmark in the category for Uruguay, as well as becoming an icon in the

region which complies with the highest international standards.

2.4. The Offices

The two sections of offices have a total area of 10,500 m2, with a fully flexible open plan

design which is adaptable to the needs of the companies based there, with a vertical

circulation core and independent services connected to each other only on the levels

where the bridges are generated.

In the central core of the ground floor there is a developed recreation area with urban

facilities, vegetation and sculptures.

Large windows allowing natural light to enter, vast spaces which can be configured to the

taste of the user, which provide the possibility of dividing the areas immediately and

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consistently. Optimum conditions for life, privacy and comfort have been favored by the

adoption of tailor-made architectural and technological systems that make the ABPUy one

of the most innovative options in the market.

The entire complex has been designed and distributed to ensure the maximum passive

energy efficiency. Architectural and construction solutions have been adopted to reduce

the consumption of energy thanks to the natural lighting and ventilation.

The free floors are designed according to the latest technological advances in home

automation, with acoustic and demountable ceilings, and technical floors, adequate to

different distribution needs.

2.5. The Hotel

The number of foreign visitors coming to Uruguay has been steadily growing in recent

years.

Around 20% of travelers have given the following reasons for visiting the country: business

and conferences, study, seminars, sports, among others.

This 20% group of visitors has been the segment with the fastest growth rate in recent

years.

The world´s major cities always have a hotel close to the airport, offering services to

business travelers and benefitting them in terms of practicality, rates and time optimization.

At present, the country´s main air terminal, Carrasco International Airport, does not have

anything in its surrounding area, which, for Greenpol, represents an excellent business

opportunity.

The strategic geographic location, with roads offering easy access to the main areas and

cities in the country, makes it one of the most attractive options when deciding “where to

stay”.

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The hotel market in the south of the country shows an average occupancy rate of 65% with

competitive rates compared to other options in the region and with a perceived service

quality of more than satisfactory.

This is how a Business Hotel is projected, aiming to satisfy the increasing demand, but

also taking advantage of the exclusive location and generating synergy both in the design

and style as well as for the other business units.

For several years, the demand for rental space in which to hold conferences and events

has been saturated, with this being an excellent opportunity to take advantage of, for the

manager of this business unit.

2.6. Retail

The ground floor of one of the office buildings will be a retail area, as will two of the air

bridges that connect the three blocks.

With an area of almost 1,800 m2 reserved exclusively for these purposes, it will form a

retail center not only for the people who work on a daily basis at the complex, but also for

tourists who stay at the hotel.

But it will also be a big attraction and will draw people and tourists from other areas.

The retail areas can also be configured to the needs of the companies that base

themselves there.

The retail areas located on the ground floor will be twice as high which increases interior

visibility and luminosity, but most importantly, will act as a classy shop front display on one

of the main routes linking Montevideo and Punta del Este.

The flexibility of the configuration also offers the possibility of adapting the size of the retail

area and opting for an outside view (of the road) or of the interior gardens. This contributes

directly to the line and strategy of the companies to be based there.

For several years now, prestigious international brands have been choosing Uruguay as a

retail destination to market their products: clothing, cars, accessories, etc.

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2.7. Conference and Events Center

The ground floor of the second office building will introduce a Conference and Events

Center with an area of almost 1,300 m2.

This space will be fundamental in generating a business pole as at present there is

unsatisfied demand regarding this field.

Only seminars reach a number of 250 a year. This figure has been increasing on a 10%

basis during the last years.

Conferences and seminars, product releases and receptions are some of the reasons why

companies and particulars need this type of spaces. A flexible area that can be adapted

according to the number of people invited.

2.8. Common areas

One element that has been taken into account in the planning of the project is looking after

the environment, searching for the perfect balance between the work and wellbeing of

people.

This is why ABPUy will be surrounded by approximately 20,000 m2 of parks and common

areas with lush greenery, fountains and general urban equipment/ornaments.

These spaces together with the numerous services that ABPUy offers, makes it an

attractive working environment and a place for relaxation and inspiration.

2.9. Parking

ABPUy will feature several parking areas. One is underground which covers the whole

base of the building and outdoor parking located in front of the buildings.

Part of the quality of life for users of the complex is the comfort on offer, provided by the

possibility of parking easily without worrying about finding space in order to do so.

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2.10. Distances and References

ABPUy is located at a strategic point in the country.

