DEXUS — Capital/Financing Update 2006

Dec 26, 2006

DB RRFFF

Managed in partnership with Deutsche Bank $\boxdot$

DB RREEF Funds Management Limited ABN 24 060 920 783 Australian Financial Services Licence Holder

Level 9 343 George Street Sydney NSW 2000

PO Box R1822 Royal Exchange NSW 1225

Telephone 61 2 9017 1100 Direct 61 2 9017 1266 Facsimile 61 2 9017 1132

Email: ben.lehmann@dbrreef.com

27 December 2006

The Manager Australian Stock Exchange Limited 20 Bridge Street Sydney NSW 2000

Dear Sir/Madam

DB RREEF Trust (ASX: DRT) - announces two new international initiatives

DB RREEF Funds Management Limited, as responsible entity for DB RREEF Trust (DRT), provides the following update on two new international initiatives.

Please find attached a press release, associated presentation and an update to the DRT 2006 Property Synopsis.

For further information, please contact

• Fund Manager - DB RREEF Trust:	Ben Lehmann	$(02)$ 9017 1266
• Investor Relations:	Karol O'Reilly	$(03)$ 8611 2930

Yours sincerely

John Easy Company Secretary

27 December 2006

DB RREEF Trust ("DRT") announces two new international initiatives.

German portfolio

DB RREEF Funds Management Limited (DRFM), as responsible entity of DB RREEF Trust (DRT), has exchanged contracts to acquire a portfolio of logistics properties located across Germany.

The portfolio of 14 properties which will be funded using existing debt facilities is to be acquired for a consideration of €141.27 million (A\$237.47 million) excluding acquisition costs at an initial vield of approximately $6.6\%$ ¹.

The portfolio is geographically diversified and has a total lettable area of 261,333 square metres which is leased to 22 tenants with occupancy of 92%. The weighted average lease term to expiry by income is 6.2 years. In total, the land area is 87.61 hectares which includes 18.6 hectares of land with development potential.

Victor Hoog Antink, CEO of DB RREEF group, said "this acquisition is consistent with DRT's strategy to expand its international presence in the industrial sector. The German portfolio complements the French portfolio acquired by DRT earlier in the year. On completion of this transaction our European industrial portfolio will total approximately A\$350 million and will represent approximately 4% of DRT's overall property portfolio. DRT now has industrial properties located in Australia, USA, France and Germany. In addition, as the Whirlpool Investment Program is implemented we will see DRT's industrial portfolio further expand in North America and Europe."

The portfolio was introduced to DRT by JP Morgan and Blaxland Funds Limited and consistent with our practice in other international markets, DBRE Germany (RREEF) has assisted with the due diligence and will provide ongoing asset management services in relation to the portfolio.

An update to the DRT Property Synopsis for this portfolio and a presentation on the transaction can be found on the web site at www.dbrreef.com.

(continued over)

¹ Excludes acquisition costs

Summit Oaks, Valencia, California

DB RREEF Trust has also entered into an agreement to secure approximately 92% of Summit Oaks, a suburban office development project, in Valencia, California. The remaining interest will be held by Parker Properties, the developer.

The development is located in a strong growth market and is adjacent to two hotels currently under construction. It will consist of a 139,392 square foot, five-story, Class-A office building with a separate car parking structure for 380 cars with additional surface parking. The overall site area is 4.29 acres. The total project cost, including land is approximately \$US48 million (A\$61.15 million). The forecast stabilised return on total project cost is 8.3% with completion scheduled for second quarter 2008.

Victor Hoog Antink, CEO of DB RREEF group said "this West Coast development complements our \$US48 million development on the East Coast at Atlantic Corporate Park, Sterling, Virginia and follows on from our successful development of the Turnpike Distribution Centre at Medley, Florida. These projects will further enhance the quality and the contribution the US portfolio will make to DRT."

