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DGAP-Ad-hoc: PATRIZIA Immobilien AG: book-building price range

PATRIZIA Immobilien AG, the selling shareholders and the underwriters have jointly determined the further details of the planned IPO.

The price range within which purchase offers may be submitted has been set between Euro 15,80 and Euro 18,50 per share. A total of up to 21,770,000 shares in PATRIZIA Immobilien AG will be offered (including up to 2,650,000 shares with respect to over-allotments), of which 7,000,000 shares result from a capital increase of the company.

Investors interested in submitting offers to purchase shares may do so during the period from March 27, 2006 to March 30, 2006. The offer period closes on March 30, 2006 at 12.00 (noon) (CEST) for private investors and at 2.00 p.m. (CEST) for institutional investors. The placement price is expected to be determined on March 30, 2006, with trading expected to commence on March 31, 2006. Further information regarding the terms and conditions of the offer may be found in the prospectus approved on March 17, 2006 and in an addendum in respect of the aforementioned information, which will be published following approval by the German Federal Financial Services Supervisory Authority .

Admission application submitted: Official Market / Prime Standard, Frankfurt Stock Exchange
Stock market symbol: P1Z / ISIN: DE000PAT1AG3

The Management Board
Augsburg, March 26, 2006


Astrid Schüler  
PATRIZIA Immobilien AG

Phone:+49 (0) 8 21 / 5 09 10-623
Fax:+49 (0) 8 21 / 5 09 10-695


Michael Kempkes/
Frank Ostermair
Haubrok Investor Relations GmbH

Phone:+49 (0) 2 11 / 3 01 26-102
Fax:+49 (0) 2 11 / 3 01 26-172


This ad hoc-release is not a prospectus and, to the extent that it may constitute an advertisement, does not constitute an offer to sell or the
solicitation of an offer to purchase the shares or other securities of PATRIZIA Immobilien AG. Investors should not subscribe for any shares
referred to in this document except on the basis of the information contained in the prospectus relating to the shares. A free copy of the
prospectus is available to investors at PATRIZIA Immobilien AG and the Frankfurt Stock Exchange.

The information contained in this ad hoc-release is not for publication or distribution in the United States of America, Canada, Australia or Japan
and does not constitute an offer of securities for sale in the United States of America, Canada, Australia or Japan.

This ad hoc-release is not an offer of securities for sale in the United States of America. Securities may not be offered or sold in the United
States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Any public offering of
securities to be made in the United States of America will be made by means of a prospectus that may be obtained from PATRIZIA Immobilien AG and that
will contain detailed information about the company and management, as well as financial statements.

Financial News transmitted by DGAP


Issuer:PATRIZIA Immobilien AG
 Fuggerstraße 26
 86150 Augsburg
Phone:+49 (0)821 - 509 10-000
Fax:+49 (0)821 - 509 10-999
Listed:Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, München, Hamburg, Düsseldorf, Stuttgart

Ende of News - DGAP News-Service

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