Wereldhave: profit after tax EUR 28.9 mln during first quarter 2002

* 23% higher profit
* profit per share increases by 11%
* purchase of Itäkeskus shopping centre contributes to the development of profit

Results first quarter 2002
Profit after tax for the first quarter of 2002 increased by EUR 5.5 mln or 23% to EUR 28.9 mln (2001: EUR 23.4 mln). Profit per share increased by 11% to EUR 1.46 ( 2001: EUR 1.31). Net rental income rose by EUR 7.4 mln compared to 2001. The increase can mainly be attributed to the acquisition of the Itäkeskus shopping centre in Helsinki and the addition to the portfolio of new properties (+EUR 6.4 mln) and higher rents (+EUR 0.8 mln). Interest charges rose by EUR 1.4 mln as a result of the expansion of the portfolio. Higher average exchange rates for Sterling and the Dollar had a EUR 0.4 mln positive effect on the results. The average occupancy rate in the first quarter 2002 amounted to 97.0% (2001: 97.1%).

Property portfolio
The value of the total portfolio amounted to EUR 2,075.1 mln (December 31, 2001: EUR 1,872.5 mln). The increase is mainly the result of the acquisition of the Itäkeskus shopping centre in Helsinki on January 23, 2002 and the sale of the Parinor shopping centre on March 3, 2002. In February 2002 an office building in the United States was transferred to the investment portfolio (Loudon County, 12,000 m²). The value of the development portfolio amounted to EUR 229.1 mln at March 31, 2002 against EUR 249.3 mln at December 31, 2001. Approximately 70% of the developments under construction will be completed during 2002, 50% of which have been let.

ShareholdersÂ' equity and net asset value
In January 2002, Wereldhave N.V. issued 1,935,000 ordinary shares by private placement to Sponda Oy to Sponda Oy for the acquisition of the Itäkeskus shopping centre, bringing the total number in issue to 19,691,735 ordinary shares. The new shares, which were issued to Sponda Oy at net asset value, have been admitted to the listing at the Euronext Amsterdam stock exchange as from March 11, 2002. In April 2002, the new shares were replaced with institutional investors world-wide. ShareholdersÂ' equity including current earnings amounted to EUR 1,287.0 mln at March 31, 2002 (December 31, 2001: EUR 1,130.0 mln). Net asset value per ordinary share amounted to EUR 65.18 (December 31, 2001: EUR 63.45).

Wereldhave will continue its policy of diversification (both geographically and by type of property) and of portfolio renewal. The policy leads to a continuing growth in profit per share. Wereldhave maintains its earlier forecast that, assuming stable currency rates, there will be a clear increase (between 7% and 12%) in profit per share in 2002.

(source: Wereldhave

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