The direct investment result over the first three quarters 2002 amounted to EUR 64.2 million, an increase of 10.3% compared to the corresponding period of 2001. This increase was mainly caused by the higher rental income and the lower interest costs.
The gross rental income through the 3rd quarter 2002 amounted to EUR 115.3 million, an increase of 10.2% compared to the corresponding period of 2001. During the first three quarters, Uni-Invest N.V. sold 21 (parts of) properties from its portfolio with a combined book value of EUR 80,2 million. The property divestments generated a net book profit (= realised valuation changes) of EUR 10.0 million (12.5%).
The unrealised valuation changes of EUR -1.3 million relate to exchange rate results on the investment in Homburg Invest Inc.
The total investment result increased by 16.6% to EUR 73.0 million. The current valuation of the portfolio (on the basis of costs paid by the purchaser) is around 10.8 times the gross rent.
The value of the property portfolio decreased to EUR 1.74 billion (year-end 2001: EUR 1.76 billion). This change was the result of divestments exceeding acquisitions.
The divestments concerned 21 (parts of) properties (8 offices, 2 commercial properties, 10 shops and 1 apartment building); the acquisitions concerned five properties (1 office, 2 commercial properties and 2 shopping centres), in addition investments were made in the portfolio.
As at 30 September 2002, with a 100% occupancy rate, the annual rental income of this portfolio exceeded EUR 161 million. The occupancy rate of the property portfolio currently stands at 92.3%.
The investments in shares and the other financial investments, for a total amount of EUR 58.7 million, relate to the participation in Homburg Invest Inc., some granted loans and Vastgoed Maatschap AKRONned VI.
Shareholders´´ equity increased as a result of the addition of the current result after tax for the first three quarters and by the issue of shares. On 30 September 2002, the number of issued Uni-Invest N.V. ordinary shares amounted to 69,338,860. Compared to year-end 2001, the long-term debts on balance decreased by EUR 24.7 million to Euro 846.7 million.
Information per share
The information per share was determined on the basis of the average number of outstanding shares. The direct investment result per share (EUR 0.94) is equal to that of the corresponding period of the year 2001. The total investment result per share through 30 September 2002 amounted to EUR 1.07 (2001: EUR 1.01).
The net asset value per share, without taking into account the dilution, as at 30 September was EUR 12.80 (after deduction of the interim dividend for 2002, to be paid in the 4th quarter).
As at 21 October 2002, the interim dividend for 2002 (EUR 0.72 per share in cash) was made available.
Situation Public Offer
The offer on all outstanding Uni-Invest N.V. shares was highly successful. At the close of the acceptance period on 10 October, 67,515,638 shares (97.4% of the total number of shares) were tendered. On 16 October, the joint bidders therefore announced that they had declared the offer unconditional. The payment of the offer price and the interim dividend took place on 21 October.
Shareholders who had not yet tendered their shares were given until 5 November to tender their shares. The total number of tendered shares, including the shares already tendered under the Offer, amounts to 69,001,145 (99.5% of the total number of shares).
Outlook current financial year
Now that the take-over has been completed, the listing of Uni-Invest N.V. is expected to be terminated early in the year 2003.