Panorama, Jan. 2008

PANORAMA
IMMORENT IN CEE AND SEE
CONTINUED EXPANSION
REHABILITATION
NEW BUILDINGS FOR OLD
THE IMMORENT WORLD
NEWS FROM 12 COUNTRIES
OVERVIEW
ALL THE IMMORENT
ADDRESSES
+
FINANCING
PUBLIC
PRIVATE
PARTNERSHIP
ENDURING
VALUES
PROPERTIES DEVELOPED WITH CARE GUARANTEED CAPITAL GROWTH
THE IMMORENT MAGAZINE – LEASING & MORE
SPRING 2008
www.immorent.com
TRAVEL
BUCHAREST
ROMANIA'S BOOMING CAPITAL
IS A PLACE WORTH SEEING
CONTENTS 2
The growth of property markets in Central, Eastern
and South Eastern Europe continues unabated.
8–10
REHABILITATION
Even buildings need an occasional facelift
to maintain their value long term.
11
BUSINESS PARTNERS
4–7
TARGETING
CERTAIN GAINS
The markets in Central, Eastern and South Eastern Europe continue to grow far faster than the EU average.
IMMORENT is banking on a permanent increase in the
value of its property portfolio
14–15
THE IMMORENT WORLD
IMMORENT news from CEE and SEE
16
OVERVIEW
SOUTH EASTERN EUROPE’S NEW METROPOLIS
Once the Paris of the East, Bucharest spent
long years in hibernation. Romania’s capital
is now awakening to new life.
All the IMMORENT addresses –
Austria, CEE and SEE
www.immorent.com
STYLING: MONIKA BUTTINGER; GIL FASHION/STEFFL; BOSS, MODUS VIVENDI/MATRIX, SCHULILIN,
COVER: PHOTOGRAPHER: THOMAS TOPF;
This time the trip is to Romania’s capital, one of
Southeastern Europe's most lively major cities.
Increasing numbers of managers from Western
Europe, who originally came for only a couple of
years, now feel at home here.
With luck, you can win a weekend in Bucharest
in our competition
ZARA, SPRINGFIELD
12–13
CITY BREAK
MODELS: GABRIELE BUDINSKY/STELLA, OSSI SCHREINER/AMT; MAKE-UP: MANUELA/VANITY FAIR;
Public private partnership is a sensible,
effective and economical choice for financing
large infrastructure projects, hotels and
shopping centres
EDITORIAL 3
IMMORENT AG’S MANAGEMENT BOARD
Gerald Antonitsch
Patrick Zehetmayr,
Gertrud Meisel-Ortner
Peter Tichatschek (from left)
SPARKASSEN
IMMOBILIEN AG
Expansion of German residential
property portfolio
DEAR READERS,
T
here was much public concern about real estate as an investment in 2007. Even if the so-called property crisis has more
to do with ill-considered lending than anything else, it is worth taking
the opportunity to underline how important the enduring value of properties is to the industry, and particularly to IMMORENT. In the property business it is also increasingly important to take factors such as the
quality of the architecture and the facility management into account, so
as to ensure that properties hold their value.
IMMORENT has followed the strategy of investing in properties with
lasting value – sometimes contrary to the general trend – since its earliest
days. In the light of current developments, it is now setting the trend.
We continue to rely on properties with substantive value, which is
how we protect our customers' investment. Because, temporary crises
aside, if the value of the building is there, then the investment is worth it.
IMMORENT will be faithful to its principles, and will in future continue to take the whole life of the property as the basis for its calculations and planning. Our customers' investments are safe.
We hope you enjoy this issue of Panorama!
parkassen Immobilien AG is expanding its German portfolio
with the acquisition of six new
residential properties in Berlin and
Leipzig worth EUR 10 million. This increases its property interests in Germany by a further 10,000 m2 of lettable
space to a total of 568,000 m2.
Management Board Ernst Vejdovszky
comments: “For us, Germany is still one
of the most attractive markets for residential property. We expect prices on
the German market to reach an appropriate level in 3 years’ time.” In Bratislava, International Property Development
s.r.o. is being acquired: the company is
planning a development project for two
plots of land between the Einsteinova
expressway and the Aupark and Aupark Shopping Center in Bratislava. The
plans provide for a multi-purpose building – offices, hotel and retail space –
of over 30,000 m2 of gross space per
floor with parking, garage space and
a multi-storey car park of 12,600 m2.
Sparkassen Immobilien AG is planning
to increase the proportion of development projects in its portfolio to up to
25 percent of its total assets.
S
+
INVESTMENT TIP:
WWW.PMB.RO, IMMORENT
SPARKASSEN IMMOBILIEN AG ON TRACK FOR GROWTH
Sparkassen Immobilien AG continued its successful performance in the third quarter of 2007. “The results for the first
three quarters,” says Management Board member Ernst Vejdovszky, “show that our business model still performs extremely well even in turbulent times and is capable of producing sustained growth.” Revenues in the first three quarters of 2007
grew by 35 percent in comparison with the same period last year, to EUR 68.4 million. Rental earnings likewise climbed
32 percent, to EUR 54.9 million. Profit before interest and tax (EBIT) jumped to EUR 86 million, up by 88 percent. In the first
three quarters, Sparkassen Immobilien AG increased its investment portfolio to EUR 1.5 billion. At 30 September 2007, the
portfolio consisted of 202 properties with total usable space of 1,247,000 m2.