A large part of the population of Montevideo, as well as many companies, are migrating to

the east of the country, populating this area with residential projects, closed neighborhoods

and a growing commercial supply that caters for the demand.

By way of reference, we present the following comparative table showing the distances to

important geographical points in the country and region:

Destination Time (mins)

Carrasco 5

Centro (Downtown/City Center) 20

Ciudad Vieja 25

Puerto de Montevideo (Port) 25

Pocitos 20

Punta Carretas 20

Colonia 120

Punta del Este 90

Rocha 120

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Destination Kilometers

Buenos Aires 200

Córdoba 1,082

Mendoza 1,060

San Pablo 1,745

Río de Janeiro 2,210

Santiago de Chile 1,890

Asunción 1,590

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3. Investment Benefit

Uruguay is a country with great business potential at a national and international level.

Some of the most notable characteristics to explain why entrepreneurs choose Uruguay to

establish their companies are: Its strategic location within South America, the promotion of

the Investments Act, which allows the reduction of extensive tax costs, the wide range of

Financial Services available to foreign investors, strict Banking Secrecy, explicit deposit

insurance, the absence of restrictions on the movement of capital within and outside the

country, the fact that there are no exchange controls on foreign currency transactions, the

free transfer of dividends, the presence of diverse legal forms to adopt, each with

individual tax benefits and the existence of pre constituted corporations that can be

acquired and start to operate quickly .

An important factor to note is the large increase that there has been in foreign investment

in the country. During the last five years, Uruguay has seen strong direct foreign

investment, which represented an increase of 45.7% of gross fixed investment in previous

years.

Uruguay favorably supports all types of investment in the country, whether from local or

foreign capital. This is regulated by Law No. 16.906 of January 1998, which states the

national interest to promote and protect national and foreign investments. It basically

details that national and foreign investments will be treated equally in terms of the current

investment regime in the country, prior authorization and registration will not be required,

and there will be no restrictions on the transfer of capital by foreign investors.

The sectors attracting the most foreign capital in the country, according to information

provided by the Central Bank of Uruguay in 2011 were: agriculture, animal husbandry,

hunting and forestry, hotel and restaurant construction, which represented almost 50% of

total foreign investment.

Outsourcing, communications and software, call center, financial service, professional

service and trade-related companies are the main types of companies that have chosen

Uruguay as a set-up point.

The hotel area will be a key point in the enterprise. At present there is no hotel in close

proximity to the airport as planned in this project.

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In 2011, the number of tourists who came to Uruguay was equivalent to 88% of the

country´s population, of which approximately 80% came to the country for pleasure and to

visit family and friends. The rest is divided into reasons of business and conferences,

study, seminars, sport, among others.

Congresses and conferences are currently areas that move large numbers of people

worldwide. In Uruguay they are becoming popular, and the percentage of people entering

the country for these reasons is around 6%, while passengers that enter in transit

represent 4.5% of the total. It is hoped that a center of attraction will be developed to

generate more exhibitions, seminars, conferences, among others.

The presence of foreign capital in the country clearly generates a favorable economic

climate and, in turn, provides dynamism in the Uruguayan economy. But it is not just

external factors, such as the aforementioned, that make the economic climate, but also

internal factors such as the human and natural resources of the country.

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4. Overview of Uruguay

Facts

• Official Name: Republic of Uruguay

• Capital City: Montevideo

• Total area: 318,413 Kms.

• Land area: 176,215 Kms.

• Insular areas, areas of jurisdictional waters of Río de la Plata, Río Uruguay, Laguna

Merin and Territorial Sea: 125,287 Kms.

• Border countries: Argentina (west) and Brazil (east)

• Has a population of just over 3,200,000 inhabitants; approximately 46% of the

population lives in the Capital City, Montevideo, 38% in urban countryside areas and

16% in rural areas.

• Montevideo: is also the administrative headquarters of the MERCOSUR (Southern

Common Market). Usually referred to as the “Mercosur Capital”

• The official language is Spanish.

• In terms of religion, the state has no official religion.

• Catholics represent 46%, Protestants 2%, Jews 2% and non-religious 38%.

• Life expectancy at birth: 75.6 years

• Infant mortality rate: 10.5 / 1000

• Literacy rate: 97%

• Population supplied with drinking water: 98%

4.1. Economy

The Uruguayan economy is based on its agriculture and livestock production.

