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Abonner AIRE GmbH & Co. KGaA

AIRE GmbH & Co. KGaA

EANS-Adhoc: Change in NAV as of 31.12.2009

  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.
23.03.2010
AD HOC ANNOUNCEMENT PURSUANT TO § 15 WpHG
AIRE GmbH & Co. KGaA: Change in NAV as of 31.12.2009
Frankfurt am Main, March 23, 2010 - The unaudited net  asset  value  
("NAV")  of AIRE  GmbH  &  Co.  KGaA  (the  "Company")  and  its  
consolidated  subsidiaries (together the "Group") as of December 31, 
2009  was  EUR  16.71  per  share,  a decrease of EUR 2.54 per share,
or 13.2%, from the unaudited NAV  per  share  of EUR 19.25 reported 
as of November 30, 2009.
The reduction in NAV is primarily the result of  the  Group´s  
determination  to mark the remaining development projects in the 
Group´s portfolio to the  current market value for the projects "as 
is", even if such  projects  are  still  under development.  
Generally, and under IAS 40, real estate development projects  are 
reported at cost until sale or stabilization due to the  fact  that  
the  market for projects under development is extremely limited and 
the clearing  price  for such projects is generally substantially  
less  than  the  price  for  the  same project once completed.  Given
the current dislocations in  global  real  estate markets, however, 
including the difficulty of obtaining or  extending  financing and 
uncertainty as to pricing and the ability to find tenants, Group  
management has decided to report all development projects at the 
current liquidation  value even if development on the project is 
continuing and the Group expects that  the value of the completed 
project will be substantially  higher  than  the  current liquidation
value.  This change in reporting affects five  development  projects 
that had been held at  cost:  McCadden,  Millenium  Apartments,  
Sterling  SDSU, America  Center,  and  Pleasanton  Land.   In  two  
cases  (America  Center  and Pleasanton Land), the current 
liquidation value of the  projects  is  less  than the outstanding 
debt, resulting in a zero equity valuation.  In the other  three 
cases, the Group´s equity valuations are positive, but below  cost.  
The  Group and its advisor will continue to value all five projects 
on  a  quarterly  basis and will increase valuations to  the  extent 
that  continued  development  work and/or leasing efforts result in 
increased market  values  for  the  properties. In all five cases, 
market valuations as of December 31, 2009 were determined  by 
independent valuation firms.
Following this change in reporting, all of the Group´s investments 
are  reported at current fair market value.
During December, the Group sold its interest in the Loudoun  County  
development project in Virginia, USA for TUSD 516, generating a 
realized loss of TUSD 1361.
The appraised valuation for the Company´s APP investment in  Slovakia
increased slightly to EUR 78.5 million from the 2008 valuation of EUR
77.8  million.   The increased valuation reflects some stabilization 
in the  Slovak  industrial  real estate market, but also successful  
efforts  by  the  Group  to  extend  current tenant leases and to 
maintain full occupancy at APP.  In addition,  the  Company has had 
positive talks with the mortgage lender to APP regarding  the  loan  
to value  covenant  under APP´s mortgage loans.  Any resolution to 
these discussions will be  reported  if and when it is formalized.
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

Plus de actualités: AIRE GmbH & Co. KGaA
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  • 12.01.2010 – 17:01

    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 ...