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Meinl European Land Limited

euro adhoc: Meinl European Land Ltd.
Financial Figures/Balance Sheet
Meinl European Land announces first quarter results for 2008 Investment property portfolio including properties under development grew by almost 4% since year end 2007 to EUR ...

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
3-month report
30.05.2008
Jersey, 30 May 2008. Meinl European Land Limited ("Meinl European 
Land" or the "Company") whose certificates representing shares are 
listed on the Vienna Stock Exchange announces its first quarter 
results for the three months ended 31 March 2008.
Property portfolio increased by 4% since year end 2007
At 31 March 2008, Meinl European Land owned a total of 161 investment
properties.  The market value of these properties amounted to 
approximately EUR 1.9 billion based on an external appraisal by the 
international property consultants Cushman & Wakefield at the end of 
the first quarter 2008 and is almost unchanged since year end 2007.  
However, Meinl European Land´s total property portfolio which also 
includes investment properties under development grew by almost 4% 
since year end 2007 to a total of EUR 2.8 billion.  This reflects the
Company´s progress during the first quarter 2008 on its development 
pipeline mainly in Russia, Poland and Turkey with spending of over 
EUR 100 million during the quarter on various development projects 
and as well as on securing a strategic land bank.
Rental income rose by 8% with like-for-like rental growth of 3%
Gross rental income increased from EUR 30.8 million in the first 
quarter of 2007 to approximately EUR 33.4 million in the first three 
months of 2008 which represents an increase of 8%.  The increase in 
rental income is based on a larger area of lettable space due to 
additional investment properties or site extensions, the acquisition 
of new tenants and overall higher rental income per sqm.  This 
positive trend is also seen in the rental income of properties which 
were part of the portfolio in Q1 2007, with like-for-like rental 
growth for Q1 2008 amounting to more than 3%.
Operating profit excluding revaluations increased 66% to EUR13.5m
Meinl European Land´s net operating profit in the first quarter of 
2008 amounted to EUR 6.6 million compared to EUR 54.2 million in the 
first quarter of 2007. The result in Q1 2007 was primarily driven by 
the revaluation of investment properties in the amount of EUR 46.0 
million.  Despite a challenging environment and a general decline in 
the global real estate sector, the value of the Company´s investment 
properties remained almost unchanged since year end 2007. Higher 
values in Poland and Romania were offset by lower values in Russia 
resulting in a slight decrease of merely 0.4% or EUR 6.9 million for 
the total portfolio in the first quarter of 2008.
Excluding the revaluation of investment properties in both periods, 
net operating profit amounted to EUR 13.5 million in Q1 2008, an 
increase of 66% compared to EUR 8.2 million for Q1 2007.
end of announcement                               euro adhoc

Further inquiry note:

Contacts for enquiries:
London Austria
Citigate Dewe Rogerson Trimedia
Michael Berkeley Bernhard Hudik
+44 20 7638 9571 +43 1 5244 300

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

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