IMMOEAST Annual Report 2006/07

254 IMMOEAST Annual Report 2006/07
F. Subsequent events (§ 267 (3) 1 of the Austrian Commercial Code)
Capital transactions
IMMOEAST AG carried out another capital increase in May 2007, which involved the issue of 277,941,375 shares
of bearer stock at a price of EUR 10.20 per share. IMMOFINANZ AG subscribed to 50.46% of this issue and thereby
retained its holding as of 30 April 2007.
Acquisitions
Romania
After the closing date IMMOEAST AG acquired a 75% stake in Harborside Hotel s.r.l. This project involves the development
and construction of an annex to the Harborside Constanta Phase 1, with a further 15,600 sqm of retail space
and a hotel tower with 12,100 sqm of space. IMMOEAST AG will initially hold 75% of the shares, and the remaining
25% will be owned by the project developer and site owners. Plans call for IMMOEAST AG to acquire this minority
stake after the project is completed.
Development also started on the Baia Mare Mall in the north-western region of Romania after 30 April 2007. This
project represents a shopping and entertainment centre with approx. 43.000 sqm of space on two levels. The start
of construction is scheduled for the fourth quarter of 2007 and completion is expected during the fourth quarter of
2008. This development project will be realised through a cooperation between IMMOEAST AG and a large Hungarian
property company at a total investment volume of EUR 97 million.
IMMOEAST AG acquired 100% of the shares in S.C. Flash Consult Invest s.r.l. after the end of the 2006/07 financial
year. This company is the owner of the Euromall Shopping Center in Pitesti, Romania, which has roughly 32,000 sqm
of letable space. This facility was completed and opened in May 2007.
A further investment on the Romanian market was the acquisition of the shares in S.C. Dacian Second s.r.l. This project
involves the development of the Pantelimon Warehouse logistics centre with more than 50,000 sqm of letable
space in the Romanian capital, and is under realisation together with the European Future Group.
IMMOEAST AG also acquired a 75% stake in S.C. Red Project Two s.r.l. shortly after the closing date. This company is
developing a specialty shopping centre and shopping gallery with approx. 43,000 sqm of letable space and parking
facilities. The building permit should be granted at the end of 2007 and construction is scheduled to start in spring
2008, with completion following roughly 18 months later.
Through the acquisition of the Cypriote Gendana Ventures Ltd. in June 2007, IMMOEAST AG took over 100% of the
shares in the Romanian Real Habitation s.r.l. This company owns a site adjoining the location for the IRIDE Business
Park, which will be used for a 63,000 sqm expansion to this complex.
In addition, IMMOEAST AG concluded a cooperation agreement with Eyemaxx for the development of a retail portfolio
in Romania. This portfolio will comprise specialty shopping centres and shopping malls in mid-sized Romanian
cities.
Czech Republic
On 3 May 2007 IMMOEAST AG acquired a 5% stake in UTILITY PARK WEST s.r.o. This project will develop the Utility
and Office Park West in Prague in four stages. The total investment is estimated at EUR 39 million, and IMMOEAST
AG will provide mezzanine capital.