Information: www.sparkassenimmobilienag.at
PANORAMA 1/2008
IMMORENT IS DIFFERENT FROM
OTHER PROJECT DEVELOPERS IN
ONE IMPORTANT WAY
For a property leasing business, the asset cover for the projects it finances is
also very important. Traditionally, IMMORENT has always therefore been
concerned that properties should hold their value.
COVER STORY 4–5
TARGETING
CERTAIN GAINS
The markets in Central, Eastern and South Eastern Europe continue
to grow far faster than the EU average. IMMORENT is banking on a
permanent increase in the value of its CEE and SEE portfolio.
I
n 2007 The Economist produced
a special report on Austria in
which it noted that its economic growth
rate was noticeably higher than the EU
average.
One of the main reasons the magazine identified was the investment of Austrian businesses in CEE and SEE countries. These markets will continue to offer
above-average growth opportunities.
IMMORENT has been investing successfully in the area for many years, and
for structural reasons the positive developments are expected to continue. The
markets are undergoing a process of ad-
40,1%
43,7%
Office
15000
Retail
Investment Turnover by Sector: 1999–2007
14000
13000
11000
10000
9000
8000
7000
6000
5000
4000
0,4%
0,8%
1,6%
3,4%
4,5%
4,9%
Residential
Hotel
Idustrial
Mixed
Use
2000
Multi-Use
Portfolios
3000
Other
Aggregate CEE Investment; ¤ Million
12000
1000
0
justment, with the resulting rates of
growth being markedly higher than those
of Western European countries.
EXEMPLARY RISK ASSESSMENT
IMMORENT and s Immobilien AG are
banking on the markets of Central,
Eastern and South Eastern Europe and
pursuing a long-term strategy to lock
in property values. Holger Schmidtmayr,
member of Sparkassen Immobilien
AG ’s Management Board explains:
“International investors have often
reproached us for our conservative
focus, our low debt ratios and our lack
of aggression. The
THE GRAPHIC of
markets and inreal estate investvestors are both now
ment in CEE and
coming to share our
SEE countries and
assessment of the
Russia points up
risks, and appreciate
the predominance
the prudence of our
of investments in
policies more highly.
office and retail
This makes s IMMO
properties (supermarkets). Source:
Aktie a very reliable
CB Richard Ellis
product in turbulent
times.”
“Durable value is of key importance
to a leasing business such as IMMORENT, explains Gerald Antonitsch.
“As the real estate and leasing arm of
a bank, we recognise that we have an
obligation to insist on above-average
levels of quality. Our success is also
measured in terms of the long-term
value of our projects, especially with respect to residential property, where our
quality standards are particularly high.
In order to be successful over the long
term, we pay very particular attention
to the quality of construction and the
management of our projects.”
COVER STORY 6–7
IMMORENT PROPERTIES
Some examples of spectacular real estate projects
The Group also takes care to ensure
that the value of leased property - as
part of its real estate portfolio and
hence of its business capital – is maintained. For projects where the Group is
involved at the construction stage, the
process of construction is monitored,
and all properties are valued internally
every year, with expert market valuations commissioned externally every
three to five years.
Identifying and documenting property defects contributes to transparency about the condition of the building
fabric, and can be the basis for remedial action where necessary.
ket sees it at present, enduring value is
mainly a function of architectural merit
and whether the property harmonises
with the townscape. Energy efficiency,
and structural considerations are also
important, because they have economic implications.
IMMORENT differs from other property developers and property construction companies in one crucial way: for a
property leasing business such as ours,
the asset cover for the projects we finance is very important.
From this point of view, it has always
been important that properties hold
their value.”
❒
BUDAPEST, MARRIOTT HOTEL
The renovation of the Budapest Marriott,
which is owned by IMMORENT, will be completed to the standards of a 5-star hotel in
the first half of 2008. The Marriott will then
be the leading hotel in Budapest.
LONG-TERM APPRECIATION
NEW TREND IN VALUATION
Antonitsch points out that in the light of
current developments there is a new
trend in property development: “Even
though very many investors are still relying on detailed valuations at specific
dates in planning their acquisitions, different tendencies are now emerging.
Valuations over longer periods of time,
such as IMMORENT has always
favoured, are becoming increasingly
popular.
The hard facts of property valuation
are naturally still yields and current
costs, and lasting value is a consideration that relates more to the future. But
it is growing in importance. As the mar-
BUCHAREST, NOVOTEL Owned by France’s
Accor Group, the Novotel is the newest 4-star
hotel in Bucharest. It has twelve floors, with 259
rooms and a 1,200 m2 shopping gallery
PRAGUE, AVENIR PARK
It consists of five modern office
blocks. The first parts (a total of
23,500 m2 of office space in
buildings A-D) have already
been sold to an investment
fund. A further 6,500 m2 of office
space in Building E will be completed by the end of the first
quarter of 2008.
PRAGUE, FUTURAMA
IMMORENT is engaged in a
three-phase project to construct an office complex consisting of five buildings together
with car parks: 48,000 m2 of office space and roughly 9,500
parking places for rent, 500 of
them in underground car parks.
There is also space for restaurants and service businesses.
PHOTO PAGES 4–5: THOMAS TOPF
In order to guarantee permanent increases in value, IMMORENT’s aim is to
understand the design and implementation of development projects as a
whole.
For project development it acquires
sites with outstanding infrastructure
and constructs top quality properties in addition to building quality and flexibility of use, market analysis to establish
supply and demand is important.
“Operating costs over the whole life
of a property are increasingly important: we take them into account in project development and construction.
