Deutsche EuroShop | Magazine 2019

A10 CENTER
WILDAU/BERLIN
ALLEE-CENTER
HAMM
MAIN-TAUNUS-ZENTRUM
SULZBACH/FRANKFURT
GALERIA BAŁTYCKA
GDANSK
PHOENIX-CENTER
HAMBURG
RATHAUS-CENTER
DESSAU
CITY-POINT
KASSEL
STADT-GALERIE
PASSAU
ALTMARKT-GALERIE
DRESDEN
HEROLD-CENTER
NORDERSTEDT
MAgAZInE
19feelestate.de

KEY FIGURES
in € millions 2019 2018 +/-
Revenue 225.9 225.0 0%
EBIT 197.5 199.1 -1%
Net finance costs (excluding measurement gains/losses 1
) -34.3 -38.2 10%
EBT (excluding measurement gains/losses 1
) 163.1 160.9 1%
Measurement gains/losses 1
-120.0 -58.3 -106%
Consolidated profit 112.1 79.4 41%
FFO per share in € 2.42 2.43 0%
Earnings per share in € 1.81 1.29 40%
EPRA Earnings per share in € 2.56 2.39 7%
Equity 2
2,601.5 2,573.4 1%
Liabilities 1,957.1 2,036.8 -4%
Total assets 4,558.6 4,610.2 -1%
Equity ratio in % 2
57.1 55.8
Loan to value (LTV) in % 31.5 31.8
Cash and cash equivalents 148.1 116.3 27%
Net asset value (EPRA) 2,613.4 2,667.5 -2%
Net asset value per share in € (EPRA) 42.30 43.17 -2%
Dividend per share in € 0.00 3
1.50 -100%
1
Including the share attributable to equity-accounted joint ventures and associates
2
incl. non controlling interests
3
proposal
2017 2018 2019
REVENUE
in € million
218.5
225.0
225.9
2017 2018 2019
EBIT
in € million
192.4
199.1
197.5
2017 2018 2019
EBT *
in € million
*
excluding measurement gains/losses
153.3
160.9
163.1
2017 2018 2019
FFO per share
in €
2.54
2.43
2.42

OUR GOALS
Deutsche EuroShop does not seek short-term success, but rather
the stable increase in the value of our portfolio. Our objective is to
generate a sustainably high surplus liquidity from the longterm leas-
ing of our shopping centers to distribute an attractive dividend to our
shareholders. In order to achieve this, we shall acquire further prime
properties and hence establish ourselves as one of the largest com-
panies in Europe focusing on retail properties.
OUR VALUES
We are the only public company in Germany that invests solely in
shopping centers in prime locations. We invest only in carefully cho-
sen properties. High quality standards and a high degree of flexibil-
ity are just as important to us as sustained earnings growth from
index- and turnover-linked rental contracts. In addition, we boast a
higher than average occupancy rate and professional center man-
agement - these are the pillars of our success.
INTRODUCTION
Letter to our shareholders S. 2
The Executive Board S. 5
The Supervisory Board S. 6
SHOPPING
Search online, pick up offline S. 10
Shoppingcenters as
a „place to eat“ S. 14
The power of placemaking S. 16
Grab Go Store S. 18
Book recommendation S. 19
CENTER
The Portfolio S. 20
Activities in the centers S. 28
Wonderland S. 31
Networked! S. 32
Environment S. 34
Environmental Performance S. 36
DES discusses CO2 pricing
with real estate experts at
round table S. 41
Our Centers S. 42
Center Overview S. 44
INVESTOR RELATIONS
The Shopping Center Share S. 59
Financial calendar 2020 S. 65
Annual General Meeting S. 66
Conferences and roadshows S. 67
Deutsche EuroShop
Real Estate Summer S. 68
Marketing S. 70
SERVICE
Glossary S. 74
Multi-year overview S. 77
Legal S. 78
Disclaimer S. 78

The whole world is in an extreme state of emergency.
The coronavirus pandemic is affecting us in every con-
ceivable area of life, and society and the economy are
facing their greatest challenge since the Second World
War. But one thing is for sure, and that is that the top
priority is people’s health and wellbeing. With over
175 million visitors a year and around 17,000 people
directly associated with our shopping centers through
their jobs, we at Deutsche EuroShop share this view
unreservedly.
But the tough decisions that have been made are also
having a very direct and drastic impact on us and our
rental partners. Since the middle of March 2020, the
majority of shops in Deutsche EuroShop’s shopping
centers have been officially ordered to close to pro-
tect the population and contain the coronavirus pan-
demic. Some of the official constraints have had a very
critical effect on the economic situation in general and
on bricks-and-mortar retail in particular, resulting in
the first insolvencies among tenants or warnings from
them regarding their liquidity situation.
AT THIS POINT IN TIME, WE BELIEVE
IT IS ESSENTIAL TO MAINTAIN AS
MUCH LIQUIDITY AS POSSIBLE IN THE
COMPANY IN ORDER TO BE OPTIMALLY
PREPARED FOR THE UNPREDICTABLE
MONTHS AHEAD.
This development as well as the laws passed in various
countries to relieve tenants of rental payments are
having a direct negative impact on our planned rental
income and our cash flow. Against this background, we
have withdrawn our forecast for the entire of 2020 and
have also decided to propose to the Annual General
Meeting scheduled for 16 June 2020 that the dividend
payment for financial year 2019 be suspended. At this
point in time, we believe it is essential to maintain as
much liquidity as possible in the company in order to be
optimally prepared for the unpredictable months ahead.
We would like to assure you, our dear shareholders,
that this step does not represent a fundamental change
in our dividend policy, which is geared towards conti-
nuity. We intend to continue this policy once this excep-
tional situation has stabilised.
Thanks to our conservative financing strategy,
Deutsche EuroShop has a healthy balance sheet and
high liquidity and thus has solid financial room for
manoeuvre to meet the challenges ahead. In addition,
as planned, we signed a €70 million credit agreement
at the end of March 2020 to refinance loan obligations
due in 2020, having already extended our €150 mil-
lion credit line by four years at the end of January. This
fills us with just as much confidence as our solid oper-
ating performance in the past financial year. All the key
figures for 2019 were within or even slightly above our
forecasts: revenue improved by 0.4% to €225.9 million;
earnings before interest and taxes (EBIT) fell slightly
by 0.8% to €197.5 million, but were still at the upper
end of the target range; earnings before tax and meas-
urement gains/losses (EBT excluding measurement
Dear
Shareholders,
Deutsche EuroShop / Magazine 20192
Introduction / Letter to our shareholders

