Deutsche Euroshop Newsroom

Corporate News

10.08.2006

Deutsche EuroShop purchases shopping center in Gdansk

Deutsche EuroShop has acquired a 74% interest in the Galeria Baltycka in Gdansk, Poland. The proportional investment volume amounts to around EUR 123 million, with an initial yield of 6.8%. As a result, Deutsche EuroShopís portfolio now consists of 16 shopping centers with a market value of over EUR 2.3 billion. Along with the Galeria Baltycka the ratio of foreign investments of the Group increases to 18%.

Deutsche EuroShop purchased the interest from HGA Capital Grundbesitz und Anlage GmbH, a company belonging to the HSH Nordbank Group. The ECE Group, which is also responsible for planning, development, leasing and center management, is its partner in the investment.

 

The Galeria Baltycka has been under construction since the beginning of May 2006 and is scheduled to open in autumn 2007. The shopping center will offer approx. 190 specialized shops on three levels. Over 80% of the space has already been leased to well-known retailers over a year before the grand opening. A supermarket, a specialist consumer electronics retailer and a fashion house are the centerís anchor tenants. There will be over 1,000 parking spaces available to customers in the shopping centerís parking deck.

 

The Galeria Baltycka is being built directly at a central transport interchange in the Gdansk-Gdynia-Sopot conurbation (called the Tricity) in Gdansk, the former Hanseatic League city with 460,000 inhabitants. The center will be easily accessible by public transportation, as well as by car. Approximately 1.2 million people live in the centerís catchment area; their retail purchasing power is around 20% above the Polish average.

 

Deutsche EuroShop Ė The Shopping Center Company

Deutsche EuroShop is Germanyís only public company, that invests solely in shopping centers in prime locations. The MDAX-listed Company currently has equity interests in 16 European shopping centers in Germany, Austria, Hungary, Italy and Poland.

 

Facts & Figures of the Galeria Baltycka

Location

 

Gdansk

 

Investment of DES

 

74.0%

 

Lettable space in sqm

 

approx. 47,100

 

Parking

 

approx. 1,000

 

Number of shops

 

approx. 190

 

Occupancy rate

 

>80%

 

Catchment area

 

1.2 million inhabitants

 

Planned opening

 

Autumn 2007

 

 

Webcast with details

Deutsche EuroShop will webcast its English conference call on the occasion of the publication of the interim report H1 2006 on Friday, 11 August 2006, at 10:00 a.m. CET live on the Internet. The webcast will contain further details concerning the acquisition in Gdansk and can be accessed at the Company's website at /des/pages/index/p/166

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