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• Land • Construction • Purchase price • Debt • Equity required • Financial results		20'000 m2 45'000 m2 leasable + garage including 1'600 parking places $42.5 millions $33.0 millions $9.5 millions Sold in 1998 with a gain of $ 11 millions, i.e. an annual return of 19.7%.


• Land • Construction • Purchase price • Debt • Equity required • Financial results		70'000 m2 531 apartments for a total of 37'000 m2 & swimming pools, tennis courts, external parking $11.1 millions $7.7 millions $3.4 millions The investors received an average of 12-13% yearly cash flows. The gain at sales time was $ 3.6 millions in the tenth year, i.e. an additional 10.6% average per year for a total therefore of 22-23% annual return.

American Realty Investors S.A. • Via Maggio, 1 • 6900 Lugano • Switzerland | T +41 (0) 91 973 13 78 • F +41 (0) 91 972 28 28