AIG International Real Estate GmbH&Co. KGaA

euro adhoc: AIG International Real Estate GmbH & Co. KGaA
other
AIG International Real Estate Net Asset Value Increases 4.7%

@@start.t1@@--------------------------------------------------------------------------------   Disclosure announcement transmitted by euro adhoc.   The issuer is responsible for the content of this announcement. --------------------------------------------------------------------------------@@end@@

05.10.2006

Frankfurt, October 5, 2006

Dear Ladies and Gentlemen:

The unaudited net asset value ("NAV") of AIG International Real Estate  GmbH  & Co. KGaA  (the  "Company")  and  its  consolidated subsidiaries  (together  the "Group") as of August 31, 2006 was EUR 40.88 per share, an increase of EUR  1.83 or 4.7% from the July 31 NAV of EUR 39.05.  The substantial increase in NAV  was due to increased valuations received from independent appraisers for two of the Company's portfolio investments.

Due to the strong market for industrial properties in Slovakia, yields  in  the market have decreased, resulting in an increase in the real estate valuation  of the Company's APP subsidiary (near Bratislava) from EUR  73.95  million  to  EUR 82.10 million, an increase  of  EUR  8.15  million  or  11%.    After  booking  a deferred tax liability of EUR 1.55 million (EUR 8.15 million multiplied  by  the 19% Slovak capital gains tax that  would  be paid  on  any  sale  of  the  real estate), the Company's NAV increased by EUR 6.6 million as a result of  the  new valuation for APP.  In  2004,  the  Company  entered  into  a  forward  purchase agreement for two additional buildings at the APP  site.    These buildings  are completed and fully leased, and we expect to close on the  purchase  before  the end of the year.

The valuation of the Company's investment in the Marques Avenue factory  outlet shopping centers in France also  increased substantially.    Yields  on  factory outlet centers have decreased substantially as the centers  have  become  better known among investors and as investors  seek  diversification  from  traditional retail properties where yields have fallen to the 4% range  in Western  Europe. The  value  of  the  Company's  investment  in Marques  Avenue    increased    by approximately EUR 1 million.

@@start.t2@@end of announcement                                                 euro adhoc 05.10.2006 08:58:16
--------------------------------------------------------------------------------@@end@@

ots Originaltext: AIG International Real Estate GmbH&Co. KGaA
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:
AIG International Real Estate Gmbh & Co. KGaA
Conradin Schneider
Tel: +49 (0)69 97113225
E-Mail: conradin.schneider@aig-ire.de

Branche: Financial & Business Services
ISIN:      DE0006344211
WKN:        634421
Index:    CDAX, Classic All Share, Prime All Share
Börsen:  Frankfurter Wertpapierbörse / official dealing/prime standard
              Börse Berlin-Bremen / free trade
              Baden-Württembergische Wertpapierbörse / free trade
              Bayerische Börse / free trade



Weitere Meldungen: AIG International Real Estate GmbH&Co. KGaA

Das könnte Sie auch interessieren: