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DGAP-IRE: HAHN-Immobilien-Beteiligungs AG: -2-

DJ DGAP-IRE: HAHN-Immobilien-Beteiligungs AG: Interim Notification per November 10

HAHN-Immobilien-Beteiligungs AG / Release of an announcement according to Article 37x of the WpHG [the German Securities Trading Act] 10.11.2008 Interim report according to Article 37x of the WpHG, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement.
=-------------------------------------------------------------------------- 
 
 
Interim notification of the HAHN-Immobilien-Beteiligungs AG per November 
10, 2008 
 
Successful start of the HAHN FCP-FIS - German Retail Fund; 
 
Sale of properties valued at around Euro 190 million per October 1 
completed 
 
  - Successful placement of the HAHN FCP and transfer of the secured 
    pipeline 
 
  - 87 per cent increase in sales revenues to Euro 51.6 million 
 
  - Operating profit (EBIT) almost trebled, at Euro 17.7 million 
 
  - Income from management services stable at Euro 5.2 million 
 
  - One-off expenses related to launch of HAHN FCP adversely affect 
    earnings 
 
  - Forecast for the full fiscal year 2008: earnings well below previous 
    year 
 
Bergisch Gladbach, November 10, 2008 - The Hahn Group was able to increase 
its sales revenues to Euro 51.6 million in the first nine months of the 
current fiscal year. Compared to the previous fiscal year (Euro 27.6 
million) this equates to a rise of approx. 87 per cent. Factors which have 
particularly contributed to this rise have been an increased rental income 
from properties held for sale and the sale of the co-investment shares in 
the joint venture portfolio with Capital & Regional plc. The transfer of 
the secured property pipeline for the HAHN FCP-FIS - German Retail Fund has 
not yet been taken into account in the sales figures: seven properties with 
a total value of about Euro 160 million were transferred onto the HAHN FCP 
as of October 1. A further three properties, with a volume of Euro 80 
million, are scheduled to be transferred as of December 31, 2008 and 
February 28, 2009 respectively. 
 
Until November Hahn Group acquired retail properties with a total volume of 
Euro 140 million. The investments that were made, totaled at Euro 190 
million, with Euro 10 million placed with private and Euro 181 million with 
institutional investors. 
 
As a result of the sales increase, the operating profit (EBIT) showed a 
clear positive development, at Euro 17.7 million. This was almost treble 
the figure for the same period of the previous fiscal year (6.2 million). 
 
The negative financial earnings, at Euro -21.4 million, reflect the higher 
financial expenses for assets held for sale, corresponding with the higher 
rental income. However, they were more than compensated for by the rise in 
rental earnings. Rental income surpassed financial expenses for the 
financing of the properties by Euro 2.8 million. 
 
As of October 1, the balance sheet total has been significantly decreased, 
due to the reduction in the assets held for sale. Taking into account the 
transfer of the HAHN FCP-properties, the debt level has been significantly 
reduced and the equity ratio correspondingly raised as against June 30, 
2008. 
 
The after-tax result declined to Euro -2.4 million as of September 30, 2008 
(previous fiscal year: Euro -0.38 million). Earnings were adversely 
affected by high one-off expenses, already announced, for the conceptual 
work and marketing for the new institutional fund, HAHN FCP-FIS German 
Retail Fund. The fund has a target volume of Euro 750 million. Earnings per 
share equaled Euro -0.20 (previous fiscal year: Euro -0.03). 
 
'We have made good progress in the course of the second half of the year. 
The successful first closing of the HAHN FCP showed that, even in the 
current market environment, there is major institutional interest in real 
estate investments. There is a clear preference for managed vehicles, as 
opposed to direct investments. Our evaluation is that, in the present 
economic environment, this trend will gain in strength. Therefore, we also 
expect there to be a rapid placement of the next tranches of the fund. This 
confirms the sustainable extension of our business model,' notes Bernhard 
Schoofs, CEO of HAHN-Immobilien-Beteiligungs AG. 'A further important 
event, the ending of the joint venture with our English partner Capital & 
Regional, was the right step to realize considerable increases in value and 
simultaneously clear the way for new, attractive institutional 
partnerships.' 
 
Business Segments 
 
The Trading segment attained sales revenues of Euro 33.3 million. Compared 
to the previous fiscal year period (Euro 21.0 million) this was a 58.6 per 
cent increase. The sales revenues are comprised of revenues from the sale 
of real estate and investment properties, income from commissions and 
rental revenues. A new Pluswert fund was placed on October 23. The 
closed-end property fund for private investors is investing in a property 
located in Landstuhl, comprised of a hypermarket and a DIY store, with a 
total investment volume of around Euro 24 million. The income from 
commissions in the private customers segment is generally below the 
previous year's level, due to reduced margins. 
 
