Tous Actualités
Suivre
Abonner AIRE GmbH & Co. KGaA

AIRE GmbH & Co. KGaA

EANS-Adhoc: Change in NAV as of 30.11.2009

  ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro
  adhoc with the aim of a Europe-wide distribution. The issuer is solely
  responsible for the content of this announcement.
12.01.2010
AD HOC ANNOUNCEMENT PURSUANT TO § 15 WpHG
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:  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:

AIRE 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: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / free trade