Sparkassen Immobilien - SRC Research · SWOT Analysis Page 12 Portfolio Data & Valuation Page 13 P&L Account Page 14 ... Sparkassen Immobilien AG (S IMMO) ... Bayer Nusco Tower 2,550

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Sparkassen Immobilien BUY (unchanged) Target: Euro 7.50 (unchanged)

S IMMO focuses on larger estate During the last year S IMMO was able to enlarge its portfolio by several huge investments. For the most part out of its development pipeline like Sun Plaza, Serdika Center or Neutor 1010 but also by acquisition like the three properties located in Viertel Zwei / Vi-enna. Anyhow, the investment volume of accumulated investments reaches nearly three-quarters of a billion Euro and accounts therefore for a huge share of to-day’s portfolio. The balance point of new investments was clearly fewer and larger instead of many but smaller like seen in the past. Furthermore new proper-ties support office, retail and hotel utilization while residential utilization was, besides apartments on sale linked to Neutor 1010, not among portfolio additions. The most recent deal, which was the acquisition of two office buildings and one hotel located in Vienna, was a safe play. Although financial details about the deal were not disclosed, underlying data and Vienna’s of-fice market data imply a core investment characterized by very stable returns, little margin but also limited up-and downside. An exception from that is the Courtyard Hotel by Marriott which we suppose is operated under a management contract which means S IMMO holds the business risk. A very successful development is Neutor 1010 opened in 3Q 2010. We calculated a clearly higher market value of the property than its actual investment volume (Euro 55m). By selling the 34 luxury apartments, S IMMO realizes a part of the hidden value already by now and operates the remaining retail and office part as core investment. The office building Galvaniho 4 in Bratislava, opened in 4Q 2010, is supposed to con-tinue the success story of Galvaniho 1 and 2. Our es-timated value almost matches with the investment vol-ume; therefore we expect no need for revaluation at present. The retail parts of Sun and Serdika started al-ready to operate successfully last year. This year S IMMO has to prove if office space at Sun and Serdika is requested despite oversupply in particular in Sofia. The recently announced repurchasing program for participating certificates is in our view the right measure to simplify company’s financial structure although we believe volume of repurchasing will be rather small on account of a higher NAV per certificate (~Euro 80.00) and higher market price than maximum repurchasing price of Euro 72.67. However, the management announced, a dividend will be paid not before 2012. We stick to our Buy-recommendation and our target of Euro 7.50

Price (Euro) 5.0352 weeks range 5.71 / 4.45

Key Data

Country AustriaIndustry Real EstateMarket Segment Prime MarketISIN AT0000652250WKN 902388Symbol T1LReuters SIAG.VIBloomberg SPI:AVInternet www.simmoag.atReporting Standard IFRSFiscal Year 31/12Founded 1986IPO 1987Ø Daily Turnover in € (1M) 456,617Market Cap (EUR million) 342.6Number of shares (million) 68.1Free Float (approx.) 65%Free Float MarketCap (Euro million) 222.7CAGR (EBIT profits 09-12e) 27.7%

Multiples 2009 2010e 2011e 2012e

MarketCap/ Total oper. revenues 2.7 2.2 4.0 1.7P/E-Ratio neg. 47.8 10.7 7.2Dividend Yield 0.0% 0.0% 6.0% 8.0%

Key Data per Share (Euro) 2009 2010e 2011e 2012e

Earnings per Share (EpS) -1.15 0.11 0.47 0.70Dividends per Share (DpS) 0.00 0.00 0.30 0.40Book Value per Share (BVpS) 7.03 7.14 7.61 8.31NAV per share 7.67 7.60 8.08 8.81FFO per share 0.32 0.46 0.52 0.61

Financial Data (Euro '000) 2009 2010e 2011e 2012e

Revenues 153,555 175,904 196,799 210,528Rental income 87,553 103,313 117,156 127,700Net revaluation result -97,238 -3,600 17,000 30,000Operating cash profit (EBITDA) 53,275 80,506 92,447 101,400Operating Profit (EBIT) -53,076 67,007 100,591 121,927Pre-tax profit (EBT) -77,456 11,572 37,641 56,827Net profit after minorities -78,559 7,172 31,922 47,921Shareholders' Equity 479,003 486,175 518,076 565,970RoE after tax -14.9% 1.5% 6.4% 8.8%

Financial CalendarAnnual report 20101Q 20112Q 20113Q 2011

Main ShareholdersTri-Star Capital Venture Ltd. 11%Vienna Insurance Group ~ 10%Erste Bank group 9%

Analysts Stefan Scharff, CREAAndré Hüsemann, CREAFon: +49-(0)69 400 313-79 and [email protected]@src-research.de

Internet www.src-research.dewww.aktienmarkt-international.at

Table of contentsInvestment Case Page 2Last Year's Investments Page 3 ‐ 11SWOT Analysis Page 12Portfolio Data & Valuation Page 13P&L Account Page 14Balance Sheet Page 15Disclaimer /Rating Chronicle Page 16

April 14, 2011May 19, 2011

August 30, 2011November 24, 2011

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Sparkassen Immobilien AG

2 | SRC Equity Research

Investment Case Sparkassen Immobilien AG

Industry: Real Estate Management Board of Sparkassen ImmobilienSub‐segment: Mixed RE Ernst VejdovszkyCountry: Austria Friedrich Wachernig, MBAHeadquarter: Vienna Holger Schmidtmayr, MRICSFoundation: 1986Employees: 548 Supervisory Board of Sparkassen Immobilien

Dr. Martin Simhandl (Chairman)Dr. Gerald Antonitsch Franz KerberChristian Hager Erwin Hammerbacher

IR Contact Michael Matlin, MBA Dr. Wilhelm RasingerDr. Sylwia Milke Dr. Ralf Zeitlberger([email protected])

Source: Company Data, SRC Research

Sparkassen Immobilien AG (S IMMO) is a Vienna‐based real estate holding company founded 1986. Since 1987 Sparkassen Immobilien AG is listed on the Vienna stock exchange and therefore Austria’s longest standing property investment company. First acquisitions and activities started in Austria. Expansion activities to foreign countries were started close to the millenium. Within recent years the company acquired, according to its Buy and Hold strategy, a real estate portfolio that comprises about 250 properties, a lettable space of some 1,500k sqm amounting to a value of Euro 1.9 bn by end of 2nd quarter 2010. In average, investments have a volume of a lower double digit million. The portfolio contains a widely diversified range of residential, office, business and hotel properties selected for sustainable value. S IMMO aims on a long investment horizon and majority participations. In terms of portfolio value the largest share of almost 30% is located in Germany. Austria accounts for almost 25% while SEE stands for 24% and CEE for 21% of total portfolio value (1H 2010).Looking at the tenant structure it is very granulated in terms of rental income. The Top 20 tenants stand only for 25% of rental income (excluding hotels with management contracts). Of these 86% have a lease term structure of more than 5 years. Half of them even more than 10 years.

