PATRIZIA AG

Earnings Release • Jan 27, 2009

News Details

Corporate | 27 January 2009 12:01

PATRIZIA concludes the fourth quarter of 2008 with satisfying resale figures

PATRIZIA Immobilien AG / Miscellaneous

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PATRIZIA concludes the fourth quarter of 2008 with satisfying resale
figures

Augsburg (Germany) – January 27, 2009. Despite the difficult market
environment, PATRIZIA Immobilien AG (ISIN DE000PAT1AG3) posted satisfactory
figures in the fourth quarter of 2008: In the months of October through
December, it sold a total of 374 apartments to private and institutional
investors. In the area of resale to tenants, owner-occupiers and private
investors, 146 apartments were sold individually, corresponding to an
increase of round about 75% compared with the previous quarter. Despite the
difficult market environment the full year figures for residential property
resale of 476 units only decreased round about 2% on the previous year
(2007: 487 units). In the area of block sales, several properties located
in Munich were sold to the PATRIZIA German Residential Fund 1 in December
2008. A total of 199 residential and five commercial units were bundled and
combined into a portfolio for the transaction. Transfer of rights and
obligations for the portfolio took place during the 2008 fiscal year.

Parallel to this transaction, the German Residential Fund 1 acquired a
further 94 residential units in Hamburg with total floor space of 5,788
sqm. The seller is Pirelli & C. Real Estate Deutschland GmbH.

The PATRIZIA Euro City Residential Fund 1 also concluded a successful
purchase in the fourth quarter: A total of 1,018 residential units with
total floor space of around 94,000 sqm were acquired in the conurbation of
Greater Stockholm. The purchase price of each transaction has been kept
confidential. The main focus of both fund vehicles is the purchase and
maintenance of high-return residential real estate portfolios in specially
selected locations in Germany and Europe. PATRIZIA acts as a service
provider for the investment company’s special funds.

Looking back on the 2008 fiscal year, the PATRIZIA Group has shown positive
development despite the changing market. We sold a total of 1,198
residential units at attractive prices. Compared to the previous year we
more than doubled our number of unit sold (+145%). Further we developed and
strengthened our second foothold, the Services segment.

In view of the resale figures generated, we are expecting positive liquid
returns from operations for 2008 as a whole. However, due to what has up to
now been a unprecedented change in the European base rate in the fourth
quarter of 2008, the IFRS result 2008 will be significantly impacted by the
revaluation of interest rate hedges prescribed in accordance with IFRSs.

The 2009 fiscal year will be a difficult one for the entire German economy.
The PATRIZIA Group has focused on the purchase, value optimization and sale
of high-quality residential real estate in attractive locations in German
cities. In our view, this asset class will gain further significance in
light of the uncertain capital market environment. We therefore consider
that we are well-positioned to overcome the challenges of the 2009 fiscal
year.

Management Board

Augsburg (Germany) – January 27, 2008
PATRIZIA Immobilien AG
PATRIZIA Bürohaus
Fuggerstrasse 26
D – 86150 Augsburg

Listing: Frankfurt Official Market (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
Andreas Menke
Tel.: +49 (0)821 5 09 10-655
Fax: +49 (0) 821 5 09 10-695
presse@patrizia.ag
27.01.2009 Financial News transmitted by DGAP

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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
Internet: www.patrizia.ag
ISIN: DE000PAT1AG3
WKN: PAT1AG
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Hannover, Stuttgart, München, Hamburg, Düsseldorf

End of News DGAP News-Service

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