Valuation of Vastned Retail’s German portfolio completed

VastNed Retail announces that the valuation of the German portfolio has been completed. The
external appraiser has valued the portfolio at EUR 220 million. The book value was EUR 245
million as at September 30, 2003. VastNed Retail invests in individual retail properties, shopping centres and large-scale retail properties in good and top locations in the Netherlands, Spain, Belgium, Germany, France, Italy and Portugal. Invested capital amounted to EUR 1,642 million as at September 30, 2003.

As previously announced in the press release of August 20 of this year, VastNed Retail has requested an independent international appraiser to value the German portfolio in view of its intended sale. Previously, the published value of the German portfolio was based on German valuation standards. The international appraiser has valued the German portfolio in compliance with international valuation standards (International Valuation Standards and the Valuation Standards of the RICS). The entire portfolio was valued at EUR 220 million, excluding sales-related costs. This value will be reported in
the annual accounts as per December 31, 2003. The appraisal does not affect the prognosis for the 2003 direct investment result. The board of management maintains its prognosis, barring unforeseen circumstances, of a direct investment result per share of approximately EUR 4.24 for 2003.

The board of management intends to sell the said German portfolio in order to concentrate on further development of the company‘s position in the Netherlands, Belgium, France and Spain.

Source: VastNed

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