High quality and long-term value have
become key considerations in valuing a
property,” says Gerald Antonitsch.
www.immorent.com
IN CENTRAL AND EASTERN EUROPE
IMMORENT in the countries of Central, Eastern and South Eastern Europe
Dietmar Steiner,
Director of Architekturzentrum Wien
GOOD
PLANNING,
DURABLE
VALUE
LEOBEN, MATERIAL RESEARCH CENTRE Around 5,500 m2 of space
for a variety of purposes: most of the building is used by the University
of Leoben for workshops, laboratories and offices.
BRATISLAVA, MULTI-PURPOSE CENTRE Sparkassen Immobilien AG together with International Property Development s.r.o. (IPD) is developing a multi-purpose building on two sites in Bratislava. There will be
30,000 m2 of gross space per floor with parking and garage space
of 12,600 m2.
PHOTO: IMMORENT (7), PEZ HEJDUK
SOFIA, SERDIKA CENTER
In Sofia one of the largest shopping centres
and office centres in the city is under construction, the Serdika Center, with around
50,000 m2 of retail space for 210 shops and
office space of some 35,000 m2.
PANORAMA 1/2008
he value of a property is largely determined by its location. If the
property is badly located, not even
good architecture can fully make up for it.
But high-quality architectural achievements can, in the long run, help increase
the value of a property. “Quality” should
not be interpreted exclusively as meaning
exalted, spectacular architecture – it can
be that, but it needn't be. Investments in
good planning and durable architecture
are decisive factors – some rethinking is
called for here, because in the long run it
is not the construction costs but the operating costs that are crucial. Unfortunately, the temptation is to skimp on planning
costs in the real estate business, but this is
a short-sighted way of thinking. Some developers just build cheaply, take the quick
return and pull out: what is important is
an architecturally interesting building
with an infrastructure that functions in
the long term. For me, the Österreichische Postsparkasse by Otto Wagner is a
historical example of this ideal kind of architecture. Despite a builders strike, this
Jugendstil building with its more than
15,000 square metres of space was completed in only 26 months. It was built of
reinforced concrete, a new method of
construction at the time. And despite the
elegance of its magnificent rooms, it is today as functional and practical as ever.
Close cooperation between architect and
builder is a key factor if a building is to be
both functional and beautiful. The German architect Peter Behrens recognised
this at the beginning of the twentieth century: “The building will only be a success
if the builder is responsible for at least half
❒
of the creative input.”
T
LIFESTYLE 8–9
REHABILITATIONEXPERTS
FROM VILLA
TO
WELLNESS
RESORT
Helmut Pfeil
PROVITA
With its partner PROVITA, Immorent is turning a period
villa into a new wellness resort. The combination of historic
architecture with contemporary needs will ensure a durable
increase in the value of this property.
he nineteen century Villa Seilern in Bad Ischl, built in the
Schönbrunn style and owned by
Oberösterreichische Lehrer- Krankenund Unfallfürsorge (LKUF), was until recently a teachers' home. It is currently
being converted into a state-of-the-art
wellness resort without interfering with
the historic structure of the building.
Immorent and its partner, PROVITA Projektgesellschaft, a subsidiary of LKUF,
are the developers in this project. Helmut Pfeil, managing director of PROVITA, and Josef Feichtenschlager, head
of Building and Construction at Hillebrand Group, are working together on
the remodelling. In interview they talk
about the potential of historic buildings, and when rehabilitation is a viable
option.
FOR WHAT KIND OF PROPERTIES DOES REHABILITATION MAKE ECONOMIC SENSE?
JOSEF FEICHTENSCHLAGER: In the past
buildings from the eighteenth and
nineteenth centuries were neglected.
In many cases the fabric is damaged:
dampproofing is necessary, walls have
to be rebuilt, and sometimes the building has to be gutted. For buildings of
this type, good building fabric makes
rehabilitation economically viable.
Twentieth century buildings should be
torn down rather than rehabilitated.
HELMUT PFEIL: With these projects, it is
important whether the buildings are
protected buildings. It is important to
contact the historic buildings agency in
good time and to work on the rehabilitation together.
Josef Feichtenschlager,
Hillebrand
WHAT ARE THE CURRENT TRENDS?
JOSEF FEICHTENSCHLAGER: Our modern,
smooth architecture is dominated by
steel and glass, so now there is a trend
back to old facades like pebble stucco,
reflecting the traditional, craftsmanship aspects of building. The baroque
look is fashionable again, combined
with modern elements.
WHAT IS SPECIAL ABOUT VILLA SEILERN?
HELMUT PFEIL: The success of the hotel
project depended on the functional
and visual integration of the villa into
the hotel. For us it was important for the
villa to be the eye-catcher, and for it not
to be dominated by the new hotel annexe. This was a real challenge for the
architect.
WHAT ARE YOU CHANGING AND MODERNISING?
JOSEF FEICHTENSCHLAGER: Technical
installations, including heating and
ventilation, had to be adapted and
rebuilt. In Villa Seilern we opened
up more than 25 chimney flues and
PHOTOS: THOMAS TOPF, IMMORENT, K. GRECO
T
Rehabilitation of the old building fabric, as here in Vienna’s
Neutorgasse, raises the quality of life in old urban districts
LIFESTYLE 10
IMMORENT REHABILITATION
Some examples of spectacular real estate projects
HOW MUCH DO NEW ADDITIONS ADD TO THE
VALUE OF THE PROPERTY?
