HSH Real Estate and TAG set up joint asset management company

TAG Tegernsee Immobilien u. Beteiligungs AG / Joint VentureRelease of a Corporate News, transmitted by DGAP - a company of EquityStoryAG.The issuer / publisher is solely responsible for the content of this announcement.----------------------------------------------------------------------·Initial real estate volume of € 1.2 billion under management·Focus on commercial real estate in Germany·Partners to hold a 50-percent stake eachHamburg, December 18, 2007. January 1, 2008 will see the launch of a jointasset management company of HSH Real Estate and TAG Tegernsee Immobilien-und Beteiligungs-Aktiengesellschaft (TAG). An agreement establishing thejoint venture, with each partner holding a 50-percent stake, was signedyesterday. The headquarters will be in Hamburg.The company will manage aportfolio of commercial real estate in Germany with an initial volume of €1.2 billion. The portfolio consists of some of TAG and HSH Real Estate’sown commercial properties and real estate managed on behalf of thirdparties. 'By pooling our know-how and expanding our market coverage, we arecontinuing on our growth course in asset management,' explained Dr. MarcWeinstock, member of HSH Real Estate’s Management Board. 'Through thisjoint venture we are taking advantage of the opportunities offered by thechanging market conditions. 'Andreas Ibel, CEO of TAG, also views thestrategic benefits of the alliance as compelling: 'Together with HSH RealEstate, we have many years of expertise in the asset management business.We are already able to tap into extensive local networks with ownoperations in Hamburg, Berlin, Munich and Leipzig,' continued Ibel. TheManaging Directors of the new company, which is starting with 32 employees,are Dietmar Busse, Stephan Jung and Kirsten Schleicher. Mr. Busse and Ms.Schleicher are currently Managing Directors of TAG Asset Management GmbH.Mr. Jung is Managing Director of Asset Management at HSH Real Estate andwill continue in this post. HSH Real Estate’s Asset Management unitcurrently has € 2 billion in assets under management, of which 90 percentcommercial real estate in Germany’s metropolitan regions. The non-Germanportfolio focuses on the U.S. and Central Europe. In Hungary, propertiesare managed through an own asset management company in Budapest, whilefurther international locations are managed by third-party propertymanagers on site. TAG develops and manages a total of 5,000 own and 7,500third-party residential units and commercial real estate with a volume ofmore than € 1 billion. The residential real estate activities are pooled inBau-Verein zu Hamburg AG, while the commercial real estate portfolio isintegrated within TAG Gewerbeimmobilien-AG.About HSH Real Estate AG a wholly owned subsidiary of HSH Nordbank AG, HSHReal Estate AG pools all the bank group’s real estate business with theexception of its conventional finance business. In terms of total assets,HSH Real Estate is among the top 10 real estate stock corporations inGermany. The operations of the group of companies comprise the followingreal estate segments: equity investments, project development, services andthe fund business.About TAG Tegernsee Immobilien- und Beteiligungs AG TAG TegernseeImmobilien- und Beteiligungs-Aktiengesellschaft (TAG) is a listed realestate company with a corporate history going back 125 years. Its mainareas of business are residential and commercial real estate in Germany’smetropolitan regions and property-related services. Its activities focuson a buy, build & hold strategy, which is geared to the long-termappreciation of portfolios. The Company has been listed in the SDAX since2006.18.12.2007  Financial News transmitted by DGAP---------------------------------------------------------------------- Language:     EnglishIssuer:       TAG Tegernsee Immobilien u. Beteiligungs AG              Steckelhörn 9              20457 Hamburg              DeutschlandPhone:        +49 (0)40 30 60 59-40Fax:          +49 (0)40 30 60 59-49E-mail:       info@tag-ag.comInternet:     www.tag-ag.comISIN:         DE0008303504WKN:          830350Indices:      SDAXListed:       Regulierter Markt in Frankfurt (Prime Standard), München;              Freiverkehr in Berlin, Düsseldorf, Hamburg, Stuttgart End of News                                     DGAP News-Service ---------------------------------------------------------------------------