Sofia, 25 July 2006, Dneven Trud Newspaper

Leading German group will invest in two residential districts in Sofia
Deutsche Bank steps on the Bulgarian real estate market. The German institution will construct apartments in Sofia through RREEF, the real estate and infrastructure investment management arm of Deutsche Asset Management.
For the realization of the projects the German institution has established joint-venture with the Bulgarian company Winslow Developments, managed by Mr. Ivan Mekushin. The company has successfully realized several projects in the ski resort Bansko.
The joint venture company will be 88% owned by an investment fund managed by RREEF and 12% by Winslow Developments.
It is expected that the joint venture company will initially focus on the residential sector in Sofia. The projects provide for the construction of 700 apartment units. They will be divided in two residential developments – in Manastirski Livadi district and in one of the southern districts of the capital. The planned investment will amount to EUR 10 mln.
The projects for the two complexes are in process of development. Therefore the market prices of the apartment units are not defined yet.
In the future the activity of the joint-venture may expand to commercial and business sectors as well as to other parts of Bulgaria.
Headquartered in New York, RREEF employs more than 2,000 real estate professionals in 17 cities around the world. The combined group has €53 billion in assets under management worldwide as of 31st March 2006.
RREEF acquires and manages investments in commercial and residential property, real estate securities, and infrastructure investments including energy and transportation distribution assets on behalf of its institutional and private clients worldwide.