Deutsche Euroshop Newsroom

Corporate News

07.10.2010

Deutsche EuroShop buys its second shopping center in Hamburg

 

  • €160 million investment
  • 18th shopping center in the portfolio
  • ECE as centermanagement partner

Hamburg, 7 October 2010 – The shopping center investor Deutsche EuroShop buys from Prime Commercial Properties plc the Billstedt-Center in Hamburg, with effect from 1 January 2011. The investment volume amounts to roughly €160 million, the net initial yield is approximately 6%. With this investment the portfolio of Deutsche EuroShop comprises of 18 shopping centers with a market value of €3.3 billion.

 

“The Billstedt-Center is a long established and stable center, which fits very well into our portfolio", commented Claus-Matthias Böge, CEO of Deutsche EuroShop. “It is our second shopping center in Hamburg and our 14th in Germany. This underscores our strong position – and we already eye the next center in Germany."

 

 

The Billstedt-Center offers on a selling space of about 40,000 sqm on two levels approx. 110 shops, all let to renowned retailers. A hypermarket (toom), a specialist consumer electronics retailer (Media Markt) and three fashion houses (C&A, TK Maxx and H&M) are the center’s anchor tenants. Further, a Karstadt department store is integrated into the center, owned by a third party. The complex also comprises approx. 3.500 sqm residential and office space as well as parking for 1,500 cars.

 

Originally the Billstedt-Center has been built in two separate parts in 1969 and 1977 with a major refurbishment in 1996. It is located in the eastern part of Hamburg about 8 kilometers from the city centre. 735,000 people are living in the catchment area of the shopping center, which is managed by ECE Projektmanagement since 1990. Up to 40,000 shoppers visit the Billstedt-Center on average per day.

 

Deutsche EuroShop – The Shopping Center Company

Deutsche EuroShop is Germany’s only public company, that invests solely in shopping centers in prime locations. The MDAX-listed Company currently has equity interests in 18 European shopping centers in Germany, Austria, Hungary and Poland.

 

Facts & Figures of the Billstedt-Center

Location: Hamburg
Investment of DES: 100%
Selling space (incl. Karstadt) in sqm: approx. 40,000
Parking: approx. 1,500
Number of shops: approx. 110
Occupancy rate: 100%
Catchment area: 0.7 million inhabitants
Opening/refurbishment: 1969/1977, 1996
Website: www.billstedt-center.de

 

 

 

Note for editors

Digital pictures (incl. micro- and macromap) can be requested by e-mail:

ir@deutsche-euroshop.com or downloaded at http://www.flickr.com/photos/desag/

 

 

Note for editors

Digital pictures (incl. micro- and macromap) can be requested by e-mail:

ir@deutsche-euroshop.com or downloaded at http://www.flickr.com/photos/desag/

 

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