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Abonner AIG International Real Estate GmbH&Co. KGaA

AIG International Real Estate GmbH&Co. KGaA

euro adhoc: AIG International Real Estate GmbH & Co. KGaA
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Net Asset Value as of December 31, 2006

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
Net Asset Value Update
19.02.2007
Frankfurt, February 19, 2007
Dear Ladies and Gentlemen:
The preliminary unaudited net asset value  ("NAV")  of  AIG
International  Real Estate GmbH &  Co.  KGaA  (the  "Company")  and
its  consolidated  subsidiaries (together the "Group") as of December
31, 2006  was  EUR  42.64  per  share,  an increase of EUR 1.53 or
3.7% from the November 30 NAV of EUR  41.11  per  share. On an
unaudited basis, NAV per share  increased  EUR  4.01  or  10.4%  from
the audited NAV per share of EUR 38.63 as of December 31, 2005.
Please note that we are still in the process of completing  year-end
valuations and that we have not yet begun the audit review process.
Therefore,  the  year- end audited NAV to be published in our annual
report may  differ  from  the  NAV communicated in this flyer.
The increase  in  NAV  during  December  was  primarily  due  to  the
increased valuations  for  the  Group's  four  largest  investments
in  Japan   (Shinanen Canalside, Forest Green, Oyamacho and
Chayamachi) based on valuations  conducted by independent appraisers.
The  combined  valuation  increase  for  these  four investments was
about EUR 6.5 million, which is net of the  negative  effect  on
valuation caused by the sharp weakening of the Japanese yen during
the month.
NAV growth also came from the increased valuation for the Group's
investment  in Metropole, the retail redevelopment in Copenhagen,
Denmark.   As  is  generally true with development projects, the
Group held this development at  cost  during the development phase.
Now that the  redevelopment  is  substantially  complete and  leased
up,  there  is  strong  interest  in  the  project  from  potential
purchasers.  Based on the estimated potential  sales  value  of
Metropole,  the Company increased the valuation of its investment by
EUR 1.5 million.
During December, the  Company  effected  a  small  capital  increase
of  EUR  9 million, issuing 222,184 new shares at a price of EUR
40.50  per  share  (at  a premium to the then-prevailing market
price).  These new shares were  registered and accepted for trading
on December 29.   As  of  year  end,  the  Company  had 4,140,580
shares outstanding and  a  market  capitalization  of  over  EUR
166 million.
The Group was extremely active on the investment  front  during
December,  with over EUR 30 million in new investments. Of  this
amount,  EUR  28  million  was invested in the  Tasman  Portfolio,
which  consists  of  99  office  properties located throughout the
Netherlands.  The Group invested EUR 26 million  directly in Tasman
for a 32.5% interest  and  an  additional  EUR  2  million
indirectly through the AIG European Real Estate  Fund.   The  Group
also  invested  EUR  1 million through the European fund in the
Airport  Centre,  an  office  building located at the Luxembourg
airport.  Finally, the Group  invested  an  additional JPY 122
million (TEUR 800) in its Japanese property portfolio held  through
AIG Japan Fund II.
On the distribution side, the Group received a USD 1.2 million (TEUR
900)  from its Terrabrook investment.  During the fourth  quarter,
the  Group  received  a total of  EUR 1.4 million  from  Terrabrook,
representing  nearly  25%  of  the September 30 valuation for
Terrabrook.
The Group ended the year with EUR 250 million in  assets,  an
increase  of  25% during the year.  A portion of the Group's new
investments were financed by  EUR 15 million in short-term  financing
provided  by  Landesbank  Baden-Württemburg (EUR 10 million) and AIG
Private Bank  Ltd.  (EUR  5  million).   The  Group  is currently in
the process of finalizing a refinancing of the mortgage on the  APP
industrial park in Slovakia and expects to receive an additional EUR
16  million in long-term financing from this source in the coming
weeks.  It is  anticipated that the short-term financing from LBBW
and AIG  Private  Bank  will  be  repaid during the first half of
2007.
end of announcement                               euro adhoc 19.02.2007 15:10:44

Further inquiry note:

AIG International Real Estate Gmbh & Co. KGaA
Conradin Schneider
Telefon: +49(0)69 97 11 32 25
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

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