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1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Euro mDevelopment of portfolio value

Source: Company data

Market entry:1986 Austria1999 Czech Republic2001 Hungary2003 Slovakia2005 Germany2006 Romania, Bulgaria2008 Croatia

Furthermore the company has development activities in Austria and CEE/SWE region. In particular the CEE/ SEE region is coined by various own property developments The lion’s share of the company’s historically development activity was done here. Hence, a significant share of already finished properties, held within the CEE/ SEE portfolio, results from own development. The occupancy rate of the total portfolio is at comfortable 90% (2Q 2010) providing a stable rental income while the gross rental yield is at 6.8% (2Q 2010) for total portfolio .The core shareholders are Erste Bank Group (9% of shares) and Vienna Insurance Group (~ 10%). Erste Bank is an Austrian retail bank founded 1819 with a client base of some 17m customers. Vienna Insurance Group is an Austrian insurance company, located in Vienna and since September 2008 among shareholders. Hence, S IMMO has two of the largest financial service providers of Austria and CEE as core shareholder which is definetely a source of long‐term strength for the company and its future development. Furthermore we assume an easier access in terms of financing.

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25 | Jan | 2011 Sparkassen Immobilien AG


S IMMO and its recent investments S IMMO achieved remarkable portfolio acquisitions in the past year 2010. But are these new investments really supposed to pay-off within the next years ? Numbers after 3Q were behind expectations. However, when looking back to the year 2010, the company was able to enlarge its portfolio by several huge investments in most cases out of its own development pipeline.

Completions in 1Q 2010 - Sun Plaza in Bucharest

In spring 2010 the largest shopping center of Romania, Sun Plaza, was accomplished and opened. The mall has an investment volume of Euro 200m and is a development of S IMMO and the shopping center developer EMCT. It is located in the southern part of the Romanian capital Bucharest and has a lettable area of 90,000 sqm. Thereof about 80k sqm is for shopping and 10k is for office. Vacancy for the retail area is only at 3% while the office part is still under construction but to be finished and opened soon.1k sqm of the office space is already preleased to Centrul Medical Unirea (CMU), which means 90% of the office space has no preletting at the moment but the company is in negotiations to change that. In case of a complete occupancy we assume annual revenues of Euro 2.1m for the office part as likely (assuming a rent of Euro 18.00/sqm/month). While the prime rent is at present at Euro 19.50. That implies a market value of Sun Offices based on our estimated yield of 10.5% (9.5% prime yield 3Q 2010) of about Euro 20.6m. But for our final calculation we assume the actual occupancy of 10% for the moment.

The office prime rent in Bucharest is stable at Euro 19.50 per sqm per month nevertheless there is downward pressure on net effective rents. In particular the quite slow economic recovery and in addition the extensive austerity measures imposed, are yet to take full effect. The office market in Bucharest changed from a market dominated by pre-leases (2008 and former) to a market dominated by reneawals and lease negotiations. However, after its cycical low in Q2 2009 the market continued its recovery in 2010. Tak-Up steadily increased from a level of

Portfolio additions 2010Name Location Opening Date Space sqm Type of useSun Plaza Bucharest 1Q 2010 90,000 Retail/OfficeSerdika Center Sofia 1Q 2010 81,000 Retail/OfficeNeutor 1010 Vienna 3Q 2010 11,000 Office/ResidentialGalvaniho 4 Bratislava 4Q 2010 23,700 Office/RetailHoch Zwei Vienna 4Q 2010 27,000 OfficePlus Zwei Vienna 4Q 2010 14,000 OfficeHotel Zwei Vienna 4Q 2010 251 rooms Hotel

S IMMO enlarged its portfolio significantly by few but huge invest-ments in 2010

S IMMO was able to achieve an occupancy of 97% at Sun Plaza

Most significant office transactions in Bucharest in 3QTenant Office Building Space (sqm)Oracle Nusco Tower 7,000Bayer Nusco Tower 2,550Novartis Polona OB 1,680Maxbet Matrix BC 1,500CMU Sun Offices 1,050

Total: 13,780Source: CBRE

In case of a 100% occu-pancy at Sun Offices, the unit would account for a market value of some Euro 20.6m

The office market in Bu-charest is under pres-sure. But Take-Up in-creases and indicates a recovery

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20k sqm in 2Q 2009 in recent quarters to a level of 65k sqm in 3Q 2010. Therefore 3Q has outperformed the most optimistic scenarios. Most requested are solid and modern buildings in prime locations and excellent technical specification buildings. That demand also matches with class A office space at Sun Plaza. Indeed, Sun Offices is the first modern office development in the South area of the city. At present majority of transactions, which is over 60% of transactions in take-up, are signed for buildings in the North and North-Pipera area of Bucharest. The South area accounts for a minimum of only only 43,500 sqm in office space (a share of 2%) with an above average vacancy rate of 27.8%. Bearing in mind that total modern office stock in Bucharest amounts to some 2m sqm and in average 70k sqm new office supply are completed each quarter. Average vacancy is currently at 18% but supposed to rise on account of new office space to be delivered and little pre-lease agreements.