Uruguay´s GDP has grown steadily since 2002. According to the World Bank, expectations

for GDP are of a growth of around 4% until 2015. Everything indicates that, although at a

substantially lower rate, the Uruguayan economy continues to expand.

The unemployment rate in Uruguay has decreased significantly in recent years. In

December 2011 the figure reached 5.4% which represented a record low for the country.

At the moment, the figure is approximately 6%.

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Annual inflation in Uruguay is around 8%. The government has implemented measures,

especially on food, eliminating IMESI (Excise Tax) on certain personal care products and

postponing the public rate adjustment.

An important source of foreign income is tourism. The natural beauty, environmental care,

safety and warmth of its people are the main determinants for this.

Information technology, and in particular the software industry, have developed rapidly and

is now an exportable service overseas, to various countries worldwide.

The country not only encourages foreign investment, but also legally protects it. Uruguay

has international confidence in its economic and financial systems due to strict compliance

with its obligations, made prominent by international organizations such as specialized

consultants.

The financial system, controlled by the Central Bank of Uruguay, is composed of private

and public banks, financial institutions (exchange houses) and the Montevideo Stock

Exchange.

Banking Secrecy is expressly guaranteed by law and is State Policy, the only exceptions

being those marked international conventions and treaties on the matter.

According to studies by the University of Munich and the Getulio Vargas Foundation,

Uruguay is first in the Economic Climate ranking of Latin American countries.

4.2. Society

99% of the Uruguayan population is of European descent. Spain and Italy are the origins

of the majority of the descendents although further inland in the country there are also

large German, Swiss, Russian, French and English colonies.

There are no racial, religious or gender conflicts, making discrimination almost non-

existent.

The Human Development Index from the United Nations program places Uruguay in

position 47 among the 75 most developed countries in this category. This index is based

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on indicators such as life expectancy, literacy, education and standard of living for each

country.

The literacy rate reaches 97% and has significant numbers of people with tertiary

education.

4.3. Security/Safety

Internal safety for residents and visitors is permanently at the center of the management of

successive governments, with the aim of preserving the valuable asset that this represents

for quality of life.

Foreigners who assess countries in South America as a place of residence put Uruguay in

first place in the southern part of the continent.

This decision is strongly influenced by the combination of natural beauty and public safety.

A great addition to the security is the hospitable and respectful attitude towards foreigners.

4.4. Politics

Uruguay has a democratic, republic and representative system. It has, on many occasions,

been called the “Switzerland of America”, for both its democratic virtues and the absolute

transparency and reliability of its electoral system, cited as an example by different

agencies, consultants and international NGOs.

4.5. Climate

The average annual temperature is 17º to 20º Celsius. The highest temperatures (about

35º C) are in the months of December, January and February (summer) and the lowest

(about 5º C) in the months of June, July and August (winter).

Its climate has no extremes; there are no hurricanes, tsunamis, earthquakes or snow.

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5. Financial Information

Greenpol is selling the Land plus the Project together with governmental permits,

architectural design, contacts, constructing company, and whatever takes for the starts up

of the Airport Business Park, even offering assistance in commercialization of the Project if

the investor wishes. The cost of the Land and the Project is USD 7,000,000.

The total investment required for the construction of project is of approximately USD

50,000,000 which consists in the construction of two office buildings, a hotel building, a

retail area, a conference center, an underground car park and another outdoor one, and

common areas.

There is a possibility to get bank financing from a Commercial Bank, of 60% of the total

capital required, which is believed to be more convenient for the second option from the

two presented below:

OPTION 1

Considering that sales will begin during the second year of construction (total estimated

construction period is 2.5 – 3 years), and the hotel is sold from the beginning, the total

investment amount required is of approximately USD 26,300,000.

Gross results according to sales projection are:

• Payback period: 4 years.

• ROI: 24.39% (over USD 26,300,000)

For this option gross results are calculated as for being a sales model, whether the

investor is a person or a company, taxes will vary.

Law for investment benefits is not applicable for this case as it does not apply for sales

only models.

OPTION 2

This option is to sell the office buildings, ground floors for retail, and keep the hotel as an

annual rent generator, managed by an important hotel chain.

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100% EQUITY

Investment required for this case is approximately USD 48,000,000.

Net results obtained for a 30 year cash flow according to sales projection and hotel

operations is:

• Payback Period: 17 years.

