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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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Change in NAV as of 30.11.2008 due to change in valuation of the Company's APP investment

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
09.01.2009
AD HOC ANNOUNCEMENT PURSUANT TO § 15 WpHG
AIG International Real Estate GmbH & Co. KGaA:
Change in NAV as of 30.11.2008 due to change in valuation of the 
Company's APP investment
Frankfurt am Main, January 9, 2009 - The valuation for the real 
estate assets held in the Company's APP (Auto-priemyselny park s.r.o.
Lozorno) investment in Slovakia, determined by an independent 
valuation firm, was reduced to EUR 77.8 million as of November 30, 
2008 from the valuation of EUR 104.95 million derived by the same 
firm as of November 30, 2007 and which valuation was used in the 
Company's last reported NAV as of October 30, 2008.  Net of 
adjustments to deferred tax liabilities, the change in valuation is 
expected to result in a reduction of the Company's NAV as of November
30, 2008 by approximately EUR 22 million or EUR 5.21 per share.  Due 
to positive effects from the rest of the Company's portfolio in 
November, the Company expects the NAV as of November 30, 2008 to fall
by about EUR 4 per share, or about 9%.  The Company expects to 
publish the November 30, 2008 NAV flyer during the week of January 
12, 2009.
Due to the reduction in valuation of the real estate held by APP, APP
and its subsidiary are required under the terms of their respective 
mortgage agreements to retain all cash generated by operations in a 
reserve account.  If, based on a new valuation of the properties to 
be prepared at the end of 2009, the amount outstanding under the 
combined mortgages is still more than 75% of the new value of the 
properties, APP and its subsidiary will be required to reduce the 
amount of the mortgage outstanding.  If the November 2009 valuation 
is unchanged from the valuation reported today, the Company expects 
that the cash held at the reserve accounts at APP and its subsidiary 
would be sufficient to reduce the amount of the mortgages outstanding
by the amount necessary to bring the outstanding mortgage balances 
below 75% of the property value.  If this turns out not to be the 
case, the Company would have the opportunity to inject additional 
equity into APP in order to cure the loan-to-value covenants.
Contact:
AIG International Real Estate GmbH & Co. KGaA
Andrew Fletcher
Phone: +49 (0)69 9711 3225
E-Mail:  andrew.fletcher@aig-ire.de
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)
end of announcement                               euro adhoc

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: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse Stuttgart / free trade
Börse München / free trade

Plus de actualités: AIG International Real Estate GmbH&Co. KGaA
Plus de actualités: AIG International Real Estate GmbH&Co. KGaA