3rd Quarter Results

Wereldhave NV
09 November 2005


Increase in direct result of EUR 1.5 mln to EUR 86.8 mln due to higher net
rental income
Direct result per share EUR 3.95
Profit increases by EUR 56.5 mln to EUR 160.9 mln due to higher property
revaluations
Profit per share EUR 7.41
Purchases in Manchester (UK) for EUR 121 mln and in San Antonio (USA) for 
EUR 15 mln

The direct result for the first nine months of 2005 amounts to EUR 86.8 mln,
which is EUR 1.5 mln higher compared to 2004. Net rental income rose by EUR 1.9
mln. The increase is caused by autonomous increases in rents, the additions to
the portfolio during the past year, less the effect of property disposals.
Compared to the first three quarters of 2004, the direct result per share
remained equal at EUR 3.95, due to the higher average number of shares in issue.
The occupancy rate of the portfolio for the third quarter amounts to 91.8%
(second quarter 2005: 91.9%).

Compared to 2004, the profit for the first nine months increased by EUR 56.5 mln
to EUR 160.9 mln. The increase is due to a revaluation of the portfolio by EUR
83.7 mln (2004: EUR 22.2 mln) and by property disposals with a surplus of EUR
8.9 mln (2004: EUR 0.4 mln). As a result of the revaluation, deferred taxes
increased by EUR 11.9 mln to EUR 16.8 mln (2004: EUR 4.9 mln).

Shareholders' equity at September 30, 2005 amounts to EUR 1,617.5 (January 1,
2005: EUR 1,528.8 mln). This represents 66.7% of total assets. Exchange rate
movements in the USD and GBP had a positive effect on shareholders' equity of
EUR 27.6 mln. The net asset value per share at September 30, 2005 amounts to EUR
72.86 (January 1, 2005: EUR 64.12 after distribution of profits).

At September 30, 2005, the value of the investment portfolio amounts to EUR
2,290.8 mln (January 1, 2005: EUR 2,026.6 mln). During the first nine months,
the portfolio was revalued upwards in all countries, with the exception of the
United Kingdom. The largest revaluations were seen in the United States and
Finland. Exchange rate differences had a positive effect of EUR 58.2 mln on the
value of the portfolio. At September 30, 2005, the value of the development
portfolio amounts to EUR 14.9 mln (at January 1st, 2005: EUR 50.3 mln).

On September 1, 2005 Wereldhave acquired the Towers Business Park in Manchester,
United Kingdom, for GBP 83 mln including costs (EUR 121 mln). On October 18,
2005, Wereldhave purchased a plot of land of 48 ha in San Antonio, Texas, United
States, for the development of more than 1,200 houses, 4,000 m(2) retail, two
office buildings of 8,000 m(2) and a hotel. The total development will be in
four phases over a period of approximately 6 years. Construction of the first
phase of 400 houses is planned to commence in September 2006. The purchase price
for the land amounts to USD 18.5 mln (EUR 15 mln); the total investment value of
the project exceeds USD 160 mln (EUR 130 mln).

In the United Kingdom, Wereldhave sold an office building in Leeds on August 18,
2005. The proceeds were slightly below book value.

Wereldhave maintains its earlier forecast that the direct result for the year
2005 will be between EUR 5.25 and EUR 5.35 per share.




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