AIG International Real Estate GmbH&Co. KGaA

euro adhoc: AIG International Real Estate GmbH & Co. KGaA
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Change in NAV as of 30.11.2008 due to change in valuation of the Company's APP investment

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09.01.2009

AD HOC ANNOUNCEMENT PURSUANT TO § 15 WpHG

AIG International Real Estate GmbH & Co. KGaA:

Change in NAV as of 30.11.2008 due to change in valuation of the Company's APP investment

Frankfurt am Main, January 9, 2009 - The valuation for the real estate assets held in the Company's APP (Auto-priemyselny park s.r.o. Lozorno) investment in Slovakia, determined by an independent valuation firm, was reduced to EUR 77.8 million as of November 30, 2008 from the valuation of EUR 104.95 million derived by the same firm as of November 30, 2007 and which valuation was used in the Company's last reported NAV as of October 30, 2008.  Net of adjustments to deferred tax liabilities, the change in valuation is expected to result in a reduction of the Company's NAV as of November 30, 2008 by approximately EUR 22 million or EUR 5.21 per share.  Due to positive effects from the rest of the Company's portfolio in November, the Company expects the NAV as of November 30, 2008 to fall by about EUR 4 per share, or about 9%.  The Company expects to publish the November 30, 2008 NAV flyer during the week of January 12, 2009.

Due to the reduction in valuation of the real estate held by APP, APP and its subsidiary are required under the terms of their respective mortgage agreements to retain all cash generated by operations in a reserve account.  If, based on a new valuation of the properties to be prepared at the end of 2009, the amount outstanding under the combined mortgages is still more than 75% of the new value of the properties, APP and its subsidiary will be required to reduce the amount of the mortgage outstanding.  If the November 2009 valuation is unchanged from the valuation reported today, the Company expects that the cash held at the reserve accounts at APP and its subsidiary would be sufficient to reduce the amount of the mortgages outstanding by the amount necessary to bring the outstanding mortgage balances below 75% of the property value.  If this turns out not to be the case, the Company would have the opportunity to inject additional equity into APP in order to cure the loan-to-value covenants.

Contact: AIG International Real Estate GmbH & Co. KGaA Andrew Fletcher Phone: +49 (0)69 9711 3225 E-Mail: andrew.fletcher@aig-ire.de

Share Data: WKN:            634421 ISIN:          DE0006344211 Stockmarkets:
official dealing/prime standard: Frankfurter Wertpapierbörse              
free trade: Berliner Wertpapierbörse, Baden-Württembergische
Wertpapierbörse,                    Bayerische Börse, Bremer Wertpapierbörse
(BWB)

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

Further inquiry note:
AIG International Real Estate Gmbh & Co. KGaA
Nicole Gauchat
Telefon: +49(0)69 97 11 32 25
E-Mail: nicole.gauchat@aig-ire.de

Branche: Financial & Business Services
ISIN:      DE0006344211
WKN:        634421
Index:    CDAX, Classic All Share, Prime All Share
Börsen:  Börse Frankfurt / regulated dealing/prime standard
              Börse Berlin / free trade
              Börse Stuttgart / free trade
              Börse München / free trade



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