The acquisition of investment properties continued to decline with the growing focus on development projects. In 2006/07 development projects exceeded the share of investment properties for the first time, and no larger objects were acquired for the Austrian portfolio. The subsidiary Deutsche Lagerhaus was responsible for the major acquisitions of completed properties in the IMMOWEST segment, where investments focused primarily on major development projects. Investment activities by IMMOEAST also concentrated on the development field.

This greater focus on development projects also played an important role in safeguarding the profitability of new investments. While declining returns limit the earnings on investment properties, this situation creates additional opportunities for developers. The strong and long-standing presence of IMMOFINANZ in all key submarkets forms an important basis for the Group’s increasing activities in development projects.

Strategic investments in other properties companies have also become increasingly important for IMMOFINANZ. Above all in the IMMOEAST segment, IMMOFINANZ uses these acquisitions as a vehicle to make its first indirect investments in new submarkets. The investments in other property companies also provide the Group with privileged access to developed objects and create attractive opportunities for future investments and growth.