DGAP-News

SEE Real Estate AG developing an industrial and office park in western Romania

SEE Real Estate AG / Miscellaneous

08.03.2007

Release of a Corporate-announcement, transmitted by DGAP - a company of
EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Munich/Timisoara (Romania), March 8th 2007 - SEE Real Estate AG, a company
involved in the purchase and development of commercial properties in
Eastern Europe, has signed and sealed its first large-scale project: a
26-hectare site has been purchased in Timisoara, Romania´s third largest
city, at a cost of EUR5.4 million. The property company, which focuses on
Southeastern Europe, will develop the ´Timisoara Airport Park for
Logistics, Light Industries and Offices´ on this site.

The projected complex has an excellent traffic infrastructure: traffic
links to all major cities in Eastern Europe and the second largest airport
in Romania, Timisoara Traian Vuia, are located in the immediate vicinity.
The site is located in pan-European traffic corridor IV
(Vienna-Budapest-Timisoara-Bucharest-Sofia-Istanbul section). The Timisoara
motorway section (Hungary-Timisoara-central Romania-Bucharest) is scheduled
for completion in 2013. With effect from 2008, the project will also be
connected to the national road network via the Timisoara bypass ringroad.

With a population of around 550,000, Timisoara is the economic and cultural
centre of western Romania. The last few years have seen the settlement of a
large number of foreign companies, primarily from the automotive component
supply and electrical industries, in Timisoara, which was the centre of the
revolution in Romania in 1989.These companies include Continental, Siemens,
Alcatel, Linde, Procter & Gamble and Nestlé. The unemployment rate in the
Timisoara region is very low and currently stands at 2.2%.

The company is planning to develop the site with at least 3 logistics halls
each with an area of 30,000 m². If there is corresponding demand among
customers, it will also be possible to offer tenants other areas as an
alternative.

´The project in this location is unrivalled in terms of traffic links,
construction standards and the planned outfitting´, said Oliver Schenk, CEO
of SEE Real Estate AG. ´Due to the market situation, we are expecting a
high level of demand similar to that for comparable successful projects in
the capital Bucharest.´

The logistics park has a planned investment volume of EUR47 million - the
expected rent yield is 17%. In view of its excellent location near the
airport, 2 three-storey Class A office buildings were planned each with a
rented area of around 13,000 m².If these office buildings are constructed,
the investment volume will rise to EUR67 million. The rent yield would
therefore increase to 19%.

More than EUR3 million are being invested in the infrastructure of the
overall complex. The first building will be completed at the start of 2008
and the entire park at the end of 2009.



About SEE Real Estate

SEE Real Estate AG purchases, develops and builds commercial properties in
Southeastern Europe, for the time being primarily in Romania but also in
other countries in Eastern Europe in the medium term. The objective is
long-term rental. In order to be in close proximity to both local markets
and investors, the company is managed from Stuttgart and Timisoara in
Romania.


Contact

SEE Real Estate AG
Roman Simschek
Chief Financial Officer
Stuttgart Office:
Friedrichstrasse 15
D-70174 Stuttgart

Tel.: [phone]
Fax: [phone]
e-mail: [e-mail]



Press Contact

Beckenbauer&Gaiser Kommunikation
Birgit Haisch
Montsalvatstrasse 3
D-80804 Munich

Tel. [phone]
Fax: [phone]
e-mail: [e-mail]


Contact in Romania

SEE Real Estate AG
c/o Invest4SEE s.r.l.
Nicoleta Rotaru
Office Manager
Str. Zugrav Nedelcu No. 8
RO-300174 Timisoara

Tel.: [phone]
Fax: [phone]
e-mail: [e-mail]







DGAP 08.03.2007
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(END) Dow Jones Newswires

March 08, 2007 08:21 ET (13:21 GMT)