After reaching a historical low in recent years, interest rates in the USA continued to move upward at a faster rate in 2005: a series of adjustments raised the prime rate to 5% by May 2006. The European Central Bank has set a course similar to the US Federal Reserve, but with an extended time lag – interest rates in Europe remained much more favourable at less than 3%, based on the three-month EURIBOR rate. For property investors like IMMOFINANZ, a decisive factor for success in this operating environment is to create a financing structure with an optimal mix of equity and debt, and to develop innovative financing instruments.