• ROI: 108.64% (over USD 48,000,000)

OWN FUNDS 40% - THIRD FUNDS 60%

A loan is requested for 60% of the total amount required (construction plus land), on a 10

year basis with an anual interest rate of 6%. Equity required in this case is USD

22,500,000.

Net results obtained for a 30 year cash flow according to sales projection and hotel

operations is:

• Payback Perios: 20 years.

• ROI: 192.41% (over USD 22,500,000)

5.1. Prices and Costs Incurred

The property has a total area of 35,000 m2. The three towers will be built on an area of

10,000 m2, as well as the retail area and conference center, integrated into the structure.

The remaining 25,000 m2 will be for outdoor parking and green spaces, with consideration

given to the future possibility of constructing new buildings depending on future demand.

The investment required by Business Unit and General Expenses is as follows:

Business Unit – Offices

Building 1 10,014,615

Building 2 10,684,077

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Parking 2,445,105

Total 23,143,797

Business Unit – Hotel for Sale

Hotel 10,042,032

Parking 1,222,553

Outside 481,659

Incidentals 293,656

Total 12,039,900

Business Unit – Operating Hotel

Hotel 12,414,812

Equipment 1,770,550

Parking 1,222,553

Outside 481,659

Incidentals 397,239

Total 16,286,813

Retail and Connections

Bridge Services 1 436,967



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Hall Access 1 497,999

Hall Access 2 447,569

Ground Floor Building 1 2,696,874

Ground Floor Building 1 2,696,874

Connections GF 72,018

Total 7,700,744

Other Expenses

Exterior Driveways 1,076,005

Footpaths 179,334

Outdoor Parking 358,668

Water Mirror 67,250

Lawn 37,361

Urban Equipment/ornaments 80,000

Waste treatment plant 56,000

Incidentals 817,479

LV Arquitecture Fee 2,600,000

Total 5,272,097

TOTAL Free Floor Buildings 48,156,538

TOTAL Buildings + Operating Hotel 52,403,451

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The estimated sales prices will be the following:

Business Unit – Offices

Sale – Whole Floor

Offices Cost/m2

1st Floor 3,136

2nd Floor 3,235

3rd Floor 3,337

4th Floor 3,442

5th Floor 3,551

6th Floor 3,663

Sale – Half Floor / Quarter Floor

Offices Cost/m2

1st Floor 3,450

2nd Floor 3,559

3rd Floor 3,671

4th Floor 3,786

5th Floor 3,906

6th Floor 4,029

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Business Unit – Retail

Sale

Retail Cost/m2

Ground Floor Retail 4,000

Bridges 4,200

Parking

Sale

Basement car park Cost/space

1 Space 23,000

According to a market research made by the Hotel chain Mantra, it is presumed that it will

be necessary to gain a 25% share for the first year of operations, and fix as an objective to

reach a 45% for the second year. The following income is the one they propose to obtain

from the second year onwards, after deducing the sales fees and the management fee for

Mantra.

Business Unit – Hotel

Hotel Gross Income

From 2nd year on 1,644,318

Disclaimer

• The costs involved in the cash flow are primary.

• The flow configuration is made based on the most profitable option. This means that

both the financing and the project stages are flexible.

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6. Financial assumptions

• The real rate of inflation in dollars is estimated at 5% annually.

• The proposed loan for the sales and operating hotel alternative i son a 10 year basis

with a 6% annual interest rate. This proposal may vary.

• The construction period is estimated at 2.5 or 3 years.

• Construction costs are distributed 45% in the first year and 55% during the second.

• Implementation and Development costs from LV Arquitectura are USD 2,600,000

which should be charged 45% in the first year and 55% during the second following the

criteria of construction costs.

• For the sale of the Hotel the gain equals the amount of acquiring a new land, in this

case USD 1,000,000.

• The criteria for defining the Residual Value is estimated as the remainder of the

amortization up to 50 years, and the cash flow is calculated on a 30-year basis.

• Incidentals are estimated as 2.5% of the amount invested in civil work during the

construction period and startup.

• Pre-sale of 30% for the second year, 30% during the third year, 40% during the fourth

year.

• The sales prices are defined according to the parameters of the closest competitors by

business concept.

