Bau-Verein zu Hamburg AG acquiring its own headquarters in Hamburg

(Hamburg, 1 September 2009) Bau-Verein zu Hamburg Aktien-Gesellschaft, Hamburg, (Bau-Verein for short) has acquired from a real estate investment company the building in Steckelhörn 5-9, Hamburg, used by it as well as other TAG Group companies as headquarters alongside other tenants.  The seller is a joint venture established by Bau-Verein and conwert SE, Vienna, in which Bau-Verein holds 25 percent. As a result, the office block, which is located in the heart of the Hamburg CBD adjacent to St. Catherine's church and the historical warehouse district, is now fully owned by Bau-Verein, a subsidiary of the TAG Group.

Constructed in around 1890, the seven-floor building has a total floor area of 6,230 sqm and is currently leased in full. "Our decision to buy our own company headquarters reflects our unchanged commitment to Hamburg as a real estate market as well as our confidence in the renewed appeal of our real estate business," said Rolf Elgeti, CEO of the TAG Group.

The purchase price has not been disclosed.

Press inquiries:

Bau-Verein zu Hamburg AG
Investor & Public Relations
Britta Lackenbauer / Dominique Mann
Tel. +49 (0) 40 380 32 300
Fax +49 (0) 40 380 32 390
info(at)bau-verein.de