JOSEF FEICHTENSCHLAGER: It is impossi-
ble to generalise. In the case of Villa
Seilern, its new function will mean higher added value in use, which in turn
could increase the value of the property by a factor of three to four.
❒
HOTEL LAMM
AlpenMedhotel Lamm
in Seefeld needed a
facelift. IMMORENT
was project manager
of the reconstruction
and extension.
The biggest challenge
was redesigning the
Medical Department
without affecting the
structure to make
the rooms lighter.
The extension houses
a swimming pool,
a beauty and
a fitness room
and a winter garden
above the underground garage.
VILLA SEILERN
The health resort Bad
Ischl is being revitalised.
What was a teachers’
home is being converted
into a 4-star hotel with a
wellness and a fitness
centre. Listed as a historic building, the old Villa
Seilern is being integrated into the new hotel
building. Visually, the villa
remains a separate entity, connected to the
main building by an internal covered courtyard, which has been turned into a palmery.
COMPETITION
SPRING IN BUCHAREST TO BE WON
IMMORENT is giving away a weekend
trip to Bucharest for two people. You will
be staying in the newest and finest hotel
in town, Accor Group’s Novotel. You pick
the date you want to travel. More information on the flap of the last page.
INFORMATION ON THE HOTEL:
www.novotel.com
CRYSTAL PALACE, PRAGUE
IMMORENT’s Czech subsidiary has completed the conversion of an office building on
Malá Stûpánská into the 4-star hotel, Crystal
Palace. The six-floor building has a total of
more than 2,500 m2 of usable space, with 65
rooms for guests, a conference room for seventy people and a wellness centre.
VIENNA
A commercial, office and
residential building with
total usable space of
roughly 10,000 m2 is going
up at Neutorgasse 4-8. IMMORENT invited five architects to participate in an
expert panel to find an
optimal solution appropriate to this unusual site.
One of the requirements
was to retain the period
facade of Neutorgasse 4
intact. The winning project
by RATAPLAN combines
the historically valuable
building fabric with the
new buildings to form a
harmonious mixture of traditional and modern architecture.
www.immorent.com
FOTOS: ALPENMEDHOTEL LAMM (4), CRYSTAL PALACE, IMMORENT (3)
used them for the cabling. The old
building fabric still forms the bulk
of the whole facility. We talked to
the historic buildings agency before adding a steel and glass construction on the side to expand the
restaurant on the ground floor of
the villa.
BUSINESS PARTNERS 11
WIN-WIN
PARTNERSHIP
Public private partnerships (PPP) are an established form of cooperation between public authorities and private businesses for carrying out
and financing large projects
+
A
special form of cooperation between businesses and public
authorities is the public private partnership (PPP). Its purpose is to take advantage of synergies in the provision
of public services. The term PPP encompasses a wide range of different
types of collaboration between businesses and the public sector.
HOW PPP MODELS WORK
As an example, a municipality or a
company it controls can operate a PPP
scheme with a private business in order to establish a new district. While
the private business finances the construction and operation of the buildings, the municipality can use the development plan to ensure a regionally
attractive mix of businesses and to
provide the best possible infrastructure services.
Depending on the task and on regional economic requirements, PPP
models vary in size and function. This
can mean that certain PPP models
which are perfectly common in the USA
or the United Kingdom are not used by
public authorities in Central Europe,
because they do not provide an adequate guarantee that the services will
be correctly supplied.
Many PPP projects in Europe are
for large infrastructure projects such
as road and railway construction. Of
the total investment in PPP projects in
2007, worth about EUR 267 billion, approximately EUR 115 billion went on
road schemes and EUR 93 billion was
spent on expanding the rail network. In
PANORAMA 1/2008
Europe, the most PPP projects are implemented in Spain and the United
Kingdom.
IS THE PPP MODEL COST
EFFECTIVE?
One of the main reasons for the use
of PPP schemes is the general shortage
of public funding. If public institutions
cannot pay, private enterprise can pick
up the tab. Apart from their financial
muscle, businesses can also contribute
their skills and expertise in project planning and implementation. A joint study
by the London School of Economics
and accountants and auditors Arthur
Andersen showed that, overall, the public sector benefits: PPP models can reduce the total costs of a project by up
to 17%. Studies in Germany have shown
potential savings of 10-20%.
HOW THE PRIVATE SECTOR
BENEFITS
But how can private enterprise profit
from PPP schemes? For a start, it gains
access to previously inaccessible
business sectors. PPP models also offer private investors useful advantages
in project execution, in risk sharing
and possibly even in reduced pressure
from competitors.
There are no standardised or
mandatory PPP models, they vary from
project to project. The aim, however, is
always to achieve a win-win situation
for both parties. The box on the right
contains more detailed information
about PPP models, as a first introduction to the topic.
❒
PPP
MODELS
PPP models are generally tailored
to suit the particular project. The
simplest model is a purely informal
cooperation between a public authority and a business, with the aim
of exchanging information.
LICENCE MODEL
A public institution grants a private
partner a licence for a construction
project or for the provision of a
service (e.g. in England, providing
school children with a school
lunch). The private licensees build
and run the facility or provide the
services required in place of the
public authority and collect payment for their work.
JOINT VENTURE MODEL
A public institution or a public sector company and private companies become partners in a joint venture company established specifically to undertake the project. This
company then signs a public service agreement with the public authority and an operating agreement
with the private company. The
Twin City Liner service between
Vienna and Bratislava is an example
of a business that employs this
model.
Other examples of PPP models are
mortgage, availability, contracting
and financing models.
