Half-Year results 2002 Uni-Invest

The direct investment result for the 1st half-year increased by 13.8% to Euro 43.3 million, compared to the 1st half-year of 2001 (1st half-year 2001: Euro 38.0 million).

Gross rental income amounted to Euro 76.8 million, which is 12.5% higher than in the corresponding period of last year (Euro 68.3 million). The fact that the direct investment result showed a stronger increase than the gross rental income was mainly the result of a relative decline of interest costs.

The other investment income of Euro 3.7 million (1st half-year 2001: Euro 2.9 million) mainly related to investments in shares and to the property-related activities. The total result consists of the direct investment result, the realised valuation changes and the unrealised valuation changes. The total result after tax for the 1st half-year 2002 amounted to Euro 51.4 million (first half-year 2001: 43.5 million), an increase of 18.2%.

The realised valuation changes of Euro 8.9 million (after taxes) are the book profits realised from property sales. The unrealised valuation changes of Euro -0.8 million are currency results on investments in shares.

Property portfolio
In the first half-year of 2002, property with a total value of Euro 36.8 million was acquired, while sales amounted to Euro 74.2 million. Of these acquisitions and sales, Euro 17.5 million and Euro 23.9 million, respectively, had already been included in the report for the first quarter of 2002. The acquisitions concerned 4 properties; 1 office, 1 commercial property and 2 shopping centres. The acquired properties are fully let.

Sales consisted of 16 properties; 7 offices, 2 commercial properties, 6 retail properties and a housing/retail block. These sales generated a sales result (= realised valuation changes) of Euro 8.9 million (13.6%) after taxes.

No revaluations or appraisals took place during the first half-year of 2002. Revaluation of properties will, as usual, take place at year-end.

As a result of the acquisitions and disposals, combined with the investments in the portfolio, the book value of the investments in property on balance declined to Euro 1,732 million (year-end 2001: 1,760 million). The occupation rate of the portfolio as at 30 June is approximately 93.5%.

Fully let, the property portfolio as at 30 June 2002 generates a gross rental income, on a yearly basis, of more than Euro 159.2 million; as at 30 june 2001 this was 148.1 million. The increase in gross rental income, on a yearly basis, is for 44% the result of acquisitions and dispositions, the balance of 56% is the result of autonomous growth (rental increases and indexations).

The current valuation of the portfolio is 10.9 times the gross rental income.

Outlook current financial year
The economic developments until now caused an increase of the vacancy rate within the portfolio of Uni-Invest N.V. The rental market has weakened, especially the demand for office space has declined. The investment market remains at the same levels, see also the realised book profits.

The vacancy rate is now at the same level as it was late in 1995. Experience has taught us that with positive economic development and an active rental policy, it is possible to get the vacancy rate down within relative short time.

The financial effect of the higher vacancy rate was compensated by higher rents in the rest of the portfolio. The rents in the portfolio are often still below the present market value. At contract renewal or in case of new occupants, it is therefore still possible to realise higher rents.

On the basis of the still conservative valuation of its portfolio, Uni-Invest N.V. expects to again realise attractive book profits at future sales.

The Management Board maintains its forecast of an equal direct investment result per share. This forecast is partly based on a, until now, shrinking property portfolio, and the balanced effect of the increased vacancy rate and the increased rents.

Intended public offer
The preparations regarding the intended offer on the Uni-Invest N.V. shares by a consort

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