As a result of the recovery of the commercial real estate market, and our
knowledge of the English market acquired through our participation in
New England Properties pic, we fully expect a further growth in 1985 to be
possible. In connection with this, an office of FGH Finance Ltd will be
established in London during 1985.
In France we will continue to round off the completion of our housing
projects on the south coast, and sales, taking into account the less than
favorable market, were good.
In Belgium, a vacation cottage park was sold and an office building which
had been entirely pre-leased to the E.E.C. in Brussels was completed.
A project on the Spanish south coast in which we were involved consisting
of, among others, the building of condominiums and a marina is still in the
first stages of development.
The activities of the Indonesian Mortgage Bank P.T. Papan Sejahtera, in
which we have a 15% stake, are developing satisfactorily. We are also
participating in an office building in Jakarta which was recently completed
and partially preleased.
Group Financing
During the past year, the money and capital markets in the Netherlands
have been -broadly speaking- mainly influenced by two factors which
have alternatively had a raising or lowering effect on domestic interest
1984
Yields
Mortgage bank bonds
Short term loans
(3-5 years)
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