Retail market Romania & Bucharest

To come straight to the point, emerging markets like Romania remain interesting for international retailers. According to a CBRE study, the country is positioned in second place in a top in terms of new retailers entering the market in 2009. And this trend still lasts as more new retailers plan to enter the market or intend to expand their engagement in 2011. In particular prime areas like the capital Bucharest are of major interest. The city attracts 10% of total population (at present almost 2m inhabitants) and is by far the largest city as there are no other cities with more than half a million citizens in Romania. Therefore Bucharest takes on a special position and receives most enthusiasm when compared to other cities or areas in the country that expirienced a clear drop in purchasing power. Total stock of modern retail space in Romania amounts to a 2.15m sqm. A huge share, some 788k sqm (37%) of that, is located in Bucharest. GLA per 1,000 inhabitants of shopping centers in Bucharest is at 243 sqm slightly above the European average of 211 sqm. Bearing in mind that retail area at Sun Plaza amounts to 80k, the shopping center accounts for 10% of total retail stock in Bucharest (regarding shopping centers, shopping galleries, retail parks and factory outlets). However, within the market its seems, that large and unique schemes like the Sun Plaza are still performing at satisfying levels, while smaller convenience-based centers are facing difficulties. Besides a weaker purchasing power additional pressure on rents results from existing pipeline for new retail space . Across Romania schemes

Office market Bucharest

Modern office stock 1,941,000 sqm New office supply (4Q 2010) 114,600 sqmVacancy rate 18% Take-up (3Q 2010) 63,400 sqmPrime rent Euro 19.50 Prime yield 9.50%

Source: CBRE, SRC Research

The location of Sun Of-fices is in the South of Bucharest which is compared to the majority of office locations quite unusual

The prospects for reduc-ing vacancy at Sun Of-fices are on account of the current Bucharest market confident, but the specific location could lead to smaller discounts

Retail market Bucharest

Modern retail stock 788,000sqm SC GLA / 1,000 inhabitants 243 sqmPrime rent Euro 60 to Euro 80 Prime yield 10.50%

Source: CBRE, JLL, Colliers, SRC Research

Bucharest takes on a special position in Ro-mania and receives most enthusiasm

Sun Plaza, the largest Shopping Center in town, accounts for 10% of total retail stock in Bucharest

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under planing account for 780k sqm new retail space . But the vast majority of projects (609k sqm) is temporarily stopped while only 10% of total pipeline (123k sqm) was still under construction in the mid of 2010.

Prime rents for a mid-size shop in a prime shopping mall in Bucharest are at an average rate of Euro 68 / sqm per month (3Q 2010) while prime rental rates for an on street location in Bucharest is in average at Euro 70 / sqm per month. To calculate the market value of the Sun Plaza, we calculate huge discounts on prime retail yield and prime rent and assume an average rent per sqm of Euro 29 and a yield of 10.5%. That implies a current market value of Sun Plaza (only retail part) based on our assumptions of Euro 257m respictively 259m including the office part. When S IMMO achieves significant success in terms of office letting, total market value is supposed to reveal that.

Completions in 1Q 2010 - Serdika Center in Sofia The Serdika Center is located in the east part of the Bulgarian capital Sofia on the Sitnyakovo Blvd. . The largest project in S IMMO’s company history has an investment volume of Euro 210m and opened its doors mid of March 2010. The project is a joint venture with well-known Hamburg-based ECE center manager and has 210 stores and about 51k sqm retail space on three levels which is fully let. Above the shopping floors there is 30k sqm of modern class A office space which is supposed to be completed at the beginning of 2011. Serdika Center is so far the only accomplished property of S IMMO in Bulgaria. Furthermore its is the second largest shopping center in Sofia after “The Mall” which has a GLA of 66k

Valuation BucharestProperty Space sqm Utilization Occupancy Annual rent Market YieldPrime High Street Retail 60.00-70.00 9.50%Prime Shopping Center Retail 60.00-80.00 10.50%Prime objects Office 19.50 9.50%

Sun Plaza 80,000 Retail 97% 29.00 27,004,800 10.50% 257,188,571Sun Offices 10,000 Office 10% 18.00 216,000 10.50% 2,057,143

Total Euro 259,245,714

Source: CBRE, Cushman & Wakefield, JLL, SRC Research estimates

Market Value of Property €

Average Price/sqm/month

Shopping Centers <20k sqm, 2.00%

Shopping Centers <20k ‐40k sqm,

26.00%

Shopping Centers > 40k sqm, 32.00%

Retail Parks <20k sqm,

11.00%

Retail Parks 20k ‐40k sqm, 9.00%

Retail Parks > 40k sqm,

13.00%

Factory Outlet, 2.00%

Planned under Construction,

5.00%

Modern Retail Space in Bucharest

Source: CBRE 1H2010

Our fair value for Sun-Plaza is above the in-vestment volume despite significant market dis-counts

Serdika Center is the 2nd largest shopping center in Sofia and the largest project in S IMMO’s company history

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sqm. After six quarters of recession Bulgarian’s economy is still awaiting its recovery. Turnovers of retailers continue to decrease. Pressure on rents is high while the development pipeline of new retail stock is very huge compared to the existing stock. Total retail stock under construction in Bulgaria amounts to 401k sqm while the overall existing modern shopping center stock in the country is only some 519k sqm. Thereof about 75k sqm of modern retail space are under construction in Sofia whereas the existing stock amounts to 212k sqm.

In addition some 540k sqm are planned in Sofia but its realization is rather unsure on account of uncertainty in the market and lack of retailers willing to expand their business. Thus, it is likely that various shopping centers will never be completed or build. Vacancy levels in the shopping centers through out the country are at present at uncomfortable 17% whereas in Sofia vacancy is at satisfying 5% in particular when compared to locations like Varna (28%) or Plovdiv (47%). The average gross leasable area (GLA) per 1,000 inhabitants in terms of shopping centers is at 67 sqm across Bulgaria which is clear below the EU Average of 210 sqm. But when looking only at the six major cities, GLA per 1,000 inhabitants increases to 185 sqm. To put it in a nutshell, the retail situation in Sofia in terms of shopping centers is at present stressed but not disastrous like in Varna or Plovdiv. The clear advantage of S IMMO is, that Serdika Center belongs to the shopping centers already opened operating with a satisfying occupancy rate. Much more difficult is the situation for shopping centers under construction, as the absorbtion of new retail space is in the current environment is quite difficult and additional retail space would broaden the space oversupply. Furthermore Sofia is according to market data as retail location compared to other major cities still the best choice in Bulgaria. GLA per 1000 inhabitants is about 170 sqm, which is a healthy level. This might change if all planned shopping centers will be realized.

