On December 22, 2009 the Company entered into an Equity Interest Purchase Agreement of three companies (all together Loreto Companies). In accordance to the agreement, the Company was to deposit US $5 million into an escrow account. At December 31, 2009 the Company had deposited US $0.5 million (equivalent to Ps. 6,533); the rest was deposited on January 15, 2010. Depending on the satisfaction of diverse legal requirements, of which the most relevant was to evidence that the title of the asset transferred to the entities that will own them, is free and clear from any encumbrance, the Company was going to acquire through the Loreto companies different assets (hotel, golf course and land).
On July 20, 2010 the legal requirements for the majority of the assets were satisfied, and the Company was able to acquire 100% of the common shares of CT Prop, S. de R.L. de C.V., which owns 100% of the outstanding stock of CT Commercial Properties, S. de R.L. de C.V.
On December 31, 2010 the legal requirements for rest of the assets were fulfilled and the Company acquired the 100% of the common shares of CT Loreto, S. de R.L. de C.V.
At that date the Company had fully paid the total purchase price of US$ 22.5 million (Ps. 290,478). Part of the payment was done through a credit line granted by Banco Nacional de México, S.A. which outstanding balance as of December 31,2010 was Ps. 99,358 and will be paid during 2011 (see Note 11).
The fair value of the net assets and liabilities identified at the acquisition date is shown as follows: