Pirelli RE completes tthe acquisition of 96.83% of DGAG

Pirelli RE has completed the acquisition of 96.83% and signed a binding agreement to acquire a further 2.54% of Deutsche Grundvermögen AG (DGAG), one of Germany's leading property companies based in Hamburg and Kiel. The acquisition price, subject to a price adjustment based on financial statements for 2006, has been calculated as approximately €465 m for 100% of DGAG, a value approx. €145m higher than estimated shareholders' equity