Most significant shopping centers and projects in Sofia

Name City GLA retail Status OpeningThe Mall Sofia 66,000 Accomplished 2010Serdika Center Sofia 51,000 Accomplished 2010Sofia Outlet Center Sofia 15,000 Accomplished 2010City Center Sofia Sofia 22,000 Accomplished 2006TZUM Sofia 19,000 Accomplished 1955Mall of Sofia Sofia 21,500 Accomplished 2006Sky City Mall Sofia 10,400 Accomplished 2006Princess Outlet Center Sofia 12,600 Accomplished 2006Paradise Center Sofia 75,000 under construction n.s.South Ring Mall Sofia 72,000 design phase n.s.New Century Shopping Mall Sofia 45,000 design phase 45,000Europe Center Mall and Tower Sofia Sofia 79,000 design phase/on hold 2012DV South Mall Sofia 20,000 on hold n.s.Mega Mall Lyulin Sofia 24,000 on hold 2011Bulgaria Mall Sofia 33,000 on hold 2012Forum Sofia Mall Sofia n.s. project n.s.Mania Mall Sofia Sofia n.s. project n.s.Pearl Park Mall Sofia n.s. project n.s.Plaza Center Mall Sofia Sofia n.s. project n.s.Riofisa Mall Sofia Sofia n.s. project n.s.Sofia Plaza Mall Sofia n.s. project n.s.

Source: SRC Research

Retail market Sofia

Shopping Center stock 212,000sqm SC GLA / 1,000 inhabitants 170 sqmPrime rent Euro 39 Prime yield 10.00%Vacancy 5%


The existing shopping center stock in Sofia is moderate but the devel-opment pipeline includ-ing plans and schemes is vast (540k sqm)

S IMMO is in an advan-tageous position be-cause Serdika Center is among first opened shopping centers in So-fia

A vast list of shopping centers realized and planned for Bulgaria’s capital Sofia. Besides one exception beginning in the year 2006

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Shopping centers currenty under construction in Sofia will bring up GLA to 205 sqm / 1,000 inhabitants when accomplished. That indicates still a comfortable level and might not bring vacancy to rise significantly. But shopping centers planned in Sofia have the potential to boost GLA /1,000 to a level of 590 sqm /1,000 which would destroy the market although the retail purchasing power is the highest when compared to other major Bulgarian cities but clearly lower compared to the EU average.

Prime rents for a mid-size shop in a prime shopping mall in Sofia could be rented at an average rate of Euro 39 / sqm per month (2H 2010) while prime rental rates for a high street location in Sofia is in average at Euro 72 / sqm per month. To calculate the market value of the Serdika Center, we assume a retail yield for shopping centers of 10%. That implies a market value of Serdika Center based on present market conditions in the area of Euro 170m to Euro 180m.

Furthermore a large office unit of 28k sqm named Serdika Offices will be completed this year. Located in Midtown Sofia, the offices are connected to the Serdika shopping center and are rated class A. In fact, the office market in Sofia is difficult and characterized by a significant imbalance between supply and demand.

Total office stock in Sofia amounts to 1.3m sqm while an estimated 496k is under construction inflating the oversupply. Indeed, new construction deliveries are at least for the last two years clearly higher than the net absorbtion. Thus, average vacancy is quite high at 19.2% (3Q 2010). A satisfying vacancy level is only to find in the CBD area (7.4%) while the Midtown area, which is relevant for the Serdika, has a vacancy of 15.8%. Two years ago vacancy level in Midtown was below 5%

Office market Sofia

Modern office stock 1,246,100 sqm New office supply (3Q 2010) 19,000 sqmVacancy rate 19% Take-up (3Q 2010) 12,000sqmPrime rent Euro 12.50 Prime yield 10.50%


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Shopping Centre Stock Prime Rent (€/sqm/month) Prime Yield (%)

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At present, the market cannot absorb new shopping centers in So-fia

A letting success at Ser-dika Offices could trig-ger its market value. However, the office mar-ket in Sofia remains dif-ficult

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but since then, office space oversupply and economic slowdown showed its negative impact on the real estate market. Accordingly asking rents for Class A office space further decreases to a level of Euro 11 to Euro 12 per sqm.

In case of a full occupancy that would imply an annual rent in the area of Euro 3.0m to Euro 3.3m for Serdika Offices in the current market environment, without considering incentives like discounts or rent free periods. Prime Office yields for Class A offices increased to a current level of 10% to 10.5% (3Q 2010). That implies a market value of Serdika Offices based on present market conditions in the area of Euro 28m to Euro 32m.

From todays point of view a quick recovery to old price and lease levels is unlikely because a substantial growth in take up and demand cannot be expected on account of the uncertainty linked to the economic recovery. In addition, several buildings are scheduled for completion in the next months which keeps pressure on rents and vacancy. Therefore the outlook in short-term for the office market in Sofia is not to promising.

Valuation SofiaProperty Space sqm Utilization Occupancy Annual rent Market YieldPrime Shopping Center Retail 39.00 10.00%Prime rent Office 12.50 10.50%Class A Midtown Office 11.50 11.00%

Serdika Center 51,000 Retail 100% 29.00 17,748,000 10.00% 177,480,000Serdika Offices 28,000 Office 0% 9.50 0 11.00% 0

Total Euro 177,480,000Source: CBRE, Cushman & Wakefield, JLL, SRC Research estimates



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Decreasing prime rents within the office market in Sofia, caused by over-supply and gloomy eco-nomic environment

The outlook in short-term for the office mar-ket in Sofia is not prom-ising

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Acquisitions in 4Q 2010 - Viertel Zwei in Vienna

In December 2010 S IMMO announced the closing of an acquisition of three properties in Vienna named Hoch Zwei, Plus Zwei and Hotel Zwei. All three properties are located in the new urban district Viertel Zwei which is a part of the Prater area where usually rents are achieved in the range of Euro 10 to Euro 19 per sqm.

The two buildings Hoch Zwei and Viertel Zwei are being used by OMV AG as headquarters and have long-term lease contracts (We assume at least 10 years). OMV AG is Austria's largest oil-producing, refining and gas station operating company with important activities in other Central European countries. Furthermore it is Austria's largest listed industrial company (in terms of turnover) and one of the largest integrated oil and gas groups in Central Europe. Hence, a very strong and reliable tenant.

Hoch Zwei was completed in 2008, has a GLA of 27,000 sqm while construction costs amount to some Euro 90m. Plus Zwei is the neighboring building having a GLA of 14,000 sqm. Hence, OMV has a total GLA of 41,000 in office space for its purposes. Hotel Zwei is being operated as four-star Courtyard by Marriott benefitting from its location next to the Vienna faire. We assume the hotel is being operated on the basis of a management contract as usual for Mariott hotels.

