AIRE GmbH & Co. KGaA

EANS-Adhoc: Change in NAV as of 30.11.2009

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AIRE GmbH & Co. KGaA:

Change in NAV as of 30.11.2009

Frankfurt am Main, January 12, 2010 - The unaudited net asset value   ("NAV")  of AIRE  GmbH  &  Co.  KGaA  (the  "Company")  and  its   consolidated  subsidiaries (together the "Group") as of November 30, 2009  was  EUR  19.25  per  share,  a decrease of EUR 3.42 per share, or 17.8%, from the unaudited NAV  per  share  of EUR 22.67 reported as of September 30, 2009.

The reduction in NAV is  primarily  due  to  further  provisions   taken  on  the Group´s investment in the Watchtower development in New York.  These  provisions were taken due to the continued slow sales pace  of  condominium  units  in  the project, which is increasing carry costs as the construction loan  is  paid  off more slowly.  NAV was also hurt by valuations for  the  Group´s   investments  in Japan where the market remains under pressure.

In October, the Group invested USD 1.9 million (EUR 1.2 million) in   the  Hudson Park North residential development in Yonkers, New  York, USA,  as  part  of  a planned pay down of the construction loan following completion of  the  project. In November, the Group invested an additional TUSD 870 (TEUR 583) in the  Sunset Lofts development, also as a pay down of the construction loan.  In both   cases, other equity investors made pro  rata  investments  alongside the  Group.    The Group also invested TUSD 777 (TEUR 522) in existing projects  in  India  through the AIG India Fund.

At the end of October, the Group received a capital  gain   distribution  of  USD 1.4 million (EUR 1.0 million) from the  AIG   Asian  Fund  representing  proceeds from the Marina Boulevard condominium development  in  Singapore.  In  December, the Group received additional distributions of USD 2.0 million from  its   direct and indirect investments in Marina Boulevard.    Following   these  distributions, the Group has realized a USD IRR of 29.9% and a multiple of invested capital  of 3.6x (EUR IRR of 23.7% and MOIC of 2.9x).  Smaller additional distributions  are expected from Marina towards the  end  of  2010  as  the  final  escrowed  sales proceeds are released.

Contact: AIRE GmbH & Co. KGaA Andrew Fletcher Phone: +49 (0)69 9711 3225 E-Mail:

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: AIRE GmbH & Co. KGaA
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Further inquiry note:
AIRE GmbH & Co. KGaA
Nicole Gauchat
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:  Frankfurt / regulated dealing/prime standard
              Berlin / free trade
              Hamburg / free trade
              Stuttgart / free trade
              Düsseldorf / free trade
              München / free trade

Weitere Meldungen: AIRE GmbH & Co. KGaA

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