Annual Report 2001 - Landesbank Berlin

Bavaria
ARWOBAU
IBG
nent for pure real estate companies – it was no longer possible to view the forecast
share price development and thus the concept of the fund as secured. The equity
financing plus interest was paid out to those who had subscribed to the fund, or
they were given the option of reinvesting the subscription capital in other IBV
funds. Approximately 77% of the subscribers took advantage of the reinvestment
option.
The volume of investment of the IBV funds was €351.6 million in 2001 (2000:
€1,324.8 million); acquired equity was €167.2 million (2000: €514.3 million). 34%
of the volume of sales (2000: 23%) was generated by Bankgesellschaft Berlin
Group companies, the remaining sales share was placed through about 700 external
sales partners of IBV, including banks, savings banks and independent financial
service providers.
The IBAG Group’s project development activities are focused at
Bavaria Objekt- und Baubetreuung GmbH. This field of activities not
only includes residential property for direct sale to investors and owner-occupiers,
but also the development of commercial real estate. In 2001, Bavaria and its
sister companies oversaw the completion of a total of approximately 40,000 m2 of
residential floor space (2000: 90,000 m2 ) and commercial properties covering
about 132,000 m2 (2000: 127.000 m2 ).
Compared with the previous year, the sale of residential property increased by just
under 11% in 2001. 705 units with a total volume of approximately €120 million
were sold (2000: 636 units/about €115 million). Thus the trend towards increasingly
buying property for own usage is continuing and the individual property as
a capital investment only ranks second.
In 2001, IBAG’s real estate management was performed at the subsidiary
ARWOBAU Apartment- und Wohnungsbaugesellschaft mbH.
This company currently manages approximately 116,000 contracts (2000:
118,000).
In the course of the split between IBG and IBAG at the end of 2000, the
guarantor and underwriter function for various fund companies
remained at IBG. The resulting obligations and risks were taken on internally by
LPFV. In addition, some operating companies, which are set to be sold in the short
term, were domiciled at IBG.
38 REAL ESTATE SERVICES