Wilhelm Wellner
CEO
Olaf Borkers
Member of the
Executive Board
3

gains/losses) stood at €163.1 million, exceeding the
previous year’s figure by 1.4%; funds from operations
(FFO) adjusted for measurement gains/losses and
non-recurring effects were also on target at €2.42 per
share; EPRA earnings increased significantly by 7.4%
to €158.3 million, partly due to positive non-recurring
effects.
This all shows that Deutsche EuroShop is generally
well positioned and our strategic measures are work-
ing. These include our investments in the attractive-
ness of our shopping centers as well as increasing
digitisation. We are implementing the concept of the
“digital twin” of a shopping center and again reached
important milestones in the year under review. With the
Digital Mall concept, we are gradually linking the offline
and online shopping worlds. The ultimate aim is that
customers will be able to see, reserve and order online
the products that are immediately available in a shop-
ping center. By the end of 2019, the convenient online
product search was already available at all German
shopping centers and for over 1.9 million products. By
gradually linking up more and more retailers and loca-
tions, this omnichannel offering will keep growing. We
will also continue to work hard on this after the loca-
tions have reopened.
Our current focus is on managing the immediate impact
of the crisis triggered by the coronavirus pandemic.
However, following the first phase of the shutdown and
alongside the continued important protection of peo-
ple’s health, we believe that it is now time for politicians
to implement urgently needed and appropriate meas-
ures to reopen all shops quickly. The umbrella associ-
ation for the real estate industry in Germany, the Ger-
man Property Federation (ZIA), is right to be urging that
this step be taken for Germany. Throughout this impor-
tant process, we are working closely with ECE, which is
responsible for the integrated asset management of our
shopping center portfolio. ECE, in turn, is in close con-
tact with the authorities to ensure compliance with the
requirements, and with tenants to manage the current
situation cooperatively and in the best possible way for
all parties involved. And even now it is very clear that in
ECE we have the right partner by our side.
You, our dear shareholders, can be sure of one thing in
these exceptional times for all of us: We will continue
to act with foresight and flexibility in the interests of
all stakeholders and will issue the same reliable and
transparent reports that you have come to expect from
us. This is because maintaining your trust is essential
to our long-term success.
Although we cannot yet estimate the economic impact
on Deutsche EuroShop, we are confident that our com-
pany will overcome the current challenges – even if
the world is likely to be a different one in the future,
as many experts predict.
We very much hope that you will continue to accompany
us on this journey. Stay well!
Best regards
Wilhelm Wellner Olaf Borkers
WITH THE DIGITAL MALL CONCEPT,
WE ARE GRADUALLY
LINKING THE OFFLINE AND ONLINE
SHOPPING WORLDS.

Wilhelm Wellner is a trained banker who earned a degree
in business management from the University of Erlangen-
Nuremberg and a Master of Arts (economics) degree from
Wayne State University Detroit.
He started his professional career at Siemens AG in 1996
as a specialist for international project and export finance.
In 1999 Mr Wellner took a position as a senior officer in the
area of corporate finance at Deutsche Lufthansa AG, where
he was responsible for a variety of capital market transac-
tions and supervised numerous M A projects.
In 2003 Mr Wellner switched to ECE Projektmanagement
G.m.b.H. Co. KG in Hamburg, Europe’s market leader in
the area of inner-city shopping centers. As the international
holding company’s Chief Financial Officer, he helped shape
the expansion of this shopping center developer and was
appointed Chief Investment Officer of the ECE Group in 2009.
From 2012 to 2014 Mr Wellner served as Chief Financial
Officer of the finance, human resources, legal affairs and
organisation departments at Railpool GmbH, a Munich-
based leasing company for rail vehicles.
Mr. Wellner joined the Executive Board of Deutsche
EuroShop AG at the start of 2015. He has German citizen-
ship, is married and has two children.
WILHELM WELLNER,
CEO
Born 8 March 1967
OLAF BORKERS,
MEMBER OF THE
EXECUTIVE BOARD
Born 10 December 1964
After serving as a ship’s officer in the German Navy,
Olaf Borkers completed a banking apprenticeship at
Deutsche Bank AG in 1990. He then studied business
administration in Frankfurt am Main.
From 1995, Mr Borkers worked as a credit analyst for
Deutsche Bank AG in Frankfurt and Hamburg in the
ship financing industry. In 1998, he joined RSE Grund-
besitz und Beteiligungs AG, Hamburg, as an assistant to
the Executive Board. There, among other things, he took
responsibility for managing a project to acquire a major,
formerly municipal housing company.
In 1999, Mr Borkers was appointed to the Executive
Board of TAG Tegernsee Immobilien und Beteiligungs
AG, Tegernsee und Hamburg, where he was responsi-
ble for the finance and investor relations departments
until September 2005. He also held various Supervisory
Board and management positions within the TAG Group.
As sole director, he launched the company on the stock
market with a secondary offering and then on the SDAX
after various capital-raising measures.
Olaf Borkers has been a Member of the Executive Board
at Deutsche EuroShop AG since October 2005. He is a
German citizen and married with two children.
THE EXECUTIVE BOARD
Deutsche EuroShop / Magazine 2019 5
Introduction / The Executive Board

