Our London branch is responsible for distribution management in the UK and the Netherlands. We are also represented in the Netherlands via our branch office in Amsterdam. Our aggregate volume of new business in these two locations amounted to 0.4 billion. Southern Europe In Southern Europe, we operate our business in Italy through our branches in Rome and Milan. We also have a presence in Spain, via our repre- sentative office in Madrid. All in all, we generated 0.6 billion in new business in Southern Europe. New business in Italy amounted to 0.5 billion, with 0.1 billion coming from Spain. Northern Europe We generated new business of 0.7 billion in the Nordic countries, with Denmark accounting for 0.4 billion, Sweden for 0.2 billion, followed by Norway and Finland making up the balance. Our branch in Stockholm is also charged with managing distribution operations for Northern Europe. We also maintain a presence in this region via our Helsinki and Copenhagen representative offices. Central and Eastern European Countries (CEE) We generated new business in the amount of 0.9 billion in CEE countries during 2008. We transferred the business activities of Aareal Bank's Polish subsidiary ­ Aareal Financial Service Polska Sp. z o.o. ­ to our newly-established Warsaw branch, with effect from 1 August 2008. The Warsaw branch now acts as a hub for our Central and Eastern European business. Following receipt of official approval from the Central Bank of Russian Federation, we opened a representative office in Moscow in 1 July 2008. Our distribution network in the region also inclu- des our Prague-based subsidiary Aareal Financial Service spol. s r.o. Owing to the lack of what we consider to be suit- able opportunities, we did not conduct any new business transactions in Turkey. Similarly, we deli- berately conducted no new business in the Baltic States in 2008. North America (NAFTA states) We have an active presence in North America, through our new subsidiary established in New York in 2008; Aareal Capital Corporation replaced our subsidiary Aareal Financial Services USA, Inc. The key parts of our loan portfolio for the US were transferred to Aareal Capital Corporation. New business generated in North America in 2008 was equivalent to 1.4 billion. New business 2008 by region North America 25.2% Western Europe 24.9% Central and Eastern Europe 16.0% Asia / Pacific 10.9% Northern Europe 11.8% Southern Europe 11.3% New business 2008 by type of property Office property 33.3% Retail property 24.0% Hotels 18.2% Residential property 7.0% Logistics property 9.6% Other properties and financings 8.0% 67Aareal Bank Group ­ Annual Report 2008 | Group Management Report