euro adhoc: Meinl European Land Ltd. / quarterly or semiannual financial statement / Meinl European Land: Financial results in Q1 2007 increased Portfolio reaches EUR 5.3 billion EUR 500 million cre

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3-month report

01.06.2007

Jersey, 1 June 2007. After the record result in the business year
2006 - profit after tax went up by 135% from EUR 114 million to EUR
267 million and the other financial key data increased by similar
rates - Meinl European Land continued its successful growth in the
first quarter 2007 as well: Once again all relevant financial figures
improved compared to the previous year.

Rental income advanced by 43%

Rental income increased from EUR 21 million in the first quarter 2006
to approximately EUR 31 million in the first three months 2007, which
represents an increase of 43%. In the first three months 2007
operating profit reached EUR 52 million (Q1 2006: EUR 48 million).
Profit after tax increased to EUR 51 million in Q1 2007 after EUR 47
million in the previous year.

Property portfolio increases to more than EUR 5.3 billion

At 31 March 2007 the value of investment properties was EUR 1.8
billion, up approximately 56% on the previous year. In addition, the
Company has contractually agreed development projects with a total
investment value of EUR 3.5 billion, which will be completed in this
year and the following two years. Hence, Meinl European Land´s total
portfolio amounts to approximately EUR 5.3 billion. This portfolio is
expected to generate rental income of approximately EUR 500 million
by the end of 2009, once all projects are complete.

EUR 2 billion project pipeline for further growth

Meinl European Land will continue its expansion in the future as
well: A project pipeline currently estimated at about EUR 2 billion
provides the basis for the Company´s future growth. A number of these
projects are already close to beeing signed so that Meinl European
Land expects to be in a position to announce new attractive projects
within the coming weeks.

EUR 500 million credit facility secured

In anticipation of future projects, Meinl European Land yesterday
signed an agreement to put in place a Syndicated Revolving Loan
Facility in the amount of EUR 500 million. Lead Managers of the
transaction are WestLB (in co-operation with Westdeutsche
Immobilienbank) of Germany and RZB of Austria. The 5-year facility
has been fully underwritten by both banks. Within the next weeks
international banks will be approached and invited to participate in
the syndiaction of the loan facility. In the second half of last
year, Meinl European Land successfully issued bonds totalling EUR 600
million. The bonds have performed extremely well, reflecting the
confidence of international debt investors in the Company´s growth
strategy.

Net asset value per share increased to EUR 18.08

The net asset value per share (NAV) at 31 March 2007 was EUR 16.41.
Including the potential valuation upside on the committed development
projects, which is estimated by the Company based on today´s market
yields at EUR 400-500 million, NAV amounts to EUR 18.08 per share.
The share price on 31 March 2007 was at EUR 20.82, reflecting a
premium of approximately 15%. A significant part of the Company´s
value lies in its project pipeline, and the continuing ability of its
management to identify new projects.

end of announcement euro adhoc 01.06.2007 16:53:37
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ots Originaltext: Meinl European Land Limited
Im Internet recherchierbar: http://www.presseportal.de

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

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