IMMOEAST Annual Report 2006/07

Analysis of Results
As of 9 October 2006 IMMOEAST AG purchased a 70% stake in the Cypriote Silesia Residential Holding Limited and,
through the transaction, also acquired a 70% stake in this company’s Polish subsidiary Silesia Residential Sp.z.o.o.
The Debowe Tarasy – Silesia City Center Residential development project involves the construction of 980 apartments
in four phases. The site has optimal transport connections and a good infrastructure, which also includes a
recreation area with sports facilities north of the project location. Construction will take 13 months.
During the third quarter of 2006/07 IMMOEAST AG completed its largest investment in Poland to date in the form of
a joint investment with Heitman European Property Partners. The acquisition of 50% stakes in the Polish MBP I Sp. z
o.o. and MBP II Sp. z o.o. transferred the Mokotow Business Park to the company’s portfolio. The Mokotow Business
Park comprises nine office towers and is one of the most successful office projects in Warsaw.
The Rondo Jazdy Polskiej, a further joint venture project in Warsaw, was acquired by the Polish Fobos Investment
Sp. z o.o as of 29 December 2006. The company owns an office development project that is located in the centre of
Warsaw.
The Passat Office Building in Warsaw, a standing investment, was acquired as of 29 March 2007 through the purchase
of 100% of the shares in the Polish Passat Real Sp. z o.o. The Passat Office Building is a modern office property
that is located adjacent to the Mistral Office Building owned by IMMOEAST AG. The object has an excellent location,
with easy access via public transportation. Both the city centre of Warsaw and the international airport can be
reached in 10 minutes.
As of 9 June 2006 IMMOEAST AG acquired a 25% stake in the Slovakian TriGránit Centrum a.s., which is developing
the Lakeside project in Bratislava. This investment is classified as an associated company.
The Slovakian SCT s.r.o. was fully consolidated by IMMOEAST AG as of 21 December 2006. This company owns the
Arkadia shopping centre, which is located on the eastern border of Trnava near a densely populated residential area.
The Czech Aragonit s.r.o. was acquired in full as of 1 July 2006, which added the Skofin Office Building in Prague
to the IMMOEAST portfolio. As of 30 May 2006 a 50.50% stake was acquired in My Box Straconice s.r.o., a project
company in the Czech Republic.
The Czech Diamant Real s.r.o. was fully consolidated by IMMOEAST AG as of 31 October 2006. This transaction led to
the purchase of one of the larger modern office properties (“Diamond Point”) in the capital city of Prague. In addition,
49% of the shares in Veronia Shelf s.r.o., the parent company of Diamant Real s.r.o., were sold to the joint venture
partner Allianz projštovna, a.s. as of 30 November 2006.
As of 13 November 2006 IMMOEAST AG acquired 100% of the shares in the Czech WINNIPEGIA SHELF s.r.o. and, from
this company, the Grand Pardubice shopping centre. This property is located only several minutes from the historical
old city and castle in Pardubice, and is comprised of two connected building complexes.
During the third quarter of 2006/07 IMMOEAST AG concluded its largest investment to date on the Czech office
market. As of 13 December 2006 the company acquired 100% of the shares in Building A k.s., Building B k.s. and
Building C k.s., which led to the takeover of three objects in the BB Centrum office park. All three properties are fully
let to well-known companies, in particular subsidiaries of foreign corporations.
IMMOEAST AG acquired 100% of the shares in the Czech Centre Investments s.r.o., Delta Park a.s. and Brno Estates
a.s. as part of a uniform transaction during the fourth quarter of 2006/07. This portfolio comprises four standing
investments and two forward purchases: Jungmannova Plaza, a class A office property that is located in the historical
city centre of Prague, is almost fully let and has international tenants; Sylva Taroucca, a historical building on the
Graben in Prague that is fully occupied; OC Petrov: an object located in the centre of Brno that is also almost fully
Report by the Executive Board 245
Highlights 2006/07
Business Model and Strategy
Portfolio Structure
Corporate Governance and Outlook
Property Portfolio
Development of Business
Consolidated Financial Statements
Service and Glossary