Alle Storys
Folgen
Keine Story von AIG International Real Estate GmbH&Co. KGaA mehr verpassen.

AIG International Real Estate GmbH&Co. KGaA

euro adhoc: AIG International Real Estate GmbH & Co. KGaA
other
Net Asset Value as of March 31, 2007

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
Net Asset Value Update
15.05.2007
Frankfurt am Main, May 15, 2007
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 March 31, 2007 was EUR 
44.79 per share, an increase of  EUR  1.22 or 2.8% from the unaudited
February 28, 2007 NAV of EUR 43.57  per  share.   NAV per share 
increased more than 3% during the first quarter from the audited  
year end NAV per share of EUR 43.38.
The increased NAV is due primarily to  increased  valuations  for  a 
number  of investments in Europe and Asia.  In Europe,  the  Marques 
Avenue  locations  in France held through the AIG Europe fund were 
placed under contract for  sale  at a price well in excess of  our  
year  end  valuation.   As  a  result,  we  have increased the 
valuation of our interest in asset  by  about  EUR  2  million  to 
reflect the sales price.  The sale is expected to close  in  June  or
July  and will result in cash distributions to the Group of 
approximately EUR  5  million. In addition, the valuation of the FM 
Logistics warehouse facility  near  Moscow, Russia to reflect 
compressed yields in the local market.
The Kyobashi Land investment in Japan was also sold.  This investment
was  held for slightly more than one year and returned nearly two 
times invested  capital, resulting in a before-tax JPY IRR of 
approximately 77%  (EUR  IRR  approximately 57%).  Net of Japanese 
withholding tax, the multiple was 1.75x in JPY,  with  an IRR of 
approximately 63% (EUR  after  tax  IRR  of  44%).   Also  in  Asia, 
the valuations  for  the  Group's  four  largest  investments  in  
Japan   (Shinanen Canalside, Forest Green, Chayamachi,  and  
Oyamacho)  were  increased  based  on regular quarterly reporting 
from the investments.
The Group received substantial distributions from two  investments  
in  the  US. Another building in the Baldwin Park industrial park was
sold,  generating  cash proceeds of TUSD 515 (TEUR 389), of which 
TUSD 210 (TEUR 158) was  characterized as capital gain.  (Another 
Baldwin Park building  was  sold  in  April.)   Sales valuations at 
Baldwin Park have been consistent with the Group's  valuation  for 
the investment.   The Group received a TUSD 958 (TEUR  718)  return  
of  capital distribution from its Trivest investment as a result of 
the refinancing  of  one of the properties in the Trivest portfolio.
The Tasman Portfolio of office  properties  in  the  Netherlands  
generated  net income for the Group of TEUR 651 for the period  from 
acquisition  on  December 20, 2006 through March 31, 2007.  The  
Group  accounts  for  its  investment  in Tasman using the equity 
method, so this income has been booked  in  the  Group's consolidated
income statement, leading to an increase in the  valuation  of  the 
Group's investment in Tasman.
The Group made two new investments in the United States during the  
month.   One World  Trade  Center,  an  existing  Class-A  office  
property  in  Long  Beach, California with about 54,000 square meters
of rentable  space.   The  Group  HAS invested USD 1.2 million (TEUR 
905) in this project.  The Group  also  committed to invest USD 1.7 
million in  The  Verandas,  an  existing  Class-B  residential 
property in West Covina, California.  The Group made an  initial  
investment  of TUSD 38 (TEUR 28) in The Verandas and made additional 
investments  of  USD  1.2 million (TEUR 875) during April.  During 
March, the Group also  made  additional investments in Japanese real 
estate totaling JPY 134 million (TEUR 854)  through AIG Japan Fund II
and AIG Japan Fund III.  As of the end  of  March,  the  Group had 
twenty-five investments through AIG Japan  Fund  II  and  three  
investments through AIG Japan Fund III.
end of announcement                               euro adhoc 15.05.2007 15:02:23

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: Frankfurter Wertpapierbörse / official dealing/prime standard
Börse Berlin-Bremen / free trade
Baden-Württembergische Wertpapierbörse / free trade
Bayerische Börse / free trade

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