Proposed conclusion of a profit/loss transfer agreement between the VIB Vermögen AG and the BBI Bürgerliches Brauhaus Immobilien AG

BBI Bürgerliches Brauhaus Immobilien AG

The BBI Bürgerliches Brauhaus Immobilien AG (BBI AG) emerged in the year 2006 from the Bürgerliches Brauhaus Ingolstadt AG and its long-established subsidiary Herrnbräu.Following the takeover of the property inventory of the brewery real estate, the BBI AG positioned itself as a company focusing on the asset management of commercial real estate in the segment close to the consumer. In this respect, specialist retailers, retail centres and supermarkets rank in particular among the holdings. A total of 14 properties from the previous stock balance and 16 newly acquired properties belong to the real estate portfolio.As of 31st December 2007, these properties have provided a total of around 102,000 square metres of lettable area to third parties and they generate an average rental yield of 6.5% p.a.with reference to the book value of EUR 118m. All of the properties are fully let, most of them on a long-term lease.

In order to drive growth, the BBI AG has secured, either contractually or through letters of intent, a further 17 properties that are currently at the development stage for capital expenditure amounting to approximately EUR 153m. These new properties, which have for the most part already been taken by reputable anchor tenants, are to be delivered to the BBI AG between 2008 and 2010 and will thus contribute to the further increase in turnover and yield.