For further information, please contact

Media Enquiries: Fund Manager - DB RREEF Trust: Investor Relations:

Victor Hoog Antink Ben Lehmann Karol O'Reilly

(02) 9017 1130 $(02)$ 9017 1266 (03) 8611 2930

DB RREEF Funds Management Limited is one of Australia's largest property fund managers, with total funds under management as at 30 June 2006 of \$11.8 billion. The listed property portfolio comprises approximately \$7.9 billion of direct property assets, in Australia, New Zealand, the United States and France and the unlisted property portfolio comprises approximately \$3.9 billion of domestic assets.

Managed in partnership with Deutsche Bank k.

Cotanes

• 1. German logistics portfolio
• 1. USA development

Liverpooler/Kopenhagener/Osloer Straße, Duisburg

Managed in partnership with Deutsche Bank [7]

German logistics portfolio - overview

• 14 properties geographically diversified Y.
• Acquisition price: €141.3m¹ (A\$237.5m²) z.
• Off market transaction Y.
• Initial yield 6.6%¹ ų,
• Acquisition effective: 1 January 2007 Y.
• Debt funded using existing facilities ų,
• Assets managed by RREEF Y.

|
|
|
|
|
|
|
|

|

UNGERINAL

German logistics portioning property overview

• 14 properties .
  Vite
• 22 tenants i.
• Total lettable area: 261,333m² .
  Vite
• Total land area: 87.61ha R
• Development land included above: 18.6ha .
  Za
• Occupancy: 92% 驣
• Weighted average lease term to expiry by income: 6.2 years
• Portfolio includes three pre-committed developments
• two are completing in December 2006 Berlin and Duisburg
• * one for completion circa June 2007 Düsseldorf

1000000000000000000000000000000000000

Page: 6

Massaged in partnership with Deutsche Bank [

1000000000000000000000000000000000000

Berlin		4.290	10.141	71.42	10.57
Duisburg		4.937	27.090	47.99	19.32
Düsseldorf		2.869	13.781	78.73	16.20
Ellhofen		12.390	67.393	43.10	35.25
Friedewald		22.006	15.539	25.17	5.02
Knetzgau		7.381	21.361	41.25	9.88
Langenfeld		6.469	36.574	41.02	16.36
Langenweddingen		9.804	21.294	27.32	7.17
Löbau		3.734	8.950	18.10	1.22
Unna		10.622	27.444	39.66	16.40
Worms		3.114	11.766	33.64	3.88
Total	$\tilde{\mathbf{A}}$	87.616*	261.333		141.27
'includes surplus land totalling 18.6 ha (Unna - 3.51 ha + Friedewald - 15.09 ha)

German logist portfolio - asset statistics

Page: 7

Managed in partnership with Deutsche Bank [7]

US development

Summit Oaks, Valencia, California USA

• Speculative suburban office development
• Class-A, 139, 392sft, 5 level office building
• 380 space, 3 level carpark 豓
• Site area: 4.9 acres .
  Vila
• Estimated cost: US\$48m 驣
• Forecast yield on cost: 8.3% 鹽
• Estimated completion: 2rd Qtr 2008 y.
  Da
• DRT ownership: 92%

Parker Properties (the developer): 8%

UNITED
00

Masnaged in partnership with Deutsche Bank [2]

MOTO NE MOTO
This presentation is issued by DB RREEF Funds Management Limited (DRFM) in its capacity as responsible entity of DRT. It is not an offer of securities for subscription or sale and is not financial product advice.
Information in this presentation including, without limitation, any forward looking statements or opinions (the Information) may be subject to change without notice. To the extent permitted by law, DRFM, DRT, the Deutsche parties.
The information contained in this presentation should not be considered to be comprehensive or to comprise all the information which a DRT security holder or potential investor may require in order to determine whether to particular needs of any particular person.
The repayment and performance of an investment in DRT is not guaranteed by DRFM or Deutsche Bank AG ABN 13 064 165 162, any of its related bodies corporate or any other person or organisation. An investment is not a deposi
This investment is subject to investment risk, including possible delays in repayment and loss of income and principal invested.

DB RREEF Trust property synopsis 2006

Managed in partnership with Courtsche Bank $\varnothing$

industrial

portfolio - germany

Bremer Ring, Hanestraße, Berlin Wustermark

A recently constructed state-of-the-art logistics building with cross-docking facilities and office space. The warehouse building is constructed of reinforced concrete elements with sandwich facade. Located within newly established cargo transport centre with excellent access to motorway and railway.

