Interim report as per 30 September 2008 I. R. E. German Property Holding B. V




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Interim report as per 30 September 2008
I.R.E. German Property Holding B.V.




Reported to the OMX Nordic Exchange Stockholm and OMX Nordic Exchange Copenhagen on November 28, 2008.
The Board of I.R.E. German Property Holding B.V. (“GPH”) has today held a Board Meeting at which the interim report was considered and approved. The interim report is enclosed.
Summary:
GPH issued a bond in a private placement of € 32.0 million as per 1 March 2007 that subsequently was listed on the OMX Nordic Exchange Stockholm and OMX Nordic Exchange Copenhagen in May 2007.
The consolidated result after tax for GPH was a profit of € 2.5 million compared to a loss of

€ 0.3 million in the corresponding period 2007.


Revenue for the period amounts to € 6.1 million. On September 30, 2008 the equity of GPH amounts to € 18.0 million.
GPH owns 24 properties in Germany located in Berlin and Magdeburg, with a total of 119,144 square metres – of which 80.2% is residential,12.1% is offices and 7.7% is retail and others.
The consolidated book value of the properties at September 30, 2008 amounts to € 124.9 million.
Please address questions relating to this Notice to Daniel Akselson on telephone

+ 31 653 304590.


Contents


Contents 2

Statement by Management on the interim report 3

Financial review 4

Consolidated financial statements 5

Statement of changes in equity 6

Cashflow statement 7


Statement by Management on the interim report

The Board has today presented the interim report for the period January 1, 2008 to September 30, 2008. The interim report has today been considered and approved.


The interim report has been presented in accordance with the International Financial Reporting Standards as well as additional requirements of the OMX Nordic Exchange Stockholm and OMX Nordic Exchange Copenhagen on the financial reporting of companies with listed bonds.
We consider the applied accounting polices appropriate and the accounting estimates and we believe that the interim report contains the information relevant for evaluation of GPH’s financial affairs. We therefore believe that the interim report provides a true and fair view of GPH’s financial position and of the results of its activities for the period January 1, 2008 to September 30, 2008.
This interim report has not been audited. The next (annual) report will be published on February 27, 2009.

Bussum, November 28, 2008


The Board

S.A.D. Akselson

Director

Financial review

GPH’s comparative figures constitute the period January 1, 2007 up to September 30, 2007.


The result after tax amounts to a profit of € 2.5 million compared with a loss of € 0.3 million in the comparative period.
Revenue for the period amounts to € 6.1 million. On September 30, 2008 the equity of GPH amounts to € 18.0 million.
GPH owns 24 properties in Germany located in Berlin and Magdeburg, with a total of 119,144 square metres – of which 80.2% is residential,12.1% is offices and 7.7% is retail and others.
The book value of the properties as of September 30, 2008 amounts to € 124.9 million. Value adjustments of properties (if any) have been recognised in the financial statement item value adjustments.
Accounting policies

This interim report has been prepared in accordance to the International Financial Reporting Standards (IFRS) as well as additional requirements of the OMX Nordic Exchange Stockholm and OMX Nordic Exchange Copenhagen on the financial reporting of companies with listed bonds.


Events after the end of the financial period

Management is not aware of any events occurring after September 30, 2008 which would be expected to materially influence the financial position or outlook of the Group.



Consolidated financial statements





Statement of changes in equity




Cashflow statement






Notice to the Stockholm Stock Exchange no. 9

Notice to the Copenhagen Stock Exchange no. 9

Interim report as per September 30, 2008

I.R.E. German Property Holding B.V.

Chamber of Commerce no. 32108902

Brediusweg 42

1401 AH Bussum

T +44 (0)20 7495 1480

F +44 (0)20 7495 1481



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