The Vienna office market is a very solid market with limited volatility and risk. Therefore prime yield was after 3Q 2010 at 5.4% while prime rent is stable at Euro 22.25 / sqm / month. Total office stock in Vienna amounts to some 10.2m sqm by end of 3Q 2010 with a moderate vacancy rate at 5.1% indicating a balanced demand and supply.

S IMMO holds in its portfolio more than 20 office properties located in Vienna comprising a GLA of c. 80k sqm. The new acquisition expands this engagement to c. 120k. In terms of size the new properties are the first larger properties as the exisiting ones have in average a GLA in between 1,500 sqm and 8,000 sqm.

Office market Vienna

Modern office stock 10,200,000 sqm New office supply (3Q 2010) 13,000 sqmVacancy rate 5% Take-up (3Q 2010) 80,000 sqmPrime rent Euro 22.25 Prime yield 5.40%Vacancy rate 5.10%


Valuation ViennaProperty Space sqm Utilization Occupancy Annual rent Market YieldPrime objects (CBD) Office 22.25 5.40%Office Tower Prater Office 12.00-19.50 6.00%

Hoch Zwei 27,000 Office 100% 18.00 5,832,000 5.75% 101,426,087Plus Zwei 14,000 Office 100% 18.00 3,024,000 5.75% 52,591,304Hotel Zwei 251 rooms Hotel 50% 125,-/ Night 5,725,938 11.00% 52,053,977




S IMMO’s largest deal in Vienna was accom-plished in December 2010

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We believe that the uniqueness and exceptionality of the two new properties and their favorable location helps to achieve an above market rent. We assume for our market value calculation Vienna’s current rent of Euro 18.00. That would imply an annual rent of about Euro 10m for Hoch Zwei and Plus Zwei while we estimate the market value of both objects at Euro 154m assuming a yield of 5.75%.

The Courtyard Hotel by Marriott has 251 rooms. It is S IMMO’s second Marriott Hotel in Vienna. When assuming an occupancy of 50%, which is not very ambitious, and a room price per night of moderate Euro 125, annual rent amounts to Euro 5.7m. That would imply a fair value for the property of Euro 52m on ther basis of a yield of 11%.

Completions in 4Q 2010 - Neutor 1010 Neutor 1010 was opened in 4Q 2010 and is a residential and office property located in Vienna’s inner district (CBD) where highest rents were achieved in the range in between Euro 12.00 to Euro 22.25. The property provides a total of 11,000 sqm usable space while the investment volume amounted to Euro 55m. The ground floor and next three floors provide retail and office utilization with 5,000 sqm of available space. The upper floors contain 34 luxury apartments thereof 27 had already been sold.

Completions in 4Q 2010 - Galvaniho 4 in Bratislava

Galvaniho 4 is an office building located in the outer city area of Bratislava next to the Bratislava Airport. The building was completed in 4Q 2010 and has a GLA of 23,700 sqm for office and retail utilization. Total investment volume amounted to Euro 45m. According to S Immo Galvaniho 4 is nearly fully let, we assume in our calculations an occupancy of 90%.

Office market Bratislava

Modern office stock 1,370,000 sqm New office supply (2Q 2010) 30,000 sqmVacancy rate 12.3% Take-up (2Q 2010) 46,600sqmPrime rent Euro 16.50 Prime yield 7.50%Headline rentOuter city Euro 8.00 - 12.00

Source: CBRE, JLL, Colliers, Cushman & Wakefield, SRC Research

Valuation ViennaProperty Space sqm Utilization Occupancy Annual rent Market YieldPrime objects Office 22.25 5.00%Prime objects High Street Retail 225.00 4.50%

Neutor 1010* 3,750 Office 95% 21.00 897,750 5.50% 16,322,7271,250 Retail 100% 120.00 1,800,000 5.00% 36,000,000

Total Euro 52,322,727Source: CBRE, Cushman & Wakefield, JLL, SRC Research estimates * without apartments



Our assumptions lead to a market value of some Euro 206m for the deal

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Bratislava, the capital of Slovakia, has a population of about 431k and is also the country’s largest city. Indeed, Bratislava and Vienna are two of the closest European national capitals to each other, at less than 60 kilometres apart.

Modern office stock in the city amounts to 1.37m sqm. Thereof the city centre submarket accounts for 31.6% of modern office space, the inner city submarket for the largest share of 44.7% and the outer city submarket, where Galvaniho 4 is located, has a share of 23.8% which is 325k sqm in office space. Vacancy is in average at 13.6% but in the outer city submarket somewhat lower at 12.3%. A further decrease of city-wide vacancy is expected. Prime rent is stable at Euro 16.50/sqm/month. Supply and take-up shows a healthy balance and should back a further improvement of keyfigures in the long-run when economy keeps on to recover. New office stock supply remains very limited with many developers requiring substantial pre-lease agreements (above 50%) before commencing construction.

However, the office building Galvaniho 4 is next to Galvaniho 1 (GLA: 8,553 sqm) and Galvaniho 2 (GLA: 13,026 sqm) which are also two succesful developments of the company and are both fully let. In addition, the Austria Trend Hotel Vysoka is located in Bratislava’s city center which also belongs to S IMMO’s property portfolio. Furthermore the company ownes two retail parks outside Bratislava in Trencin (GLA: 11,954 sqm) and Prievidza (GLA: 13,736 sqm), two provincial towns, located on the Northwest of Slovakia. Therefore six properties are for the time being located in Slovakia comprising a GLA of almost 85k sqm.

Valuation BratislavaProperty Space sqm Utilization Occupancy Annual rent Market YieldPrime objects (Inner city) Office 16.00 7.50%Headline rent outer city Office 8.00-12.00 8.00%Prime objects High Street Retail 45.00 7.50%

Galvaniho 4 21,300 Office 90% 12.00 2,760,480 8.00% 34,506,0002,400 Retail 90% 25.00 648,000 8.50% 7,623,529




Supply and take-up show a healthy balance in Bratislava

12

25 | Jan | 2011



The firm has a well diversified portfolio with a total of 249 properties and a rental space

of ~ 1,400k sqm amounting to a value of Euro 1.9bn. The properties are located across eight countries. A focus is on Germany and Austria while the other countries are located in CEE and SEE, thus geographical diversification is relatively high. Furthermore the portfolio is well diversified in terms of its type of use. Residential, office, retail and ho-tels are covered thus most major types of use are provided. In addition, all shares of each sector are well balanced. However we assume that this kind of portfolio will attract more the general equity investors than specialized investors that might be more focused on “Pure-Plays” (only residential or only commercial).

