3,000 condominiums in Central, Eastern and South-eastern Europe
In spite of the extensive investments made in office, retail and logistics space, residential properties comprise the largest sector in the IMMOFINANZ portfolio with 3.8 million sqm. The widespread investments in this sector were made by the IMMOEAST subsidiary in Central, Eastern and South-eastern Europe.
Beginning in summer of 2006 Group companies signed the contracts for a large number of projects, which cover the construction of roughly 3,000 apartments:
All these projects represent apartment complexes that will be built together with local or international property developers and then sold as condominiums. For this reason, the objects are only held for a brief period of time. This approach – which does not follow the IMMOFINANZ business model – reflects the lack of a rental market in the region as well as the high demand for condominiums. Furthermore, the Group’s capital is only tied up over the short-term and the returns are therefore particularly high.
IMMOFINANZ acquired a strategic investment in Adama, a residential construction company, shortly before the end of the 2006/07 financial year (see page 49).
Beginning in summer of 2006 Group companies signed the contracts for a large number of projects, which cover the construction of roughly 3,000 apartments:
- Poland: Silesia Residential (Katowice, 980 apartments)
- Slovakia: Century Residence (Bratislava, 400 apartments)
- Romania: Jandarmeriei Residential (Bucharest, 360 apartments)
- Bulgaria: Koral Bay & St. Vlas (Black Sea Coast, 470 apartments)
- Serbia: Francuska (Belgrade, 120 apartments)
All these projects represent apartment complexes that will be built together with local or international property developers and then sold as condominiums. For this reason, the objects are only held for a brief period of time. This approach – which does not follow the IMMOFINANZ business model – reflects the lack of a rental market in the region as well as the high demand for condominiums. Furthermore, the Group’s capital is only tied up over the short-term and the returns are therefore particularly high.
IMMOFINANZ acquired a strategic investment in Adama, a residential construction company, shortly before the end of the 2006/07 financial year (see page 49).
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