IMMOEAST Annual Report 2006/07

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Key investments
In August 2006 IMMOEAST acquired the majority stake in
one of the largest office development projects in the Polish
capital. The Equator Office in the dynamic Jerozolimskie
business corridor has 125,000 sqm of letable space, comprising
85,000 sqm of offices as well as warehouse and
retail areas and underground garages. The investment volume
totals EUR 190 million.
Together with local partners IMMOEAST started work on
four residential projects in August 2006 with a total of
2,000 apartments in Poland, Slovakia, Romania and Bulgaria.
This represents the first large-scale investment in the
construction of condominium facilities. The four projects
have a total volume of EUR 180 million.
Another major investment was completed during August
2006 with the acquisition of the Jandarmeriei Office in
Bucharest. Roughly 40,000 sqm of letable space will be
constructed on this site by 2010 at a total investment of
EUR 80 million. IMMOEAST also acquired the adjoining
project, Jandarmeriei Residential, which involves the construction
of 360 apartments.
IMMOEAST completed its first investment in Slovenia
during September 2006 with the purchase of two
specialty shopping centres. These objects are
located in Kranj and Nove Mesto, and have a total of
19,000 sqm that is fully occupied. The objects have
an investment volume of EUR 22.5 million.
The Diamond Point office building in Prague was
acquired during autumn 2006. This object has
27,000 sqm of letable space that is fully rented to
well-known companies through long-term contracts.
The investment totals roughly EUR 70 million. In a
subsequent step 49% of the shares will be sold to
the Allianz Group, one of the lead tenants.
In autumn 2006 IMMOEAST increased its stake in the Mester Business Park from 45% to 75%. This
major project will involve the construction of up to 250,000 sqm in letable space at a central location
by 2010. The first stage of construction at the Mester Park was completed shortly after the end
of the 2006/07 financial year.
The purchase of the Galerija Apartmani (Francuska) residential project in August 2006 marked
the entry of IMMOEAST into the promising Serbian property market. Plans call for the construction
of more than 100 apartments, 1,100 sqm of offices, 1,000 sqm of retail areas and 184 underground
garage spaces at a central location by the end of 2008. The investment volume equals
EUR 13.3 million, and all apartments will be sold as condominiums.
Report by the Executive Board 15
Highlights 2006/07
Business Model and Strategy
Portfolio Structure
Corporate Governance and Outlook
Property Portfolio
Development of Business
Consolidated Financial Statements
Service and Glossary
i 5 i
Equator
Residential projects with a
total of 2,000 apartments
i 6 i
Jandarmeriei Office
Specialty shopping centres
in Slovenia
i 7 i
Diamond Point
Acquisition of majority
stake in Mester Park
Galerija Galerija Apartmani
Apartmani
(Francuska) residential
project