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Company History
The Company was founded in Luxembourg in July 2005 and, together with its affiliates, owns the GAGFAH GmbH Group, the NILEG GmbH Group, Acquisition 1 and the WOBA GmbH Group.
In September 2004, funds managed by Fortress Investment acquired the GAGFAH GmbH Group, which, as of June 30, 2006, owned 76,488 residential units, through two intermediate holding companies incorporated in the Republic of Ireland.
GAGFAH GmbH was founded in 1918 and, prior to the Company's acquisition thereof, the German Federal Insurance Agency for Employees (Bundesversicherungsanstalt für Angestellte), now part of the integrated German Social Security Insurance Authority (Deutsche Rentenversicherung), owned a majority of the shares in GAGFAH GmbH.
In August 2005, the Company acquired the NILEG GmbH Group, which, as of June 30, 2006, owned 26,229 residential units. The NILEG GmbH Group's primary assets include the residential units formerly owned by Norddeutsche Landesbank Girozentrale.
In November 2005, the Company acquired the shares in Acquisition 1. Since then, the Company has acquired three separate asset portfolios which we hold through Acquisition 1. These asset portfolios comprise, as of June 30, 2006, a total of 5,259 residential units.
In April 2006, the Company acquired the WOBA GmbH Group, which, as of June 30, 2006, owned 43,285 residential units. The WOBA GmbH Group's primary assets include residential units formerly owned by the City of Dresden.