Barclays 2009 Annual Report Download - page 255

www.barclays.com/annualreport09 Barclays PLC Annual Report 2009 253
40 Acquisition of subsidiaries
a) Crescent Real Estate
On 19th November 2009, Barclays formed Crescent Real Estate Holdings LLC a joint venture with Goff Capital, Inc., to assume 99.7% ownership of Crescent
Real Estate Equities Limited partnership (Crescent) following the completion of a debt restructuring transaction. Crescent is a real estate investment company
that owns and manages office space, as well as investments in resort residential developments and luxury hotels across the US. These properties are
accounted for as investment properties.
The assets and liabilities of Crescent at acquisition were as follows:
Carrying
value pre- Fair value Fair
acquisition adjustments values
£m £m £m
Assets
Loans and advances to customers 85 – 85
Investment in associates and joint ventures 132 (45) 87
Property, plant and equipment 879 69 948
Other assets 154 (2) 152
Total assets 1,250 22 1,272
Liabilities
Deposits from banks (170) – (170)
Other liabilities (102) 3 (99)
Total liabilities (272) 3 (269)
Net assets 978 25 1,003
Group share of net assets acquired 978 25 1,003
Acquisition cost
Loans 1,003
Total consideration 1,003
No goodwill arose on acquisition.
The results of Crescent’s operations have been included from 19th November 2009 and did not materially contribute to the consolidated profit before tax.
It is impracticable to disclose the revenue and profit or loss of the combined entity as though the acquisition date had been 1st January 2009.