CITY TRAVEL 12–13
SOUTHEAST EUROPE’S
NEW METROPOLIS
Bucharest, Romania's capital, was known as the “Paris of the
East” before communism, and with its two million inhabitants it
will again become South Eastern Europe's principal metropolis.
COPY: CORNELIUS GRANIG, OANA-SIMINA VASILESCU
alter Friedl, the Austrian trade
representative in Romania,
says: “In ten years time
Bucharest will be the second most expensive city in Europe after Moscow.”
He may be proved right, provided
that the economy of this city of two million inhabitants continues to boom.
With Friedl's help, hundreds of Austrian
companies have moved into Bucharest.
By now, Austrians hold a controlling interest in the biggest Romanian banks,
the country's largest oil company and
the major insurance companies, and
they dominate the real estate sector.
Clearly, the Austrian mindset is
highly compatible with the very integrative and multi-cultural way of life of a
country that is home to no less than 19
W
ethnic minorities and yet has no noteworthy conflicts. And which, after nearly half a century under the yoke of a
communist regime, is on its way back
into the European fold.
Bucharest comes across as a city of
contrasts: around the major railway station, Gara de Nord, visitors are confronted with the less attractive aspects of urban decay. Lift up your head, though,
and the People’s House looms up on
the skyline, a giant building which now
houses the Romanian Parliament. To
permit its construction, Nicolae Ceausescu had a third of historic Bucharest
razed. This old part of town contains
Lipscani, the business district that was
for many centuries the pulsing heart of
trade between Europe and the Orient.
The old caravanserai “Hanul lui Manuc”,
where weary traders put up for the
night, still survives.
For many Austrians Bucharest has
become a second home: Vienna and
Bucharest are just over an hour's flying
time apart, and there are seven flights
a day. The Carinthian Nikolaus Riegler,
who some years ago founded the upand-coming marketing company LMATV in Bucharest, says: “This is the right
moment to be in Romania and to take
advantage of the new opportunities
opening up. In this city the days are never too short and the nights are never
long enough.” Anybody who has experienced the open-hearted friendliness
of the Romanians cannot wait to return.
❒
Foarte bine, România!
www.immorent.com
IMMORENT’S PRIDE
IN BUCHAREST
The newest and
finest hotel in town,
Novotel belongs to
the Accor Group.
Win a weekend in
elegant surroundings. More information on the flap of
the last page.
PHOTOS: BUKAREST TOURISM, IMMORENT, FILARMONICA GEORGE ENESCU
TIPS
VIEW INTO THE ATHENEUL ROMÂN
Regular concerts by the George
Enescu Philharmonic and
Symphonic Orchestra, among
other things, take place here.
HOTELS
NOVOTEL BUKAREST
Cal. Victorei 37B, Tel. +40 21 308 85 00,
www.novotel.com
ATHENÉE PALACE HILTON
Strada Episcopiei 1–3,
Tel. +40 21 303 37 77, www.hilton.com
JW MARRIOTT
Calea 13 Septembrie 90,
Tel. +40 21 40 30 00
PANORAMA 1/2008
RESTAURANTS
CARU’ CU BERE
(Romanian cuisine), Str.
Stravropoleos 5, Tel. +40 21
313 75 60, ww.carucubere.ro
MADRIGAL
(steakhouse) in Hotel Intercontinental, Blvd. Nicolae
Balcescu 4,
Tel. +40 21 310 20 20
CAFFEE & LATTE
(Italien cuisine), Blvd. Schitu
Magureanu 35,
Tel. +40 21 314 38 34,
www.caffelatte.ro
BARS
FRATELLI Str. Nicolae Golescu 5, Tel. +40 21 311 66 76,
www.fratelli.ro
GAIA Str. Banul Antonache
38, Tel. +40 727 42 68 98
COYOTE CAFE Calea Victoriei 48–50 (Pasajul Victoriei), Tel. +40 21 311 34 87
CULTURE
ATHENEUL ROMÂN
famous concert hall with
monumental frescoes
Str. Franklin 1-3
http://fge.org.ro
ODEON THEATER
internationally acclaimed
theatre Calea Victoriei 40-42
www.teatrul-odeon.ro
NATIONAL VILLAGE
MUSEUM “DIMITRIE GUSTI”
open air museum, Sos.
Kiseleff 28
www.muzeulsatului.ro
BUCHAREST RING
City race course
www.bucharestring.com/en
GUIDE
ELECTRONIC CITY GUIDE
www.sapteseri.ro/
en/home-page
GERMAN NEWSPAPER
www.adz.ro
IMMORENT
IMMORENT Romania IFN S.A. closed its first real estate
leasing deal with Terranova Imobiliare, which has been
followed by projects with GDM RO Electronics, Inkorporate
Print, Soukup and bauMax.
CONTACTS: Speranta Anina Iordache and Bogdan Cernescu, Tudor Arghezi st. 8, 7th floor, RO-020945 Bucharest
(Second District), Romania, Tel: +40 (21) 310 12 06
E-Mail: [email protected], www.immorent.ro
THE IMMORENT WORLD 14–15
IMMORENT news from CEE and SEE
ERSTE CAMPUS
ienna: over the next few years, office
buildings together with catering, retail and service businesses will be springing up in a new urban development on a
59 hectare site around the present-day
Südbahnhof. Near the Belvedere, IMMORENT will be building the Erste Campus, the new corporate headquarters of
Erste Bank, with a total of 132,000 m2 of total floor space above ground. The first
buildings will be completed in 2013, providing space for approximately 4,000
workplaces. Starting in 2013, an additional 70,00 m2 of office space will be erected in the second phase of construction.
