of the year. This, together with the political developments affected the
French economy. Although sales of apartments in projects on the Cote
d'Azur (we have a 50 percent stake) have been reasonable-260
apartments having a value of 140 million francs were sold in 1981 - a
decline is being experienced. A new apartment project of around 370
units which is to be completed in phases was started in 1981. We have a
35 per cent share in this complex.
Only three floors remain unsold in the 12 story office building in
Strasbourg. We expect to dispose of the remaining floors in 1982.
The industrial complex in Strasbourg has been pre-sold to the tenant.
During 1981, the office building in Paris was sold.
In the United States, the real estate holdings of Dutch Property
Investments (DPI) in which we own a 50 percent interestwere increased
by the acquisition of two office buildings, one in Dallas and one in
Denver. Because of the company's expansion, the firm has moved to
new headquarters.
The partnership with Bredero ('Brefries Combination'), whose activities
are concentrated in New York City and Los Angeles, was expanded in
1981. One apartment building on New York's East Side was sold out of
portfolio while an office building on Park Avenue South was added to
the portfolio, partly for re-leasing and partly for renovation.
The plans announced in last year's report regarding our entrance into
the Canadian real estate market along with Bredero resulted in a first
transaction in 1981.
Internal business developments and social policy
Two organizational changes took place during the year. Due to our
expansion abroad, the legal department was divided into two sections.
1976
1977
1978
1980
1981
Trading Netherlands bonds
and mortgage bank bonds in
billions of guilders
-40-
-38-
-36-
—34—
—32—
—30—
-28-
-26-
—24—
-22—
-20—
-H3-
—46—
-44-
-^-2—
-40-
—8
—6
—A
-2—
-0—
Netherlands bonds
and mortgage
bank bonds
Mortgage
bank bonds
23
