2008 Annual Report - The Carlyle Group

166,000Since 2005, Carlyle hasinvested in more than 166,000square meters of undervaluedoffice, retail and residentialspace in Hamburg, Germany,with upside potential fromrepositioning, transforming ordeveloping the properties.Brahms, Hamburg, GermanyBelieving that Hamburg would become one of the strongestlocal real estate markets in Germany, Carlyle has invested€316.2 million in four real estate projects in Hamburg since2005. The decision is already paying off: most of the buildingshave been pre-leased.The Brahms development in the city center is an excellentexample. Carlyle Europe Real Estate Partners, L.P. acquired themajority stake of the development from Aug. Prien, a Germanconstruction company that remained as the minority investorand was involved in the development and construction of thesite. Upon completion of the class-A office space in late 2008,the building was 41% leased. Other Hamburg projects includeGänsemarkt 45, a nine-floor office building and retail parklocated close to the State Opera; and Ex Libri, which is locatedin the middle of the well-established City West area, is beingconverted into a class-A office and retail building.2008 The Carlyle Group 51