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Deutsche EuroShop lays the foundations for long-term growth

  • Non-cash capital increase and acquisitions of shareholdings in three shopping centers
  • Strategic partnership deal running until 2020

The Executive Board of Deutsche EuroShop AG, Hamburg (ISIN DE0007480204) has resolved to increase the Company’s share capital by €1,780,000.00 (corresponding to around 4.0% of the current share capital) by means of a partial utilisation of authorised capital through the issue of 1,780,000 new (no-par-value) registered shares against non-cash contributions, shareholders’ pre-emptive rights being excluded. The Company’s Supervisory Board approved the resolution today. With the entry of the non-cash capital increase in the commercial register, the total number of the Company’s shares in issue will rise to 45,894,578.


Acquisition of shareholdings in three shopping centers

With retroactive effect from 1 July, 2010, various shareholdings in the shopping centers in Wuppertal (City-Arkaden, 25%) and Dresden (Altmarkt-Galerie, 17%) are to be transferred to Deutsche EuroShop. These acquisitions will be paid for with the new shares, for which a price of €22.88 per share has been agreed.


In addition, Deutsche EuroShop has acquired further shareholdings in City-Arkaden Wuppertal KG (3%) and the City-Point Kassel GmbH & Co. KG property (10%) against payment of cash purchase prices in the aggregate amount of €6.5 million.


Deutsche EuroShop therefore owns 100% (City-Arkaden Wuppertal and City-Point Kassel) and 67% (Altmarkt-Galerie Dresden) of the shares in these shopping center property companies.


Claus-Matthias Böge, Executive Board Spokesman, Deutsche EuroShop, said: “We are pleased that we are now able to realise the opportunity – which I had explained at the Ordinary General Meeting of 17 June 2010 – to acquire shareholdings in shopping centers by means of a non-cash capital increase.”


Strategic partnership running until 2020

Deutsche EuroShop has entered into a strategic partnership running until mid-2020 with the Hamburg asset management company KG CURA, the sole shareholder of the ECE Group. KG CURA has given Deutsche EuroShop an undertaking to participate in all future rights issues over the next ten years and in each case to subscribe for up to 20% of the volume of the issue to a maximum amount of €150 million. At the same time, Deutsche EuroShop’s business relationship with the ECE Group is to be stepped up. An agreement is in place under which the center management contracts with the ECE Group for the 17 shopping centers in Deutsche EuroShop’s portfolio are to be extended when they expire on or before 30 June 2020. In each case the extension will be for a period of ten years on usual market terms and conditions.


“This arrangement represents the next stage in a successful ten-year cooperation and benefits all parties involved,” said Claus-Matthias Böge. “We want to grow, and that is why we have strong partners – on both the financial and operational sides.”

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