THE SUPERVISORY BOARD
Status: 31 December 2019
Name
Reiner Strecker
(Chairman)
Karin Dohm
(Deputy Chairwoman)
Dr. Anja Disput
Born 1961 1972 1977
Place of residence Wuppertal Kronberg im Taunus Frankfurt
Nationality German German German
Appointed since 2012 2012 12 June 2019
End of appointment 2022 Annual General Meeting 2022 Annual General Meeting 2024 Annual General Meeting
Committee activities Chairman of the Executive
Committee, Deputy Chairman of
the Capital Market Committee,
Member of the Audit Committee
Member of the Executive Committee,
Chair of the Audit Committee,
Financial Expert
–
Membership of other
legally required super
visory boards and
memberships in com
parable domestic and
foreign supervisory
bodies for business
enterprises
• akf Bank GmbHCo. KG,
Wuppertal
• Ceconomy AG, Düsseldorf
• Deutsche Bank Europe GmbH,
Frankfurt (Chair)
• Deutsche Bank Luxembourg S.A.,
Luxembourg (Luxembourg)
–
Position Personally liable partner,
VorwerkCo. KG, Wuppertal
Global Head of GovernmentRegulatory
Affairs, Deutsche Bank AG, Frankfurt
Partner and Attorney-at-law in Real
Estate Law, Curtis, Mallet-Prevost,
ColtMosle LLP, Frankfurt/M.
Key positions held • 1981–1985: Degree in business
administration, Eberhard Karls
University, Tübingen
• 1986 –1990: Commerzbank AG,
Frankfurt
• 1991–1997: STG-Coopers
Lybrand Consulting AG, Zurich
(Switzerland)
• 1998 –2002: British-American
Tobacco Group, Hamburg, London
(UK), Auckland (New Zealand)
• 2002–2009: British-American
Tobacco (Industrie) GmbH, Ham-
burg, Member of the Executive
Board for Finance and IT
• 2009 to present day: Vorwerk
Co. KG, Wuppertal
- since 2010: Personally liable
partner
• 1991–1997: Studied business and
economics in Münster, Zaragoza (Spain)
and Berlin
• 2002: Steuerberaterexamen
(German tax advisor exam)
• 2005: Wirtschaftsprüferexamen (German
auditor exam)
• 1997–2010. DeloitteTouche GmbH,
Berlin, London (UK), Paris (France)
• 2010 –2011: DeloitteTouche GmbH,
Berlin, Partner Financial Services
• 2011 to present day: Deutsche Bank AG,
Frankfurt, of which:
- 2011–2014: Head of Group External
Reporting
- 2015: Chief Financial Officer, Global
Transaction Banking
- 2016: Global Head of Group Structuring
- since 2017: Global Head of
GovernmentRegulatory Affairs
• 1997–2002: Law studies,
Johann Wolfgang Goethe
University, Frankfurt
• 2002-2005: Hanau district court,
legal clerkship
• 2005-2010: Taylor Wessing,
Frankfurt, London (United
Kingdom) and Munich, Attorney-
at-Law in Real Estate Law
• 2010-2015: Taylor Wessing,
Frankfurt, Partner in Real
Estate Law
• since 2015: Curtis, Mallet-
Prevost, ColtMosle LLP,
Frankfurt, Partner and Attorney-
at-Law in Real Estate Law
Profile of skills Experience in retail, corporate
management, accounting, capital
markets and corporate governance
Experience in accounting, financing, capital
markets, law and corporate governance
Experience in real estate, law and
corporate governance
Relationship to con-
trolling/major share-
holders or Deutsche
EuroShop AG
none none none
Deutsche EuroShop
securities portfolio as
at 31 December 2019
9,975 0 0
Introduction / The Supervisory Board
6

Henning Eggers Dr. Henning Kreke Alexander Otto
1969 1965 1967
Halstenbek Hagen/Westphalia Hamburg
German German German
12 June 2019 2013 2002
2024 Annual General Meeting 2023 Annual General Meeting 2023 Annual General Meeting
Member of the Executive Committee, Deputy
Chairman of the Capital Market Committee,
Member of the Audit Committee
Member of the Capital Market Committee –
• ECE Projektmanagement G.m.b.H. Co. KG,
Hamburg (since 1 July 2019)
• Platinum AG, Hamburg
• TransConnect Unternehmensberatungs-
und Beteiligungs AG, Munich (until
12 September 2019)
• Douglas GmbH, Düsseldorf (Chair)
• Thalia Bücher GmbH, Hagen/ Westphalia
• Encavis AG, Hamburg
• Axxum Holding GmbH, Wuppertal
• Püschmann GmbHCo. KG, Wuppertal
• Con-Pro Industrie-Service GmbHCo. KG, Peine
• Noventic GmbH, Hamburg
• Perma-tec GmbHCo. Euerdorf
• Ferdinand Bilstein GmbHCo. KG, Ennepetal
• PeekCloppenburg KG, Düsseldorf
• SITE Centers Corp., Beachwood (USA)
• Sonae Sierra Brasil S.A., São Paulo
(Brazil) (until 5 August 2019)
• Verwaltungsgesellschaft Otto mbH,
Hamburg
Member of Management, CURA Vermögens
verwaltung G.m.b.H. Co., Hamburg
Managing Partner,
Jörn Kreke Holding KG and Kreke Immobilien KG
Hagen/Westphalia
CEO, Verwaltung ECE Projektmanagement
G.m.b.H., Hamburg
• 1990 –1995: Degree in Business Administration,
University of Hamburg
• 1999: Steuerberaterexamen (German tax
advisor exam)
• 1995 –2000: PKF Fasselt Schlage Auditing
and Tax Consultancy, Hamburg
• 2000 until today: KG CURA Vermögens
verwaltung G.m.b.H. Co., Hamburg
(Family Office of the Otto family)
- since 2013: Member of Management
• Studied business (BBA and MBA) at the
University of Texas at Austin (USA)
• Doctorate (Political Science) from the
University of Kiel
• 1993 to present day: DOUGLAS Holding AG,
Hagen/ Westphalia, of which
- 1993 –1997: Assistant to the Executive Board
- 1997–2001: Member of the Board of
Management
- 2001–2016: Chairman of the Board of
Management
- since 2016: Chairman of the
Supervisory Board
• since 2016: Jörn Kreke Holding KG and
Kreke Immobilien KG, Hagen/ Westphalia,
Managing Partner
• Studied at Harvard University and Har-
vard Business School, Cambridge, USA
• 1994 to present day: Verwaltung ECE
Projektmanagement G.m.b.H., Hamburg
- since 2000: Chief Executive Officer
Experience in corporate management, accounting,
financing, capital markets, law and corporate
governance
Experience in retail, corporate management,
accounting, capital markets and corporate
governance
Experience in retail, real estate,
corporate management, capital markets
and corporate governance
Shareholder representative
of the Otto family
Partner and Advisory Board Member at Douglas
GmbH as well as at Thalia Bücher GmbH (both
companies are tenancy agreement partners of
Deutsche EuroShop AG)
Major shareholder
1,100 0 12,031,391
7

