euro adhoc: Meinl European Land Limited / Company Information / Meinl European Land Limited ongoing growth

Second Shopping Centre acquired in the Slovak Republic
Total portfolio value reaches 430 Mio. Euro (E)=

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Vienna, 1st December 2004

Meinl European Land, the Stock Exchange listed real estate holding company with a focus on Eastern Europe, continues to expand and acquires its second large property in Slovakia within one month. After this acquisition, the total portfolio value amounts to 430 Mio. Euro.

32 Mio. Euro Shopping Centre in Slovakia - Ahold anchor tenant

On Monday the company has signed the contract for a shopping centre in Kosice in Slovakia. The total investment for the project, which generates a yield of 10.5% per year, is 32 Mio. Euro.The centre has a total area of 32,000m², 1/3 is of the area is long-term leased to the Dutch Ahold group. In addition to the large Ahold "Hypernova" market, the centre comprises a mall with around 30 international and local tenants. The project also comprises an expansion area of 59,000m², which will be used to develop further retail space over the next years.

Portfolio value in 2004 nearly doubled

During the current year Meinl European Land has already acquired 20 new properties in 6 Eastern European countries with a total letable area of 180,000m². Today the portfolio includes 150 retail properties with a total letable area of nearly 520,000m². The current total market value of the portfolio is 430 Mio. Euro, nearly twice the value at the beginning of the year. Annual rental income has increased by more than 20 mio. Euro, up to 38 Mio. Euro in the same period.

Revenues und EBITDA 150% above previous year

Revenues show a similar positive development: With more than 20 Mio. Euro of income in the first 9 months of 2004 revenues are nearly two times total revenues in 2003. Compared with the 9 months period in 2003, revenues even increased by a 150%. By year-end, the company expects total revenues of nearly 30 Mio. Euro, based on the current existing portfolio. Other key-data show a similar positive development: EBITDA, at 14 Mio. Euro, as well as EBIT, at 9 Mio. Euro are more than 150% above the comparison period 2003.

Shareholder’s meeting resolves increase of authorised capital

By a special resolution of shareholders’ the company resolved last Friday the increase of authorised capital of the company from 200 mio. Euro to 500 mio. Euro. However, no issue of additional shares is planned for this year.

Further inquiry note:
ECC Publico Public Relations & Lobbying
Mag. Claudia Müller-Stralz
Tel.: ++43 (0) 1/717 86 107

emitter: Meinl European Land Limited 47. The Esplanade UK-JE1OBD St. Helier WWW: ISIN: AT0000660659

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sector: Real Estate language: English