estate market orientation matched with the great expertise of our staff. In our market approach, we have placed an emphasis on specializing with careful consideration given to construction financing. Not surpris ingly, we feel this area is of particular importance. The more difficult economic conditions become, the more important it is to have planned investments remain within their budgets. It is here that our services are of special value to our clients. But all too often because of different reasons, it still happens that planned building costs are exceeded. Also financing costs may exceed budget if an unfavorable method of raising money is chosen. This is another area where we assist our clients in making the correct decision. It goes without saying, however, that we are not attempting to overshadow the role of our clients' professional advisers. In summary, we look forward with confidence to the future of our activities despite a currently unfavorable market. FGH real estate in the Netherlands After what was indicated earlier in this report about the Netherlands' real estate market, it is obvious that we took few new initiatives with private dwelling construction projects. Our activities were limited to starting about one hunderd government subsidized rental dwellings in Amsterdam, a relatively small office and residential project in Hilversum and about 40 government subsidized rental dwellings in Lelystad. It is also worth mentioning that projects in process include an 87 units service apartment project in Rotterdam. In the industrial sector we continued to process a number of projects which already were underway. Our most important new projects are two office developments in The Hague (total area of approximately 13,000 square meters of office space and a number of apartment units). Projects underway include a 6,000 square meter office and retail facility in Amsterdam, a 12,000 square meter office project in Leeuwarden, and a 25,000 square meter office industrial development with a stadium expansion in Utrecht. All these projects are being developed with partners. The office project in The Hague has had 10,800 square meters of the space sold already. A computer-office center in Lelystad was completed during the year 1981 and was included in our rental portfolio. Special mention should go to the construction in cooperation with Bredero of three office buildings together with parking facilities in Utrecht's Hoog Catharijne complex. We expect delivery of this extensive project towards the end of 1982. One of the buildings will be partially used as our new head office and the remainderwill be leased. One of the others has been sold and the other was leased. As to the retail and office center itself, leasing is going according to plan with little sign of any economic setbacks. That cannot be said of the Hoog Brabant Restaurant, located within the complex, where sales fell by several per cent because of the affects of the economy. The construction of the Holiday Inn Hotel was completed this year, along with the recon struction of the upper floors which were destroyed by fire. Because of changes in plan and our being at a preliminary stage, comparisons with 1980 are difficult. The cutting back in consumer spending is also being felt here. 21

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Annual Reports FGH Bank | 1981 | | pagina 23