MEAG sells real estate holding in Singapore

MEAG has sold a 50 percent share of EUREKA Office Fund Pte Ltd (EUREKA Office Fund), Singapore to its partner CapitaLand (Office) Investments Pte Ltd (COI), an indirect wholly-owned subsidiary of CapitaLand and one of the largest real estate companies in Asia. The sale price was 284 million euros (590 million Singapore dollars). The joint venture partner MEAG Pacific Star Asset Management, Singapore was involved in the sale as a consultant.

Founded in 2001, the EUREKA Office Fund was invested in two top-tier properties in the Singapore CBD: One George Street and partial ownership of The Adelphi. The EUREKA Office Fund was the first real estate fund that both European and Asian institutions invested in. MEAG’s Global Head of Real Estate Dr. Knut Riesmeier: "By selling our holding in this real estate fund, MEAG has used the market situation in Singapore to realise profits, but this does not alter our strategy of continuing to invest in the growth market Asia."

Before the sale, EUREKA GmbH, a subsidiary of the ERGO insurance companies VICTORIA Lebensversicherung AG, DKV Deutsche Krankenversicherung AG and Hamburg-Mannheimer Versicherungs-AG, and COI each held 50 percent of the EUREKA Office fund. COI now owns all the shares.

MEAG MUNICH ERGO AssetManagement GmbH in Munich is the asset manager for Munich Re and ERGO Insurance Group. With offices in New York and Hong Kong, MEAG has an international orientation and also manages the assets of clients outside the Munich Re Group. MEAG currently manages assets to the value of around € 182 billion, of which around € 13 billion are held in real estate.

Munich, 18 October 2007

Contact:
Dr. Josef Wild
Telephone: +49 89 | 2489 - 2072
Fax: +49 89 | 2489 - 2075
E-mail: JWild@meag.com