• The offices may be sold by whole floor, half floor or quarter floor. Building 1 will have 5

floors for sale, while Building 2 will have 6 floors for the same purpose. The number of

offices may vary depending on demand, for which the following model has been

created to calculate the earnings:

Building 1

Pre-‐sale Year 1

Pre-‐sale Year 2 Year 3 Year 4

Office 1 Floor 1 whole Office 1 Sale

Office 2 Floor 2 half Office 2 Sale


Office 4 Floor 3 quart Office 4 Sale


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100% 30% 30% 40%

Building 2

Pre-‐sale Year 1

Pre-‐sale Year 2 Year 3 Year 4















100% 30% 30% 40%

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• Sales Price per floor increases 3.15%.

• The details regarding the parking spaces are as follows: there are 166

total spaces, of which 55 belong to the hotel. Of the remaining 111, a space will be

granted for every 200 m2 of office space, with 20 spaces corresponding to Building 1

and 23 to Building 2. The remaining 68 will be available for sale.

Building 1

Office 1 Floor 1 whole 5 Spaces

Office 2 Floor 2 half 2 Spaces


Office 4 Floor 3 quart 1 Space







20 Spaces

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Building 2















23 Spaces

• The financial analysis does not include Value Added Tax, except for construction costs.

• The currency used in this document is American Dollars.

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7. Cash Flow

7.1. All Sales Scenario

Currency: USD Year 0 Year 1 Year 2 Year 3 Year 4

OPERATING INCOMEOffice Sales Building 1 7.156.514 3.818.414 5.837.445Office Sales Building 2 6.121.230 3.921.656 8.424.809Hotel Building Sale 5.735.098 7.360.042 1.000.000Parking Sales 460.000 507.150 684.653Ground Floor Spaces for Retail Sales 2.696.874 2.831.718 3.964.405Bridges for Retail Sales 649.863 682.356 955.299

INVESTMENTConstruction (20.000.433) (25.667.222)Incidentals (500.011) (641.681)LV Arquitecture Fee (1.170.000) (1.430.000)

Land (7.000.000)

Gross Total (7.000.000) (15.935.345) (3.294.378) 12.761.294 19.866.610Gross Accumulated Total (7.000.000) (22.935.345) (26.229.723) (13.468.429) 6.398.181

Investment Required USD 26.229.723Payback Period 4 yearsROI 24,39%

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7.2. Sales and Operating Hotel Scenario – 100% equity

Currency: USD Year 0 Year 1 Year 2 Year 3

SALES INCOMEOffice Sales Building 1 7.156.514 3.818.414Office Sales Building 2 6.121.230 3.921.656Parking Sales 460.000 507.150Ground Floor Spaces for Retail Sales 2.696.874 2.831.718Bridges for Retail Sales 649.863 682.356

OPERATING INCOMEHotel Building 913.510

AMORTIZATION AND DEPRECIATIONSOffice Building 1 Amortization (210.252)Office Building 2 Amortization (222.633)Retail Building 1 Amortization (53.937)Retail Building 2 Amortization (53.937)Bridges Amortization (25.788)Parking Amortization (73.353)Hotel Amortization (248.296)Waste treatment plant Amortization (7.000)

Cash Flow Before Tax 0 0 17.084.482 11.779.606

IRAE 25% 0 0 (4.271.121) (2.944.902)

Cash Flow After Tax 0 0 12.813.362 8.834.705

AMORTIZATION AND DEPRECIATIONSOffice Building 1 Amortization 210.252Office Building 2 Amortization 222.633Retail Building 1 Amortization 53.937Retail Building 2 Amortization 53.937Bridges Amortization 25.788Parking Amortization 73.353Hotel Amortization 248.296Waste treatment plant Amortization 7.000

Residual Value


Land (7.000.000)

Net Cashflow (7.000.000) (23.581.554) (17.378.133) 9.729.902Accumulated Net Cashflow (7.000.000) (30.581.554) (47.959.688) (38.229.785)

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OPERATING INCOMEOffice Sales Building 1 5.837.445Office Sales Building 2 8.424.809Parking Sales 684.653Ground Floor Spaces for Retail Sales 3.964.405Bridges for Retail Sales 955.299

OPERATING INCOMEHotel Building 1.644.318 1.726.534 1.812.861 1.903.504

AMORTIZATION AND DEPRECIATIONSOffice Building 1 Amortization (210.252)Office Building 2 Amortization (222.633)Retail Building 1 Amortization (53.937)Retail Building 2 Amortization (53.937)Bridges Amortization (25.788)Parking Amortization (73.353) (24.451) (24.451) (24.451)Hotel Amortization (248.296) (248.296) (248.296) (248.296)Waste treatment plant Amortization (7.000) (7.000) (7.000) (7.000)

