02.06.2005 – 06:49

Meinl European Land Limited

euro adhoc: Meinl European Land Limited
Mergers - Acquisitions - Takeovers
Meinl European Land makes a Recommended Public Tender Offer for all shares in FORAS Holding A/S

Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.

02.06.2005

Vienna, 2 June 2005

Meinl European Land, the property group focusing on retail real
estates in Central and Eastern Europe continues its dynamic expansion
and has yesterday on the Copenhagen Stock Exchange announced a
Recommended Tender Offer on the Danish listed company; Foras Holding
A/S. Meinl European Land has within the last couple of days acquired
approximately 33% of the total share capital and votes of FORAS
Holding A/S.

Furthermore Meinl European Land has entered a new market - Latvia -
with the acquisition of a shopping centre in Riga.

Foras Holding A/S includes portfolio value of EUR 200 million

PoloniaCo ApS, a 100% subsidiary of Meinl European Land has made a
Recommended public Tender Offer to all shareholders of FORAS Holding
A/S. The offer price is DKK 80.50 per share being close to the
current market price. The offer period is expected to expire on 29
June 2005.

FORAS Holding A/S is a Danish holding company,being listed on the
Copenhagen Stock Exchange (ISIN: DK0010258052) since 1989. Since 1999
the company’s activities have been focused on the Polish real estate
market. FORAS Holding A/S owns three large shopping centres in
Poland, two in Warsaw and one in the city of Bytom close to Krakow.
The estimated property value of the properties is almost EUR 200
million.

Meinl European Land group already largest shareholder in FORAS
Holding A/S
- Recommended Tender Offer of the remaining stake of shares

PoloniaCo ApS has since 30th of May 2005 acquired approximately 33%
of the total share capital and votes of FORAS Holding A/S at DKK
80.50 per share. Following this transaction Meinl European Land’s
subsidiary (PoloniaCo ApS) became the largest shareholder of FORAS
Holding A/S. The second largest shareholder LD Pension, holding 23.2%
of the FORAS shares has on certain conditions agreed to sell its
shares in course of the tender offer. Further the board of directors
of FORAS Holding A/S has unanimously recommended their shareholders
to accept the offer.

Poland becomes Meinl European Land’s largest real estate market

The acquisition of FORAS Holding A/S will increase the Polish real
estate portfolio by 90,000sqm and to a total value of EUR 280 million
EUR. Consequently, Poland will become the largest real estate
activity of Meinl European Land, being in line with the development
plans already announced at the beginning of the year.

Signing for shopping centre in Riga with a total area of 35,000sqm

The dynamic expansion continues also in Meinl European Land’s other
markets: The company signed the contracts for a development project
for a shopping centre in Riga with a total letable area of 35,000sqm
yesterday. The investment amount for the shopping centre is more than
EUR 40 million; the yield exceeds 9.5%. The key lease contracts with
anchor tenants have been signed. These are companies that belong to
the leading retail groups in the Scandinavian and Baltic region. The
opening of the centre is scheduled for May 2006. The seller is the
Danish development company TK Development from which Meinl European
Land has acquired several other properties before, including Meinl
European Land’s first development project, the shopping centre in
Torun in Poland. TK Development remains responsible for the
development of the shopping centre in Riga.

Portfolio value since beginning of the year increased by 75%

In the current year the company has acquired retail properties with a
total area of approximately 150,000m² and a total value of almost EUR
200 million, including the project in Riga. Following the successful
completion of the Tender Offer for FORAS Holding A/S, total new
investment in 2005 will have reached approximately EUR 400 million,
which represents a 75% increase of the portfolio value within 5
months.

In total Meinl European Land’s portfolio will comprise 174 retail
properties with an estimated value of almost EUR 900 million. The
real estates generate an average yield of more than 9%, in some cases
significantly more.

end of announcement                    euro adhoc 02.06.2005 06:12:17 

Further inquiry note:

Pleon Publico Public Relations & Lobbying
Mag. Claudia Müller-Stralz
Tel.: ++43 (0) 1/717 86 107
mailto:claudia.mueller@pleon-publico.com

Branche: Real Estate
ISIN: AT0000660659
WKN: 066065
Index: Standard Market Auction
Börsen: Wiener Börse AG / official dealing