Liverpooler/ Kopenhagener/ Osloer Straße, Duisburg

Details

A recently completed state-of-the-art warehouse with office and workshop/paint shop facilities. The warehouse has a reinforced concrete frame and the façade consists of profiled metal cladding with thermal insulation. Internal clearance is 10 metres. The property is situated in a popular established logistics site with immediate access to the harbour of Duisburg (Germany's biggest inland harbour).

Theodorstraße, Düsseldorf

The warehouse complex consisting of a warehouse with ancillary office space, divisible into four units, is under construction, with practical completion expected in June 2007. Construction is reinforced concrete frame, partly with brick walls and profiled metal cladding facade. Warehouse clearance is 10 metres. Location offers good infrastructure with excellent access to A44 motorway and airport, within one of Germany's strongest economies.

Details

Details

Building Type	Distribution Centre
Owne rship (%)	100
Title .	Freehold
Zoning Industrial
Year Built	2006
Site Area (ha)	4.290 , , , , , , , , , , , , , , , , , , , ,
Lettable area ('000m 2 )	10.141
Site Coverage (%)	24
Number of Buildings	1 .
Number of Suites	1 .
Average Suite Size ('000m 2 )	10.141
Office Content (%)	19
Parking Space . 1995 - Johann Harry, Amerikaansk politikus († 1908)	100
Acquisition Date Effective 1 January 2007
Purchase Price (excl. acq. costs) (C'm) 10.57
Book Value (C'm)
Independent Valuation Date Man 2007
Independent Valuation (C'm) [10.57]
Exit Capitalisation Rate (%)	6.30
Average Passing Rent ( $\epsilon/m^2$ ).	71.40
Average Market Rent (€/m 2 ) 67.99
Discount Rate (%)	6.30
Major Tenant Deutsche Post Immobilien GmbH
Оссиралсу (%)	100
Weighted Lease Term by Income (years) 9.8
Available (%)	ο
Year 2007 (%)	0
Year 2008 (%)	0
Year 2009 (% ________	ο
Year 2010 $(\%)$	0
Year 2011 (%)	0
Year 2012 (%)	0
Year 2013 (%)	0
Year 2014 (%)	0
Year 2015 (%)	٥
Year 2016+ (%)	100

Building Type	Distribution Centre
Owne rship (%)	100
Title .	Freehold
Zoning Commercial
Year Built	2006 $\ddotsc$ . The contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the
Site Area (ha)	4.937
Lettable area ('000m²)	27.090
Site Coverage (%)	55
Number of Buildings	1 .
Number of Suites	1 .
Average Suite Size ('000m')	27.090
Office Content (%)	7
Parking Space .	80
Acquisition Date Effective 1 January 2007
Purchase Price (excl. acq. costs) (C'm)	19.32
Book Value (€'m)
Independent Valuation Date [18] Jan 2007
Independent Valuation (C'm) 19,32
Exit Capitalisation Rate (%)	6.20 . .
Average Passing Rent ( $\epsilon/m^2$ ) .	47.29 1.1.1.1.1
Average Market Rent (C/m 2 )	47.63
Discount Rate (%)	6.20
Major Tenant	Industriereifenkontor Lüdtke
Occupancy (%)	100
Weighted Lease Term by Income (vears)	5.0
Available (%) $\mathcal{L} = {1, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots$	0
Year 2007 (%)	0 0
Year 2008 (%) Year 2009 (%	0
. Year 2010 (%) _________	0
Year 2011 (%)	100
Year 2012 (%)	0
Year 2013 (%)	Û
Year 2014 (%)	0
Year 2015 (%)	0
Year 2016+ (%)	0