V
SLOVENIA
OFFICE HIGH-RISE
t PraÏakova ulica 1 in the centre of
Ljubljana, IMMORENT LJUBLJANA is
building an office high-rise called
Bavarski dvor – Severna vrata on a plot
of land 1,450 m2 in size. There will be a
total of 16,000 m2 of office floor space,
and construction costs are expected to
A
for printing, faxing, copying, scanning and
document management services. On the
basis of this long-standing successful cooperation, a joint venture, F&S Finance
and Service GmbH, has recently been established in Stuttgart. The purpose of the
new company is to offer the roughly 200
UTAX authorised dealers in Germany flexible financing solutions for office communications equipment purchases.
SERBIA
NEW BRANCH OFFICE
MMORENT continues its policy of
growth with the opening of a new office
in Belgrade. Patrick Zehetmayr, member
of IMMORENT Management Board:
“Large numbers of businesses want to
invest in the up-and-coming Serbian
market, and now we can put the whole
range of our skills and services at their
disposal.” IMMORENT’s services will complement Erste Group's existing product
portfolio in Serbia: as the third Erste
Group business to be represented in the
Serbian market, it joins Erste Bank Novi
Sad and s Leasing (a joint venture
of IMMORENT and Steiermärkische
Sparkasse). “Thanks to s Leasing, we
already have several years of experience
in this market,” says Zehetmayr.
I
ITALY
MANAGING DIRECTOR
s of 1 September 2007 Thomas Plankl was appointed joint managing
director of Tiroler Sparkassen Leasing
SPA, based in Bolzano. He is responsible
for sales and marketing of real estate and
movable assets leasing. The 37-year-old
studied political sciences and business
studies at Innsbruck University, and then
worked for Austrolease AG in various
functions. His last position was as sales
manager for Alto Adige, Italy, for the Fortis Lease Group, the new owner of Austrolease.
A
be in the region of EUR 25-30m. The
architectural competition is currently
underway, and construction will begin
after Slovenia’s EU presidency in the
autumn of 2008.
GERMANY
NEW COMPANY
uccessful joint ventures are a major
element in the success of vendor
leasing businesses, and IMMORENT’s
subsidiary F&S Leasing GmbH is no exception. Since 2004 IMMORENT has been
cooperating very successfully with Triumph Adler Leasing (TA Leasing), the Triumph Adler Group subsidiary responsible
for financing multifunctional equipment
S
UKRAINE
FIRST PROJECT
MMORENT Ukraine has closed its first
large deal – a lease agreement for a
multi-purpose warehouse building. The
contracts were signed in Dneprope-
I
trovsk with customer Alfa Deposito LLC,
a subsidiary of Grand Trading Group.
Grand Trading is itself a customer of Erste Bank Ukraine. Alfa Deposito LLC is
leasing a multi-purpose category A
warehouse from IMMORENT Ukraine.
The total value of the lease is EUR 8.1 m,
which is for a period of nine years.
BULGARIA
TOP OF THE RANGE
SHOPPING CENTRE
n Sofia the Serdika Center is under
construction: when completed, it will
be one the biggest shopping centres
and office buildings in the city. This development is a joint venture between
Sparkassen Immobilien AG and ECE
Projektmanagement in Hamburg, the
European market leader for shopping
centres. The new Serdika Center is in a
prime location right on Sitniakovo
Boulevard, served by buses and trams,
and with parking for 1,800 vehicles in
the
immediate
vicinity. The total
investment
will
amount to some
EUR 210 million.
With a total of
50,000 m2 of retail space spread
over three floors
and capable of
accommodating
a total of 210 shops, as well as 35,000 m2
of office space, the Serdika Center sets
new standards for size and quality in
Bulgaria. Sofia has an enormous gap to
close when it comes to shopping centres: per 1,000 inhabitants there is less
than one square metre of retail space –
compared to the EU average of 171
square metres. The project will create a
total of 2,000 new jobs. The opening is
planned for 2009.
I
www.immorent.com
PHOTOS: IMMORENT (4), KARIN WASNER
AUSTRIA
ROMANIA
HUNGARY
HOTEL & SUN PLAZA
NEW PREMISES
ovotel, owned by France’s Accor
Group, is the newest 4-star hotel
in Bucharest, and is located in the
city's most prestigious street, Calea
Victorei. The hotel has twelve floors,
with 259 rooms and a 1,200 m2 shopping gallery. The total floor space is
27,500 m2. Sparkassen Immobilien AG
Bucharest bought this attractive prop-
in Budapest has
changed addresses and moved
to a centrally located, modern office building. The new location has
the advantages of a good infrastructure and easy access for customers. The staff now work in a
more pleasant environment, and
there is room for expansion in
future. IMMORENT Kft. Csörsz u. 45.
III. emelet, MOM-Park/Sas-Torony,
H-1124 Budapest.
N
MMORENT
I
SLOVAKIA
TRANSPORT AND
LOGISTICS CENTRE
MMORENT Slovensko has acquired over 60 hectares of land in
the immediate vicinity of Košice airport. A commercial and logistics
centre called IMMOPARK Kosice will
be developed on this property over
the next few years. The official
ground-breaking ceremony took
place in May 2007. Peter Groiss,
managing director of IMMORENT
Slovensko, explains the project:
“Over the last few years, Slovakia
has been developing into a transport and logistics centre for Central
Europe. There is a keen demand for
logistics and industrial buildings,
concentrated especially near motorways or the future Pan-European
Corridors.”