Cash Flow Before Tax 20.615.730 1.446.787 1.533.113 1.623.756

IRAE 25% (5.153.933) (361.697) (383.278) (405.939)

Cash Flow After Tax 15.461.798 1.085.090 1.149.835 1.217.817

AMORTIZATION AND DEPRECIATIONSOffice Building 1 Amortization 210.252Office Building 2 Amortization 222.633Retail Building 1 Amortization 53.937Retail Building 2 Amortization 53.937Bridges Amortization 25.788Parking Amortization 73.353 24.451 24.451 24.451Hotel Amortization 248.296 248.296 248.296 248.296Waste treatment plant Amortization 7.000 7.000 7.000 7.000

Residual Value

INVESTMENTConstructionIncidentalsLV Arquitecture Fee

Land

Net Cashflow 16.356.995 1.364.837 1.429.582 1.497.565Accumulated Net Cashflow (21.872.790) (20.507.952) (19.078.370) (17.580.806)

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OPERATING INCOMEOffice Sales Building 1Office Sales Building 2Parking SalesGround Floor Spaces for Retail SalesBridges for Retail Sales


AMORTIZATION AND DEPRECIATIONSOffice Building 1 Amortization Office Building 2 Amortization Retail Building 1 AmortizationRetail Building 2 AmortizationBridges AmortizationParking Amortization (24.451) (24.451) (24.451) (24.451)Hotel Amortization (248.296) (248.296) (248.296) (248.296)Waste treatment plant Amortization (7.000) (7.000) (7.000) (7.000)


IRAE 25% (429.733) (454.716) (480.949) (508.493)


AMORTIZATION AND DEPRECIATIONSOffice Building 1 Amortization Office Building 2 Amortization Retail Building 1 AmortizationRetail Building 2 AmortizationBridges AmortizationParking Amortization 24.451 24.451 24.451 24.451Hotel Amortization 248.296 248.296 248.296 248.296Waste treatment plant Amortization 7.000 7.000 7.000 7.000

Residual Value


Land


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AMORTIZATION AND DEPRECIATIONSOffice Building 1 Amortization Office Building 2 Amortization Retail Building 1 AmortizationRetail Building 2 AmortizationBridges AmortizationParking Amortization (24.451) (24.451) (24.451) (24.451)Hotel Amortization (248.296) (248.296) (248.296) (248.296)Waste treatment plant Amortization (7.000)


IRAE 25% (537.415) (569.532) (601.418) (634.899)


AMORTIZATION AND DEPRECIATIONSOffice Building 1 Amortization Office Building 2 Amortization Retail Building 1 AmortizationRetail Building 2 AmortizationBridges AmortizationParking Amortization 24.451 24.451 24.451 24.451Hotel Amortization 248.296 248.296 248.296 248.296Waste treatment plant Amortization 7.000

Residual Value


Land


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AMORTIZATION AND DEPRECIATIONSOffice Building 1 Amortization Office Building 2 Amortization Retail Building 1 AmortizationRetail Building 2 AmortizationBridges AmortizationParking Amortization (24.451) (24.451) (24.451) (24.451)Hotel Amortization (248.296) (248.296) (248.296) (248.296)Waste treatment plant Amortization


IRAE 25% (670.053) (706.965) (745.722) (786.418)


AMORTIZATION AND DEPRECIATIONSOffice Building 1 Amortization Office Building 2 Amortization Retail Building 1 AmortizationRetail Building 2 AmortizationBridges AmortizationParking Amortization 24.451 24.451 24.451 24.451Hotel Amortization 248.296 248.296 248.296 248.296Waste treatment plant Amortization

Residual Value


Land

Net Cashflow 2.282.906 2.393.642 2.509.915 2.632.001Accumulated Net Cashflow (429.454) 1.964.188 4.474.103 7.106.104

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IRAE 25% (829.148) (874.015) (921.125) (970.591)



Residual Value


Land

Net Cashflow 2.760.192 2.894.792 3.036.122 3.184.519Accumulated Net Cashflow 9.866.296 12.761.088 15.797.210 18.981.729

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IRAE 25% (1.022.529) (1.077.065) (1.134.328) (1.194.454)



Residual Value


Land


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Currency: USD Year 28 Year 29 Year 30