Building Type Example 18	Distribution Centre
Ownership (%)	100
Title ______	Freehold
Zoning Commercial
Year Built	2007
Site Area (ha) 2.869 Lettable area ('000m 2 ) 13.781
Site Coverage (%) التناسب	48
Number of Buildings	1
Number of Suites	4 .
Number of Suites Average Suite Size ('000m 2 )	3.445
Office Content (%)	17
Parking Space entry the Space of the Space of the Space of the Space of the Space of the Space of the Space of	52
Acquisition Date Purchase Price (excl., acq., costs) (€'m) 16,20
Book Value (C'm)
Independent Valuation Date Jan 2007
Independent Valuation (C'm) 16,20
Exit Capitalisation Rate (%) 6.20
Average Passing Rent ( $\epsilon/m^2$ ) Average Market Rent ( $\epsilon/m^2$ )	76.01
	74.01
Discount Rate (%) 6.20 Major Tenant Compass Security Logistik
Occupancy (%)	100
Weighted Lease Term by Income (years) 1 10.0
Available (%)	0
Year 2007 (%) _____	0
Year 2008 (%)	0
Year 2009 (%	0
Year 2010 (%)	0
Year 2011 (%)	0
Year 2012 (%) 2008 2012 12:00 12:00 12:00 12:00 12:00 12:00 12:00 12:00 12:00 12:00 12:00 12:00 12:00 12:00 12	Û
Year 2013 (%)	Ô
Year 2014 (%)	0
Year 2015 (%)	0
Year 2016+ (%)	100
1 Lease includes partial break clause after 5 years

Im Holderbusch 3, Industriestraße, Sulmastraße, Ellhofen-Weinsberg

The property consists of a warehouse complex, divided into several functional units, one single storey warehouse and an office floor. The warehouse construction is reinforced concrete framework, partly brick walls with thermal insulation and partly trapezoidal metal cladding. Warehouse clearance ranges from 9.6 to 15 meters. The property is well located with good access and visibility from busy intersection of motorways A81 and A6.

Details

Building Type	Distribution Centre
Ownership (%)	100
Title ________	Freehold
Zoning .	Commercial
Year Built 1977, 1980, 1991
Site Area (ha)	5.264 .
Lettable area ('000m 2 )	27.705
Site Coverage (%)	53
Number of Buildings	er
Number of Suites	.
Average Suite Size ('000m 2 ) 27.705
Office Content (%) Content (%)
Parking Spaces	95
Acquisition Date __ Effective 1 January 2007
Purchase Price (excl. acq. costs) (A\$m)	15.06
Book Value (ASm)
Independent Valuation Date Man 2007
Independent Valuation (ASm) [15,06]
Exit Capitalisation Rate (%)	6.60
Average Passing Rent (€/m 2 )	41.84
Average Market Rent (C/m 2 )	42.40
Discount Rate (%) Major Tenant Major Tenant
Occupancy (%)	100
Weighted Lease Term by Income (vears)	6.5
Available (%) and the control of the control of the control of the control of the control of the control of th	0
Year 2007 (%)	0
Year 2008 (%)	0
Year 2009 (%)	0
Year 2010 $(\%)$	Û
Year 2011 (%)	0
Year 2012 (%) [19]	Û
Year 2013 (%)	100
Year 2014 (%)	0
Year 2015 (%)	Û
Year 2016÷ (%)	Û

Schillerstraße 51, Ellhofen

The property consists of a distribution complex, divided into several functional units, one single storey refrigerated warehouse with an office/canteen located on the upper floor. The warehouse construction is reinforced concrete elements, partly with brick walls. The facade consists of profiled metal covering in aluminium sandwich construction containing thermal insulation. Warehouse clearance is seven meters. The property is well located with good access and visibility from busy intersection of motorways A81 and A6.