Name Claudia Plath Klaus Striebich Roland Werner
Born 1971 1967 1969
Place of residence Hamburg Besigheim Hamburg
Nationality German German German
Appointed since 12 June 2019 2012 2015
End of appointment 2024 Annual General Meeting 2022 Annual General Meeting 2020 Annual General Meeting
Committee activities – – –
Membership of other
legally required super
visory boards and
memberships in com
parable domestic and
foreign supervisory
bodies for business
enterprises
• Ceconomy AG, Düsseldorf
• Hochbahn AG, Hamburg
(until 23 August 2019)
• MEC Metro-ECE Centermanagement
GmbHCo. KG, Düsseldorf
• MEC Metro-ECE Centermanagement
GmbHCo. KG, Düsseldorf (Chair)
(until 31 March 2019)
• Klier Hairgroup GmbH, Wolfsburg
• The Food Chain Investor Holding SE,
Hamburg (previously Novocadis SE,
Hamburg)
• Sinn GmbH, Hagen
• Unternehmensgruppe Dr. Eckert
GmbH, Berlin
–
Position Managing Director Finance, Verwaltung
ECE Projektmanagement G.m.b.H.,
Hamburg
Managing Director, RaRe Advise Klaus
Striebich, Besigheim
Chairman of the Board of Management,
Bijou Brigitte modische Accessoires AG,
Hamburg
Key positions held • 1991-1996: Degree in Business
Administration, Technical University
of Berlin
• 1996 until today: ECE Projekt
management G.m.b.H. Co.KG,
Hamburg, of which:
- 1996 –2001: Controller
- 2001–2003: Group Manager
Controlling
- 2004–2009: Divisional Head of
Controlling
- 2009–2010: Director Asset Man-
agementControlling (national)
- 2010 –2012: Senior Director Asset
Management (national/
international)
- since 2013: Managing Director
Finance, CFO
• Studied business in Mosbach
• 1990: Kriegbaum Gruppe, Böblingen,
Assistant to the Management Board
• 1992–2017: Verwaltung ECE
Projektmanagement G.m.b.H.,
Hamburg, of which:
- 2003 –2017: Managing Director
Leasing
• since 2018: Independent Consultant,
RaRE Advise Klaus Striebich,
Besigheim
• Studied business at EBC University,
Hamburg
• 2001 to present day:
Bijou Brigitte modische
Accessoires AG, Hamburg,
of which:
- 2004–2009: Member of the
Board of Management
- since 2009: Chairman of the
Board of Management
Profile of skills Experience in real estate, corporate
management, accounting, financing and
corporate governance
Experience in retail, real estate and cor-
porate management
Experience in retail, corporate manage-
ment, accounting and capital markets
Relationship to con-
trolling/major share-
holders or Deutsche
EuroShop AG
Member of the Management Board of
Verwaltung ECE Projektmanagement
G.m.b.H., Hamburg (Alexander Otto
(major shareholder) is the Chairman of
the Management Board)
Independent consultant to the limited
partnership CURA Vermögens
verwaltung G.m.b.H. Co (until
31 March 2019) (CURA Vermögensver-
waltung G.m.b.H. is a general partner
of this company, which is the sole
limited partner of ECE Projektmanage-
ment G.m.b.H.)
none
Deutsche EuroShop
securities portfolio as
at 31 December 2019
5,260 27,000 525
8

