Ground breaking ceremony launched for Upper Eastside Berlin

The construction of the site located at Ecke Friedrichstraße / Unter den Linden, was launched today by Klaus Wowereit, Berlin's mayor. The property will be marketed under the name of Upper Eastside Berlin.
Berlin’s mayor, Klaus Wowereit together with Dr. Heiner Hasford, member of the board of directors at Münchner Rück, as well as Dr. Thomas Kabisch, CEO of MEAG and Dr. Knut Riesmeier, Managing Director of MEAG, initiated the ceremony.

Klaus Wowereit emphasised: “An investment decision in Berlin is always worth it, for Berlin is one-of-a-kind and always in movement. This applies especially here, at one of the most prominent corners of Berlin. We are happy that the investors and architects together with the city, will be constructing a site of international standard.”

“Berlin is capable, modern and possesses an immense economic vitality. This is the reason why we are here,” Dr. Heiner Hasford explained. “The Upper Eastside Berlin will be a pearl in our international real estate portfolio.”

Dr. Thomas Kabisch also stated: “Berlin possesses an excellent infrastructure and in the future, will attain an above-average growth potential. Upper Eastside Berlin will lay the foundation for a world-metropolis.” Dr. Knut Riesmeier added: “ The name emphasises the prominent location of this site in the heart of Berlin. We borrowed Upper Eastside from the New Yorkers. The name stands for Berlin’s internationality and will be understood across the globe.”

MEAG acquired the property for the Münchener Rück in 2002. In 2003, architects from Gerkan Marg und Partner (gmp), won the architect-competition. Gmp (Berlin) is responsible for developing the entire concept. Augusto Romano Burelli (Venice), Prof. Petra and Paul Kahfeldt (Berlin) were additionally commissioned to design two facades.

About MEAG:
MEAG MUNICH ERGO AssetManagenent GmbH of Munich, Germany, manages the assets of Munich Re and ERGO Insurance Group. With offices located in New York and Hong Kong, MEAG is a global player. In addition to handling equities, MEAG collaborates with partners outside the Munich Re Group. Currently, MEAG manages assets valued at approximately €180 billion.

Munich, 07/20/2006

Contact:
Dr. Josef Wild
Telephone: 089 | 2489 – 2072
Fax: 089 | 2489 – 2075
Email: JWild@meag.com