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Divestment of LEG through a bidding process starts on November 20, 2007

Potential purchasers were informed of the start of the process to sell Landesentwicklungsgesellschaft NRW mbH (LEG) through an advertisement which appeared on November 20, 2007. “The information memorandum should be distributed this year and the transaction is expected to be closed in spring 2008," according to Dr. Ralf Pampel, Project Manager at Metzler Corporate Finance, Frankfurt am Main, Germany, who is handling the structured bidding process.

LEG is one of Germany’s leading housing companies. Headquartered in Düsseldorf, its portfolio comprises around 93 housing units totalling nearly 6 million square metres and more than 900 commercial premises. LEG is one of the last opportunities for investors to acquire significant property holdings on this scale from the public sector in a single transaction.The investor will be required to observe an extensive social charter aimed principally at protecting staff and tenants.Considerable interest has been shown by German and foreign investors and by banks that could provide financing. According to Pampel all key market participants have already signalled their interest in taking part in the process.

Since its reorganisation in 2004 LEG has repositioned itself as a modern, market-oriented real estate company, principally through extensive investment in its property portfolio and technical systems. The contract to sell LEG was awarded by BVG NRW, the property management corporation of the federal state of North Rhine-Westphalia, in consultation with NRW Bank and DRV Westfalen, which hold shares in the LEG Group. A consortium comprising Metzler Corporate Finance, Willkie Farr & Gallagher LLP and GEWOS Institut für Stadt-, Regional- und Wohnungsforschung GmbH has been appointed to prepare and manage the bidding process.

Metzler Corporate Finance
B. Metzler GmbH specialises in mergers & acquisitions, privatisation, restructuring and providing advice on stock market listings and capital market transactions. Metzler concentrates on providing independent advisory services for German and international companies, private equity investors and private and public-sector clients on mergers, the purchase and sale of companies and equity interests and other capital market transactions. Metzler Corporate Finance is one of the leading advisors to the German public sector, especially on the divestment of former non-profit housing companies.

Contact:
Jörg-Matthias Butzlaff
Tel. + 49 (0)69 21 04 - 49 75
E-mail: MButzlaff@metzler.com