Puma Brandenburg Holdings Limited was incorporated on 2 February 2010 to hold a controlling interest in Puma Brandenburg Limited (“PBL”). PBL is a real estate investment company founded with the objective of building a portfolio of German property. It floated on AIM in 2006 to raise equity to fulfill this objective. Between 2006 and 2009, PBL acquired a portfolio of over 437,000m2 of residential and commercial property in Germany and, as at 31 December 2009, had gross assets of €651 million and net assets of €75 million