Details

Building Type _____Distribution Centre
0wnership (%)	100
Title .	Freehold
Zoning 7000000000000000000000000000000000000	Commercial
Year Built	1992
Site Area (ha) ______	3.543
Lettable area ('000m 2 )______
Site Coverage (%) .
Number of Buildings 11 11 11 11 12 13 14 15 16 17 18 18 19 19 19 19 19 19 19 19 19 19 19 19 19
Number of Suites	$\mathbf{1}$ .
Average Suite Size (000m 2 )	18.869
Office Content (%)	16
Parking Space . במחום, מתחיים, כך בקרב קיקוק קין, מתחיים, קיקוקים, הקיקוק (מקורי), מתחיים מתחיים במחום במחור	n/a
Acquisition Date Effective 1 January 2007
Purchase Price (excl. acq. costs) (E'm) ______	12.39
Book Value (€'m), $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ Independent Valuation Date ____Jan 2007
Independent Valuation (C'm) 12.39
Exit Capitalisation Rate (%)	7.00
Average Passing Rent (€/m²).	45.36 .
Average Market Rent (C/m 2 )	57.48
Discount Rate (%)	7.00
Maior Tenant	Edeka Südwest eG
Occupancy (%) CCCUPANCY (%)	100
Weighted Lease Term by Income (years) 6.5
Available (%)
Year 2007 (%)
Year 2008 (%)
Year 2009 (%)
Year 2010 (%)	_0
Year 2011 (%) Year 2012 (%)	0
. Year 2013 (%)	100
Year 2014 (%)	0
Year 2015 (%)	0
Year 2016+ (%)	0

Schillerstraße 42, 42a, Bahnhofstraße 44, 50, Ellhofen

The complex consists of a warehouse/office building, and three office/storage buildings, as well as a petrol station and car wash. The main three-storey warehouse has a supermarket on the ground floor, with storage and office facilities in the remainder. Construction is reinforced washed concrete elements, partly with limestone walls. The site is located in an industrial area adjacent to residential areas, with good access to the A81 motorway.

Details

Building Type Distribution Centre
Ownership (%)	100
Title Title	Freehold
Various 1954, 1966, 1970, 1988 1954, 1966, 1970, 1988
Site Area (ha)	3.584
Lettable area ('000m 2 ) 20.819
Site Coverage (%)	58 .
Number of Buildings	4
Number of Suites	4 . Alan kalendari ya kuma ya kama kama kana ya ya ya ya ya ya ya ya ya ya ya ya ya
Average Suite Size ('000m')	5.205
Office Content (%) 25
Parking Space Parking Space Acquisition Date ___Effective 1 January 2007	n/a
Purchase Price (excl. acq. costs) (€'m)	7.80
Book Value (C'm) .
Independent Valuation Date Jan 2007
Independent Valuation (C'm) 7.80
Exit Capitalisation Rate (%) 6.30
Average Passing Rent (C/m 2 )	42,60 $\cdots$
Average Market Rent (C/m 2 )	44.34
Discount Rate (%)	8.30
Major Tenant Edeka Südwest eG
Occupancy (%)	-92
Weighted Lease Term by Income (years) 6.4
Available (%) 3
Year 2007 (%)
Year 2008 (%) 3
Year 2009 (%) 0
Year 2010 (%)
Year 2011 (%) 0
Year 2012 (%) _____	3
Year 2013 (%)	84
Year 2014 (%) .	2
Year 2015 (%)	O
Year 2016+ (%)	0

Im Gewerbegebiet 18, Friedewald

The property consists of three separate lots, consisting of a warehouse, an outdoor parking area and a vacant development lot. The warehouse consists of a logistics building with integrated office facilities. Construction is reinforced concrete elements, with partly bricked walls and steel sandwich facade. The property is well located within 800m of highway $\overline{A}$

Im Steinbruch 4, 6, Knetzgau

The property consists of two state-of-the-art interconnected warehouse/logistics buildings. Both buildings are built using reinforced concrete framework, partly with brick walls and metal panel façades. Warehouse clearance ranges from 5.5 to 12 metres. The property is located in a modern industrial area within 200m of motorway A70.

Carl-Leverkus-Straße 3-5, Winkelsweg 182-184, Langenfeld

The complex consists of three buildings, a threestorey office building, a warehouse and an additional warehouse with office/administration use. Construction is reinforced concrete frame, partly with brick walls, and a rendered/washed concrete facade. The site is located in the commercial area of Langenfeld with good access from motorway via B229 and excellent visibility from main road

