In the first quarter of 2004, VastNed Retail has realised an increase of the direct investment result of 7.0% compared to the first quarter of 2003. The direct investment result per ordinary share rose by 3.2% to EUR 0.98. Shareholders’ equity per share amounted to EUR 46.31 as at March 31, 2004. The negative indirect investment result associated with the intended sale of the German property portfolio has been taken into account.
Developments and outlook
The transfer of the German portfolio is expected to be finalised in the summer of 2004. The proceeds will partly be used to improve the solvency ratio and will partly be reinvested in our core countries. It is expected, however, that during this financial year no full reinvestment of the proceeds will be realised and that the reinvestments will only start to contribute positively to the direct investment result in 2005. Consequently, in contrast to the earlier prognosis (marginal increase), for 2004 a modest decrease of the direct investment result per share is anticipated.
In the first quarter of 2004, VastNed Offices/Industrial has realised a decrease of the direct investment result of 15.2% compared to the first quarter of 2003. The total investment result showed an increase of 29.0% due to divestments above appraisal value. The direct investment result per share decreased by 17.4% to EUR 0.57. The total investment result per share increased by 25.5% to EUR 0.59. Shareholders’ equity per share amounted to EUR 27.53 as at March 31, 2004. For 2004, as previously published, a significant decrease of the direct investment result is anticipated.