IMMOEAST Annual Report 2006/07

246 IMMOEAST Annual Report 2006/07
let; Brno Business Park – Phase 1: an office complex in Brno that is comprised of two buildings; Brno Business Park
– Phase 2: this class A office development project in Brno also comprises two buildings and represents an extension
to the existing Brno Business Park – Phase 1 project; Letna Galeria: this shopping and business centre in Prague 7
is a development project that has received district approval.
Central Business Center Rt., a Hungarian project company, was fully consolidated by IMMOEAST AG as of 10 January
2007. The company owns the Central Business Center in Budapest, which is located on the Buda-side of the city near
the Margit Bridge.
Segment CIS (Community of Independent States)
As of 21 June 2006 IMMOEAST AG acquired 100% of the shares in the Cypriote Wakelin Promotions Limited, which has
an office in Russia, and the Russian Krona Design LLC. These companies own two shopping centres in Moscow: Golden
Babylon I and Golden Babylon II. Golden Babylon I, the larger of the two objects, is fully rented to attractive tenants
from the foodstuffs and electronics branches. Golden Babylon II was completed in August 2006 and is also fully let.
As of 13 November 2006 IMMOEAST AG acquired 50% of the shares in the Cypriote Gangaw Investments Limited and
the Russian OAO Kashirskij Dvor-Severyanin. This transaction will lead to the construction of the Rostokino Retail
Park in Moscow through a joint project together with an established Russian property developer. The Rostokino is
scheduled for completion at the end of 2009, and has an excellent location at the intersection of the Mira Prospect
and the future fourth ring road.
IMMOEAST AG acquired 100% of the shares in the Cypriote Trevima Ltd. during the third quarter of 2006/07, which
also resulted in the takeover of 100% of the shares in this company’s Russian subsidiary OOO Torgoviy Dom Na
Khodinke. This transaction resulted in the acquisition of the 5th Avenue Shopping Center project, which is a threestorey
shopping centre with two underground garage levels.
During the third quarter of 2006/07 IMMOEAST AG concluded a broad-based cooperation agreement in Ukraine,
which took the form of a joint investment with the well-known Ukrainian developer Alacor. Through a successive
purchase of shares (from 24.9% to 51% and 41%, respectively) in the Cypriote Loberta Holding Limited and Roches
Ventures Limited, the Alacor Business Park City logistics and office project and the Alacor Logistic Park Obukhov were
acquired. Both the Business Park City and the Park Obukhov are located in the south of Kiev and have excellent traffic
connections. The completion of both projects is scheduled for 2009.
Segment SEE (South-eastern Europe)
IMMOEAST AG acquired 100% of the shares in the Bulgarian Koral Residence EAD as of 23 June 2006. A closed
complex with a 4-star hotel and residential area will be built in Zarevo, 50 km south of the Black Sea resort of Burgas
in Bulgaria, as a joint investment by IMMOEAST and Prime Property BG.
As of 12 December 2006 IMMOEAST AG acquired all of the shares in the Maltese Blue Danube Holding Ltd. and its
Bulgarian subsidiary Business Park West-Sofia EAD. This project involves the revitalisation of a former light industrial
and administrative complex in four phases to create a business park.
IMMOEAST AG purchased 80% of the shares in each of the Croatian companies Grand Centar d.o.o. and Grand Zagreb
d.o.o. as of 30 November 2006, which resulted in the acquisition of the Grand Center office and retail property in
the capital city of Zagreb. This represents the first direct investment by IMMOEAST AG in Croatia, and was realised
together with Generali Immobilien AG. The majority of the space in the Grand Center is used as offices, but retail
space, warehouses and an underground garage are also available. This property has a central location, roughly
800 m from the historical old city.