Züblin Immobilien Holding AG

The Züblin Immobilien Group pursues a strategy of value creation through the selective purchase, active management and optimal sale of commercial properties in European economic regions.START_OF_TAGBREND_OF_TAGSTART_OF_TAGBREND_OF_TAG- Market value of properties: CHF 1.34 billionSTART_OF_TAGBREND_OF_TAG- 66 propertiesSTART_OF_TAGBREND_OF_TAG- 6 countriesSTART_OF_TAGBREND_OF_TAG- 16 economic regionsSTART_OF_TAGBREND_OF_TAGSTART_OF_TAGBREND_OF_TAGSTART_OF_TAGbEND_OF_TAGA clear focusSTART_OF_TAG/bEND_OF_TAGSTART_OF_TAGBREND_OF_TAG- Concentration on office premisesSTART_OF_TAGBREND_OF_TAG- Abstaining from development projectsSTART_OF_TAGBREND_OF_TAG- Financing structure:START_OF_TAGBREND_OF_TAG 30 percent shareholders’ equity and 70 percent debt financingSTART_OF_TAGBREND_OF_TAG- Profit payout:START_OF_TAGBREND_OF_TAG 30 to 50 percent of operating profitSTART_OF_TAGBREND_OF_TAG START_OF_TAGBREND_OF_TAGSTART_OF_TAGbEND_OF_TAGAmbitious GoalsSTART_OF_TAG/bEND_OF_TAGSTART_OF_TAGBREND_OF_TAG- Return on equity:START_OF_TAGBREND_OF_TAG 7.5 percent p.a. from rental activitiesSTART_OF_TAGBREND_OF_TAG 2.5 percent p.a. from increase in market value and sale of propertiesSTART_OF_TAGBREND_OF_TAG (average over several years)START_OF_TAGBREND_OF_TAG- Portfolio growth:START_OF_TAGBREND_OF_TAG CHF 2 billion by 31 March 2006