CONTACT: Pembroke Real Estate
Media Relations
(617) 563-5800

BOSTON, October 23, 2006 – Pembroke Real Estate, the real estate acquisition and development arm of Boston-based Fidelity Investments, today announced an acquisition involving the International Press Centre (IPC) building at Boulevard Charlemagne 1 in Brussels, Belgium. The eight-story building, consisting of 90,000 square feet of Class B office and retail space, is Pembroke’s first acquisition in the country and its fifth globally in the past 12 months.

The newly acquired property is located in the European Union ("Quartier Leopold") district of Brussels on the corner of Boulevard Charlemagne and Rue Stevin, one block from Schuman Circle and directly behind the European Commission headquarters at the Berlaymont building. The IPC building is nearly 100 percent occupied with tenants predominantly from the global media industry.

"The IPC building represents yet another long-term, well-located asset for our growing international investment portfolio," said Kyle Rose, managing director of Pembroke Real Estate’s Paris affiliate. "Brussels has demonstrated consistently stable real estate returns over the past 15 years. Additionally, the high concentration of diplomatic missions, political bodies and international organizations that comprise the city’s tenant base, make this acquisition even more attractive, while also allowing us to diversify our overall portfolio holdings.

"While Brussels and continental Europe as a whole are very important to our real estate portfolio, we will continue to evaluate opportunities around the globe," continued Rose. "By doing so, we will maintain a diversified and balanced book of properties in key markets such as Boston, San Francisco, Washington, D.C., London and Tokyo."

Pembroke Real Estate continues to identify new properties in continental Europe, while also continuing to expand its U.S. and London portfolios, with a seventh London property, 3 & 10 Finsbury Square, acquired in August and a second Washington, D.C. property, 1201-1225 New York Avenue, acquired in September. Pembroke Real Estate manages more than 3.2 million square feet of commercial and residential space worldwide, including signature properties in Boston, London, San Francisco, Tokyo and Washington, D.C.

The IPC property will be held by an affiliate of Pembroke Real Estate. Pembroke Real Estate acted as advisor to the affiliate in the transaction.

Pembroke Real Estate is the real estate investment and development arm of Fidelity Investments, one of the world’s largest financial services organizations. Pembroke and its affiliates specialize in the acquisition, design, development and management of signature properties in major metropolitan areas worldwide, including London, Tokyo, San Francisco, Boston and Washington, D.C. The firm seeks high-quality, high-profile, well-located acquisition and development opportunities in the office and residential sectors. For more information, visit the company’s Web site at www.pembrokere.com.