office sector. The present composition of our portfolio is such that
in the commercial sector, too, the age of the projects hardlv
exceeds 8 years.
Thanks to the excellent location and the proper state of repair of
the projects sold and partly because the rise in value extended
over a long period of ripening-the high result mentioned before
could be obtained.
The growth character of our real estate portfolio is expressed in the
result by leaps and bounds in consequence of big transactions like
the present.
During the year under review our share in the investment of
projects under construction was f83.9 million; our share in newly
started development projects was f 13.5 million. A start was made
with the building of mainly offices and shops, a parking garage and
several kinds of dwellings. In Belgium a start was made with the
realization of a recreation project and a block of factory-halls
As already stated above, considerable sales were effected in the
operations sector, viz. to an amount of 129 million; this amount
also includes the partial sales of eligible projects, on which we
decided partly in view of the existing demand for houses for
owner-occupation. Real estate to a value of f 139 million was
taken into operation, including our interest in real estate which we
operate in co-operation with third parties.
Real estate taken into operation includes the Kronenburq office
building at Amstelveen.
In the Hoog Catharijne shopping centre in Utrecht the row of
shops which forms the connection between the main shopping
area and the musical centre which is to be erected by the City of
Utrecht, was taken into operation in 1975. In the areas taken into
operation the shop-units have nearly all been let; the letting of the
offices develops satisfactorily. In 1975 a start was made with the
development of the area between Leidseveer and Stationsstraat.
Mostly shops and offices will be built here. Building costs will
amount to over 100 million. Because as a result of the economic
situation the increase in rents does not keep pace with the rise in
building costs and financing charges, the initial yield of the realized
parts of the project is under pressure.
For this reason Hoog Catharijne b.v. cannot make a contribution to
the profits of the two shareholders.
Of the catering firms in which we are interested as a result of the
complex form of operation of the Hoog Catharijne shopping centre
in Utrecht, the results of the Hotel Maatschappij Utrecht b.v.
(Holiday Inn Hotel) are satisfactory.
The Hoog Brabant restaurant and convention centre still
experiences the pressure of the high demands on quality and
servicing which we make on this firm, partly in view of its