Details

Building Type ______	Distribution Centre
Ownership (%)	100
Title Freehold
Zoning Commercial
Year Built 1991 - The Manus 1991 - The Built 1991 - The Built I
Site Area (ha) Lettable area ('000m 2 ) 15.539
Site Coverage (%) 22
Number of Buildings 1999 Manuscript 1
	6
Average Suites Average Suite Size ('000m 2 ) Office Casses ('000m 2 )	2.590
Office Content (%) 8
Parking Spaces Acquisition Date Effective 1 January 2007
Purchase Price (excl. acq. costs) (C'm) 5,02
Book Value (C'm)
Independent Valuation Date ____Jan 2007
Independent Valuation (C'm)	5.02
Exit Capitalisation Rate (%)	7.50
Average Passing Rent ( $\epsilon/m^2$ ) $\qquad \qquad 24.72$
Average Market Rent (C/m 2 ) 28.62
Discount Rate (%)	7.50
Major Tenant
Occupancy (%)	100
Weighted Lease Term by Income (years)	0.7
Available (%)	٥
Year 2007 (%) 100
Year 2008 (%)
Year 2009 (% _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
Year 2010 (%)
Year 2011 (%)
Year 2012 (%)	-0
Year 2013 (%)	0
Year 2014 (%) _________	0
Year 2015 (%)	0
Year 2016+ (%)	Û

Details

Building Type Distribution Centre
Ownership (%)	100
Title______
Zoning Industrial
Year Built 1991, 2004
Site Area (ha) [1381 1381 1382 1383 1384 1385 1386 1386 1386 1386 1386 1386 1386 13
Site Coverage (%) 29
Number of Buildings 22
2 Average Suite Size ('000m 2 ) ______
Office Content (%) 10
n/a Parking Space 11 Acquisition Date 1 January 2007
Purchase Price (excl. acq. costs) (C'm) 9.88
Book Value (C'm)
Independent Valuation Date Jan 2007
Independent Valuation (C'm) 9.88
Exit Capitalisation Rate (%) 7.00
Average Passing Rent (£/m 2 ) 28.09
Average Market Rent (C/m 2 ) 42.60
Discount Rate (%) 7.00
Major Tenant Schober Grundstucksverwaltungs GmbH
Dccupancy (%)
Available (%) 0
Year 2007 (%) 0
Year 2008 (%) 0
Year 2009 (% 300 million) 100
Year 2010 (%)
Year 2011 (%) 0
Year 2012 (%)
Year 2013 (%)	0
Year 2014 (%)	0
Year 2015 (%) _____	0
Year 2016+ (%)	0

Details Building Type Distribution Centre Ownership (%) 100 Freehold Title Zoning Industrial 1967, 1988 Year Built 3.648 Site Area (ha) Lettable area (000m²) 25.435 Site Coverage (%) 70 Number of Buildings 3 Number of Suites Δ Average Suite Size ('000m²) 6.359 Office Content (%) $25 -$ Parking Space $n/a$ Acquisition Date Effective 1 January 2007 Purchase Price (excl. acq. costs) (€'m) $10,71$ Book Value (C'm) Jan 2007 Independent Valuation Date Independent Valuation (C'm) 10.71 Exit Capitalisation Rate (%) $8.10$ Average Passing Rent (C/m²) 40.80 Average Market Rent (£/m²) 47.28 Discount Rate (%) 8.10 Major Tenant Enthone GmbH $54$ Occupancy (%) Weighted Lease Term by Income (years) $9.8$ Available (%) 46 Year 2007 (%) ö Year 2008 (%) $\overline{0}$ Year 2009 (% f. Year 2010 (% Ō Year 2011 (%) Ō. Year 2012 (%) ö Year 2013 (%) ö Year 2014 (%) Q Year 2015 (%) 0 Year 2016+ (%)

Schneiderstraße 82, Langenfeld

The complex consists of a warehouse/office complex erected in three phases. The main four-storey warehouse is constructed of reinforced concrete frame, partly with brick walls with washed concrete façade. The site is located with immediate access to the A3 motorway (Netherlands to Austria) within 3km.

Über der Dingelstelle, Langenweddingen

Datalle

The property consists of a warehouse complex of five The complex consists of single storey warehouse interconnected storage halls and two main office areas, and is configured as a grocery distribution centre. Construction is reinforced concrete elements, with partly bricked walls and steel sandwich façade. Located in a strategic logistics area directly between Berlin and Hanover, and within 90km of Leipzig Airport freight hub.

