Deutsche Euroshop Newsroom

Corporate News

09.11.2005

Deutsche EuroShop AG buys Shopping Center in Dessau

Hamburg, 9 November 2005 Deutsche EuroShop AG takes an interest of 94.9% in the Rathaus-Center in Dessau, Saxony-Anhalt, with effect from 1 January 2006. The other 5.1 % of the shares remain with the previous owners. The investment volume amounts to more than Euro 100 million, the initial yield is above 7%. With this investment the portfolio of Deutsche EuroShop comprises of 15 shopping centers with a proportionate investment volume of Euro 1.3 billion.

 

The Rathaus-Center offers on a retail space of about 25,000 sqm on two levels approx. 80 shops, two large textile stores and several restaurants and service stores. All store spaces are long term let to renowned retailers. A Karstadt department store, which is owned by the Karstadt Group, is integrated into the center. The complex also comprises approx. 5,000 sqm office space and parking for 850 cars.

 

Dessau has approx. 80,000 inhabitants and is the third biggest city of the state Saxonia-Anhalt and a main central community. Various authorities and institutions are located in Dessau, among others since May 2005 the Umweltbundesamt (Federal Environmental Agency). The Rathaus-Center has been built between 1993 and 1995 on a 20,800 sqm property and is located in the city center of Dessau in front of the city hall and the market square. 420,000 people are living in the catchment area of the shopping center, which is managed by ECE Projektmanagement.

 

Deutsche EuroShop The Shopping Center-AG

Deutsche EuroShop AG is the sole German publicly listed real estate company following an investment strategy focused exclusively on shopping centers. The MDAX-company currently holds participations in 15 European shopping centers in Germany, France, Poland, Italy, Austria and Hungary.

 

 

Facts & Figures of the Rathaus-Center

Location

 

Dessau

 

Investment of DES

 

94.4%

 

Lettable space in sqm

 

30,000

 

Parking

 

850

 

Number of shops

 

approx. 80

 

Occupancy rate

 

98%

 

Catchment area

 

420,000 inhabitants

 

Opening

 

September 1995

 

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