Acquisition Office building

Wereldhave NV
29 June 2007


On June 28, 2007 Wereldhave completed the purchase in the United States of an
office building in San Diego, totalling 35,200 m(2) with 12 apartments, 1,400 m
(2) retail and 752 parking spaces. The purchase price amounts to USD 210 mln.


Today, the office is 80% leased to several tenants with long term leases.
Amongst these tenants are several law firms and financial services institutions.
Only 12% of the leased floor space will expire prior to 2015. Wereldhave expects
to lease the remaining floor space before the end of 2007. The net initial yield
when fully let amounts to 5%. The property is located at Broadway 655, in
Downtown San Diego, at the corner of Kettner Boulevard. The Broadway 655 office
building, completed at the end of 2005, is the first new class A plus office
building in Downtown San Diego since 1991. The building is located near the San
Diego Federal and County Courts of Justice, and offers a dynamic view to the
nearby harbour and the San Diego bay.


The acquisition will be financed by debt, of which 50% in Euro, bringing the
overall coverage of the Dollar exposure of the portfolio to 65% (previously
70%).


This acquisition is Wereldhave's first property investment in the West Coast of
the USA. The size of the investment allows to build-up a local management
organisation in the near future. Wereldhave has decided to invest at the west
coast of the USA in view of the increasing economic activity. The acquisition
fits Wereldhave's policy of acquiring newly built, prime property in knowledge
based areas.


San Diego is a large harbour city in the south of California, with 1.3 mln
inhabitants. Large harbour cities at the USA west coast are profiting from the
increasing trade with emerging countries in Asia. San Diego is also knowledge
center for the biotech industry and offers an attractive climate for companies
and employees.


Pictures of the property are downloadable at www.wereldhave.com.




                      This information is provided by RNS
            The company news service from the London Stock Exchange