IMMOEAST Annual Report 2006/07

60 IMMOEAST Annual Report 2006/07
Supervisory Board expands
Executive Board to reflect reflect
increasing scope of business
activities
Investment programme for
2007/08 with record volume of
nearly EUR 6 billion
Expansion of the Executive Board
The Executive Board of IMMOEAST was also expanded at the start of the 2007/08 financial year to
reflect the strong growth in the scope of business activities. Christian Thornton, the long-standing
head of Group accounting at IMMOEAST, was appointed as a new member of the Executive Board.
In this position, Thornton will also be responsible for finances. Furthermore, Edgar Rosenmayr, one
of the leading asset managers of IMMOEAST, was appointed to the Executive Board as a deputy
member. The Annual General Meeting in September 2007 will be asked to approve an amendment
to the Articles of Association, which will permit an increase in the Executive Board to more than the
three members currently allowed.
Fast start for new investment programme
IMMOEAST will use the funds raised by the capital increase in May 2007 to finance an extensive
investment programme with a total volume of EUR 5.975 billion. Since the 2006/07 investment programme
was completed in full after only three quarters, several projects from the new programme
were started earlier than originally planned and transactions with a volume of EUR 1.4 billion were
concluded at the start of 2007/08. Investments of EUR 2.3 billion – or roughly 38% of the total
planned volume for the year – were realised after only two months by the end of June 2007. The most
important transactions concluded after the end of the reporting period include the following:
— Gold Plaza Shopping Centre (Romania)
IMMOEAST acquired 80% of the Gold Plaza development project in Baia Mare, a city with a
population of 150,0000. The investment volume for this property totals EUR 97 million. The
shopping centre with 43,000 sqm of letable space is scheduled for completion during the
fourth quarter of 2008, and IMMOEAST plans to acquire the remaining shares at that time.
— Pantelimon + Logistics Developments (Romania)
Together with a local partner, IMMOEAST has signed an agreement to develop ten logistics
centres in Romania with 400,000 to 500,000 sqm of letable space. The investment volume will
equal roughly EUR 300 million. The first project, the Pantelimon Warehouse Logistics Centre
(52,000 sqm) on the outskirts of Bucharest, will be completed later this year.
— Euro Mall Pitesti (Romania)
The Euro Mall in the university city of Pitesti was acquired for EUR 87 million. This facility was
completed in May 2007 and is fully occupied. The Euro Mall Pitesti meets the highest international
standards and has 32,000 sqm of letable space.
— Rondo Jazdy Polskiej (Poland)
The Rondo Jazdy Polskiej office project in the centre of Warsaw is under development by S+B
CEE, an IMMOEAST shareholding. This object has excellent connections to the transportation
network and will be completed in summer 2009; the investment volume totals EUR 36 million.