The huge landmark shopping malls Sun Plaza (Bukarest, Romania) with 71k sqm shop-

ing area and Serdika Center (Sofia, Bulgaria) with 51k sqm shopping area started to run in 1Q 2010 and will bring up 2010 top-line by at least Euro 21m. From 2011 on we ex-pect > Euro 26m per year alone from the shopping space of Sun Plaza and Serdika. And there is still ~40k sqm office space available for more rental upside even if demand is weak at present.

The occupancy rate of the total portfolio is almost unchanged at very comfortable 90%

providing a stable rental income while the loan-to-value ratio of 56% underlines a solid financing structure.

Two of the largest financial services firms in Austria/ CEE, Erste Bank and Vienna

Insurance, are the largest shareholders accounting for 9% and 10% of the shares. Both shareholders have a positive effect on the business

NAV per share slightly climbed again to now € 8.27 (3Q) after € 8.23 in 2Q. Cash and cash equivalents amount to Euro 112m covering some 5% of total balance.

Granulated tenant structure. The Top 25 tenants count only for 40% of yearly rental

income. Furthermore the majority of rental contracts is long-term.

Although S IMMO is present on the stock market since 1987 the awareness for the success story at the equity markets is still not too high in our view

There are participation certificates in the financing structure with a hybrid character

between equity and liability. This form of financing is unusual to many international in-vestors. Thus we like the plan of S IMMO to tender these papers into normal equity stock shares until year-end 2011 in three steps. Unfortunately there was no 75% majority for this proposal on the AGM on 21 May

S IMMO will be able to show a steep rise in operating cash flows from approx. Euro 50m 2009 to Euro 75m – 85m in the current year 2010 and even more than Euro 100m in the next year 2011 as many developments are completed.

With a look at fund investors they have all big pockets to invest in 2010 and following

years in stable cash-flow objects and have a special eye on mixed retail and office prop-erties like S IMMO offers

In case of a sustained recession, vacancy rate could increase or rentals for coming tenants could be lower than before. Furthermore an economic downturn could have a negative impact on the valuation of the property portfolio leading to valuation losses burdening P&L (but there were no significant revaluation losses in the past 3 quarters and climate in many markets improved or is at least stable now).

Strengths

Weaknesses

Opportunities

Threats

13



Source: Company data, SRC Research

Source: Company data, Capital IQ SRC Research

Portfolio Data

Valuation

1,433 1,444 1,448

1,511 1,511 1,517 1,515

1,355

1,407 1,409

240

245

250

255

260

265

270

1,250

1,300

1,350

1,400

1,450

1,500

1,550

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10

sq m'000 Portfolio development

Lettable space Number of objects

1,6221,666

1,705

1,7781,828 1,852 1,839

1,9011,847 1,854 1,851

1,400

1,500

1,600

1,700

1,800

1,900

2,000

0%

20%

40%

60%

80%

100%

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10

Euro mPortfolio value vs. LTV

Portfolio value LTV

Germany30%

Austria25%

CEE21%

SEE24%

Value of portfolio by region

Source: Company data (2Q 2010)

6.1% 6.5% 6.9% 7.7%

0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%8.0%9.0%

Austria Germany CEE SEE

Gross rental yield by region

Average 6.7%


Residential25%

Office 31%

Retail30%

Hotel14%

Lettable area by property use


1,253.4

1,59

2.6

1,624.6

445.8103.3 76.7

147.3 146.1 141.554.3 11.7 8.0

0.0200.0400.0600.0800.0

1,000.01,200.01,400.01,600.01,800.02,000.0

4Q 2009 2Q 2010 3Q 2010

Euro m Property allocationProperties held for disposal

Properties used by owner

Investment properties under development and land

Investment properties

9.54 9.43

8.318.13 8.15 8.23 8.27

75.0%

54.0%37.0% 38.0% 39.0% 41.0%

33.0%

‐10.0%

10.0%

30.0%

50.0%

70.0%

90.0%

110.0%

130.0%

150.0%

7.00

7.50

8.00

8.50

9.00

9.50

10.00

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10

EuroNAV* and NAV discount to share price

*based on EPRA NAV disclosed by S IMMO

10.711.3

10.19.1

8.6 8.1

0.0

2.0

4.0

6.0

8.0

10.0

12.0

2008 2009 2010e 2011e 2012e 2013e

EV/Sales

0.60

0.72 0.710.67

0.61

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

2008 2009 2010e 2011e 2012e

Price/BVpS (PBV)

22.6

32.6

22.019.4

17.8 17.1

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

2008 2009 2010e 2011e 2012e 2013e

EV/EBITDA

14

25 | Jan | 2011



P&L Account for Sparkassen Immobilien AG

31/12 IFRS (Euro '000) 2008 2009 2010e 2011e 2012e 2013eCAGR

'09 - '12eRevenues 125,682 153,555 175,904 196,799 210,528 221,509 11.1%└ thereof rental income 85,737 87,553 103,313 117,156 127,700 135,363└ thereof revenues from service charges 23,474 29,105 33,849 39,739 41,726 43,812└ thereof revenues from hotel operations 16,471 36,897 38,742 39,904 41,101 42,334Other operating income 2,587 8,246 4,123 4,164 4,206 4,248 -20.1%Expenses directly attributable to properties -45,207 -61,192 -57,855 -64,436 -70,235 -74,449Hotel operating expenses -12,575 -29,701 -30,219 -31,524 -32,470 -33,444Revenues less directly attributable expenses 70,487 70,908 91,953 105,003 112,028 117,863Net Gains on property disposal 8,318 1,900 7,500 6,580 8,700 7,500 66.1%Management expenses -19,594 -19,533 -18,947 -19,136 -19,328 -19,714EBITDA 59,211 53,275 80,506 92,447 101,400 105,649 23.9%EBITDA-margin 47.1% 34.7% 45.8% 47.0% 48.2% 47.7%

