well as in the development of an office and industrial complex in
Aberdeen (a 2514% interest).
In the United States the activities of Dutch Property Investments (a 50%
participation) were further expanded. Added to the real estate portfolio
were an industrial building complex in Tucker (Georgia) and a shopping
center under construction in Atlanta (Georgia). The development of
dwelling units in Lakewood (Colorado) was also started.
In Woodbridge (Virginia) a shopping center was opened for operation.
Along with these purchases the existing real estate activities were
expanded in Denver (Colorado), Washington D.C.,and Houston (Texas),
where in addition to an office building and an industrial complex, three
blocks of apartments are already in operation.
The partnership with Bredero (Brefries combination) was intensified in
1980. During the year real estate activities were focused in the
Manhattan, New York and the Los Angeles, California markets. In the
previous year this concentration yielded good results. In New York two
office buildings were purchased in the year under review, which were
partially operating and the remaining parts were renovated.
Furthermore, in New York, an existing apartment building was
acquired, land was assembled for the future erection of a de luxe
apartment complex and an office building on Broadway was sold.
In California an office building was purchased in Long Beach.
Furthermore, in Cerritos (metropolitan Los Angeles, California) a plan
was established for development activities with the acquisition of a
35-hectare site for the construction of a new town center. An office
building in Los Angeles was sold.
In cooperation with the Bredero Group there are plans to enter the
Canadian market.
Our foreign interests increased considerably during the 1980 fiscal year.
At the end of the year we had total funds outstanding of
363,1 million of which in Europe 245,2 million (1979: 132,9 million)
and in the United States 117,9 million (1979: 39,4 million).
As far as the internationalization of our company is concerned, a
consolidation of the expansion efforts will take place in 1981, whereby
special attention will be given to our internal organization.
Internal business developments and social policy
We mentioned in our previous yearly report that a start was made with
the drawing up of a social management plan.
In this annual report we wish to elaborate on the thoughts which are the
basis of this social policy as it is pursued in our company. In this context
our continuing aim is that the social policy should make its own
contribution to the continuity of our business, the result of which is to a
high degree determined by the joint efforts of our employees.
Employees' skill in every respect is a prerequisite for continuity of
service-rendering business as ours is. Both social and economic
developments have a large influence on the market segments in which
we operate. Therefore, it is necessary for our employees to properly
assess the possible consequences thereof concerning our business and
to constantly adjust their specialist knowledge in the light of these
changes.
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