AIG International Real Estate GmbH&Co. KGaA

euro adhoc: AIG International Real Estate GmbH&Co. KGaA
Mergers - Acquisitions - Takeovers
AIG International Real Estate Announces Purchase of Industrial Property (E)

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Frankfurt am Main, December 31, 2003 - AIG International Real Estate GmbH & Co. KGaA ("AIRE") announced today a EUR 23.5 million equity investment in Auto Parts Park, a manufacturing and warehouse facility comprising approximately 92,700 square meters in Lozorno, near Bratislava, Slovakia.

AIRE group companies purchased 100% of the ownership interests in Auto-priemyselny Park s.r.o. ("APP"), a Slovakian limited liability company.  APP owns the three buildings on the site and has a 98-year lease on the land.  The buildings are currently 100% leased by auto parts suppliers for the nearby Volkswagen manufacturing plant, which manufactures the new VW Tuareg and other models.

The buildings and the land lease held by APP were valued at approximately EUR 57.3 million, and are partially financed by a EUR 34 million 15-year mortgage, which is secured by APP’s assets and is non-recourse to AIRE.

The transaction includes a forward contract with the developers of the existing buildings to develop an additional two buildings on the remaining land.

The previous owner and developer of APP was AIG/LINCOLN Eastern Europe (Slovakia and Czech Republics) Limited Partnership, one of the largest property developers in Central and Eastern Europe.  The transaction was approved by AIRE’s Supervisory Board (Aufsichtsrat), both to authorize an investment of more than 20% of AIRE’s assets in a single investment and because the seller was an affiliate company of American International Group, Inc.

Further Information:

Notice: The shares of AIG International Real Estate GmbH & Co. KGaA are not registered under the US Securities Act of 1933.

end of announcement            euro adhoc 31.12.2003

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

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

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