AIG International Real Estate GmbH&Co. KGaA

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

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

Net Asset Value Update


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.

@@start.t2@@end of announcement                                                 euro adhoc 19.02.2007 15:10:44

ots Originaltext: AIG International Real Estate GmbH&Co. KGaA
Im Internet recherchierbar:

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

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: