Review
Market capitalisation plus 88.4%, operating profit plus 63.3%, property portfolio more than doubled. These few indicators underscore the fact that 2006/07 represents a very special year in the history of IMMOFINANZ. This company – your company – was able to take over one of the top positions in the ranking of listed property companies in Europe, and also continue its steady and strong growth.
The most important developments of the past year undoubtedly include the rapid growth of our subsidiary IMMOEAST, which has established a dominant market position as the leading institutional investor in Central, Eastern and South-eastern Europe as well as Ukraine and Russia. IMMOEAST also expanded its geographical presence during the past year, and is now represented in 13 countries with direct investments.
Less spectacular than our strong growth in the east – but just as important for the success of the company – is the sound development of IMMOFINANZ in Austria. Of special note here is the success of our residential property subsidiary BUWOG/ESG, which forms more than half of the IMMOAUSTRIA property portfolio and has proven to be a real “gem” with great potential for the future. The high level of occupancy in our flagship, the Business Park Vienna/Vienna Twin Tower, is also worth mentioning – above all, since it formed the basis for our decision to expand the Business Park by roughly 50,000 sqm beginning in autumn 2007. During the past year we were also able to significantly strengthen the position of IMMOFINANZ in Germany, our most important foreign market in the west. The strong growth of our subsidiary Deutsche Lagerhaus, the start of two unusual urban development projects in Cologne and Düsseldorf, and the rapid expansion of the SelfStorage – Dein Lagerraum network in the German cities of Berlin, Hamburg, Frankfurt, Nuremberg and Munich have allowed us to establish strong positions in highly attractive submarkets and niches that will provide numerous opportunities for growth and an increase in value over the coming years.
The most important developments of the past year undoubtedly include the rapid growth of our subsidiary IMMOEAST, which has established a dominant market position as the leading institutional investor in Central, Eastern and South-eastern Europe as well as Ukraine and Russia. IMMOEAST also expanded its geographical presence during the past year, and is now represented in 13 countries with direct investments.
Less spectacular than our strong growth in the east – but just as important for the success of the company – is the sound development of IMMOFINANZ in Austria. Of special note here is the success of our residential property subsidiary BUWOG/ESG, which forms more than half of the IMMOAUSTRIA property portfolio and has proven to be a real “gem” with great potential for the future. The high level of occupancy in our flagship, the Business Park Vienna/Vienna Twin Tower, is also worth mentioning – above all, since it formed the basis for our decision to expand the Business Park by roughly 50,000 sqm beginning in autumn 2007. During the past year we were also able to significantly strengthen the position of IMMOFINANZ in Germany, our most important foreign market in the west. The strong growth of our subsidiary Deutsche Lagerhaus, the start of two unusual urban development projects in Cologne and Düsseldorf, and the rapid expansion of the SelfStorage – Dein Lagerraum network in the German cities of Berlin, Hamburg, Frankfurt, Nuremberg and Munich have allowed us to establish strong positions in highly attractive submarkets and niches that will provide numerous opportunities for growth and an increase in value over the coming years.
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