Depreciation -4,737 -9,113 -9,899 -8,856 -9,474 -9,968Property Revaluation -30,682 -97,238 -3,600 17,000 30,000 18,000Operating profit (EBIT) 23,792 -53,076 67,007 100,591 121,927 113,681EBIT-margin 18.9% -34.6% 38.1% 51.1% 57.9% 51.3%EBIT-profit without revaluation result 54,474 44,162 70,607 83,591 91,927 95,681 27.7%

Net financial result -9,552 -35,541 -44,200 -45,100 -45,500 -47,000Participating certificates expenses (hybrid capital) -6,442 11,161 -11,235 -17,850 -19,600 -20,100Earnings before tax (EBT) 7,798 -77,456 11,572 37,641 56,827 46,581EBT margin 6.2% -50.4% 6.6% 19.1% 27.0% 21.0%

Income tax expense -2,072 -1,412 -4,100 -5,119 -7,956 -6,521Tax rate 27% n.m. 35% 14% 14% 14%Net profit 5,726 -78,868 7,472 32,522 48,871 40,060Minorities 87 309 -300 -600 -950 -980Net profit after minorities 5,813 -78,559 7,172 31,922 47,921 39,080Return on sales 4.6% -51.2% 4.1% 16.2% 22.8% 17.6%

Number of shares (in million) 68.1 68.1 68.1 68.1 68.1 68.1Earnings per Share (EpS) in Euro 0.09 -1.15 0.11 0.47 0.70 0.57EPRA Net Asset Value per share (Euro) 9.38 8.13 8.70 9.10 9.50Dividends per Share (DpS) in Euro 0.00 0.00 0.00 0.30 0.40 0.40Book Value per Share (BVpS) in Euro 8.47 7.03 7.14 7.61 8.31 8.88

Total assets 2,144,585 2,235,196 2,136,884 2,192,377 2,279,356 2,347,737 0.7%Shareholders' equity (without minorities) 576,998 479,003 486,175 518,076 565,970 605,022 5.7%Shareholders' equity incl. participating certificates 889,965 785,493 771,615 798,417 843,829 853,022 2.4%Equity ratio without minorities with hybrid capital 41% 35% 36% 36% 37% 36%Return on Equity (RoE) 1.0% -14.9% 1.5% 6.4% 8.8% 6.7%

Key ratios & figures 2008 2009 2010e 2011e 2012e 2013e

Growth rates in %Revenues 31.1% 22.2% 14.6% 11.9% 7.0% 5.2%EBITDA n.s. -10.0% 51.1% 14.8% 9.7% 4.2%EBIT n.s. -323.1% -226.2% 50.1% 21.2% -6.8%EBT n.s. -1093.3% -114.9% 225.3% 51.0% -18.0%Net profit after minorities n.s. -1477.4% -109.5% 335.3% 50.3% -18.0%Margins in %EBITDA 47.1% 34.7% 45.8% 47.0% 48.2% 47.7%EBIT 18.9% -34.6% 38.1% 51.1% 57.9% 51.3%EBT 6.2% -50.4% 6.6% 19.1% 27.0% 21.0%Expense ratios in %Depreciation to sales -3.8% -5.9% -5.6% -4.5% -4.5% -4.5%Tax rate 26.6% n.m. 35.4% 13.6% 14.0% 14.0%Profitability in %Profit margin 4.6% -51.4% 4.2% 16.5% 23.2% 18.1%Return on equity (RoE) after tax 1.0% -14.9% 1.5% 6.4% 8.8% 6.7%Return on Assets (RoA) 2.0% -2.1% 2.4% 3.5% 4.1% 3.7%Return on Investment (RoI) 0.3% -3.5% 0.3% 1.5% 2.1% 1.7%ValuationP/E-ratio 59.76 -4.42 48.44 10.88 7.25 8.89P/E-ratio (historical share price by year-end) 25.08 -4.31 50.15 - - -Price/BVpS 0.60 0.73 0.71 0.67 0.61 0.57Dividend yield in % 0.0% 0.0% 0.0% 5.9% 7.8% 7.8%EV/Sales 10.7 11.3 10.1 9.1 8.6 8.1EV/EBITDA 22.6 32.6 22.0 19.4 17.8 17.1Data per shareShare price by year end 2.14 5.0 5.28 - - -Number of shares in m 68.1 68.1 68.1 68.1 68.1 68.1EpS 0.09 -1.15 0.11 0.47 0.70 0.57DpS 0.00 0.00 0.00 0.30 0.40 0.40BVpS 8.47 7.03 7.14 7.61 8.31 8.88FFO per share 0.50 0.32 0.46 0.52 0.61 0.62

15



Balance Sheet Sparkassen Immobilien AG

ASSETS IFRS (Euro m) 2007 2008 2009 2010e 2011e 2012e

Non-current assetsInvestment property 1,406.5 1,659.4 1,699.2 1,752.4 1,804.4 1,852.5Properties used by owner 90.4 148.3 147.3 142.0 146.3 149.2Tangible assets 5.0 11.1 13.1 9.3 9.4 9.5Intangible assets 0.3 0.3 0.2 0.2 0.2 0.2Interests in associated companies 0.2 0.2 0.0 0.0 0.0 0.0Participations 6.6 2.9 3.1 3.1 3.2 3.2Total 1,509 1,822 1,863 1,907 1,963 2,015

Deferred taxes 1.58 16.95 25.53 30.64 21.45 20.37Total non-current assets 1,510 1,839 1,888 1,938 1,985 2,035

Current-assetsProperies hold for sale 31.6 0.0 54.3 8.0 14.9 18.2Inventories 0.0 0.0 20.5 16.9 17.4 17.9Trade accounts receivable 9.0 9.6 9.2 14.1 15.7 16.8Receiveables from associated companies 22.9 2.6 0.0 0.0 0.0 0.0Receiveables and other assets 29.4 47.7 49.7 35.2 39.4 42.1Other assets 87.1 2.0 3.0 2.0 2.0 2.0Cash and cash equivalents 31.0 243.5 210.2 123.1 118.1 147.4Deferred charges 1.1 0.0 0.0 0.0 0.0 0.0Total current assets 212 305 347 199 207 244

Total Assets 1,723 2,145 2,235 2,137 2,192 2,279

EQUITY & LIABILITIES (Euro m) 2007 2008 2009 2010e 2011e 2012e

Shareholders' EquitySubscribed capital 247.5 247.5 247.5 247.5 247.5 247.5Share premium 329.5 241.3 147.1 147.1 147.1 197.1Other reserves 25.9 88.2 84.4 76.2 108.1 106.0

