Revaluation results IMMOAUSTRIA and IMMOWEST
Revaluation gains in Austria totalled TEUR 159,760.6 and were related to the increase in value of the BUWOG/ESG portfolio. The remaining increase consists mainly of revaluation gains to apartments buildings at inner city locations, where higher demand led to a sharp decline in returns during the past year.
The largest decline in revaluation results was recorded by IMMOWEST, with a drop from TEUR 32,357.8 in the previous year to TEUR 8,082.5 for 2005/06. Of the total revaluation gain, TEUR 7,672.0 were related to the portfolio managed jointly with Carlyle in Italy. In Germany only moderate revaluation gains of TEUR 1,304.9 were registered. The impairment charges resulted chiefly from development projects in the USA that are still in the early stages as well as projects in Switzerland.
The largest decline in revaluation results was recorded by IMMOWEST, with a drop from TEUR 32,357.8 in the previous year to TEUR 8,082.5 for 2005/06. Of the total revaluation gain, TEUR 7,672.0 were related to the portfolio managed jointly with Carlyle in Italy. In Germany only moderate revaluation gains of TEUR 1,304.9 were registered. The impairment charges resulted chiefly from development projects in the USA that are still in the early stages as well as projects in Switzerland.
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