IMMOEAST Annual Report 2006/07
IMMOEAST Annual Report 2006/07
IMMOEAST Annual Report 2006/07
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24 <strong>IMMOEAST</strong> <strong>Annual</strong> <strong>Report</strong> <strong>2006</strong>/<strong>07</strong><br />
Development portfolio<br />
with 8,000 apartments<br />
Expansion into other<br />
markets in South-eastern Europe<br />
(Serbia, Ukraine, Republic<br />
of Moldavia)<br />
Focus on development<br />
projects in the Czech Republic,<br />
Poland and Romania<br />
CZ, Prague, Vitek<br />
CZ, Prague, Pankrác Business Corner<br />
Adama: leading residential property company in Romania<br />
<strong>IMMOEAST</strong> acquired another strategic investment in Romania during March 20<strong>07</strong> by purchasing<br />
a 25% stake in Adama, a development company that is specialised in residential projects. With<br />
EUR 600 million of realised projects and a development portfolio of 8,000 apartments, Adama is<br />
one of the leading property developers in the residential sector of Romania and the entire Southeast<br />
European region. The purchase price for the Adama investment, which was acquired for the<br />
most part through a capital increase, totalled EUR 60 million.<br />
Adama intends to use the funds raised through the capital increase to finance an extensive expansion<br />
programme. A total of 20 major residential construction projects are currently in preparation,<br />
which will allow Adama to further strengthen its strong position in Romania and also expand into<br />
other markets of South-eastern Europe. Projects in Ukraine, the Republic of Moldavia and Serbia<br />
have already entered the planning phase. In all four countries where Adama has invested or plans<br />
to invest, the residential property markets have registered high growth rates and the prices realised<br />
on apartment sales have been highly satisfactory.<br />
S+B CEE: Development projects in the Czech Republic, Poland and Romania<br />
In 2002/03 <strong>IMMOEAST</strong> acquired a 50% stake in S+B CEE, the East European subsidiary of the wellknown<br />
Austrian property developer S+B. Since that time, the scope of business has grown significantly<br />
and S+B CEE now manages development projects in the Czech Republic, Poland and Romania,<br />
above all in the office and retail sectors.<br />
This successful cooperation began with a series of projects in Prague, including the Park Hostivar<br />
shopping centre (23,900 sqm) and the Vitek office and retail complex (52,600 sqm). A number<br />
of these properties have since been acquired by <strong>IMMOEAST</strong>. At the end of 2005/06 S+B CEE<br />
started work on the Rondo Jaszdy Polskiej office complex in Warsaw. The investment volume for this<br />
centrally located object with 20,000 sqm of letable space totals EUR 36 million. S+B CEE is also<br />
a key development partner of <strong>IMMOEAST</strong> in the expansion of the STOP.SHOP. specialty shopping<br />
centre chain.
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