Bond structure
The proceeds from the bond will be used primarily in accordance with the business purpose for the equity outside of the security object. For this, shares worth a total of up to EUR 30 mn Will be issued. At the end of the maturity in December 2019 the nominal value will be totally repaid. The issuer Immobilien-Projektgesellschaft Salamander-Areal Kornwestheim mbH pays over the entire term a coupon of 6.75 percent p.a. The coupon payments will be made from operating cash flow of the Issuer. This cash flow is currently based mainly on the proceeds of the security object Salamander complex. The analysis was conducted by the lead analyst Botho von Hülsen, the rating committee of Thomas Morgenstern.

Collateralisation
To ensure the satisfaction of creditors' claims the issuer pledges the registration of a subordinated real estate mortgage to investors via a trustee. Moreover, the Issuer implements a fixed deposit account with a cash reserve of EUR 2 mn in order to compensate any variations in advance of the coupon payment.

Risks
Risks, in the opinion of Scope, are in particular, that the value of the security may change depending on the market for real estate development. Furthermore, the company is dependent on the operating cash flows of the assets, currently the only operational - the Salamander area Kornwestheim. Moreover, at present the tradability of bonds of this kind at stock exchanges or on alternative secondary markets is still limited.