Nov 24, 2003

Blackstone to Acquire $1.2 Billion Real Estate Portfolio from Deutsche Bank

November 24, 2003 – Blackstone Real Estate Partners, LP, an affiliate of The Blackstone Group, today announce the signing of a definitive agreement to acquire a portfolio of 51 office buildings, in nine countries, from Deutsche Bank AG for a total consideration of $1.2 billion (Euro 1.04 billion).

The majority of the portfolio’s assets are located in Germany with the remainder being situated in Austria, Belgium, Italy, Luxembourg, the Netherlands, Portugal, Spain and Switzerland. Most of the assets are currently occupied by Deutsche Bank and will be leased back by Deutsche Bank on a medium- to long-term basis.

Chad Pike, Senior Managing Director and head of Blackstone’s real estate operations in Europe said, “This transaction adds to Blackstone’s track record of being an active acquirer of high-quality office buildings and other commercial properties throughout Europe. It also demonstrates our success in working with major German corporations to assist them in optimizing their long-term real estate strategies.”

About The Blackstone Group

The Blackstone Group, a leading global investment firm, was founded in 1985. Blackstone’s Real Estate Group, operating out of New York and London, has raised five funds representing approximately $5.6 billion in total equity. The group has made well over 100 separate investments in hotels, offices and other commercial properties with a total transaction value of about $16 billion. Over $14 billion has been raised for private equity investing, including Blackstone Capital Partners IV, the largest institutional private equity fund ever raised at $6.45 billion. Blackstone is headquartered in New York with a large office in London. The firm’s private equity and buyout group has recently opened an office in Hamburg, focusing on German speaking and Northern European markets.