Eurocommercial Properties N.V. first quarter net income increases by 12%

The board of Eurocommercial Properties N.V. announced yesterday that the Company realised a net income after taxation of € 9.9 million for the first quarter of its financial year 2002/2003, which represents an increase of approximately 12% over € 8.9 million for last year’s first quarter.

Net asset value
Net asset value before income appropriation improved by 1.5% to € 22.42 per depositary receipt since 30 June 2002 mainly as a result of net income for the period. The net asset value in June 2002 was € 22.09 per depositary receipt.

Property portfolio and investment programme
Investment demand for good shopping centres remains high supporting capital values. Retail sales in Eurocommercial Properties´ shopping centres for the year to 30 September 2002 are on average 4% above the same period in 2001. These results are better than expected given generally slowing economic growth in Europe.

Eurocommercial Properties´ investment programme is proceeding with retail acquisitions agreed in principle in France, Italy and Sweden. The total investment, if the transactions are completed, will be in the order of €170 million.

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(source: Eurocommercial Properties)

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