IMMOFINANZ was able to make use of a remarkable investment opportunity in Italy during 2005/06. In connection with an extensive privatisation programme, the Italian government sold a very large portfolio of state-owned properties. The FIP portfolio includes 440 objects with 2.6 million sqm of letable space. This area is comparable in size to the combined usable space in all BUWOG and ESG objects, but the value of the portfolio is substantially higher. All properties are let to the Italian government over the long-term, and are generally used by the tax authorities. With a share of 6.06% IMMOFINANZ is one of the leading international investors in the acquisition consortium, which includes the top firms in the European and US property branch.