Thomas Armbrust Beate Bell Manuela Better
1952 1967 1960
Reinbek Cologne Munich
German German, Polish German
2001 2014 2014
12 June 2019 12 June 2019 12 June 2019
Member of the Executive Committee,
Deputy Chairman of the Capital
Market Committee, Member of the
Audit Committee
– –
• ECE Projektmanagement
G.m.b.H. Co. KG, Hamburg (Chair)
• TransConnect Unternehmens
beratungs- und Beteiligungs AG,
Munich (Chair)
(until 12 September 2019)
• Platinum AG, Hamburg (Chair)
• Paramount Group Inc.,
New York (USA)
• Verwaltungsgesellschaft Otto
mbH, Hamburg
• Hochtief AG, Essen • Deka Investment GmbH, Frankfurt (Deputy Chair)
• Deka Immobilien GmbH, Frankfurt (Deputy Chair)
• Deka Immobilien GmbH, Frankfurt (Deputy Chair)
• Deka Vermögensmanagement GmbH, Frankfurt (previously
Landesbank Berlin Investment GmbH, Berlin) (Deputy Chair)
• S Broker AGCo. KG, Wiesbaden (Deputy Chair)
• S Broker Management AG, Wiesbaden (Deputy Chair)
• WestInvest Gesellschaft für Investmentfonds mbH,
Düsseldorf (Deputy Chair)
• DekaBank Deutsche Girozentrale Luxembourg S.A.,
Luxembourg (Luxembourg)
Member of Management, CURA Ver-
mögensverwaltung
G.m.b.H. Co., Hamburg
Managing Director, immoADVICE
GmbH, Cologne
Member of the Board of Management,
DekaBank Deutsche Girozentrale, Frankfurt and Berlin
• until 1985: Auditor and Tax Advisor
• 1985 –1992: Gruner + Jahr AGCo
KG, Hamburg, Director of Finance
• since 1992: Member of Manage-
ment, CURA Vermögensver-
waltung G.m.b.H., Hamburg
(Family Office of the Otto family)
• 1993 –1997: Studied supply engi-
neering at Cologne University
of Applied Sciences, certified
engineer
• 2000 –2003: Studied industrial
engineering at Cologne University
of Applied Sciences, certified
industrial engineer
• 1997–2002: Anton Ludwig GmbH,
Cologne, Project Manager
• 2002–2004: Recticel Automobil
systeme GmbH, Rheinbreitbach,
Project Controller
• 2004–2015: METRO Group,
Düsseldorf, various management
functions; most recently METRO AG,
Düsseldorf, Head of Group
Compliance
• since 2015: immoADVICE GmbH,
Düsseldorf, Managing Director
• Studied business at Ludwig Maximilian University of Munich,
certified business economist
• 1998 –2003: HVB Group, Munich, various positions
• 2004–2007: Hypo Real Estate Bank AG, Munich, Member of the
Board of Management, Chief Risk Officer
• 2007–2008: Hypo Real Estate Bank International AG,
Stuttgart/Hong Kong, Member of the Board of Management,
Head of Commercial Real Estate, Origination Asia
• 2009–2010: Deutsche Pfandbriefbank AG, Munich, Member of the
Board of Management (previously Hypo Real Estate Bank AG)
• 2011–2013: DEPFA Bank plc, Dublin (Ireland), Chairwoman of the
Board of Directors, Chief Risk Officer
• 2010 –2014: Hypo Real Estate AG Holding AG, Munich, Chair of the
Board of Management, and Deutsche Pfandbriefbank AG, Munich,
Chair of the Board of Management
• since 2009: Dr Ingrid Better Vermögensverwaltung GmbHCo KG,
Managing Director and Better GmbH, Munich, Managing Director
• since June 2015: DekaBank Deutsche Girozentrale, Frankfurt
and Berlin, Member of the Board of Management
Shareholder representative
of the Otto family
none none
9

Search online,
pick up offline
FROM THE DIGITAL MALL TO
CONNECTED COMMERCE
Shopping / Search online, pick up offline

C
ologne’s Institute for Retail
Research (Institut für Handels-
forschung, IFH), in cooperation
with ECE and OTTO, conducted a
study on the benefits and acceptance of links
between online and offline channels in the
shopping sector. The study revealed enor-
mous interest and a positive assessment of
connected commerce approaches in retail.
Connected Commerce
The concept of connected commerce links
the large cross-supplier offering of an
online marketplace with bricks-and-mortar
shops and, in doing so, addresses many
of the relevant disruptive factors from the
customer’s perspective.
• Customers interested in buying a
product can use an online market-
place (e. g. Amazon.de, Ebay.de, Otto.
de, Zalando.de), where many differ-
ent providers offer their products up
for sale.
• There, they can see which suppliers
and shops have the product they want
in stock.
• They can then reserve the item right
away and either pick it up in the shop
or have it delivered to their home.
AIMING TO ACHIEVE
THE PERFECT SHOPPING
EXPERIENCE
For some people, the mere thought of going
on a Saturday afternoon shopping trip is
enough to trigger resentment and listless-
ness, while crowded stores or out-of-stock
products might tarnish the otherwise per-
fect shopping experience of a passion-
ate shopper. If they look to online shopping
for the solution, they could be irritated by
unclear delivery dates, long delivery times
and the lack of a tactile shopping experi-
ence. These negative perceptions occur in
both worlds, particularly in the run-up to
Christmas.
THE IFH HAS ANALYSED THE BIGGEST DISRUPTIVE
FACTORS IN STATIONARY AND ONLINE SHOPPING:
WHAT BOTHERS ME WHEN I ORDER ONLINE
Not being able to try out or touch products
32 24
Having to wait a long time for delivery
28 21
Never knowing if and when the product will arrive
27 14
Not being able to take the product with me immediately
24 10
Bothers me a bit Bothers me a lot
WHAT BOTHERS ME WHEN I’M SHOPPING
Too many customers and long queues at peak times
34 25
Having a limited choice
33 14
Not being able to compare prices at different shops
31 12
Not knowing whether the product is in stock and at what price
26 14
11

