Property Management
	- Current Management Structure for Eiendomsfond Tyskland I AS
	- Investor Information
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Property Management

The current Portfolio:

IPI Management AS currently manages properties on behalf of the following companies:

• Eiendomsfond Tyskland I AS (The Fund), which has invested in 47 residential properties in Berlin through its German subsidiaries (GmbH). The portfolio includes some 1400 apartments and about 50 commercial premises
• Eiendomsinvestor Tyskland I KS, a limited partnership which owns a 20.07% stake in The Fund
• Eiendomsinvestor Tyskland I AS, the general partner in Eiendomsinvestor Tyskland I KS
• Boliginvest Tyskland I KS, which owns a 79.93% stake in The Fund
• Boliginvest Tyskland I AS, the general partner in Boliginvest Tyskland I KS

IPI Management AS offers the following management services:


1. Identifying new investment projects
Sven Sejersted Bødtker and Egil Garder at IPI Management AS have considerable experience in identifying profitable residential projects both at home and abroad. They were in charge of locating suitable investment objects for Eiendomsfond Tyskland I AS in Berlin and to oversee their purchase. The board of Eiendomsfond Tyskland I AS has also been actively involved in evaluating shortlisted properties. Project searches were carried out in co-operation with local estate agents, banks, property managers and IPI Management’s local partners. IPI Management also recruited two German market analysts specialising in residential property as advisers in the selection process.


2. Evaluating potential projects – due diligence
IPI Management AS carries out a thorough due diligence analysis of each project. The properties identified as being the most promising are presented to the board of the investment company for final approval. The documentation provided with each proposal includes an analysis of the current market, future expectations, bank financing terms, liquidity budgets, evaluation of risk factors etc. Our extensive experience in the evaluation and management of residential development projects and other types of property projects ensures a high level of professionalism every step of the way. External experts from the legal and engineering professions provide evaluations before each purchase.


3. Follow-up and management of the properties
When purchasing a new object we assess its potential future value and possibilities. IPI Management AS identifies and supervises local property management companies which are then engaged by each individual property owning company. In the case of Eiendomsfond Tyskland I AS, the help of a well qualified consultancy group was enlisted, consisting of asset managers Cenda Invest AG and a team of professional property managers, consulting engineers and surveyors already established in Berlin. The same method will be used for future assignments.
The marketing and running of all properties are overseen by the management unit already established in Berlin by IPI Management AS.
At the beginning of the management process IPI Management AS receives monthly reports from the local asset manager. Once an adequate control and reporting systems are in place, reports are submitted on a quarterly basis.
The challenge for IPI Management AS as a business manager lies in the effective management and running of the portfolio. A local professional team incorporating asset managers, local property managers, engineers, accountants, solicitors and other consultants are engaged with the aim of improving rental returns, ensuring that each property is kept in good condition and thereby maximising the profit potential.