603 577 479 471 503 551Minority interests 16.7 26.1 44.8 44.8 44.8 44.8Total Equity 620 603 524 516 548 595

Hybrid Capital 297 287 262 256 251 248

Non-current liabilitiesFinancial liabilities 468.5 668.8 978.9 1,049.5 1,160.0 1,171.6Deferred taxes 34.4 40.6 47.6 45.2 42.9 40.8Provisions 0.0 0.0 16.0 20.8 18.7 16.9Other 8.6 17.8 0.0 0.0 0.0 0.0Other long-term financial liabilities 76.0 150.8 0.0 0.0 0.0 0.0Construction costs/ tenant financing 11.7 11.7 0.0 0.0 0.0 0.0Housing construction subsidies 5.6 5.1 0.0 0.0 0.0 0.0Other liabilities 5.5 12.1 10.8 10.8 10.8 10.8Total non-current liabilities 610 907 1,053 1,126 1,233 1,240

Current liabilitesFinancial liabilities 149.0 260.5 303.4 167.1 87.6 120.1Trade payables 12.6 22.3 29.0 17.6 19.7 21.1Other liabilities 29.8 57.5 54.2 54.2 54.2 54.2Construction costs/ tenants financing / properties held for sale 0.0 0.0 9.8 0.0 0.0 0.0Deferred income 4.4 7.4 0.0 0.0 0.0 0.0Total current liabilities 196 348 396 239 161 195

Balance Sheet Total 1,723 2,145 2,235 2,137 2,192 2,279

Balance sheet analysis (Euro m) 2007 2008 2009 2010e 2011e 2012e

Balance Sheet KeyfiguresEquity without hybrid capital and minorities 602.9 577.0 479.0 470.8 502.7 550.6Equity ratio 35.0% 26.9% 21.4% 22.0% 22.9% 24.2%

Equity with hybrid capital without minorities 916.7 890.0 785.5 771.6 798.4 843.8Equity ratio 53.2% 41.5% 35.1% 36.1% 36.4% 37.0%Market Capitalization 517.0 145.8 338.6 359.7 347.4 347.4Net Debt 575.3 834.5 1,069.1 1,091.5 1,127.5 1,142.3Enterpise Value 1,511.8 1,338.8 1,737.4 1,774.2 1,792.8 1,805.2Fixed Assets 1,509.0 1,822.2 1,862.9 1,907.0 1,963.5 2,014.6Current Assets 212.2 305.4 346.8 199.2 207.5 244.4Working Capital 63.2 45.0 43.4 32.1 119.9 124.3Interest bearing liabilites 693.5 1,080.0 1,282.3 1,216.6 1,247.6 1,291.7LiquidityCash ratio 16.2% 76.6% 58.8% 55.6% 83.3% 84.5%Quick ratio 20.9% 74.4% 56.7% 57.4% 82.9% 84.0%Current ratio 110.9% 89.8% 89.7% 83.4% 128.5% 125.1%Liquidity ratio 1 60.7% 48.8% 42.2% 40.5% 40.7% 41.9%Liquidity ratio 2 101.2% 98.6% 98.7% 99.5% 103.4% 103.4%Liquidity ratio 3 101.2% 98.6% 97.6% 98.7% 102.5% 102.5%Level of debtNet gearing 62.8% 93.8% 136.1% 141.5% 141.2% 135.4%Loan to Value (LTV) 40.40% 51.41% 67.46% 63.95% 63.47% 63.95%ValuationNAV 629.6 603.8 522.8 517.4 550.1 600.5NAV per share 9.24 8.86 7.67 7.60 8.08 8.81Premium/Discount on share price to NAV -44.8% -42.5% -33.5% -32.9% -36.9% -42.1%NNAV per share 9.10 8.85 7.69 7.57 8.04 8.74

16

25 | Jan | 2011



SRC Research

- The Specialist for Financial and Real Estate Stocks -

SRC - Scharff Research und Consulting GmbH

Klingerstrasse 23

D-60313 Frankfurt

Germany

Fon: +49 (0)69 / 400 313-80

Mail: [email protected]

Internet: www.src-research.de

Please note: Sparkassen Immobilien share price mentioned in this report is the closing price of 24 January 2011. Sparkassen Immobilien mandated SRC Research for mentoring the Sparkassen Immobilien share.

Disclaimer © 2011: This equity research report is published by: SRC-Scharff Research und Consulting GmbH,Klingerstr. 23, D-60313 Frankfurt, Germany (short name: SRC Research). All rights reserved. Although we feel sure that all information in this SRC report stem from carefully selected sources with a highcredibility, we cannot give any guarantee for accuracy, trueness and completeness. All opinions quoted in thisreport give the current judgement of the author that not necessarily is the same opinion as SRC-Scharff Re-search und Consulting GmbH or another staff member. All in this report made opinions and judgements mightbe changed without a pre-announcement. Within the scope of German regulative framework author and SRC-Scharff Research und Consulting GmbH do not assume any liability for using this document or its content. Thisreport is just for information purposes and not a request or an invitation or a recommendation to buy or sellany stock that is mentioned here. Private clients should search for personal advice at their bank or investmenthouse and should keep in mind that prices and dividends of equities might rise and fall and that nobody cangive a guarantee of the future development of equities. The author of this report and the SRC-Scharff Researchund Consulting GmbH commit themselfes on a unsolicited basis to have no long- or short-positions in equi-ties or derivatives related to equities mentioned in this report. Reproduction, distribution and publishing of this report and its content as a whole or in parts is only allowedwith an approval of SRC management board in written form. With acceptance of this document you agree withall regulations mentioned here and all general terms and conditions you will find at anytime at our websitewww.src-research.de.

Rating Chronicle Date RatingFormer

PriceFormer Target

Sparkassen Immobilien 29 November 2010 Buy 5.35 € 7.50 €Sparkassen Immobilien 03 September 2010 Buy 5.20 € 8.00 €Sparkassen Immobilien 21 May 2010 Buy 4.77 € 8.00 €Sparkassen Immobilien 05 May 2010 Buy 5.10 € 8.00 €Sparkassen Immobilien 27 April 2010 Buy 5.03 € 8.00 €Sparkassen Immobilien 27 January 2010 Buy 4.86 € 8.00 €

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