AIRE GmbH & Co KGaA is a Germany-based company engaged in the investment in real estate portfolio. The purpose of the Company is the acquisition, holding, administration and sale for its own account of real estate, real estate companies and financial instruments and related investment vehicles based on real estate, both in Germany and other countries. It is also engaged in the execution of related hedging transactions. As of December 31, 2011, the Company had four wholly-owned subsidiaries: AIRE Investments Sarl; AIRE Investments, Inc; AIRE Investments BV, and AIRE Investments 2 BV. As of December 31, 2011, the Company's investment portfolio consisted in 57% of residential properties, in 29.8% of office properties and in 7.7% of retail properties and were in 61.6% located in North America and in 3.26% in Asia. The rest of the properties (5.8%) was located in Europe.