Nieuwe Steen Investments achieves excellent results

During the first quarter of 2002 Nieuwe Steen Investments saw its total investment result increase by 33.5% to EUR 11.5 mln. Investment result per share amounted to EUR 0.40.

Direct investment result was EUR 97 mln, an increase of 26% compared to first quarter 2001. Rental revenues amounted to EUR 18 mln, an increase of 31%.

During the first quarter of 2002 a total of EUR 41.2 mln was invested and EUR 4.1 mln was divested, realizing a EUR 1.8 mln profit.

The real estate portfolio totaled EUR 836.5 mln as per the end of the first quarter 2002. For this year Nieuwe Steen Investments expects to expand its portfolio even further. The company's objective to realize a portfolio of EUR 1.0 bln remains in tact.

The company expects to achieve a direct investment result of EUR 1.35 per share during 2002.

(source: Nieuwe Steen Investments)

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