ANNUAL REPORT 2006 - DG Hyp

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KEY STRATEGIC SHAREHOLDINGS
The participating interests that are of key importance
for DG HYP’s strategic orientation include the two wholly
owned subsidiaries VR WERT – Gesellschaft für Immobilienbewertungen
mbH and IMMOFORI Gesellschaft für
Immobilien Forderungsinkasso mbH.
VR WERT was formed in 1999. The company’s central
tasks are to prepare and audit lending and market
valuations. Service is offered nationwide in Germany from
seven locations – Hamburg, Berlin, Cologne, Dresden,
Frankfurt/Main, Stuttgart and Munich. Competition on
the market is increasing, and VR WERT is supported in
Germany and abroad by around 100 cooperation partners.
In the past, VR WERT successfully established itself on
the market as a specialist for property valuations, and
slightly exceeded last year’s operating result (€ 947,000)
with € 958,000 in the 2006 financial year. Another
positive highlight is the increased proportion of revenues
stemming from outside the German cooperative banking
sector.
IMMOFORI Gesellschaft für Immobilien Forderungsinkasso
mbH was formed in 2005, as a spin-off from
DG HYP servicing NPL portfolios (non-performing loans).
The range of services as a special servicer comprises
Deutsche Genossenschafts-Hypothekenbank AG | Annual Report 2006
Management Report
reviewing and managing non-performing real estate loans
as well as conducting negotiations with the debtors,
including exploiting land rights and other collateral. Its
tasks also focus on competent advice prior to the purchase
or sale of an NPL portfolio, and spans from preparation
for auctions to due diligence support and tying up the
purchase agreement.
Based on the expertise contributed by DG HYP and the
continued close cooperation with DG HYP, IMMOFORI
has many years of experience in loan redemption, the
requirements of the international capital market, and the
national property market. Its expertise is rounded out by
its specialist knowledge of real estate markets, covering
Germany’s urban conurbations as well as rural areas.
IMMOFORI has become established in the market after
a relatively short period, in particular within the German
cooperative banking sector, with a large number of consulting
mandates and servicing for various portfolios. This
is reflected both in the significant increase in revenues,
from € 1.5 million to € 3.0 million in the 2006 financial
year, as well as in the pleasing result of € 956,000
(previous year: € 115,000). DG HYP has thus rounded out
the range of forward-looking services it offers in the active
management of real estate credit portfolios.