Hamburg (01 October 2010) -TAG Immobilien AG (TAG) has taken over the HSH Real Estate AG (49%) shareholding in LARUS Asset Management GmbH (LARUS) with effect from 30 September 2010. LARUS is a venture jointly operated by TAG and the HSH Real Estate AG to date.

The LARUS Asset Management GmbH is a joint venture established by TAG Immobilien AG and HSH Real Estate AG at the end of 2007. The company covers the entire range of property management for commercial real estate. It currently provides comprehensive management for 124 properties with a combined volume of around 2.2 billion EUR.

Further to the full takeover of LARUS, TAG will reorganise the management of its own commercial properties. For instance, from now on LARUS will not only handle its Property Management as before, but will also be in charge of Asset Management. The integration of LARUS in TAG allows for streamlining some processes in the Group and exploiting shared synergies. TAG expects that these measures, along with LARUS´s improved operating profitability, will result in an estimated EUR 1.5 million of additional profits per year from 2011.

The parties have agreed to keep the purchase price confidential

Press inquiries:
TAG Immobilien AG
Britta Lackenbauer / Dominique Mann
Investor & Public Relations
Phone: +49 40 380 32 300
Fax: +49 40 380 32 390
pr(at)tag-ag.com