2007 earnings forecast raised to €95 million - Heijmans sells INIT building in Amsterdam

4/11/2007, 8:25 AM (Source: GlobeNewswire)
Heijmans Property Development has sold the INIT building in
Amsterdam. The buyer is an institutional real estate fund, managed by
Pramerica Real Estate Investors, a subsidiary of Prudential Financial
from the US. The sales price was around €96 million. This transaction
means the partial lapsing of earlier provisions. As a result Heijmans
increases its 2007 earnings forecast after tax from €90 million to
€95 million. The forecast for earnings per share thus increases from
€3.75 to around €3.96.


INIT is delivered in 2005. It encompasses some 34,000 m2 of floor
space over five floors, and 167 parking bays. The building was
designed for companies in the creative sector. The main tenants are
PCM Uitgeverij, newspaper Het Parool, Flowtraders, Giarte Media
Group, Michel Post and Dubois Ording. The INIT building is around 90%
rented out.

The project is part of the redevelopment of the Oostenburgereiland in
Amsterdam. This site development involves the realization of a total
100,000 m2 of space for the creative sector, media, etc. with
associated parking areas. The INIT building is the first development
to have been realized on the Oostenburgereiland area in Central
Amsterdam.

For further information

Media
Frank Janssen
Director of Group Communications
+31 73 543 51 69
fjanssen@heijmans.nl

Analysts
Fons van Lith
Director of Investor Relations
+31 6 51314952
flith@heijmans.nl


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