MODERN SHOPPING TAKES PLACE
ONLINE AND OFFLINE
Despite occasionally disappointing shopping experiences
in both the stationary and online retail sectors, most
customers use both channels. The trend is very dynamic:
traditional retail customers have disappeared almost
completely within the space of just a few years, whereas
more than half of all shoppers were already selectively
choosing their purchase channels back in 2017.
While some are still pondering the concept of show-
rooming (looking at, touching or trying out products
or services in a stationary store and then buying them
online), consumer behaviour has evolved: More and more
shoppers are seeking out information online before
making a purchase in a stationary store (“research
online, purchase offline” – the so-called ROPO effect).
More than two thirds (67%) of the respondents are inter-
ested in connected commerce offers. The idea is viewed
as easy to understand, modern and practical. The con-
sumers surveyed consider the reliability of in-store
deliveries and pick-ups as well as online availability
checks of in-store stocks to be key advantages of the
connected commerce approach.
It counteracts the above-mentioned disruptive factors of
online and offline retailing:
• 78% of those surveyed consider reliable and
punctual delivery or pick-up to be a particularly
important aspect of connected commerce.
• 75% see an advantage in availability checks
for existing products.
• More than half (56%) find it important to be able
to reserve products online and then pick them
up in a local shop.
Especially in the pre-Christmas period, respondents
consider reliable in-store deliveries and pick-ups as
well as unnecessary shop visits as particularly critical
issues – and that also makes these main reasons behind
their use of connected commerce offers:
• 81% cite the reliable receipt of a product in time for
Christmas as one reason for making their purchase
via a connected commerce offer.
• 67% see an advantage in being able to avoid visiting
shops where the product is not in stock.
The study also shows that the forward-looking “smart
natives” customer group (consumers between 16 and
29 years of age who can always be reached via smart-
phone) have an above-average interest in benefits such
Reading examples:
1
45% of purchases at
shops are preceded by
online research.
2
In 81% of online purchases,
shoppers inform them-
selves exclusively online.
SHOP ONLINE
14%
81% 2
45% 1
44%
12

as availability checks and reliable delivery or pick-up –
and that “smart natives” in particular have a high level of
affinity for stationary retail:
• For example, 84% of smart natives consider the
possibility of making online reservations and picking
them up in a store (“ClickCollect”) to be particu-
larly important – 31 percentage points higher than
the average of those surveyed.
• 69% of smart natives value a one-stop shop for
collection and the ability to pay in-store
In 2019, ECE and OTTO collaborated with the joint venture
Stocksquare to launch a connected commerce project to
link their online and offline businesses. This approach
is aimed at establishing a cross-channel link between
the stationary and online retail sectors, thus strengthen-
ing stationary retailers by giving them greater reach and
expanding the range of online platforms to include local
suppliers. During the first stage of expansion, customers
can see online at otto.de whether an item is in stock at a
nearby store, such as an ECE-managed shopping center
from Deutsche EuroShop’s portfolio. In the future, it will
also offer a reservation function for items in stock at a
stationary location and the option of paying for locally
available products online via otto.de (“ClickCollect”). In
addition, same-day delivery from the center to a local
address of choice is being considered as a further stage
of expansion.
For some time now, the Digital Mall has been offering
customers an opportunity to research products avail-
able in German DES centers in advance, find informa-
tion about sizes and prices and pick them up on site.
Delivery from the center is also planned in the future.
As an online product search with information about real
local availability, the Digital Mall is a unique technolog-
ical development for the shopping center industry that
ECE is using to successively promote the expansion of
the centers it manages into digital platforms. The Digital
Mall is already live in 17 of Deutsche EuroShop’s centers,
has over 525 participating shops and more than 1,9 mil-
lion items available and is gradually being expanded.
The IFH study on “Connected Commerce”, its full set
of findings and other information can be found at:
www.ifhkoeln.de/connected-commerce/
13

Nutrition as a lifestyle: More and more
people are eating outside their own four
walls. These trends have long since also
reached the shopping centers, where
nearly every culinary culture is now rep-
resented. Food and beverages will be
even more strongly represented here in
the future and will shape placemaking
accordingly.
The role of food and beverages in shopping centers
has changed fundamentally. In the 1990s, many peo-
ple still thought that restaurants should be located on
the edges to prevent the smells and sounds from dis-
turbing the shopping experience. Today it is exactly the
opposite: People visit shopping centers for a coffee or
good food in a pleasant atmosphere. Food and beverages
have become an important factor in placemaking: Good
culinary offerings attract visitors, thus also giving rise to
positive synergy effects between the tenants. Our part-
ner ECE is therefore continuously expanding the number
of food service outlets in its centers. Innovative casual
and fine dining concepts in particular increase the qual-
ity of the experience. To find the perfect individual solu-
tion for each center, close dialogue with the tenants is
always essential.
TREND CHECK ON NUTRITION
Hardly any other sector boasts quite as many simulta-
neous and overlapping trends as the food industry. The
top fast-food chains, which are performing much better
than the general restaurant industry, have diversified
accordingly and now offer everything that’s considered
hip. Today’s customers are focusing more on quality and
ambience than just a few years ago – and they are now
more than ever prepared to pay higher prices for greater
individuality and service. For shopping centers, these
trends mean one thing in particular: They always need
to develop regional and location-dependent offers that
are consistently oriented to the needs of the respective
target groups. Doing so not only allows them to meet the
demands of a generation that embraces a restaurant-
focused lifestyle but in centers where shoppers have a
higher average age, it will also be a question of refrain-
ing from adopting overly creative trends.
„PLACE
TO EAT“
Shopping centers as a
Shopping / Shoppingcenters as a „place to eat“
14

