DGAP-News

HAHN-Immobilien-Beteiligungs AG: Hahn Group expands fund business whilst earnings perform according to plan - Seite 2

the HAHN FCP - FIS German Retail Fund (HAHN FCP), which is co-managed
together with LRI Invest S.A. The retail warehouse center 'Life' in Munich
carried an investment volume of around EUR 35 million and has REWE as its
anchor tenant. For the retail warehouse center Lüneburg-Adendorf the anchor
tenant is Marktkauf (EDEKA). It saw investments being made of around EUR 25
million. Two additional retail properties, the hypermarket Salzgitter and
the retail warehouse center Gelnhausen, were added as the first property
objects into one of the two newly issued special AIFs with a total
investment volume of around EUR 40 million. The 'real,-' hypermarket in
Salzgitter is a former Pluswert fund of the Hahn Group. The retail
warehouse center Gelnhausen has Kaufland as its anchor tenant.

In addition to these, the retail warehouse center 'Implerstrasse' in
Munich, which had an investment volume of around EUR 25 million was sold on
behalf of the HAHN FCP. Prior to the sale, the property had been
successfully revitalised and newly positioned for the fund.

In the business with private customers no investment funds could be
marketed during the first six months because of the changed approval
situation for new products. The more complex regulative stipulations for
public AIFs require longer conception and approval periods, which Hahn
Group's planning duly takes account of.

Result of operations and financial position

Proceeds from the disposal and brokerage of properties decreased over the
first six months of 2014 from EUR 1.96 million (H1 2013) to EUR 0.85
million. This change is due to the absence of placements being made in the
business with private customers during the first six months of the year.
Reflected in revenue are shares from a property object company that are
added into one of the newly launched special AIFs as is the collection of
fees from the acquisition and sales of property objects for the
semi-professional and institutional investment assets.

The mainly recurring income from property and fund management increased 6.8
percent to EUR 4.88 million (H1 2013: EUR 4.57 million). The development of
fund management fees was particularly pleasing. The shares of profit and
loss in associated companies and joint ventures essentially include the
earnings contributions from the successfully performing RREBO joint
venture. The positive contribution to earnings of this item increased from
EUR 0.94 million to EUR 1.19 million.

Other operating income decreased from the same period the year before,