April 2007 | Dutch investors buy portfolio

The Dutch European Real Estate Fund I has acquired a residential portfolio of approximately
100 housing units in Lüdenscheid in the Sauerland for its first closed-end property fund.

This concerns smaller, modernized properties in preferred locations with a total floor space
of approx. 6,000 sq m. Private owners have disposed of the units because of pending capital
investments. The total volume was approx. 5.2 million euros. Degen Consulting, Cologne,
acted as advisors.