Restaurant
categories
How visitors eat in today’s shopping centers
IMPULSIVE REWARD: traditional ice cream snack –
mostly at highly frequented places (approx. 20
to 30 m2
), like Mr Clou, Happy Donazz, Langnese
Happiness Station
SMALL BREAK: a short break for a drink or a
coffee to go, often accompanied by small snacks
(approx. 150 to 250 m2
), like Starbucks, Joethe
Juice, Segafredo
FAST FOOD: only about 10 to 20 minutes for a
meal, mostly used by employees from the sur-
rounding area (about 200 to 400 m2
at the food
court), e. g. Northsee, McDonald’s, Subway
FAST CASUAL: for lunch and dinner involving
a stay of up to 30 minutes – food quality here is
higher, like Gosch
CASUAL DINING: for couples, families celebrat-
ing special occasions and shoppers with a higher
budget, stay of around 60 minutes (approx. 300
to 600 m2
), such as Coa, L’Osteria
FINE DINING: high-quality offer for connoisseurs
as well as business meals with stays of one to
three hours (approx. 400 m2
, regardless of location
in the center), like SE7EN OCEANS
SOCIAL DRINKING: : for a beer after work in a
brewery-inspired atmosphere – rounded off by
snacks and evening meals with a stay of approx.
60 to 90 minutes (approx. 350 m2
), such as Play
Off American Sports Bar
GOURMET FOOD: mostly delicacies, “to go” or
for consumption at the venue with a short stay of
only approx. 10 minutes (approx. 50 to 150 m2
),
e. g. Gepp’s, Schlemmermeyer, Lindner Esskultur
Shopping / Shoppingcenters as a „place to eat“
15

The power of
placemaking
Shopping / The power of placemaking
16

P
eople want experiences. Moments that
appeal to the senses. Events that will be
remembered. Intense encounters. Shop-
ping centers have the creative power to
create these experiences – and to foster an atmos-
phere that not only invites you to shop, but also to
linger and enjoy. Be it a delicious meal, an inspira-
tional night at the cinema, during a spur-of-the-
moment beauty treatment or while experiencing an
innovative brand staging in a flagship store.
So placemaking encompasses many facets of a con-
sumer’s experience and therefore many success
factors. For our partner ECE and Deutsche EuroShop,
it will be more important than ever in the future to
find the right mix, the right “formula for success” for
each individual center. Working together with tenants
and investors such as Deutsche EuroShop, this opens
up exciting opportunities. It can give rise to new syn-
ergies and new target group potential can be tapped.
PLACEMAKING WILL ALWAYS BE
CENTER-SPECIFIC
With younger target groups, the popularity of expe-
riences and events has now surpassed that of
traditional consumer goods. The changes in tenant
structures can therefore be seen as an opportunity to
make shopping centers even more lively and to help
us tap new target group potential through the use of
leisure and entertainment offerings. Placemaking is
about creating inspiring places where people like to
spend their time, including venues offering food and
drinks, which also liven up the center’s post-shopping
hours. Or the integration of leisure and entertainment
offers such as a “Jumphouse” (trampoline park) or an
“Astor Film Lounge” (luxury cinema). Targeted invest-
ments in the architecture and atmosphere of the
centers also play an important role. Not everything
should be given the same priority, however: Place-
making will always be center-specific and geared
towards the specific wishes of the mall’s visitors.
Allee-Center Magdeburg
Shopping / The power of placemaking
17

W
ith its “GrabGo Store”, the payment
services company Wirecard presents
one prototype for what shopping
might look like in the future. This con-
cept uses artificial intelligence to offer shop visitors a
convenient, seamless shopping experience: you enter
the store via smartphone and select the products you
want, which are then automatically scanned. Payment
is made when the customer leaves the store – thus
eliminating queues, cash registers and opening hours,
and the payment process runs in the background.
A fast, fully digital and efficient customer journey can be
implemented in the retail store using a combination of
image recognition, deep learning and logic: After being
automatically identified at the door, both pre-registered
and new customers can simply enter the store, select
the items they want and leave the store again.
Once customers have made their choice, they leave the
store with the goods, thereby triggering the payment.
The system detects incorrectly positioned items, such
as any which might have been taken off the shelf first
and then put back on another shelf. The buyer is not
charged for these. This allows customers to pick up and
inspect items as usual while shopping and then only pay
for those items actually selected when leaving the store.
The store concept lays a foundation for many differ-
ent retail scenarios: Instead of standing at a checkout,
employees can perform more meaningful customer ser-
vice tasks. Retailers can use an app to access additional
functions, such as real-time inventory updates, so that
the store manager is always up to date and can respond
to inventory changes accordingly.
Customers enjoy maximum flexibil-
ity and convenience when shopping:
Consumers enter the store via smart-
phone, select products that are
automatically scanned – payment is
made when they leave the store.
GRAB
GO
STORE
Prototype for a new,
seamless shopping expe-
rience made possible by
artificial intelligence
Shopping / Grab Go Store
18