OPERATING INCOMEHotel Building 5.303.090 5.568.244 5.846.657

AMORTIZATION AND DEPRECIATIONSOffice Building 1 Amortization Office Building 2 Amortization Retail Building 1 AmortizationRetail Building 2 AmortizationBridges AmortizationParking Amortization (24.451) (24.451) (24.451)Hotel Amortization (248.296) (248.296) (248.296)Waste treatment plant Amortization

Cash Flow Before Tax 5.030.343 5.295.497 5.573.909

IRAE 25% (1.257.586) (1.323.874) (1.393.477)

Cash Flow After Tax 3.772.757 3.971.623 4.180.432

AMORTIZATION AND DEPRECIATIONSOffice Building 1 Amortization Office Building 2 Amortization Retail Building 1 AmortizationRetail Building 2 AmortizationBridges AmortizationParking Amortization 24.451 24.451 24.451Hotel Amortization 248.296 248.296 248.296Waste treatment plant Amortization

Residual Value 6.000.441


Land

Net Cashflow 4.045.504 4.244.370 10.453.620Accumulated Net Cashflow 37.403.351 41.647.721 52.101.341

Investment Required USD 47.959.688Payback Period 17 yearsROI 108,64%IRAE 25,00%

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7.3. Sales and Operating Hotel Scenario – 40% Equity, 60% Third Funds


SALES INCOMEOffice Sales Building 1 7.156.514 3.818.414Office Sales Building 2 6.121.230 3.921.656Parking Sales 460.000 507.150Ground Floor Spaces for Retail Sales 2.696.874 2.831.718Bridges for Retail Sales 649.863 682.356

OPERATING INCOMEHotel Building 913.510

AMORTIZATION AND DEPRECIATIONSOffice Building 1 Amortization (210.252)Office Building 2 Amortization (222.633)Retail Building 1 Amortization (53.937)Retail Building 2 Amortization (53.937)Bridges Amortization (25.788)Parking Amortization (73.353)Hotel Amortization (248.296)Waste treatment plant Amortization (7.000)

LOAN INTERESTSInterests (2.138.524) (1.924.672) (1.710.819)

Cash Flow Before Tax 0 (2.138.524) 15.159.810 10.068.787

IRAE 25% 0 534.631 (3.789.953) (2.517.197)

Cash Flow After Tax 0 (1.603.893) 11.369.858 7.551.590

AMORTIZATION AND DEPRECIATIONSOffice Building 1 Amortization 210.252Office Building 2 Amortization 222.633Retail Building 1 Amortization 53.937Retail Building 2 Amortization 53.937Bridges Amortization 25.788Parking Amortization 73.353Hotel Amortization 248.296Waste treatment plant Amortization 7.000

Residual Value

LOANLoan 35.642.072Loan Repayment (3.564.207) (3.564.207) (3.564.207)


Land (7.000.000)

Net Cashflow 28.642.072 (28.749.655) (22.385.844) 4.882.581Accumulated Net Cashflow 28.642.072 (107.583) (22.493.427) (17.610.846)

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SALES INCOMEOffice Sales Building 1 5.837.445Office Sales Building 2 8.424.809Parking Sales 684.653Ground Floor Spaces for Retail Sales 3.964.405Bridges for Retail Sales 955.299


AMORTIZATION AND DEPRECIATIONSOffice Building 1 Amortization (210.252)Office Building 2 Amortization (222.633)Retail Building 1 Amortization (53.937)Retail Building 2 Amortization (53.937)Bridges Amortization (25.788)Parking Amortization (73.353) (24.451) (24.451) (24.451)Hotel Amortization (248.296) (248.296) (248.296) (248.296)Waste treatment plant Amortization (7.000) (7.000) (7.000) (7.000)

LOAN INTERESTSInterests (1.496.967) (1.283.115) (1.069.262) (855.410)

Cash Flow Before Tax 19.118.763 163.672 463.851 768.347

IRAE 25% (4.779.691) (40.918) (115.963) (192.087)

Cash Flow After Tax 14.339.072 122.754 347.888 576.260

AMORTIZATION AND DEPRECIATIONSOffice Building 1 Amortization 210.252Office Building 2 Amortization 222.633Retail Building 1 Amortization 53.937Retail Building 2 Amortization 53.937Bridges Amortization 25.788Parking Amortization 73.353 24.451 24.451 24.451Hotel Amortization 248.296 248.296 248.296 248.296Waste treatment plant Amortization 7.000 7.000 7.000 7.000

