Bankgesellschaft is focussing on core business - Landesbank Berlin

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MANAGEMENT BUSINESS AREAS SHARE MANAGEMENT REPORT FINANCIAL STATEMENTS
Real Estate Services
IBAG Immobilien und Beteiligungen
Aktiengesellschaft
In 2003, the sub-group IBAG primarily compr<strong>is</strong>ed
the following core companies: IBAG Holding, Bavaria
Objekt- und Baubetreuung GmbH, IBV Immobilien
Beteiligungs- und Vertriebsgesellschaft der IBAG
Gruppe mbH, ARWOBAU Apartment- und Wohnungsbaugesellschaft
mbH, IBI Real Estate Immobilien
und Beteiligungen International GmbH, Universal
AG and DSK Deutsche Stadt- und Grundstücksentwicklungsgesellschaft
mbH.
Fund business reorgan<strong>is</strong>ed
The “closed-end real estate funds” business area <strong>is</strong>
represented within the IBAG Group by IBV Immobilien
Beteiligungs- und Vertriebsgesellschaft der
IBAG Gruppe mbH. In the 2003 financial year, no new
closed-end real estate funds were initiated. The core
business of IBV <strong>is</strong> therefore centred on the management
and admin<strong>is</strong>tration of the initiated closed-end
real estate funds previously under the management
of IBG as the parent company. In order to real<strong>is</strong>e
th<strong>is</strong> task, in line with targets, oriented towards a solution
and in the context of the position of IBV as the
managing limited partner, the company underwent
extensive restructuring in 2003. In addition to the
concentration of the company exclusively on the
Nuremberg office, within the company, a fund-related
team organ<strong>is</strong>ation was real<strong>is</strong>ed, which <strong>is</strong> exclusively
responsible for the functions of fund management,
controlling and accounting. Furthermore, customeroriented
subscriber management was establ<strong>is</strong>hed
for all funds.
After appra<strong>is</strong>al and analys<strong>is</strong> of all closed-end
real estate funds managed directly by IBV, specific
commercial options, with regard to earnings and r<strong>is</strong>k
aspects in particular, were developed in conjunction
with LPFV.
In addition, for the 2001 and 2002 financial years,
a current account statement was prepared for the
first time since 2000 for all funds in which IBV carries
out the management function. These measures
involved the closure of the “planning and sale of real
estate funds” business area, previously based in
Wiesbaden, on September 30, 2003.
Util<strong>is</strong>ation of non fund-linked
real estate assets
In the business area “non fund-linked real estate
assets”, property sales with an overall volume of
some a 730 million were real<strong>is</strong>ed in the year under
review despite the difficult market conditions.
Commercial real estate (e.g. project developments,
land ready for building and/or complete commercial
properties) account for around a 670 million of th<strong>is</strong>
total (previous year: a 337 million). The Residential
Real Estate segment achieved a sat<strong>is</strong>factory result
with 454 units (previous year: 503 units) and a
sales volume of some a 57 million (previous year:
a 82 million).
The non fund-linked real estate portfolio of the
IBAG Group was substantially reduced by a 2.4 billion
from around a 3.4 billion originally to now almost
a 1 billion since the start of the restructuring measures
in autumn 2001. The r<strong>is</strong>k minim<strong>is</strong>ation involved
was also achieved in particular as a result of the