EANS-Adhoc: Sparkassen Immobilien AG / Successful operating performance in the first three quarters of 2010

--------------------------------------------------------------------------------
ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is solely responsible for the content of this
announcement.
--------------------------------------------------------------------------------

9-month report

25.11.2010

Sparkassen Immobilien AG:
Successful operating performance in the first three quarters of 2010

S IMMO Share up 10% EBIT increased to EUR 45.5m (Q3 2009: EUR -54.1m)
Inner value of stock (NAV) higher again: EUR 8.27 per share
Successful project completions and development land bank secure
growth New S IMMO logo for stronger international market presence

Stock exchange listed Sparkassen Immobilien AG (Bloomberg: SPI:AV,
Reuters: SIAG.VI) has three successful operating quarters to report
on.

S IMMO Share shows an increase of more than 10% S IMMO Share has
significantly outperformed the ATX and stood at EUR 5.54 per share at
30 September 2010, an improvement of 10.8% over the first nine months
of 2010. The difference between the closing share price of EUR 5.53
on 24 November 2010 and the net asset value was some 33%. Sparkassen
Immobilien AG is working hard to close this gap.

Vigorous operating growth Rental income of EUR 75.5m for the first
nine months was up 13.4% compared with the EUR 66.6m posted for the
same period last year. The excellent performance of the European
hotel market had a positive effect on Sparkassen Immobilien AG´s
revenues from hotel operations, which rose by 3.7% to EUR 27.1m for
the first three quarters of 2010 (Q3 2009: EUR 26.1m).

Between January and September 2010 Sparkassen Immobilien AG sold a
total of seven properties: six were residential properties in Vienna
and Berlin, and one was an office building in Vienna. All of the
disposals were at prices higher than the most recent valuations.
Within the Neutor 1010 project, 27 of the 34 luxury apartments have
been successfully sold at top prices. Proceeds from the successful
sales amounted to EUR 81.2m, generating gains on disposal amounting
to EUR 6.8m. Writedowns on property valuations for the first three
quarters of 2010 amounted to EUR 2.2m, compared with writedowns of
EUR 96.5m for the same period last year.

Steady improvement in all major indicators EBITDA of EUR 55.0m for
the first three quarters was up a satisfactory 11.4% compared with
the EUR 49.4m reported for the same period last year. Operating
performance (EBIT) improved significantly from a loss of EUR 54.1m in
the first nine months of 2009 to a EUR 45.5m profit this year. Higher
borrowings meant that net financial expense rose from EUR 30.8m to
EUR 32.9m. Profit before tax (EBT) of EUR 4.5m for the first three
quarters was significantly better than the losses of EUR 73.5m for
the same period last year. The net profit for the period amounted to
EUR 1.3m compared with losses of EUR 71.6m for the first three
quarters of last year.

Funds from operations (FFO) climbed to EUR 14.5m, almost double the
EUR 7.7m achieved in the first nine months of 2009. As a result of
the increased rental income, net operating income (NOI) was 5.6%
higher at EUR 57.5m (Q3 2009: EUR 54.4m).

Operating cash flows for the first quarter of 2010 were EUR 15.3m and
for the first half EUR 33.2m. By the end of the third quarter they
had reached EUR 46.8m. EPRA NAV, the inner value of the share, rose
once again in the third quarter, to EUR 8.27 per share (31 December
2009: EUR 8.13 per share).

Top quality property portfolio Sparkassen Immobilien AG´s property
portfolio at 30 September 2010 comprised 249 properties with a market
value of EUR 1,850.8m (31 December 2009: EUR 1,900.8m). The
properties were 31.1% office space, 30.3% retail space, 25.1%
residential space and 13.5% hotels. At 30.2% and 24.8% respectively,
the properties in Germany and Austria made up the largest part of the
portfolio. The properties in SEE (Bulgaria, Romania and Croatia) made
up 23.9%, while CEE (the Czech Republic, Slovakia and Hungary)
constituted 21.1%.

The German part of Sparkassen Immobilien AG´s portfolio is located
mainly in Berlin and Hamburg while properties in Austria, CEE and SEE
are predominantly situated in the countries´ capitals. The occupancy
rate is a stable 90%. The overall rental yield for the three quarters
ended 30 September 2010 was a satisfying 6.7 %.

