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DES - Online Annual Report 2009

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Expansion for Dresden’s best lococation

Over the past few years, the Altmarkt-Galerie in Dresden has firmly established itself as a temple for shopping amongst the people of Dresden and is also extremely popular amongst the tourists who visit this metropolis on the river Elbe. Measured in terms of the revenues per m² that our tenants achieve here, the Altmarkt-Galerie counts as one of the most successful centers in the whole of Deutsche EuroShop’s portfolio.

The opening of a new inner-city shopping center in the autumn of 2009 has changed the competitive situation in Dresden. In addition, for several years we have been faced with demand for additional retail spaces in the Altmarkt-Galerie, both from existing tenants who want to increase the space they have available and from retailers who want to relocate to the center. As a response to this the center is now undergoing a programme of expansion: by the spring of 2011, the shopping center, which is located in the immediate vicinity of Dresden’s world-famous cultural monuments, such as the Zwinger Palace and the Semper Opera House, will acquire additional retail space of around 18,000 m² for roughly 90 new small and medium-sized shops. The expansion, which – like the existing center – will span three floors, will feature an area of over 800 m² dedicated to fine foods as a particular attraction.

The complex work, which began in the summer of 2009, includes the comprehensive renovation of the historic Intecta building, which is being integrated into the Altmarkt-Galerie. Entrances located at Dresden’s public-transport hub Postplatz, at Altmarkt and at Wilsdruffer Straße will link the center even more effectively to the historic heart of Dresden’s old town in the future and, at the same time, will create attractive new pedestrian walkways.

Furthermore, the upper levels of the new building will house around 2,900 m² of office space and 5,300 m² for a hotel, which will accommodate its guests in 200 rooms and which has already been rented out on a long-term basis to a prestigious international chain.

Deutsche EuroShop’s share in the investment will amount to approximately €82.5 million. Around 800 new jobs will be created in the center upon its completion.

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