VastNed investment funds achieve higher direct investment result

VastNed Offices/Industrial N.V. in the first quarter of 2002 achieved a gross rental income of Euro 27.5 million (first quarter 2001: Euro 25.8 million). This represents an increase of 6.5%. This increase is mainly due to expansions in Belgium.

The direct investment result per share increased to Euro 0.81 (Euro 0.79), calculated over the average number of shares issued, which increased to 17,950,018 (first quarter 2001: 17,611,959 shares). The indirect investment result per share amounted to Euro 0.07 negative (Euro 0.19 negative). The total investment result per share amounted to Euro 0.74 (Euro 0.60). ShareholdersÂ' equity per share including dividend amounted to Euro 32.52 (Euro 31.66). In Belgium, three properties (in Mechelen, Puurs and Merchtem) were purchased for Euro 79 million in total.

The ratio of group equity versus invested capital was 50.5% as at March 31, 2002. Vacancy increased to approximately 5.5% (first quarter 2001: approximately 4%). It is the intention once more to sell properties in the Netherlands in the course of 2002. In Belgium, further expansion will take place by way of the complete acquisition of Siref N.V., which is listed on Euronext Brussels (18 semi-industrial properties with a value of approximately Euro 95 million). This acquisition by the Belgian subsidiary Intervest Offices, which is listed on Euronext Brussels, will be completed before the summer. Meanwhile, holders of approximately 95% of the Siref shares have applied for them to be swapped for Intervest Offices shares. For 2002, at least an equal direct investment result is per ordinary share is anticipated.

(source: VastNed)

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