The sales revenues in the business segment Management showed mostly stable 
development, at Euro 5.2 million (previous fiscal year: Euro 5.6 million). 
Asset Management raised sales by Euro 0.2 million against the previous 
fiscal year's level, to Euro 1.2 million. In Property Management, sales 
were at Euro 2.7 million, around 4 per cent above the previous fiscal 
year's level (Euro 2.6 million). At Euro 1.3 million, Fund Management 
recorded sales matching the previous fiscal year's level. From 2009 on a 
marked rise in sales will take effect here, due to the commissions for fund 
management on the HAHN FCP. In the previous fiscal year, performance fees 
of Euro 0.7 million were earned. 
 
At Euro 13.8 million, sales revenues in the business segment Investment 
were well above the previous fiscal year's level (Euro 1.7 million). The 
sale of the co-investment shares in the joint portfolio of Capital & 
Regional plc. contributed around Euro 12 million. This transaction meant 
that a value increase of around Euro 4 million with an impact on earnings 
could be realized in less than four years. Both the rental income from the 
existing portfolio and the further co-investment income showed positive 
development. From 2009, due to the ten per cent co-investment in the HAHN 
FCP, this income from equity investments will also flow into the earnings 
of the Investment segment. 
 
Outlook 
 
Conditions in the financial markets and in the real economy have become 
even more challenging in the last quarter. The medium-term future is 
fraught with major uncertainty. Nor can the Hahn Group fully escape the 
negative consequences of the finance crisis in its operative business. 
 
In view of the market environment we do not expect to attain the placement 
volume of Euro 80 million targeted for the private customer business at the 
start of the year. However, even in these extreme financial markets we will 
successfully place an estimated volume of around Euro 50 million in 2008. 
 
But due to the increased interest in indirect property investments we 
expect demand to show a clear increase again in the coming year. A further 
positive effect will result from the introduction of the German capital 
gains compensation tax, which will reduce the after-tax returns of many 
forms of investments - but not of closed-end property funds. 
 
On the financing side we expect more difficult conditions for the time 
being, as the credit markets are still only functioning subject to certain 
constraints. 
 
The Hahn Group's sole investments and the externally-managed institutional 
investment vehicles are not affected by the present financing environment, 
as the commitments for loan provision were secured long-term, with terms of 
5 years and longer. The Hahn Group's short-term financed assets held for 
sale will, for the most part, be placed before the year-end. In the case of 
a scheduled reduction, there are no refinancing risks here either for the 
coming year. 
 
Particularly with regard to the mentioned one-off expenses we expect full 
year results to be well below the previous year's level. 
 
The Hahn Group manages retail properties with a total volume of Euro 2.4 
billion, with continuous management-services revenues. The properties under 
management have a 96.9 per cent letting rate and are let out long-term to 
retail companies with high levels of credit-worthiness. This guarantees 
long-term secured cash flows, even in the case of difficult economic 
conditions. 
 
As a specialized property manager, the Hahn Group with its business model 
is well positioned to generate stable income, even in recessionary economic 
conditions. The foundation of the institutional fund HAHN FCP with a target 
volume of Euro 750 million, will sustainably contribute to this. Therewith 
the Hahn Group will generate an even bigger proportion of recurring sales 
revenues, ensuring a high earnings quality, even when markets are volatile. 
 
Hahn Group 
 
For more than 25 years the Hahn Group has specialized in investments in 
large-scale retail properties. With a rental space of around 1.5 million m² 
under management at more than 170 locations and assets under management of 
about Euro 2.4 billion, the Hahn Group is Germany's market leader in the 
management of large-scale retail real estate. With its extensive asset, 
property and fund management services for private and institutional 
investors the Hahn Group taps all sources of revenues and potentials for 
value increase connected with real estates and additionally acts as 
investor. The Hahn Group is listed on all German Stock Exchanges. Further 
information is available under www.hahnag.com 
 
Contact 
 
Hahn Group 
 
Marc Weisener 
 
Investor Relations / Press 
 
Buddestrasse 14 
 
51429 Bergisch Gladbach 
 
Phone: 02204-94 90-118 
 
Fax: 02204-94 90-139 
 
Email: mweisener@hahnag.de 
 
10.11.2008  Financial News transmitted by DGAP 
 

(MORE TO FOLLOW) Dow Jones Newswires

November 10, 2008 01:15 ET (06:15 GMT)

DJ DGAP-IRE: HAHN-Immobilien-Beteiligungs AG: -2-

=-------------------------------------------------------------------------- Language: English Issuer: HAHN-Immobilien-Beteiligungs AG Buddestrasse 14 51429 Bergisch Gladbach Deutschland Internet: www.hahnag.de End of News DGAP News-Service =--------------------------------------------------------------------------

(END) Dow Jones Newswires

November 10, 2008 01:15 ET (06:15 GMT)

© 2008 Dow Jones News
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