Of particular strategic importance is a joint venture in the Baltic region, which was founded together with the British residential construction giant Grainger and NPC, a local partner. This company will construct apartment complexes, which – in contrast, to most other IMMOFINANZ investments – will not be held over the long-term, but sold as quickly as possible in the form of condominiums. This strategy reflects the current situation on the housing market in the new EU member states. There is virtually no demand for high-quality rental apartments at the present time, but first-class condominiums for the growing middle class are extremely popular. IMMOFINANZ will not tie up capital in this area of business over the long-term but is fully involved in the development of the properties, and these two factors will create opportunities for particularly attractive returns.

The first project started by the joint venture is a housing complex in the Estonian capital city of Tallinn. It involves the construction of 52 buildings with a total of 805 apartments at a well-planned site in Haabersti, one of the most attractive residential districts in Tallinn. The individual apartment houses will be completed in stages during a period of two years.

Current activities also include the preparation of additional projects for development with Grainger and NPC. At the same time, the IMMOFINANZ Group is increasing its activities on the residential markets in other areas of Central and Eastern Europe. Investments are being readied for realisation in Poland, Romania, Bulgaria, Slovakia and other countries. As a rule, IMMOFINANZ develops projects in the residential sector together with local partners.