International activities
Our financing activities abroad are thriving; although in the beginning
it was the Dutch investor/developer who stimulated FGH's inter
national expansion, the current growth of our affairs abroad is
primarily due to our local contacts.
By the end of 1983, total loans and guarantees outstanding outside
the Netherlands amounted to the equivalent of Dfl 672 million (1982:
Dfl 420 million). Regarding these financial activities it should be noted
that both our borrowing and lending are in the same currency and
that the dates of maturity are matched.
The further expansion of FGH Realty Credit Corporation, New York
led to a substantial increase in capital as of December 31,1983.
Once again the year closed with a profit; as of December 31,1983 the
loan portfolio amounted to the equivalent of Dfl 288 million.
FGH Finance Ltd. was established in England and the financial
activities planned have been started.
The Indonesian mortgage bank P.T. Papan Sejahtera can look back
upon a satisfactory year; in 1983 for the first time a - modest -
dividend was paid. We are currently looking at the feasibility of and
the extent to which we could set up real estate management activities
in Indonesia.
Regarding our real estate activities abroad we report the following.
In Belgium no new development activities were undertaken.
Our portfolio currently consists of an office building of 10,000 m2
which is still under construction in a prime location in Brussels and
(some) 40 apartments, also in Brussels. Turnkey selling of both
projects will take place after delivery.
Yields
Mortgage bank bonds
Long term loans
8 years)
Shortterm loans
(3-5 years)
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