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DES - Online Annual Report 2009

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My Annual Report

Report on events after the balance sheet date

On 6 January 2010, PANTA Neunundneunzigste Grundstücksgesellschaft m.b.H. & Co KG, a subsidiary of Deutsche EuroShop, purchased the A10 shopping center in Wildau near Berlin for around €205 million (incl. ancillary acquisition costs). The transfer of benefits and encumbrances took place on 1 February 2010.

The center, opened in 1996, currently has around 120 rental areas and by spring 2011 will have been expanded to include another 60, giving 180 rental areas with 120,000 m² of leasable space. The existing center will be partially restructured and modernised. We anticipate an additional investment volume of around €60 million in total.

The total investment volume of €265 million will be financed via a long-term bank loan (€150 million) and equity capital (€115 million). Of the loan, €125 million has already been taken up in connection with the acquisition at an interest rate of 4.65% p.a. with a fixed-rate period of 10 years. The remaining €25 million will be used to part-finance the modernisation and expansion investments.

We expect the leasing of the A10 center (from 1 February 2010) to contribute around €12.9 million to revenue in 2010.

To refinance the equity component of €115 million, Deutsche EuroShop AG increased its capital in February 2010 through a subscription rights offering at a ratio of 6:1. All the new shares were taken up by existing shareholders via the rights offering and an oversubscription right granted by the Company. A total of 6,302,082 new shares were issued at a subscription price of €19.50 per share. Around €123 million flowed into the Company as a result.

No further significant events occurred between the balance sheet date and the date of preparation of the financial statements.

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