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Deutsche EuroShop AG Takes a Stake in the Phoenix-Center in Hamburg

Deutsche EuroShop AG 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. From now on the portfolio of Deutsche EuroShop AG consists of twelve shoppingcentres with a proportionate investment volume of 1.1 billion.

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. It is located directly at the bus- and railway-station of Harburg and will have 1,600 parking spaces. Its catchment area has approximately 560,000 inhabitants.

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.

With this investment Deutsche EuroShop AG still has liquidity reserves of 47 million, which are to be invested completely until the end of 2003.

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