PBW 1, is the winner of the IPD CEE Property Investment Award 2011

London, 26th May – PBW 1, a fund managed by AEW Europe and owned by Caisse des Dépôts, has won the IPD European Property Investment Award 2011 in the category regional fund: best performing fund in Central and Eastern Europe.

PBW 1, which is wholly owned by Caisse des Dépôts, was created in 2002 as a closed-ended,core fund to invest in office and retail assets. The Fund is fully invested with a market value ofthe portfolio of Euro 615 million as at December 2010.

Commenting on the award Jean Lavieille, AEW Europe Deputy Chief Investment officer said: “Iam delighted to have the fund’s performance recognised by this award. We have generatedoutperformance through robust fund management, investment process and a strong localplatform. We believe that the core Central European markets in which the fund is invested willcontinue to benefit from a relatively positive economic backdrop which should help theunderlying real estate markets. We continue to see interesting investment opportunities in theregion and are reviewing the potential to re-open the fund and introduce new investors.”

The IPD European Property Investment Awards are now in their sixth year and recogniseindependently verified investment performance by pension and life funds, pooled funds,property investment companies and other professionally managed real estateportfolios acrossEurope.