Nordstraße 1, Löbau

nataite

facilities with integrated double storey office area. It is constructed of prefabricated concrete walls with sandwich panelling. Internal clearance ranges from 6.5m to 8m in the newer part. The property is strategically located to serve Poland or Czech Republic from Germany.

Details

Building Type Summary Structure	Distribution Centre
Ownership (%)	100
Title Freehold
Zoning	Industrial
Year Built	1983, 1990
Site Area (ha)	2,822
Lettable area ('000m 2 )	11.139
Site Coverage (%)	39
Number of Buildings	1 .
Number of Suites	3 .
Average Suite Size ('000m 2 )	3.173
Office Content (%)	14
Parking Space na aastaa aanninga kaasiminingaan amaanna aanni	n/a
Acquisition Date Effective 1 January 2007
Purchase Price (excl. acq. costs) (C'm)	5.65
Book Value (€'m)
Independent Valuation Date [19] Jan 2007
Independent Valuation $(\mathcal{C}'(n))$ [10] $\ldots$ [5.65]
Exit Capitalisation Rate (%)	7.80
Average Passing Rent (€/m²) -	41.84
Average Market Rent (C/m 2 )	48.90
Discount Rate (%)	7.80
Major Tenant Thiel Fashion Lifestyle GmbH
Occupancy (%)	100
Weighted Lease Term by Income (years)	5.0
Available (%)	0
Year 2007 (%) and the control of the control of the control of the control of the control of the control of the	0
Year 2008 (%)	0
Year 2009 (% 000 million)	0
Year 2010 (%)	٥
Year 2011 (%)	100
Year 2012 (%)	0
Year 2013 (%)	0
Year 2014 (%)	٥
Year 2015 (%)	0
Year 2016+ (%)	0

vetans
Building Type ____Distribution Centre
Ownershio (%)	100
Co-Owner
Industrial
1993, 1995 - Year Built
site Area (ha) - 2,804
Lettable area ('000m 2 ) 21.294
Site Coverage (%)	22
Vumber of Buildings 1000000000000000000000000000000000000
Number of Suites	5
Number of Suites 5 Average Suite Size ("000m 2 ) 4.259
Office Content (%) 3
Parking Space	100
Acquisition Date Effective 1 January 2007
Purchase Price (exct. acq. costs) (C'm) 7.17
Book Value (€'m)
Independent Valuation Date Jan 2007
ndependent Valuation (C'm) [1,17]
Exit Capitalisation Rate (%) 7.40
Average Passing Rent (€/m²) -	25.34
$\Delta$ verage Market Rent ( $\epsilon/m^2$ ) ___	28.44
Discount Rate (%)	7.40
Major Tenant PCG GmbH
Occupancy (%) 100
Weighted Lease Term by Income (years) 3.2
Available 1%)
Year 2007 (%)
Year 2008 (%) 17
Year 2009 (% 35)
Year 2010 (%) _____
10 / 40 / 40 / 40 / 40 / 40 / 40 / 40 /
Year 2012 (%) $\ddotsc$	0
Year 2013 (%)	0
Year 2014 (%) _________	0
Year 2015 (%) ________	٥
Year 2016+ (%)	0

ມຕແນ
Building Type Committee Control Distribution Centre
Ownership (%)	100
Co-Owner
Zoning Commercial
Year Built 1967, 1991
Site Area (ha)
Lettable area ('000m 2 ) 8.950
Site Coverage (%)	24 $\sim$
مد سبب عبد المستخدم المستخدم المستخدم المستخدم المستخدم المستخدم المستخدم المستخدم المستخدم المستخدم المستخدم 11 - 11 - 12 - 13 - 14 - 15 - 16 - 17 - 18 - 19 - 19 - 19 - 19 - 19 - 19 - 19
6 Average Suite Size ('000m 2 )
Office Content (%) 5
n/a Parking Soace Acquisition Date Ffective 1 January 2007
Purchase Price (excl. acq. costs) (C'm) 1.22
Book Value (C'm) .
Independent Valuation Date ______
Independent Valuation (C'm) [1.22]
Exit Capitalisation Rate (%)	9.20
Average Passing Rent (C/m 2 ) 18.12
Average Market Rent $(f/m^2)$ 18.91
Discount Rate (%) Major Tenant Major Tenant Jelenia Piast GmbH
Occupancy (%) Occupancy (%) Weighted Lease Term by Income (years) 100
Available (%) 000 000 000 000 000 000 000 000 000 0
Year 2007 (%)
Year 2008 (%)
Year 2009 (% 100 Year 2010 (%)
Year 2011 (%) _____ Year 2012 (%) _____
Year 2013 (%)
Year 2014 (%) ______
Year 2015 (%) ______
Year 2016+(%)

