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Additional information on the Allee-Center Magdeburg acquistion

Patrick Kiss Patrick Kiss

We got several follow-up questions on the acquistion of the Allee-Center Magdeburg (ACM), which we have announced on 30 August 2011, and we want to provide answers to these questions.

Allee-Center Magdeburg (ACM) 

Q: When will the ACM be included in DES' portfolio?

A: Originally 1 September 2011 was planned, but the approval process of the German antitrust authorities takes longer than expected. We hope that we will be able to include the ACM with effect of 1 October 2011.

Q: How will the ACM be consolidated?

A: Up to the end of 2012 we will proportionally include the center in the consolidated financial statements. From 2013 onwards we will have to use the equity method.

Q: What is the yearly turnover per square meter in the ACM?

A: With €4,700 (net) and roughly €5,500 (gross) the ACM will establish itself among our top centers in the portfolio which has an average turnover of €4,700 (gross) per sqm and year.

Q: What is the average weighted maturity of the lease contract in the ACM?

A: Very comparable to our portfolio's average at approx. 7 years.

Q: What will be the influence on the guidance for 2011?

A: The new guidance we gave on 23 August 2011 already included the minor effect the ACM will have on this year's results.

Q: In the conference call on 11 August 2011 you mentioned another auction for a German shopping center. What is the status of the negotiations?

A: We are now out of this bidding process. In the meantime we got new opportunities on our desks, which we will check in the coming weeks.
But first we have to concentrate on the solution process for the trade tax issue.