Nieuwe Steen Investments: investment result increases by 37% during first six months

Total investment result of Nieuwe Steen Investments amounted to Eur 24.0 mln during the first six months of this year, an increase of over 37% compared to the same period last year (EUR 17.5 mln). This equals to EUR 0.81 per average outstanding share, an increase of 8% compared to the first half of last year (EUR 0.75).

Direct investment result amounted to EUR 0.66 per average outstanding share (2001: EUR 0.66). The reason for this same result is on the one side rental increases and index adjustments and on the other hand the decrease in rental income due to the increased vacancy rate and acquisitions, which show lower yields. Operational expenses amounted to 9.6% of rental revenuies.

Indirect investment result (profits realized through divestments) amounted to EUR 0.15 per share (2001: EUR 0.09) during the first six months of this year.

NSI invested EUR 134.8 mln in real estate during the first half year. The acquisitions comprized shops and shopping malls, offices and apartments. Divestments amounted to EUR 15.5 mln, realizing a profit of EUR 4.4 mln.

Total value of the real estate portfolio amounted to EUR 921.4 mln as per June 30, 2002.

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(source: Nieuwe Steen Investments)

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