I
erty for roughly EUR 30m, and Accor
Group has taken a long-term lease on
it. For around EUR 150m, Sparkassen
Immobilien AG, in cooperation with the
French-Romanian project developer
EMCT, is developing the Sun Plaza, a
new kind of shopping centre for Romania. The site is 11.2 hectares, and of
the 78,000 m2 of total lettable space
over 60 percent has already be taken
by BauMax, Cora, Cinema City and
Mobexpert. A catering and entertainment area with 1,200 seats, as well as
community facilities such as sports
hall and kindergarten, will make the
Sun Plaza a new centre for this up and
coming district.
CZECH REBUPLIC
GLITTERING GALA
O
CROATIA
TRANSPORT AND
LOGISTICS CENTRE
MMORENT Croatia is currently developing a logistics centre with total
floor space of 55,000 m2 on a 26hectare site in Jastrebarsko to the
South of Zagreb. It is located about 26
km from Zagreb directly on the E65
motorway. Total investment costs will
be in the region of EUR 40-45m. Construction will begin in 2008.
I
PANORAMA 1/2008
n 21 November 2007 IMMORENT in the Czech Repub-
lic celebrated its 10-year anniversary. For the 50 employees, a market share of 45 percent and the
completion of 338 projects were
something to celebrate. Total leasing volume in 2006 was about 20
billion crowns. The celebration was
attended by 350 guests, mainly investors and customers. The highlight of the evening was a performance by the world-famous opera
singer and soprano, Eva Urbanova.
Simone
Leonhartsberger
Romania and Bulgaria:
one year of membership of the EU
OBSTACLES
TO CATCH-UP
PROCESS
ince their accession a year ago, the
process of catching up for the
EU’s two newest members – Bulgaria and Romania – is in full swing.
The indicators sound promising: the
economies are growing at an average of
6% annually, and unemployment is on
the decline. Skilled labour is already in
short supply. The interest of foreign investors, in particular the Austrians, is on
the rise and is pushing up the demand for
skilled employees. In the large cities the
mood is one of euphoria.
In rural areas, however, there is little
of this dynamism to be felt. Anybody
who can, tries their luck abroad. The
population has to cope with increasing
inflation, with pay raises failing to keep
pace with the rise in prices. The town and
country divide is unmistakeable. Some
villages are still waiting for connections
to water mains.
Investments in the infrastructure –
motorways and roads, and the rail network – are essential if the catch-up
process is not to grind to a halt. The EU
has allocated billions in aid for this purpose, on condition that the money does
not disappear into the wrong channels.
During the first three years of membership, the EU is entitled to impose sanctions by cutting back aid where there is
lack of improvement in, say, fighting corruption.
In order to gradually come up to EU
standards, there is a need for politicians
to drive reforms forward, rather than
blocking each other with votes of no confidence and seeking each other’s removal
from office, which also reduces their
❒
countries’ chances.
S
AT A GLANCE 16
Windmühlgasse 22-24
A-1060 Vienna, Austria
Tel. +43 050100 27000
www.immorent.at
IMMORENT Czech. Rep.
PRAHA
IMMORENT CR s.r.o.
CZ-11000 Praha 1
Narodní 41/973
Tel. +420 22 557-412
[email protected]
www.immorent.cz
IMMORENT Austria
BRNO
VIENNA
IMMORENT CR s.r.o.
CZ-60300 Brno
Hlinky 118
Tel. +420 5 435 18-390
[email protected]
IMMORENT Aktiengesellschaft
A-1060 Vienna
Windmühlgasse 22–24
Tel. +43 (0)5 0100-27260
[email protected]
IMMORENT Slovakia
LINZ
IMMORENT Aktiengesellschaft
A-4020 Linz
Rainerstraße 6–8
Tel. +43 (0)5 0100-27320
[email protected]
BRATISLAVA
IMMORENT Slovensko s.r.o.
SK-81106 Bratislava
Obchodná 43
Tel. +421 2 57 88-0911
[email protected]
www.immorent.sk
Sparkassen Leasing d.o.o.
SI-1000 Ljubljana
Cesta v Klece 15
Tel. +386 1 583 22 15
[email protected]
Tel. +386 1 583 22 10
[email protected]
www.s-leasing.si
PUBLICATION DETAILS
BEOGRAD
s Leasing d.o.o.
SRB-11070 Novi Beograd
Djordja Stanojevica 12
Tel. +381 11 22 87-480
[email protected]
www.s-leasing.co.yu
IMMORENT d.o.o.
SRB-11070 Novi Beograd
Djordja Stanojevica 12
Tel. +381 11 22 10-755
[email protected]
GRAZ
IMMORENT Süd Ges. m.b.H.
A-8010 Graz
Andreas-Hofer-Platz 17
Tel. +43 (0)5 0100-27350
[email protected]
KLAGENFURT
IMMORENT Süd Ges. m.b.H.
A-9020 Klagenfurt
August-Jaksch-Straße 16
Tel. +43 (0)5 0100-27390
[email protected]
F&S Leasing GmbH
A-9020 Klagenfurt
August-Jaksch-Straße 16
Tel. +43 (0)5 0100-27800
[email protected]
INNSBRUCK
IMMORENT West GmbH
A-6021 Innsbruck
Sparkassenplatz 5
Tel. +43 (0)5 0100-27300
[email protected]
DORNBIRN
IMMORENT West GmbH
A-6850 Dornbirn
Bahnhofstraße 10
Tel. +43 (0)5 0100-27316
[email protected]
IMMORENT Montenegro
IMMORENT Hungary
BUDAPEST
IMMORENT Ingatlanberuhazo
es Ertekesito Kft.
