IMMOEAST Annual Report 2006/07

Analysis of Results
As of 13 July 2006 IMMOEAST AG acquired 100% of the shares in S.C. Almera New Capital s.r.l., which owns a property
in Timis¸oara. This transaction will lead to the creation of a logistics centre portfolio of five to seven objects
together with the development partner Eyemaxx. A 50% stake in this company was sold as of 1 February 2007 and
resulted in a changeover to proportionate consolidation as of 30 April 2007. In addition, 89% of the shares in S.C.
Meteo Business Park s.r.l. and S.C. Stupul de Albine s.r.l. were acquired as of 27 July 2006, resulting in the acquisition
of the Jandarmeriei property. This project comprises the development of an office complex and residential complex
in the north of Bucharest.
On 9 October 2006 IMMOEAST AG started the Craiova shopping centre project in Romania based on a joint venture
agreement with an experienced general planner and developer in the CEE region with the purchase of a 90% stake
in the Romanian Klyos Media s.r.l. This shopping centre is located in the north-western section of Craiova, the fifth
largest city in Romania, and has excellent traffic connections.
IMMOEAST AG purchased a 15% stake in the Romanian Polus Transilvania Companie de Investitii S.A. as of 2 November
2006, and thereby acquired the Polus Center development project. This project involves the construction of a
shopping centre in Cluj, the capital of the booming Romanian province of Transylvania. Completion is scheduled for
November 2007.
As of 14 December 2006 IMMOEAST AG purchased an 89% stake in the multi-functional project IUS Brasov with
office, retail and residential space as well as a hotel. The property is located several minutes north of the commercial
centre and old city, and offers an attractive infrastructure and good connections to public and private
transportation.
The SIBIU joint venture shopping centre project was acquired as of 15 December 2006 from the Cypriote S+B CEE
Alpha Cyprus Limited (100% subsidiary of S+B CEE) through SBACARO s.r.l., a wholly owned Romanian investment
company. This object is also located in the north-western region of Romania, directly on the outer ring road and close
to the historical city centre. The opening is planned for 2009.
The 100% acquisition of the Romanian Logistic Contractor s.r.l. in December 2006 led to the conclusion of a framework
agreement for the Bucharest Distribution Park project in Romania. This property is located in the north of Bucharest,
close to the beltway that surrounds this city and the autobahn that extends to Ploiesti and Brasov in the north.
The project involves the construction of a modern logistics and distribution park in stages. The realisation of the
entire project is expected to take three years, and numerous forwarding agents have already expressed an interest.
As of 22 December 2006 a 50% stake was acquired in the Romanian TM s.r.l, a 100% subsidiary of the Cypriote
Gesellschaft S+B CEE. This transaction resulted in the acquisition of the Targu Mures specialty shopping centre project.
The property is located in the emerging economic region of Transylvania (in the north-east of Romania), which
has a population of 160,000. This specialty shopping centre is scheduled to open in 2009.
As of 19 February 2007 a stake in S.C. Arbor Corporation s.r.l. was acquired in connection with the Glina specialty
shopping centre joint venture project, which is being carried out by IMMOEAST AG and a German developer. This
project involves the purchase of several sites and construction of a specialty shopping centre. The designated location
is situated on the eastern border of Bucharest, and has an excellent infrastructure as well as ideal transport
connections. Intensive negotiations with potential tenants are currently in progress.
IMMOEAST AG and the Euromall developer group concluded an agreement for the construction of a joint venture
project, the Euromall Residential Park, as of 19 February 2007 through the acquisition of all shares in the Romanian
S.C. IE Baneasa Project s.r.l. The site is located in the north-western part of Bucharest, in an area where a number of
high-quality residential objects are currently under construction. This project involves the construction of residential
space in the middle to upper segment, whereby completion will take place in four phases over a period of four to five
years.
Report by the Executive Board 247
Highlights 2006/07
Business Model and Strategy
Portfolio Structure
Corporate Governance and Outlook
Property Portfolio
Development of Business
Consolidated Financial Statements
Service and Glossary