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

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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

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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