Deutsche EuroShop AG is an international active German real estate investment company headquartered in

Hamburg (male), (female) en, Hamburger(s), Hamburgian(s) , timezone1 = Central (CET) , utc_offset1 = +1 , timezone1_DST = Central (CEST) , utc_offset1_DST = +2 , postal ...

. It is the largest German investor in

shopping centers A shopping center (American English) or shopping centre (Commonwealth English), also called a shopping complex, shopping arcade, shopping plaza or galleria, is a group of shops built together, sometimes under one roof. The first known collec ...

, and the country's only publicly traded company to do so exclusively. At the end of 2010 the firm held investments in 18 properties, of which 14 were in Germany, two in

Poland Poland, officially the Republic of Poland, is a country in Central Europe. It is divided into 16 administrative provinces called voivodeships, covering an area of . Poland has a population of over 38 million and is the fifth-most populous ...

and one each in

Austria Austria, , bar, Östareich officially the Republic of Austria, is a country in the southern part of Central Europe, lying in the Eastern Alps. It is a federation of nine states, one of which is the capital, Vienna, the most populous ...

and

Hungary Hungary ( hu, Magyarország ) is a landlocked country in Central Europe. Spanning of the Carpathian Basin, it is bordered by Slovakia to the north, Ukraine to the northeast, Romania to the east and southeast, Serbia to the south, Croatia a ...

. The company's shares have been listed on the

Frankfurt Stock Exchange The Frankfurt Stock Exchange (german: link=no, Börse Frankfurt, former German name – FWB) is the world's 12th largest stock exchange by market capitalization. It has operations from 8:00 am to 10:00 pm ( German time). Organisation Locat ...

since January 2001 and form part of the small-cap

SDAX The SDAX (German abbreviation for ''Small-Cap-deutsche Aktienindex'') is a stock market index composed of 70 small and medium-sized companies in Germany. These so-called ' small caps' rank directly below the MDAX (mid-cap) shares in terms of o ...

index.

History

The company was founded on 10 October 1997 as a pure shelf company with the name TORWA Beteiligungs AG. The company's name was changed to Deutsche EuroShop on 21 August 2000. At that time, Deutsche Grundbesitz Management GmbH was the sole shareholder and provided the company with EUR 580 million as a capital reserve with no obligation in return, which Deutsche Grundbesitz Management GmbH, DI Deutsche Immobilien Treuhandgesellschaft and DB Immobilienfonds Kappa Dr. Rühl KG acquired the stakes in eight shopping centres. The management was operated in 2001 by ECE Projektmanagement GmbH & Co. KG. Deutsche EuroShop AG has been listed on the German stock exchange since 2 January 2001, and the entire proceeds from the issue went to Deutsche Grundbesitz Management GmbH (later name change to DB Real Estate), a subsidiary of

Deutsche Bank Deutsche Bank AG (), sometimes referred to simply as Deutsche, is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Sto ...

. The chairmen of the board were Knut Neuss and Jürgen Wundrack, and the chairman of the supervisory board was Helmut Ullrich. On 15 April 2003 the company was included in the Prime Standard, and on 14 July 2003 in the

. It was included in the

EPRA index The European Public Real Estate Association (EPRA), is a non-profit association representing Europe's publicly listed property companies. It is run by an independent Board of Directors chaired by Pere Viñolas Serra. History From its formation ...

on 2 January 2004 and, from 20 September 2004, in the

MDAX The MDAX is a stock index which lists German companies trading on the Frankfurt Stock Exchange. The index is calculated by Deutsche Börse. Until 2021 included the 60 Prime Standard shares from sectors that rank immediately below (in value of mar ...

, which it had to leave on 23 September 2019. Since then, it has been on the SDAX again. There is also a listing in the North German regional index HASPAX. On 10 November 2005 the company received approx. EUR 67 million from a capital increase. Further capital increases followed on 7 July 2009 and on 1 February and 23 November 2010, which brought the company a total of 322 million euros. In November 2012, Deutsche EuroShop AG generated proceeds of around EUR 167.7 million from the placement of a convertible bond and shares from a capital increase. The convertible bond was finally converted to 99.5% in November 2017, the total number of shares was 61,783,594. Due to the

COVID-19 pandemic The COVID-19 pandemic, also known as the coronavirus pandemic, is an ongoing global pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The novel virus was first identif ...

, Deutsche EuroShop suffered loss of rent of 24.2% in the first half of 2020. The valuation of real estate assets was also devalued by an average of 5.5%.

Shareholder structure

At the end of 2016, the Supervisory Board held 9,683,163 (17.6%) shares, the Management Board none. In April 2017, the company had around 14,500 shareholders and a free float of 82.4%. In the 2020 financial year, the company's share capital was divided into 61,783,594 shares. 20.03% of them are owned by the mail order heir Alexander Otto.

Corporate governance

Board

The board consists of the following members: Wilhelm Wellner, Spokesman for the Management Board (since July 2015 Spokesman, since February 2015 member of the Management Board) Olaf Borkers (member of the Management Board since 2005)

Supervisory board

The supervisory board consists of nine members. The chairman is Reiner Strecker and his deputy Karin Dohm.

References

External links

* Companies based in Hamburg {{Hamburg-stub