IMMOEAST Annual Report 2006/07

14 IMMOEAST Annual Report 2006/07
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Haller Gardens
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Antim Tower
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Golden Babylon
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IMAK Portfolio
Investment in
TriGránit
Key investments in review
IMMOEAST accelerated its investment activity to a new record level in 2006/07. A total of 269 transactions
with a total volume of EUR 5 billion were completed during this period. Acquisitions focused
primarily on very large objects, with no less than 21 transactions reaching a dimension of more than
EUR 100 million. The geographic focus of investments was placed on South-eastern Europe, while
the sector distribution showed a concentration on retail properties.
At the start of the financial year, IMMOEAST
acquired the Haller Gardens, an office project
in Budapest with 49,000 sqm of letable space.
The object is under construction by AIG Lincoln,
one of the best known property developers in
the world. Completion is scheduled for the summer
of 2008, and the investment totals nearly
EUR 80 million.
In December 2006 IMMOEAST purchased a
mixed use property in the Bulgarian capital
of Sofia with roughly 10,000 sqm of letable
space. An additional 90,000 sqm of modern
office and retail areas will be added
to this object in several stages by 2012.
The investment for the Antim Tower with more than
100,000 sqm of letable space will total approximately
EUR 150 million.
IMMOEAST completed its first direct investment in Russia
during June 2006 with the purchase of two shopping
centres in Moscow. The Golden Babylon I and II have a
combined total of nearly 60,000 sqm of letable space
and are fully occupied. This investment has a volume of
EUR 198 million.
In June 2006 IMMOEAST increased its previous 56.6% stake in
IMAK CEE to 100%. This firm holds a portfolio of 11 fully occupied
logistics and office properties in Hungary and Poland. The properties
have letable space totalling 165,000 sqm and a fair value
of roughly EUR 280 million.
The largest investment of the 2006/07 financial year was closed
in August 2006: IMMOEAST acquired a 25% stake in the Hungarian
TriGránit, the leading property developer in Central, Eastern
and South-eastern Europe, for EUR 400 million. This highly profitable company is specialised in
very large assignments and has completed a number of outstanding urban development projects.
TriGránit currently holds a development portfolio with a value of EUR 8 billion in 11 countries.
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