2008-06-19

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Germany | Property Companies

Press Release: Deutsche Wohnen AG has sold its cable business

Germany: * Telecommunications provider Versatel bought AKF-Telekabel * Sale is a further milestone in the restructuring of the Deutsche Wohnen AG * Attractive disposal price meets management’s objectives

On 18 June 2008 Deutsche Wohnen AG signed the contract to dispose its subsidiary AKF-Telekabel TV und Datennetze GmbH („AKF“) including AKF’s subsidiaries and participations. AKF is no core business of Deutsche Wohnen. By the sale Deutsche Woh-nen AG will abandon its non-core unit cable business according to its strategy. The contract is subject to the approval of the responsible antitrust authority, solely.

The disposal price announced to € 30 million. Taking the expected EBITDA for 2008 of € 3.2 million as a calculation basis this corresponds to a multiple of 9.4. Michael Zahn speaker of the executive board was very content with the disposal: “The disposal of AKF is a further milestone on the path of restructuring the Deutsche Wohnen AG. Faster than expected we were able to conclude the disposal and we achieved an attractive price. This sale helped us to approach our goal of focussing on our core business residential properties by an important step.”

AKF-Telekabel TV und Datennetze GmbH is a 100% subsidiary of Berlin GEHAG GmbH, which has been bought by Deutsche Wohnen AG in August 2007. Besides the roughly 21,000 apart-ments in Berlin AKF serves further roughly 55,000 households in the new federal states as well as Hesse, North Rhine-Westphalia, Schleswig-Holstein and Bavaria.

Deutsche Wohnen AG is a SDAX-listed property company which focuses on management and development of its residential property portfolio. As of December 2007 Deutsche Wohnen has 51,000 own residential units with a lettable area of roughly 3.2 m sqm under management, lo-cated mainly in the Rhine-Main-area, in Rhineland-Palatinate and Berlin.

Bernhard S. Elias Deutsche Wohnen AG - 2008-06-19

Announcement by Deutsche Wohnen AG. The originator takes responsibility for its content.