Former Straße 6, Unna

The property is a modern office/warehouse facility with expansion potential. It has a reinforced concrete frame partly with brick wall sand the facade consists of profiled metal cladding with thermal insulation. Internal clearance is between 6.7m and 10m. Excellent logistics infrastructure due to location at the junction of the A1 and A2 motorways.

Niedesheimer Straße 24, Worms

The property consists of a warehouse building with office units in two upper floors. The building construction is reinforced concrete framework with a flat roof, partly with brick walls. The facade is predominantly rendered. Warehouse clearance ranges from 9 to 10 metres.

Details

Details

Building Type Example 1999	Distribution Centre
Ownership (%)	100
Title	Freehold
Commercial Zoning
Year Built	1990
Site Area (ha)	7.112 $\ldots$
Lettable area ('000m')	27.444
Site Coverage (%)	39
Number of Buildings	1 .
Number of Suites	1 .
Average Suite Size ('000m 2 ) 27.444
Office Content (%)	6
Parking Space	n/a
Acquisition Date Effective 1 January 2007
Purchase Price (excl. acq. costs) (C'm) 16.40
Book Value (C'm) . .
Independent Valuation Date ______
Independent Valuation $(Cm)$ (16.40)
Exit Capitalisation Rate (%)	6.80 .
Average Passing Rent (C/m 2 )	39.72
Average Market Rent $(C/m^2)$ 45.01
Discount Rate (%) Discount Kate (%) Major Tenant Karstadt Vermietungsgesellschaft Gmb l	6.80
Occupancy (%)	$\frac{100}{2}$
Weighted Lease Term by Income (years) 7.0
Available (%)
Year 2007 (%) 0
Year 2008 (%) 0
Year 2009 (% 0) and 0 and 0 and 0 and 0 and 0 and 0 and 0 and 0 and 0 and 0 and 0 and 0 and 0 and 0
Year 2010 (%)	$\sim$ 000 $\sim$ 000 $\sim$
Year 2011 (%)	0
Year 2012 (%) Year 2013 (%)	100
Year 2014 (%)	٥
Year 2015 (%)	0
Year 2016+ (%)	0

Building Type Distribution Centre Ownership (%) $100$ Freehold Title. Zoning Commercial Year Built 1984 Site Area (ha) $3.114$ Lettable area ('000m²) 11.766 Site Coverage (%) 38 Number of Buildings $\overline{1}$ Number of Suites Average Suite Size ('000m²) 11.766 Office Content (%) $18$ Parking Space $n/a$ Acquisition Date Effective 1 January 2007 Purchase Price (excl. acq. costs) (C'm) 3.88 Book Value (€'m) Independent Valuation Date Jan 2007 Independent Valuation (C'm) 3.88 Exit Capitalisation Rate (%) 7,80 Average Passing Rent (€/m²) 33.60 Average Market Rent (C/m²) 31.26 Discount Rate (%) 7.80 Netto Schels & Sohn Major Tenant Occupancy (%) 100 Weighted Lease Term¹ by Income (years) $3.0$ Available (%) ö Year 2007 (%) ö Year 2008 (%) ő Year 2009 (%) 100 Year 2010 (%) $\theta$ Year 2011 (%) $\theta$ Year 2012 (%) $\ddot{\mathbf{0}}$ Year 2013 (%) ö Year 2014 (%) $\theta$ Year 2015 (%) 0 ö Year 2016+ (%) ¹ Including rental guarantee