euro adhoc: AIG International Real Estate GmbH & Co. KGaA / other / Net Asset Value as of March 31, 2007

--------------------------------------------------------------------------------
Disclosure announcement transmitted by euro adhoc. The issuer is responsible
for the content of this announcement.
--------------------------------------------------------------------------------

Net Asset Value Update

15.05.2007

Frankfurt am Main, May 15, 2007

Dear Ladies and Gentlemen:

The unaudited net asset value ("NAV") of AIG International Real
Estate GmbH & Co. KGaA (the "Company") and its consolidated
subsidiaries (together the "Group") as of March 31, 2007 was EUR
44.79 per share, an increase of EUR 1.22 or 2.8% from the unaudited
February 28, 2007 NAV of EUR 43.57 per share. NAV per share
increased more than 3% during the first quarter from the audited
year end NAV per share of EUR 43.38.

The increased NAV is due primarily to increased valuations for a
number of investments in Europe and Asia. In Europe, the Marques
Avenue locations in France held through the AIG Europe fund were
placed under contract for sale at a price well in excess of our
year end valuation. As a result, we have increased the
valuation of our interest in asset by about EUR 2 million to
reflect the sales price. The sale is expected to close in June or
July and will result in cash distributions to the Group of
approximately EUR 5 million. In addition, the valuation of the FM
Logistics warehouse facility near Moscow, Russia to reflect
compressed yields in the local market.

The Kyobashi Land investment in Japan was also sold. This investment
was held for slightly more than one year and returned nearly two
times invested capital, resulting in a before-tax JPY IRR of
approximately 77% (EUR IRR approximately 57%). Net of Japanese
withholding tax, the multiple was 1.75x in JPY, with an IRR of
approximately 63% (EUR after tax IRR of 44%). Also in Asia,
the valuations for the Group's four largest investments in
Japan (Shinanen Canalside, Forest Green, Chayamachi, and
Oyamacho) were increased based on regular quarterly reporting
from the investments.

The Group received substantial distributions from two investments
in the US. Another building in the Baldwin Park industrial park was
sold, generating cash proceeds of TUSD 515 (TEUR 389), of which
TUSD 210 (TEUR 158) was characterized as capital gain. (Another
Baldwin Park building was sold in April.) Sales valuations at
Baldwin Park have been consistent with the Group's valuation for
the investment. The Group received a TUSD 958 (TEUR 718) return
of capital distribution from its Trivest investment as a result of
the refinancing of one of the properties in the Trivest portfolio.

The Tasman Portfolio of office properties in the Netherlands
generated net income for the Group of TEUR 651 for the period from
acquisition on December 20, 2006 through March 31, 2007. The
Group accounts for its investment in Tasman using the equity
method, so this income has been booked in the Group's consolidated
income statement, leading to an increase in the valuation of the
Group's investment in Tasman.

The Group made two new investments in the United States during the
month. One World Trade Center, an existing Class-A office
property in Long Beach, California with about 54,000 square meters
of rentable space. The Group HAS invested USD 1.2 million (TEUR
905) in this project. The Group also committed to invest USD 1.7
million in The Verandas, an existing Class-B residential
property in West Covina, California. The Group made an initial
investment of TUSD 38 (TEUR 28) in The Verandas and made additional
investments of USD 1.2 million (TEUR 875) during April. During
March, the Group also made additional investments in Japanese real
estate totaling JPY 134 million (TEUR 854) through AIG Japan Fund II
and AIG Japan Fund III. As of the end of March, the Group had
twenty-five investments through AIG Japan Fund II and three
investments through AIG Japan Fund III.

end of announcement euro adhoc 15.05.2007 15:02:23
--------------------------------------------------------------------------------

ots Originaltext: AIG International Real Estate GmbH & Co.
Im Internet recherchierbar: http://www.presseportal.de

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: Frankfurter Wertpapierbörse / official dealing/prime standard
Börse Berlin-Bremen / free trade
Baden-Württembergische Wertpapierbörse / free trade
Bayerische Börse / free trade


	hier anmelden...