H-1124 Budapest, Csörsz u. 45.
III. emelet, MOM-Park/Sas-Torony,
Tel. +36 1 392 40-80
[email protected]
www.immorent.hu
PODGORICA
s Leasing d.o.o.
MNE-81000 Podgorica
Dzordza Vasingtona b.b.
Tel. +381 81 205-338
[email protected]
www.s-leasing.cg.yu
IMMORENT Bulgaria
IMMORENT Croatia
SOFIA
ZAGREB
s IMMORENT Leasing
International Holding d.o.o.
HR-10000 Zagreb
Ivana Lucica 2a
Tel. +385 1 55 35-000
[email protected]
www.immorent.hr
IMMORENT Bulgaria EOOD
BG-1000 Sofia, Parchevich St. 42,
Tel. +359 2 930 41 22
[email protected]
www.immorent.bg
Erste & Steiermärkische
s Leasing d.o.o.
HR-10000 Zagreb
Zelinska 3
Tel. +385 1 63 11-700
[email protected]
www.s-leasing.hr
KIEW
IMMORENT Ukraina TOV
UA-01034 Kiew
Vladimirskaya str. 37
Tel. +380 44 499-7770
[email protected]
IMMORENT Serbia
SALZBURG
IMMORENT Aktiengesellschaft
A-5020 Salzburg
Sterneckstraße 50–52
Tel. +43 (0)5 0100-27347
[email protected]
IMMORENT Ukraine
IMMORENT Italy
BOLZANO
TIROLER Sparkassen
Leasing AG-SPA
I-39100 Bolzano
Freiheitsstraße (Corso libertà) 35
Tel. +39 (0)471 401-444
[email protected]
www.tispaleasing.it
Editor and proprietor
IMMORENT Aktiengesellschaft
A-1060 Vienna, Austria
[email protected]
www.immorent.at
Editing, production
and manufacture
Falter Verlagsgesellschaft m.b.H.,
Corporate publishing department
Marc-Aurel-Straße 9
A-1011 Vienna, Austria
[email protected]
www.falter.at
Project management:
Katharina Weiler
Editor:
Christian Zillner
Art director:
Christian Bretter
Photo editor:
Katja Greco
Production:
Daniel Greco
Printer:
LVDM Landesverlag Denkmayr
A-4010 Linz
DISCLAIMER
ARTICLES IN IMMORENT PANORAMA ARE EXCLUSIVELY FOR THE
PURPOSE OF INFORMATION AND
DO NOT CONSTITUTE AN INVITATION TO PURCHASE OR SELL
PRODUCTS. PUBLISHER AND EDITOR CAN ACCEPT NO LIABILITY
FOR THE CORRECTNESS OF THE
IMMORENT Slovenia
ARTICLES, AND ERRORS AND OMIS-
IMMORENT Romania
LJUBLJANA
IMMORENT LJUBLJANA
Leasing druzba d.o.o.
SLO-1000 Ljubljana
Cesta v Klece 15
Tel. +386 1 513 88 00
[email protected]
www.immorent.si
SIONS IN RESPECT OF ALL INFOR-
BUCURESTI
IMMORENT Romania IFN S.A.
RO-020945 Bucuresti
Str. Tudor Arghezi 8, etj. 7
Tel. +40 21 310 12 04
[email protected]
www.immorent.ro
MATION ARE EXCEPTED. OPINIONS
EXPRESSED IN SIGNED ARTICLES
ARE THOSE OF THE AUTHORS, AND
DO NOT NECESSARILY REFLECT
THE VIEWS OF IMMORENT AKTIENGESELLSCHAFT.
www.immorent.com
PHOTO (FLAP): IMMORENT
HEADQUARTERS
IMMORENT Aktiengesellschaft
No correspondence will be entered into, the prize is not exchangeable for cash, the judges’ decision will be final, Group employees are excluded from participation. The winner will be notified
in writing. Deadline for submission is 30 March 2008.
All correct answers participate in the draw, and the prize is a weekend break for two in Bucharest. You stay in the new Novotel, right in the centre of town. You choose when you want to make
the trip.
Fax your answer to +43 (0) 50100 927201,
send us this postcard, or email:
[email protected]
.................................................
.................................................
.................................................
.................................................
What is the name of the hotel that IMMORENT owns in the centre of Bucharest?
Take part in our competition by answering
the following question.
PANORAMA competition
€ 0,55
postage
stamp
PANORAMA
c/o IMMORENT AG
Windmühlgasse 22–24
A-1060 Vienna
Austria
[ ] No, I do not want to receive PANORAMA in future.
[ ] The magazine came to me by chance, please in future send it to the address given overleaf.
[ ] Yes, but please change the address (see address box overleaf).
PANORAMA
I should like
to subscribe to
E-Mail
...........................................
Postcode / town
...........................................
Postcode / town
...........................................
PANORAMA
c/o IMMORENT AG
Windmühlgasse 22–24
A-1060 Vienna
Austria
Street
...........................................
Street
...........................................
E-Mail
...........................................
Company
...........................................
Company
...........................................
Surname
...........................................
First name
...........................................
€ 0,55
postage
stamp
SENDER
First name
...........................................
Surname
...........................................
SENDER