Residual Value

LOANLoanLoan Repayment (3.564.207) (3.564.207) (3.564.207) (3.564.207)


Land

Net Cashflow 11.670.063 (3.161.706) (2.936.572) (2.708.200)Accumulated Net Cashflow (5.940.783) (9.102.489) (12.039.061) (14.747.261)

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SALES INCOMEOffice Sales Building 1Office Sales Building 2Parking SalesGround Floor Spaces for Retail SalesBridges for Retail Sales


AMORTIZATION AND DEPRECIATIONSOffice Building 1 Amortization Office Building 2 Amortization Retail Building 1 AmortizationRetail Building 2 AmortizationBridges AmortizationParking Amortization (24.451) (24.451) (24.451) (24.451)Hotel Amortization (248.296) (248.296) (248.296) (248.296)Waste treatment plant Amortization (7.000) (7.000) (7.000) (7.000)

LOAN INTERESTSInterests (641.557) (427.705) (213.852)


IRAE 25% (269.344) (347.790) (427.486) (508.493)

Cash Flow After Tax 808.031 1.043.370 1.282.458 1.525.480

AMORTIZATION AND DEPRECIATIONSOffice Building 1 Amortization Office Building 2 Amortization Retail Building 1 AmortizationRetail Building 2 AmortizationBridges AmortizationParking Amortization 24.451 24.451 24.451 24.451Hotel Amortization 248.296 248.296 248.296 248.296Waste treatment plant Amortization 7.000 7.000 7.000 7.000

Residual Value

LOANLoanLoan Repayment (3.564.207) (3.564.207) (3.564.207)


Land

Net Cashflow (2.476.429) (2.241.090) (2.002.002) 1.805.227Accumulated Net Cashflow (17.223.690) (19.464.780) (21.466.782) (19.661.555)

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AMORTIZATION AND DEPRECIATIONSOffice Building 1 Amortization Office Building 2 Amortization Retail Building 1 AmortizationRetail Building 2 AmortizationBridges AmortizationParking Amortization (24.451) (24.451) (24.451) (24.451)Hotel Amortization (248.296) (248.296) (248.296) (248.296)Waste treatment plant Amortization (7.000)

LOAN INTERESTSInterests


IRAE 25% (537.415) (569.532) (601.418) (634.899)


AMORTIZATION AND DEPRECIATIONSOffice Building 1 Amortization Office Building 2 Amortization Retail Building 1 AmortizationRetail Building 2 AmortizationBridges AmortizationParking Amortization 24.451 24.451 24.451 24.451Hotel Amortization 248.296 248.296 248.296 248.296Waste treatment plant Amortization 7.000

Residual Value

LOANLoanLoan Repayment


Land


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IRAE 25% (670.053) (706.965) (745.722) (786.418)



Residual Value



Land


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IRAE 25% (829.148) (874.015) (921.125) (970.591)



Residual Value



Land


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IRAE 25% (1.022.529) (1.077.065) (1.134.328) (1.194.454)



Residual Value



Land


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Currency: USD Year 28 Year 29 Year 30


OPERATING INCOMEHotel Building 5.303.090 5.568.244 5.846.657

AMORTIZATION AND DEPRECIATIONSOffice Building 1 Amortization Office Building 2 Amortization Retail Building 1 AmortizationRetail Building 2 AmortizationBridges AmortizationParking Amortization (24.451) (24.451) (24.451)Hotel Amortization (248.296) (248.296) (248.296)Waste treatment plant Amortization


Cash Flow Before Tax 5.030.343 5.295.497 5.573.909

IRAE 25% (1.257.586) (1.323.874) (1.393.477)

Cash Flow After Tax 3.772.757 3.971.623 4.180.432

AMORTIZATION AND DEPRECIATIONSOffice Building 1 Amortization Office Building 2 Amortization Retail Building 1 AmortizationRetail Building 2 AmortizationBridges AmortizationParking Amortization 24.451 24.451 24.451Hotel Amortization 248.296 248.296 248.296Waste treatment plant Amortization

Residual Value 6.000.441



Land

Net Cashflow 4.045.504 4.244.370 10.453.620Accumulated Net Cashflow 28.581.938 32.826.309 43.279.928

Investment Required USD 22.493.427Payback Period 20 yearsROI 192,41%IRAE 25,00%

Documents

4.1. Business Plan