PATRIZIA AG

Regulatory Filings • Jun 4, 2007

News Details

Corporate | 4 June 2007 07:15

PATRIZIA Immobilien AG:Residential portfolio climbs to almost 6,000 units

PATRIZIA Immobilien AG / Miscellaneous

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PATRIZIA Immobilien AG: residential portfolio climbs to almost
6,000 units in Munich

Augsburg, June 4, 2007. PATRIZIA Immobilien AG has acquired around 700
additional apartments in the northern parts of Munich, the Bavarian
regional capital. PATRIZIA prevailed against its fellow bidders in the
bidding procedure thanks to its convincing overall concept and its 20 years
of experience on the real estate market. The area covering total
residential and commercial space of around 30,000 sqm comprises 678
residential units and 17 commercial ones. The purchase price is
approximately EUR 10.5 million and the seller is the Federal Institute for
Real Estate Management (Bundesanstalt für Immobilienaufgaben).

The quality of the acquired properties’ basic structure is good but the
buildings themselves are in need of renovation and no longer meet the
latest standards in terms of fittings. PATRIZIA enjoys the complete
confidence of the seller that it will execute this complicated revitalized
project quickly and according to the wishes of the tenants owing to its
many years of experience and comprehensive real estate expertise.

Extensive redevelopment measures, such as repairing the heating system,
installing new windows and renovating the facade, are planned to bring the
buildings up to an appealing and modern standard. Measures within the
individual apartments will only be carried out with the approval of the
tenants. PATRIZIA will not carry out any luxury redevelopment.

The average starting rent is currently EUR 2.61/sqm. Consequently, there is
also potential for a change in the rent of the quarters in addition to the
structural redevelopment potential.

Along with the structural revitalization, PATRIZIA’s assurance regarding
the special tenant protection also proved decisive in winning the contract:
all existing residential tenancy agreements will be expanded to include a
lifelong dismissals protection for the tenants. PATRIZIA currently owns
almost 6,000 apartments in the Bavarian capital.

Acquiring this highly promising portfolio has enabled PATRIZIA
to highlight again its ability and its expertise in socially compatible
development and return-driven revival of residential quarters in Germany.

Augsburg, June 4, 2007

PATRIZIA Immobilien AG
PATRIZIA Bürohaus
Fuggerstrasse 26
86150 Augsburg
Germany

Listing: Official Market Frankfurt (Prime Standard)
ISIN: DE000PAT1AG3
SIN: PAT1AG

Contact:
Investor Relations
Claudia Kellert
Tel: +49 (0) 821 5 09 10-360
Fax:+49 (0) 821 5 09 10-399
investor.relations@patrizia.ag

Press
Astrid Schüler
Tel : +49 (0)821 5 09 10-623
Fax:+49 (0) 821 5 09 10-695
presse@patrizia.ag

DGAP 04.06.2007

Language: English
Issuer: PATRIZIA Immobilien AG
Fuggerstraße 26
86150 Augsburg Deutschland
Phone: +49 (0)821 - 509 10-000
Fax: +49 (0)821 - 509 10-999
E-mail: investor.relations@patrizia.ag
www: www.patrizia.ag
ISIN: DE000PAT1AG3
WKN: PAT1AG
Indices: MDAX
Listed: Amtlicher Markt in Frankfurt (Prime Standard); Freiverkehr in
Berlin-Bremen, München, Hamburg, Düsseldorf, Stuttgart

End of News DGAP News-Service

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