December 2007 | Degen closes the third fund of the Dutch Europan Real Estate Fund B.V

The latest acquisition also concerned a residential portfolio with approximately 100 housing units
in and around Lüdenscheid in the Sauerland. The individual properties are fully modernized hous-
ing developments, including garages and parking spaces, which were built between 1960 and
2000 and consist of small housing units in good residential areas. The occupancy rate was 100%
and has further potential which will be exploited in the next few years. In addition to a retail unit of
approx. 1200m², the majority of the area of approx. 6500m² is devoted to the housing units, which
were partly financed by public funding. Private owners disposed of these developments because
of pending capital investments. The total volume was approx. 7 million euros. DEGEN Consulting,
Cologne, was involved in an advisory and mediatory capacity.