01-30-2007

Cover takes over RAG Gewerbeimmobilien GmbH (RGI)




The recently-founded Cover Projektentwicklung GmbH, Düsseldorf, has taken over operation of RGI by way of an asset deal as of the end of 2006. The background is that the RAG Group, with an eye to its anticipated IPO, among other things, is concentrating on its core business and, within the real estate sector, on apartment buildings. The RGI Division, which has developed numerous commercial sites and projects, was therefore sold to Cover Projektentwicklung GmbH. Shareholders of Cover Projektentwicklungs GmbH are the former Chairman of the Board of RGI, Dr. Georg Conzen, and Düsseldorf architect and project developer Jürgen Overdiek, who has already been active for some years in the area of project development. Cover was founded specifically for this purpose.

Cover Projektentwicklung GmbH, Dr. Georg Conzen, and Jürgen Overdiek were advised in this matter by Dr. Andreas Urban, a partner at Heuking Kühn Lüer Wojtek.

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