Meinl European Land Limited

euro adhoc: Meinl European Land Limited
Capital measures
Meinl European Land initiates international Medium Term Note Program: Up to EUR 2 billion Bond Program for further expansion Rating agency gives Meinl European Land: "investment grade" rating

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Vienna, July 17, 2006. Vienna Stock Exchange listed real estate company Meinl European Land initiates a Medium Term Note Program with a total value of up to EUR 2 billion. A proposed note issue of the Company will be arranged by investment banks Merrill Lynch and Meinl Bank AG jointly as lead managers. The Company expects that the group of potential investors will be enlarged significantly. Unlike notes issued previously the new notes of Meinl European Land will be not secured, which underlines the financial strength of the Company.

The note program can be drawn in several tranches, which may differ in denomination, currency and interest terms. As a first tranche, the Company intends to issue fixed rate notes with medium- to long-term maturity.

Proceeds from any note issue will be used for the further expansion of the Company.

As at 31 March 2006, the group owned and managed a property investment portfolio (excluding investment properties under development but including properties for sale) valued at approximately EUR1.1 billion .  The group is currently also actively engaged in expanding via development projects with estimated costs of EUR 1.5 billion, which upon completion will take the value of the total portfolio to EUR 2.6 billion.  As at March 31, 2006 the group had a development property pipeline and a future potential pipeline that, if the potential pipeline projects were taken up by the group would involve an aggregate cost estimated by the Company of approximately EUR2.2 billion.

The international rating agency Standard & Poors rates the Company and the bond program with an "investment grade" rating of BBB- and the Company’s outlook as "Stable". The short-term outlook is rated with A-3.

"We are proud of being the first real estate company listed on the Vienna Stock Exchange that receives such a rating. This excellent evaluation for a property company underlines the success of the Meinl European Land’s strategy and the great perspectives for the future in the growing markets in CEE" explains Francis Lustig, Speaker for Meinl European Land.

Note: This announcement does not constitute or form part of any offer for sale or subscription of, or any solicitation of any offer to purchase or subscribe for, notes issued by the Company under the MTN program in any jurisdiction. Any offer to subscribe for bonds will be made solely on the basis of information that will be contained in a prospectus to be published in due course in connection with any such offer. The prospectus will contain certain detailed information about the Company, as well as financial statements and other financial data. This announcement is not for release, publication or distribution, directly or indirectly, in whole or in part, in or into the United States (including its territories and possessions, any state of the United States and the District of Columbia), Australia, Canada or Japan. This announcement is not an offer to sell or the solicitation of an offer to buy securities in the United States or in any jurisdiction in which such an offer or solicitation is unlawful. No public offer of notes is being made in the United States.    The notes have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"), any state securities laws in the United States or under the applicable securities laws of Australia, Canada or Japan.  Notes may not be offered or sold within the United States or to or for the account of US persons (as defined in Regulation S under the Securities Act) absent registration or an exemption from registration.  The Company will not be registered under the Investment Company Act, and investors will not be entitled to the benefits of the Investment Company Act.

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ots Originaltext: Meinl European Land Limited
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Further inquiry note:
Pleon Publico Public Relations & Lobbying
Mag. Claudia Müller-Stralz
Tel.: ++43 (0) 1/717 86 107

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

Weitere Meldungen: Meinl European Land Limited

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