Foundation stone of the Cologne Oval Offices laid

"The Cologne Oval Offices: Room for great plans and ideas" reads the legend on the document that was today laid in the foundation stone of the Cologne Oval Offices on Cologne's Gustav Heinemann waterfront. 100 guests – political and administrative representatives from the Cologne municipal authority, architects, planners, investors and companies responsible for the construction, neighbours and potential tenants – looked on as city councillor Bernd Streitberger, CEO of DKV Deutsche Krankenversicherung AG, Günter Dibbern, MEAG's Global Head of Real Estate, Dr. Knut Riesmeier and the architect Professor Matthias Sauerbruch rolled up their sleeves to lay the foundation stone for these new buildings.

An outstanding property on Cologne's office space market
The Cologne Oval Offices are situated on one of the few truly exceptional sites still available on Cologne's booming office space market: directly adjacent to the Rhine, yet safe from flooding, and with an excellent infrastructure in terms of both transport connections and such soft factors as customer proximity, shops and recreational facilities. The office space will be marketed parallel to the end of the construction phase, which is pegged for mid-2009. The project has an investment volume of €80 million and is being developed by MEAG, the asset manager of Munich Re and the ERGO Insurance Group for DKV Deutsche Krankenversicherung AG, which has its head office in Cologne.

Quality location with feel-good value
Cologne's Senior Urban Development Officer Bernd Streitberger sees the Cologne Oval Offices as a sign that Cologne is a highly attractive location and will continue to grow as such. "Cologne brings together professional location qualities and a very special joie de vivre. In my opinion this combination is unmatched anywhere else in Germany, and the rising number of companies choosing to settle in Cologne confirm the impression," says Streitberger. "The Cologne Oval Offices will be a focal point of Cologne's urban profile. These are buildings that Cologne is looking forward to."

International, modern and with an eye for tradition
DKV CEO Günter Dibbern also believes that these buildings will grow to become a prominent address. When DKV bought this property on the banks of the Rhine ten years ago, the G8 summit was just being held in Cologne, says Dibbern, and it brought a hint of the big wide world with it into the city. "This breath of fresh air has developed into a veritable storm wind in Cologne," he says, pointing to the new arrivals of international companies and the general feeling in the metropolis that things are on the way up. "The Cologne Oval Offices fit perfectly into this mood with their mix of internationalism, modernity and tradition." As a medical insurance company, it is especially important to DKV that the working environment created here is healthy and performance-enhancing. Each individual workplace will be made as comfortable and user-friendly as possible.

Rhine filtrate as regenerative energy source
"I want people to feel well cared for in this building," says Professor Matthias Sauerbruch of his goal for the Cologne Oval Offices. The internationally renowned architect and his partner Louisa Hutton are well known for the fact that their designs combine aesthetic, function and ecology. Bank filtrate taken from the Rhine is harnessed as a natural, regenerative cooling source for temperature regulation in the buildings. Just as functional and efficient is the space utilisation: 90 percent of the floor space above ground will be rental space. The areas can be divided up with enormous flexibility into customised units. Alongside the functionality, Sauerbruch also sees aesthetics and sensuality as key demands on modern buildings. And in keeping with this attitude, these buildings capture the onlooker's eye and imagination with their oval courtyards, ever changing shapes and glass façades in reds and greens.

With a touch of optimism and passion
Dr. Knut Riesmeier, Managing Director of MEAG, points out that a project like the Cologne Oval Offices cannot be realised, despite all the sober analysis and calculation that stand behind it, without a good deal of optimism and passion. Riesmeier also stresses the resource-saving energy concept of the Cologne Oval Offices: "We have no moral conflict whatsoever when it comes to the principle of sustainability. A high degree of energy efficiency is consistent with both our social responsibility and our financial dictates." Riesmeier also mentioned his satisfaction at the status of negotiations with the future tenants: "A property of this quality in a location that generates added value in itself will find its tenants. With all their special features, the Cologne Oval Offices are a perfect match for the city of Cologne, and at the same time they are so international that they certainly have a great future here."

Rounding off the proceedings, Urban Development Officer Streitberger, DKV CEO Dibbern, MEAG MD Riesmeier and architect Sauerbruch put newspapers coins and a written document into a stainless steel capsule, which will be encased in the foundation stone and inserted into the building front in a prominent place.

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MEAG MUNICH ERGO AssetManagement GmbH in Munich is the asset manager for Munich Re and the ERGO Insurance Group. With units in New York and Hong Kong, MEAG is internationally geared and, alongside the management of Group funds, it also focuses on business with partners outside the Munich Re Group. MEAG's assets under management currently total some €181 billion, around €12 billion of which are invested in real estate.


Munich, 28 April 2008


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