BAU-VEREIN ZU HAMBURG AG - threefold increase in revenues and EBITDA before remeasurements in the first quarter of 2009

Hamburg, May 14, 2009 - Against the backdrop of the difficult economic conditions in the first quarter of 2009, Bau-Verein zu Hamburg Aktien-Gesellschaft ("Bau-Verein"for short) managed to improve its revenues and earnings substantially compared with the previous year managed to improve its revenues and earnings substantially compared with the previous year..

Thus, revenues in the first quarter of 2009 surged almost threefold from EUR 9.5 million to EUR 26.1 million. This favourable performance is reflected in rental income, which rose by 39 percent from EUR 3.6 million to EUR 5.0 million, as well as in net rental income, which was up 61 percent, climbing from EUR 1.8 million to EUR 2.9 million in the first quarter of 2009.

In addition, revenues from property sales rose fourfold from EUR 4.9 million to EUR 20.6 million in the first quarter of 2009, thus reflecting not only the Company´s strong operating business but also the quality of the portfolio, which is characterised by good urban locations in metropolitan regions. At the same time, active asset management and the development activities implemented in the past few years have unlocked additional value from the portfolio and boosted cash flows. The revenues achieved from rentals and property sales match the Company´s forecasts.

The favourable operating performance is also reflected in Bau-Verein´s bottom line. Thus, it achieved a threefold increase in EBITDA before fair-value remeasurements from EUR 0.4 million to EUR 1.2 million in the first quarter of 2009. However, a small loss of EUR 1.4 million was sustained at the EBITDA level before fair-value remeasurements (Q1/08: earnings of EUR 1.8 million).

Bau-Verein´s total assets contracted by EUR 17.8 million over the end of 2008 to EUR 336.5 million. At the same time, the Company´s equity ratio widened from 28.5 percent at the end of 2008 to 29.4 percent at the end of the first quarter of 2009.

This year, Bau-Verein will continue to focus on asset management activities in order to continue boosting the return on its portfolio by means of higher rentals and cost optimisation. In addition, the continued outlook for real estate sales is favourable - even beyond the first quarter of 2009. In 2009, sales worth over EUR 40 million have so far been finalised, meaning that Bau-Verein´s liquidity will continue to strengthen in the course of the year.

Press inquiries:

Bau-Verein zu Hamburg AG
Head of Investor & Public Relations
Kirsten Schleicher
Tel. +49 (0) 40 380 32 300
Fax +49 (0) 40 380 32 390
pr(at)bau-verein.de