SOURCE: Wereldhave N.V.

November 11, 2010 02:27 ET

Wereldhave N.V. 3rd Quarter 2010 Results

THE HAGUE, NETHERLANDS--(Marketwire - November 11, 2010) -

Key items
• Profit EUR 78.6 mln (until Q3 2009: EUR -106.5 mln)
• Direct result EUR 87.6 mln (+2%)
• Direct result per share EUR 3.85 (+1%)
• Property valuations stable
• Succesful issue of a EUR 230 mln convertible bond
• Outlook 2010: increase in direct result per share

Hans Pars, CEO of Wereldhave N.V., comments:
"The cautious optimisme in Europe and the United States that gained strength during the year can also be noticed in the markets where Wereldhave is active. In most office markets leasing activity has increased, although the pace of decision taking is still rather slow. For Wereldhave's shopping centres, especially in the Netherlands, Belgium and Finland, there is still a lot of interest from retailers that do not yet have a shop in these centres. This all has caused a slight increase in the direct result for the first nine months, compared to previous year.

Overall, the valuation of the portfolio remained stable this year compared to year-end 2009, in spite of a write-off of the acquisition costs for the five new shopping centres we purchased in the Netherlands. In accordance with our strategy to divest smaller and non-retail assets in the Netherlands and the United Kingdom, during the third quarter two smaller properties were sold in the United Kingdom for EUR 12 mln, bringing the total sales for 2010 to EUR 24 mln.

For the full year 2010 we forecast a direct result per share which is higher than previous year."

Click on, or paste the following link into your web browser, to view the associated PDF document.

The Hague, November 11, 2010

Board of Management Wereldhave N.V.

Contact Information

  • For further information:
    Wereldhave N.V.
    Richard W. Beentjes
    Tel. + 31 70 346 93 25

    Information for analysts:
    Wereldhave N.V.
    Charles F. Bloema
    Tel. + 31 70 346 93 25

    Wereldhave. Value for tomorrow.