The portfolio of CA Immo International has been valued by CB Richard Ellis. The valuation method applied by CB Richard Ellis to establish the market values complies with the Appraisal and Valuation Standards, or Red Book, of the Royal Institution of Chartered Surveyors (RICS). The anticipated revenue surpluses (cash flows) according to the standards defined in the Red Book are discounted at a rate determined by the appraiser. Each property is thus valued separately as per the circumstances prevailing on the specific market.

In 2006 the property portfolio of CA Immo International continued to benefit from the favourable market climate and the sustained strong demand for high-quality usable space. CA Immo International was able to take special advantage in Bucharest, where a further part of its own business park was completed. Rising prices in Warsaw and Budapest have triggered a substantial revaluation gain, although its extent was diminished to some extent in Warsaw because of the weak dollar.

Two properties in the entire portfolio are valued in USD in view of the rental income they generate. The exchange rate for the translation into EUR was EUR 1.321 on 31 December 2006. This gave rise to the downward revaluation of one of the properties, in Warsaw. In the case of the second property, the gain in market value outweighed the effect of the weak dollar.

As of the balance sheet date the value of the existing properties was
€ 510.6 m (fair value), the value of projects was € 19.4 m (at cost), in total € 530 m.