Outstanding projects in Eastern Europe
In addition to direct acquisitions and the purchase of stakes in other companies, a number of major takeovers were completed in 2005/06. Among the individual properties acquired by IMMOFINANZ, the Silesia City Center in Katowice, Poland, and the Polus City Center in Bratislava, Slovakia, stand out because of their size. The Silesia City Center has 127,000 sqm of letable space and is roughly as large as the Donauzentrum, the largest shopping centre in Vienna. The investment made by the IMMOFINANZ subsidiary IMMOEAST in these properties totalled EUR 170 million.
Its excellent location gives the Silesia City Center optimal prospects for future development. In the heart of the booming economic region of southern Poland, nearly three million people live within a radius of 45 minutes by car and nearly one million can reach the shopping centre within 15 minutes. The purchasing power of the population is growing rapidly and the competitive situation is extremely favourable. These factors have also been reflected in highly successful rentals – the Silesia City Center was fully let shortly after its opening. The Polus City Center is a multi-purpose office complex and shopping centre in a developing commercial area of the Slovakian capital of Bratislava. It is similar in size to the Silesia City Center, and will have more than 100,000 sqm of letable space when fully completed. The sections that have been finished to date are all fully rented. The total investment in this project will exceed EUR 200 million by a sizeable amount. In June 2006 IMMOFINANZ also acquired a stake in the neighbouring Lakeside development project, with an option to take over the entire property after completion (see “After the reporting period”). This object will have over 200,000 sqm, giving it more letable space than the group’s current largest office location on Vienna’s Wienerberg (Business Park Vienna and Vienna Twin Tower) with 200,000 sqm of space.
Its excellent location gives the Silesia City Center optimal prospects for future development. In the heart of the booming economic region of southern Poland, nearly three million people live within a radius of 45 minutes by car and nearly one million can reach the shopping centre within 15 minutes. The purchasing power of the population is growing rapidly and the competitive situation is extremely favourable. These factors have also been reflected in highly successful rentals – the Silesia City Center was fully let shortly after its opening. The Polus City Center is a multi-purpose office complex and shopping centre in a developing commercial area of the Slovakian capital of Bratislava. It is similar in size to the Silesia City Center, and will have more than 100,000 sqm of letable space when fully completed. The sections that have been finished to date are all fully rented. The total investment in this project will exceed EUR 200 million by a sizeable amount. In June 2006 IMMOFINANZ also acquired a stake in the neighbouring Lakeside development project, with an option to take over the entire property after completion (see “After the reporting period”). This object will have over 200,000 sqm, giving it more letable space than the group’s current largest office location on Vienna’s Wienerberg (Business Park Vienna and Vienna Twin Tower) with 200,000 sqm of space.
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