DEGI's first investment in Canada - DEGI INTERNATIONAL buys office project in Calgary for around 253 million euros - joint venture with Homburg Investment Inc.

    Target: 40% of real estate outside Europe

    FRANKFURT, Nov. 21 /CNW/ - The property fund company of the Allianz Group
DEGI Deutsche Gesellschaft fur Immobilienfonds mbH has made its first
investment in Canada. For its DEGI INTERNATIONAL fund, the company has
acquired an office project for 253 million Euros, featuring a total area of
57,900 m(2). The "Homburg-Harris Centre" will rank among the most modern and
advanced office buildings in the central business district (CBD) of Calgary.
Upon completion, the regional proportion of the fund's properties outside
Europe will rise to around 14%. "In the years ahead, we are aiming to increase
this proportion continuously up to 40 %", says DEGI's Managing Director
Malcolm R. Morgan. The seller of the office project is the Halifax based
international property and project development company Homburg Invest Inc.,
who will be a joint venture partner with a 10% stake in the newly established
holding company. Homburg Canada Inc. will provide the local management for the

    Calgary profiting from strong resource driven boom

    Canada's strong resource based economy is attractive for real estate
investment. Canada possesses the world's second-largest oil reserves after
Saudi-Arabia, and is the world's third- largest producer of natural gas, after
the USA and Russia. With a population of one million, Calgary is the centre of
Canada's oil and gas industry. The positive environment is equally reinforced
as Calgary is Canada's third-largest office market, with a total area of 4.4
million m(2), the lowest vacancy of 1.5% and the highest growth in all major
North American cities. Malcolm Morgan announces: "Further investments in
Canada are currently underway."

    "Downtown Central Core"

    The Homburg-Harris Centre is situated in Calgary's Downtown Central Core,
with very convenient links to urban public transport. The building complex
consists of two linked office towers. The office space of 20,000 m(2) in the
ten-storey Tower 1 is fully pre-leased to the energy company Penn West
Petroleum Ltd. with completion scheduled for January 2008. The ground floor
retail areas will be used as a restaurant. The 20-storey Tower 2 is scheduled
to be complete in 2009. The Homburg-Harris Centre also features underground
parking for 400 cars. The purchase price will be paid in instalments as
construction work progresses.

    Morguard acts as Advisor

    DEGI INTERNATIONAL has retained Morguard Investments Limited to be its
advisor in this acquisition. Morguard is one of Canada's premier real estate
investment advisors and management companies, with more than $6.9 billion in
assets under management.

    Forward-looking Statements

    Certain of the statements contained herein may be statements of future
expectations and other forward-looking statements that are based on
management's current views and assumptions and involve known and unknown risks
and uncertainties that could cause actual results, performance or events to
differ materially from those expressed or implied in such statements. In
addition to statements which are forward-looking by reason of context, the
words `may, will, should, expects, plans, intends, anticipates, believes,
estimates, predicts, potential, or continue' and similar expressions identify
forward-looking statements. Actual results, performance or events may differ
materially from those in such statements due to, without limitation, (i)
general economic conditions, including in particular economic conditions in
the Allianz Group's core business and core markets, (ii) performance of
financial markets, including emerging markets, (iii) the frequency and
severity of insured loss events, (iv) mortality and morbidity levels and
trends, (v) persistency levels, (vi) the extent of credit defaults (vii)
interest rate levels, (viii) currency exchange rates including the Euro-U.S.
Dollar exchange rate, (ix) changing levels of competition, (*) changes in laws
and regulations, including monetary convergence and the European Monetary
Union, (xi) changes in the policies of central banks and/or foreign
governments, (xii) the impact of acquisitions, including related integration
issues, (xiii) reorganization measures and (xiv) general competitive factors,
in each case on a local, regional, national and/or global basis. Many of these
factors may be more likely to occur, or more pronounced, as a result of
terrorist activities and their consequences.
    The matters discussed herein may also involve risks and uncertainties
described from time to time in Allianz AG's filings with the U.S. Securities
and Exchange Commission. The company assumes no obligation to update any
forward-looking information contained herein.

For further information:

For further information: Contacts for press inquiries: Marc Savani,
telephone +49 69 263-14206, e-mail:; Dr. Thomas Beyerle,
telephone +49 69 263-51295, e-mail:

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