MEAG acquires project in Milan

MEAG has attained the office-project Edificio 143 from a joint venture between Pirelli Real Estate and Morgan Stanley. Its completion is projected for April 2007.

The office site is located in the north of Milan, in the Bicocca district, and consists of 13,500 m² useable space and 282 parking spaces. Edificio 143 is part of an office complex belonging to the Pirelli group, who have leased it for nine years. "Since Milan is one of the most significant growth regions in Europe, the project presents good diversification for our European real estate portfolio," Dr. Knut Riesmeier, Managing Director of MEAG, states.

Pirelli Real Estate has been remodelling former group locations in Bicocca over the last fifteen years. Today, industrial, living and office spaces occupy the area. A number of large international firms have also established themselves within the district. Bicocca is considered an independent sub-segment in the Milan region with 120,000 m² of office space and an additional 75,000 m² being planned. Due to the shortage of modern office spaces in Milan, an above-average lease and value progression can be anticipated.

About MEAG:
MEAG MUNICH ERGO Assetmanagement GmbH of Munich, Germany, manages the assets of the 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, 10/18/2006

Contact:
Dr. Josef Wild
Telephone: +49 (0) 89 2489 2072
Fax: +49 (0) 89 2489 2075
Email: JWild@meag.com