January 2007 | DEGEN is increasingly involved in the sale of smaller residential portfolios

Since the last half year of 2006, Degen Consulting, Cologne, has been increasingly involved in
the sale of smaller residential portfolios.

There is currently a strong demand for inventories of between 30 and 250 housing units from
smaller investor groups, which purchase them for private placement.

In the first quarter of 2007, a small initial portfolio with a total of approx. 100 housing units in
Lüdenscheid in the Sauerland was sold to a Dutch project company, which will incorporate
the units in a small closed-end fund. This concerns modernized residential real estate with
small housing units in good residential areas with a total floor space of approx. 6000m²
together with garages and parking spaces.