Bouwfonds European Residential - Catella Real Estate AG
Bouwfonds European Residential - Catella Real Estate AG
Bouwfonds European Residential - Catella Real Estate AG
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modernisation measures that had already been planned for<br />
Berlin-Steglitz when it was purchased will lead to adequate<br />
rent increases in the medium term.<br />
Awareness of the Markt Schwaben property – and hence its<br />
rental appeal – are to be raised using an original promotion<br />
campaign in collaboration with a well-known Munich radio<br />
station. This marketing concept has proven to be very<br />
successful for similar property types, including some in the<br />
same region. The Fund’s management is convinced that this<br />
campaign (launched on 15 June 2009) will significantly<br />
increase letting rates by raising awareness of the complex on<br />
the one hand and putting across the quality of living that our<br />
houses offer on the other.<br />
Vacancies<br />
Due to the ongoing leasing phase in Markt Schwaben, Fund<br />
vacancies currently amount to some 20%.<br />
The remaining properties have average vacancy rates of<br />
2-4%, which are due to ongoing changes of tenants.<br />
Human resources and organisation<br />
<strong>Bouwfonds</strong> <strong>Real</strong> <strong>Estate</strong> Investment Management is responsible<br />
for portfolio and asset management under the overall<br />
aegis of <strong>Catella</strong> <strong>Real</strong> <strong>Estate</strong> <strong>AG</strong> Kapitalanlagegesellschaft.<br />
<strong>Bouwfonds</strong> is a subsidiary of Rabobank, which has a AAA<br />
rating, and employees some 2,000 people. Within <strong>Bouwfonds</strong><br />
<strong>Real</strong> <strong>Estate</strong> Investment Management, this task is performed<br />
by a portfolio manager and local transaction and asset<br />
managers.<br />
<strong>Bouwfonds</strong> Asset Management now trades as <strong>Bouwfonds</strong><br />
<strong>Real</strong> <strong>Estate</strong> Investment Management.<br />
<strong>Catella</strong> <strong>Real</strong> <strong>Estate</strong> <strong>AG</strong> Kapitalanlagegesellschaft is a steadily<br />
growing regulated company that currently has 20 employees.<br />
Outlook<br />
The Fund’s management expects both the direct return and<br />
the total return to rise due to a clear decline in vacancies in<br />
Markt Schwaben. In addition, the use of attractively priced<br />
financing should support the positive leverage of total return<br />
by providing positive leverage. Further acquisitions abroad<br />
are designed to underline our international orientation by<br />
diversifying our risk. Although the effects of the financial<br />
crisis may endanger these aims, we will do everything in our<br />
power to avoid any problems that emerge with the necessary<br />
flexibility.<br />
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