A4 für Copyshop GB.indd - Bayerische Landesbank

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40 BayernLB – our company Real Estate The Real Estate Business Area serves private and institutional investors, project developers, residential property developers, retail customers and housing companies. The product range spans everything from traditional, long-term loans to the various types of structured financing instruments. Germany, Western and Eastern Europe and North America are the target regions. Together with its specialised subsidiaries, the business area offers comprehensive expertise in practically all areas of real estate business. Real Estate’s prime objective is to make its customers’ ideas reality using innovative solu- tions. In doing this, the business area makes a solid contribution to the Bank’s overall performance. Commercial real estate financing With a view to ensuring a sound level of earnings, the business area has focused on expanding low-risk, high-yield long-term commercial real estate financing both at home and abroad, in line with the target portfolio. Overall, real estate financing con- tinued to be marked by a difficult, fiercely competitive market environment. As in the previous year, the unfavourable market environment meant that relatively few large construction projects were launched by investors in Germany, while some existent large-scale plans were actually shelved. Pleasingly, though, new business volumes in domestic commercial real estate financing matched those of the previous year. Financ- ing activities were mainly focused on office, retail and special real estate, with consist- ently risk-oriented margins. In the context of cooperation with the savings banks, in commercial business there was increased demand for expertise with regard to special real estate, as well as qualified advisory services such as property valuation and real estate rating. New business: domestic and foreign 48 % Portfolio structure: domestic and foreign 70 % Domestic Foreign 52 % 30 %
In the year under review, the business area further reinforced its real estate activities abroad, in line with the target portfolio. Here, the key focus was providing both Ger- man and internationally operating real estate companies with support in foreign markets. The foreign entities also made a major contribution to the success of the business area, thanks to targeted regional market development. All in all, there was a perceptible market trend towards high-volume transactions involving international real estate funds. The Real Estate Business Area, for instance, concluded a transaction with a volume of EUR 230 million, involving a fund structured according to the capital investment act. This fund invests in the European and Ameri- can real estate markets on behalf of an institutional investor. This type of investment and financing structure is also enjoying increased demand. In addition to its core countries for international business (USA, Great Britain, France, Switzerland and Spain), financing activities were pursued for the first time in Sweden and Canada in the year under review. Scandinavia is also set to become a target market for sales activities. Moreover, as part of the Bank’s Eastern European strategy, the Real Estate Business Area will extend the scope of its business activities to include the EU accession countries, including the Hungarian subsidiary bank MKB. In order to meet our customers’ diverse needs, the business area, in tandem with the Global Markets Division, is turning increasingly toward innovative financing products. These include hedging instruments to secure exchange and interest rates, structures incorporating mezzanine elements, or B-notes serving as participations in real estate financing tranches secured by lower-ranking collateral. In 2004, the business area was involved in B-note transactions both at the New York foreign entity and in Munich. Thus, as a member of an international banking syndicate, BayernLB was involved in funding the acquisition of a large well-known property in New York with a total transaction volume of more than USD 1 billion. This was achieved by interlinking senior and junior tranches with varying structures. Residential real estate financing In residential real estate, sentiment in 2004 was clouded by the weak overall economic trend. In financing to completion, pricing became the main factor in cut-throat competi- tion, while the overall financing volume was lower. The unpredictability of legislation governing tax and rent continues to represent an obstacle to capital investment. Debate surrounding the abolition of the home ownership subsidy, on the other hand, did not have any perceptible impact on demand. All in all, the Real Estate Business Area achieved its goals in residential real estate financing. BayernLB – our company 41 } International real estate activities reinforced } Tax and rent legislation thwarts investment
Page 1 and 2: Annual Report and Accounts 2004
Page 3 and 4: LBS Bayern Corporates Business Area
Page 5 and 6: Clear figures. Clear objectives. Th
Page 7: Foreword by the Board of Management
Page 11 and 12: 1 Board of Management and executive
Page 13 and 14: Dr. Rudolf Hanisch born in 1946, De
Page 15 and 16: In transforming its business model,
Page 17 and 18: Sparkassen-Finanzgruppe Bayern Baye
Page 19 and 20: Financial Statements Audit Committe
Page 21 and 22: Norbert Kastner Lord Mayor of the C
Page 25 and 26: 2 Economic situation
Page 27 and 28: (Hartz IV) contributed to an overal
Page 30: An open mind. Clarity. Inspiration.
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Page 60 and 61: 56 BayernLB - our company } Moderni
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Page 64 and 65: 60 BayernLB - our company In 2004,
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Page 76 and 77: 72 BayernLB - our company Corporate
Page 78 and 79: 74 BayernLB - our company } Shared
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Page 82 and 83: 78 BayernLB - our company Our staff
Page 84 and 85: 80 BayernLB - our company Fostering
Page 86 and 87: 82 BayernLB - our company Public se
Page 88 and 89: 84 BayernLB - our company DKB and S
Page 90 and 91: A product is only as good as the to
Page 93 and 94: 4 Report on the Bank and the Group
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position and serves as a bridgehead
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Management report Assets, liabiliti
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Funding EUR billion Due to banks -
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EUR million 1.1. - 31.12.2004 Bayer
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Group operating expenses were down
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In the 2004 financial year, the ope
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Outlook The forecasts relating to t
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Strategy / rating Upon withdrawal o
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BayernLB’s subsidiaries (Hungaria
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Gross exposure by Group entity [%]
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Investment risk Similarly to counte
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Net exposure of the Group by countr
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Market price risk Market risk compr
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Operational risk BayernLB defines o
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5 Report by the Board of Administra
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Report by the Board of Administrati
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Liabilities 1. Due to banks a) Paya
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Liabilities Report by the Board of
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Liabilities 1. Due to banks a) Paya
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Complex enterprises demand reliabil
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184 Advisory Boards and addresses T
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188 Advisory Boards and addresses B
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190 Advisory Boards and addresses S
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Bayerische Landesbank Brienner Stra
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