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