burg, August 19, 2003 – Deutsche EuroShop AG (ISIN DE0007480204) will take a 50 % stake in the Phoenix-Center in Hamburg-Harburg, which is to be opened in autumn 2004. The proportionate investment volume amounts to € 78 million. Investment partners are the Buell & Dr. Liedtke-Group and the ECE-Group (responsible for general planning, letting and center management) each with a 25 % stake.

The shoppingcentre which is under construction at the moment will house approximately 120 shops on three levels with a total sales area of 26,500 sqm. There will be an industry mix featuring attractive speciality markets, chain outlets and local retailers. The complex will also comprise modern and functional office premises as well as doctors’ and lawyers’ practices over an area of around 2,000 sqm.

60 % of the store spaces are already let long term to renowned retailers. Furthermore there are contracts near conclusion for additional 20 % of the store spaces. 'We assume that the Phoenix-Center – like all of our shoppingcentres – will also be completely let until the opening', Claus-Matthias Boege, member of the board of Deutsche EuroShop AG, expects.

The Phoenix-Center is located directly at the bus- and railway-station of Harburg and will have 1,600 parking spaces. It will be built on the former part of the factory site of the Phoenix AG. Its catchment area has approximately 560,000 inhabitants. The city of Harburg has around 200,000 inhabitants and is with regard to the expanse the largest district of the metropolis Hamburg. With its cultural, leisure and retail facilities Harburg also has the centre function for the surrounding part of Lower Saxony.

With this investment Deutsche EuroShop AG expands its portfolio to twelve shoppingcentres with a proportionate investment volume of € 1.1 billion. The liquidity reserves of € 47 million are to be invested completely until the end of 2003.

Deutsche EuroShop – The Shoppingcenter-AG

Deutsche EuroShop AG is the sole German publicly listed (since January 2, 2001) real estate company following an investment strategy focused exclusively on shoppingcenters. The SDAX-company currently holds participations in 12 European shoppingcenters in Germany, France, Italy and Hungary.

Facts & Figures of the Phoenix-Center
Location	Hamburg-Harburg
Investment of DES	50 %
Sales area in sqm	26,500
Parking	1,600
Number of shops	approx. 120
Occupancy rate	60 %
Catchment area	562,000 inhabitants
Planned opening	autumn 2004