Development projects completed on schedule On 12 October 2010
Sparkassen Immobilien AG and Immorent AG opened their recently
completed residential and office property, Neutor 1010. Situated in
Vienna´s Inner City, the "Jewel in the City" provides a total of
11,000 m² of usable space, together with 133 underground parking
places. The total investment amounted to around EUR 55m. Galvaniho 4
- an almost fully let six- floor office building in Bratislava with
total space of 23,700 m² - was also completed on schedule in the
autumn of 2010. The tenants include famous names such as Samsung,
Oracle und Bosch-Siemens. The volume invested totalled some EUR 45m.

Economic recovery at varying speeds The economic trends we noted in
the first half year are largely unchanged in the last three months.
The course of European post-crisis recovery differs from country to
country - Austria, Germany and most of the CEE countries have
successfully left recession behind them, while economic revival in
Romania and Bulgaria has been markedly slower. Government measures
there - such as raising VAT and cutting public sector wages and
salaries - have seriously impacted domestic demand and purchasing
power.

Basis of future growth assured With the completion of its development
projects under construction this year, Sparkassen Immobilien AG will
have completed the bulk of its current capital investment. The
successfully completed projects and the development land in EU
capitals in Central and Eastern Europe are the basis of the Group´s
further growth.

In the coming quarters, Sparkassen Immobilien AG will concentrate on
optimising the Group´s portfolio structure, while taking advantages
of market opportunities as they arise. The company´s current
predictions are for continuing stable growth in Austria and Germany
where market developments promise excellent opportunities, especially
in the residential segment. In addition new projects and acquisitions
are also being investigated. A well balanced portfolio and a
corporate strategy geared towards sustainability ensure that
Sparkassen Immobilien AG is excellently positioned for the future.

New S IMMO logo for stronger international market presence The new S
IMMO logo and the associated new market presence are designed to make
the Group´s positioning more readily recognisable and to standardise
it´s branding internationally. It should also help to communicate
corporate values such as transparency and closeness to the customer
to the outside world more clearly.

Consolidated income statement for the nine months ended 30 September
2010 EUR m / fair value basis

| |1 - 9/2010 |1 - 9/2009 1 |
|Revenues |126.2 |112.1 |
| Rental income |75.5 |66.6 |
| Revenues from service charges |23.6 |19.4 |
| Revenues from hotel operations |27.1 |26.1 |
|Other operating income |3.6 |6.1 |
|Expenses directly attributable to properties |-47.5 |-36.6 |
|Hotel operating expenses |-21.2 |-21.2 |
|Revenues less directly attributable expenses |61.2 |60.4 |
|Income from property disposals |81.2 |26.5 |
|Carrying values of property disposals |-74.4 |-25.6 |
|Gains on property disposals |6.8 |0.8 |
|Management expenses |-13.0 |-11.8 |
|Earnings before interest, tax, depreciation and |55.0 |49.4 |
|amortisation (EBITDA) | | |
|Depreciation and amortisation |-7.2 |-6.9 |
|Losses on property valuation |-2.2 |-96.5 |
|Operating result (EBIT) |45.5 |-54.1 |
|Finance costs |-32.9 |-30.8 |
|Participating certificates result |-8.1 |11.4 |
|Net income before taxes (EBT) |4.5 |-73.5 |
|Taxes on income |-3.3 |1.9 |
|Net income / (loss) for the period |1.3 |-71.6 |
| of which attributable to shareholders in |1.6 |-71.6 |
|parent company | | |
| of which attributable to minority interests |-0.4 |-0.1 |
| | | |
|Earnings per share (EUR) |0.02 |-1.05 |

|Property indicators | |30.09.2010 |
|Completed properties |Units |249 |
|Total usable space |m2 |1,399,000 |
|Rental yield |% |6.7 |
|Occupancy rate |% |90 |
|Land bank |Number of plots |6 |

1 Adjusted

end of announcement euro adhoc
--------------------------------------------------------------------------------

ots Originaltext: Sparkassen Immobilien AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Investor Relations:

Sylwia Milke

Phone: +43(0)50100-27402

Fax: +43(0)05100-927402

E-mail: sylwia.milke@simmoag.at

www.simmoag.at

Corporate Communications:

Bosko Skoko

Phone: +43(0)50100-27522

Fax: +43(0)05100-927522

E-mail: bosko.skoko@simmoag.at

www.simmoag.at

Branche: Real Estate
ISIN: AT0000652250
WKN: 065225
Index: ATX Prime, IATX
Börsen: Wien / official market