VIVACON AG places AAA-securitization of ground leases in the amount of EUR 90m

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borrowings

Cologne (euro adhoc) - 06th November 2008. Vivacon AG (ISIN 000604
8911)via special purpose vehicles has placed a third securitization
of ground lease cash flows from its inventory. The total transaction
volume amounts to EUR 90m and the securitized ground lease cash flows
to EUR 4.29m p.a. The resulting refinancing multiple of 21.0x
corresponds to a loan to value of 58% of the assessed ground lease
market value according to the respective appraisal. The securitized
ground leases relate to 7,953 residential and commercial units. Fitch
rated the complete transaction with AAA.

As with the two previous securitizations, the third securitization is
also a Commercial Mortgage Backed Securities-Bond (CMBS) transaction.
The term of the securitization is 7 years.

Including the two previous securitizations in 2006, the total
transaction volume of the three securitizations amounts to EUR 269.5m
with an underlying ground lease cash flow of EUR 12.1m p.a. The
securitized ground leases relate to 22,954 residential and commercial
units in total.

The placement of this transaction in the current difficult capital
market environment as well as the AAA rating of the complete tranche
underpins the high quality of the underlying ground lease cash flows:
ground leases represent 100% CPI-indexed and generally 198 year dated
cash flows. They are secured by a first ranking lien in the ground
register and incur almost no operating expenses.

The proceeds which the company will receive at closing will be mainly
used to repay the acquisition financing, short-term liabilities as
well as for the acquisition of further ground lease portfolios. The
closing is expected in the next few days.

end of announcement euro adhoc
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ots Originaltext: Vivacon AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Sven Annutsch

Head Investor Relations & Corporate Finance

Tel: + 49 221 / 1305621 630

Sven.Annutsch@vivacon.de

Branche: Real Estate
ISIN: DE0006048911
WKN: 604891
Index: SDAX, CDAX, Classic All Share, Prime All Share, DAX
International 100
Börsen: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse Hamburg / free trade
Börse Stuttgart / free trade
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Börse München / regulated dealing