supporting function for the entire shopping centre.
In 1975 the demands made were met in a most gratifying manner.
Turnover increased strongly, so that we feel confident that the
initial losses will be things of the past within a measurable time.
However, for the time being this firm cannot be expected to make a
contribution to the profit.
In November 1974 we founded the Vastgoed
Beleggingsmaatschappij 'Breevast 75' n.v. with a share capital of
70 million, in which we took a MO million interest. The shares are
quoted on the Stock Exchange.
The real estate incorporated in this investment company largely
came from the holdings of Nevamij II b.v. and Nevamij III b.v.
owned by Bredero Vastgoed n.v. and our Group on a fifty-fifty
basis. The profit made with this transaction has been accounted for
in the books of the companies concerned.
In the course of 1975 the consortium for the reconstruction of
Scheveningen as a seaside resort was formed, in which we have a
16 share. The other members are Bredero Vastgoed n.v.,
Nationale-Nederlanden n.v. and the Amfas Groep n.v. The
consortium has meanwhile been presented to the Hague town
council and gratefully accepted. After completion our interest in
this project will amount to ƒ30 million.
An amount of f 4 million was added to the provision for non
occupancy, on the basis of the method applied by us.
During 1975 movements in the market value of our holdings of
real estate in operation were as follows:
market value at January 11975
purchases and projects taken in operation
sales*
change in market value as a result of new
valuation
market value at December 311975
f 315,000,000.—
139,000,000.—
f 454,000,000.—
153,000,000.—
f 301,000,000.—
44,000,000.-
f 345,000,000.—
including transfer of shares 'Agora' n.v. to the 'securities'
account.
Annualized rents amounted to f 31.8 million as at December 31
1975.