INNOVATIVE STRATEGIES FOR BRICK
AND MORTAR RETAIL SUCCESS
E-commerce has turned retail and customers’ shop-
ping habits upside down. It’s no wonder that the expec-
tations of bricks-and-mortar retailers – in terms of
selection, deliveries, availability, returns, services etc. –
have changed accordingly. In today’s world, you have to
change how you think if you want to keep up. Not only
does online business compete against conventional
businesses and challenge them, but it also serves as a
driving force, a driver of innovation and a source of both
ideas and inspiration.
With that in mind, Matthias Spanke’s book presents
15 innovative strategies that retailers are successfully
employing in this digital era and that will ensure their
success in the future as well. These include state-of-
the-art in-store technologies, methods for developing
innovative brand experiences, sustainability as a retail
strategy and smart adaptations of the benefits of online
shopping. He offers a clear introduction to the various
strategies, provides valuable practical tips and backs up
the insights with best-practice examples from around
the world.
1st
edition 2020, 176 pages
4c, hardcover, many illustrations
ISBN 978-3-86641-330-6
€68.00 (D)
RETAIL
ISN’T DEAD
INNOVATIVE ERFOLGSSTRATEGIEN FÜR
DEN STATIONÄREN HANDEL
MATTHIAS SPANKE
E-Commerce hat massiv verändert, wie Kunden ein-
kaufen. Und die haben ihre Erwartungen auf den
stationären Handel übertragen. Vor diesem Hinter-
grund ist das Online-Geschäft allerdings nicht nur
Konkurrent und Herausforderung, es hat den Retail
auch inspiriert und innoviert.In diesem Buch präsentiert Matthias Spanke
15 innovative Strategien, mit denen Einzelhändler in
unserer digitalisierten Zeit erfolgreich sind und es
auch in Zukunft sein werden. Dazu gehören neueste
In-Store-Technologien, Methoden zur Entwicklung
innovativer Markenerlebnisse, Nachhaltigkeit als
Einzelhandelsstrategie und smarte Adaptionen von
Vorteilen des Online-Shoppings.PLUS: »Call to Action«-Praxistipps für jede Strategie
und über 50 bebilderte Best-Practice-Beispiele aus
der ganzen Welt.
MATTHIAS SPANKE prägt als Retail- und Visual Mer-
chandising-Experte seit mehr als 25 Jahren die Mar-
ken führender internationaler Einzelhändler. Seine
Karriere begann in Europa und führte ihn zuletzt
als Vice President Creative Director of Visual Mer-
chandising zu Macy’s New York. Als Gründer und
Geschäftsführer der Visual Merchandising Agen-
tur BIG IDEAS mit Headquarters in den USA und
Deutschland entwickelt er heute für seine Kunden
innovative Strategien für Markenerlebnisse.
Matthias Spanke ist Autor der Fachbücher »Erfolg-
reiches Visual Merchandising« und »Easy Branding
in Fashion Retail«.
www.big-ideas.comwww.big-careers.com
RETAILISN’TDEAD
MATTHIASSPANKE
www.dfv-fachbuch.de
ISBN 978-3-86641-330-6
RETAILISN’TDEAD
BOOKRECOMMENDATION
19Deutsche EuroShop / Magazine 2019
Shopping / Book recommendation

The success of our company lies in our portfolio. We have
21 centers, each of which is unique. Of these, 17 are located
in Germany, with one each in Austria, Poland, the Czech
Republic and Hungary. Together, they contain 2,703 shops
on an area covering 1,086,600 m².
W
e wish to highlight our occupancy rate of
nearly 98% on average as at end-2019.
This figure provides a simple and con-
cise insight into the quality of our port-
folio. We are particularly proud of having been able to
maintain this figure at an extremely high level ever since
Deutsche EuroShop came into being. Our investments
are squarely focused on Germany, where 81% of our
centers are located.
THE
PORTFOLIO
Altmarkt-Galerie Dresden
Center / The Portfolio
20

LOCATION IS A KEY FACTOR
IN OUR SUCCESS
The concepts of property and location have
always been inextricably entwined. And
when you add retail into the equation, loca-
tion is more than an attribute; it is quite sim-
ply the basis for success. Our tenants nat-
urally want to be where their customers
expect them to be. Our tenants and visitors
can be sure that each of our 21 shopping
centers is a prime location for them.
Most of our properties are situated in city
centers: places where people have been
coming together for hundreds of years to
meet and sell their wares. In many cases,
our centers are immediately adjacent to
local pedestrian zones.
Our portfolio also includes shopping centers
in established out-of-town locations. These
centers, with their excellent transport links,
have offered visitors and customers a wel-
come change for many years, in some cases
they even replace city shopping expeditions
altogether and frequently have a strong pull
beyond the immediate region.
OPTIMUM ACCESSIBILITY
Whether in the city center or outside the city
gates, we pay particular attention to trans-
port links for our properties. In cities, we
like to be close to public transport hubs.
In Hameln and Passau, for example, our
centers are right next to the main bus sta-
tions, while our properties in Norderstedt
and Hamburg-Billstedt are directly above or
adjacent to metro stations.
All our centers also have their own park-
ing facilities that offer visitors and custom-
ers convenient and affordable parking, even
in city centers, thereby ensuring optimum
accessibility by car. Many of our properties
outside inner cities offer free parking. These
particular locations are alongside motor-
ways, making them very easy to reach;
examples include the A10 Center in Wildau
on the A10 (Berlin ring road) and the Main-
Taunus-Zentrum in Sulzbach on the A66.
OUR CENTERS
Domestic Abroad Total
No. of centers 17 4 21
Leasable space in m² 880,600 206,000 1,086,600
No. of shops 2,060 643 2,703
Occupancy rate1
98% 98% 98%
Inhabitants in catchment
area in millions 13.8 3.4 17.2
1
as per EPRA, based on rental income, As at 31 December 2019
CAR FINDER
The first and last touchpoint on a visit to a
center is the car park. Our Car Finder offers
better guidance here: Customers simply scan the
QR code on a Car Finder sign near the vehicle,
storing the parking position in their smartphone.
After shopping, they can then scan another QR
code at one of the pay machines and conveniently
be guided back to their car.
21

Parking spaces reserved for people with dis-
abilities, families and women as well as
extra-wide parking spaces are offered
as part of our service at all our shopping
centers. Charging stations for electric vehi-
cles and joint ventures with car-sharing ser-
vices are just a few examples that show that
here too, we are always thinking of tomor-
row. In addition, we are gradually fitting
more and more of our parking facilities at the
centers with LED parking space indicators,
which enable visitors to find a convenient
vacant parking space far more quickly. QR
code-based guidance systems also lead our
visitors quickly back to their parking space
after a lengthy wander around the shops.
SUCCESSFUL MIX
Each of our 21 shopping centers has a
unique tenant structure resulting from a
long, intensive and constantly evolving pro-
cess. Especially given the current increase
in the amount of shopping being done online,
this process focuses on meeting the needs
of customers and supplementing the range
of shops in each city center. Our goal is
always to work with retailers in the neigh-
bourhood to make the entire location more
attractive so that everyone can benefit from
the increased appeal of the city center as a
whole.
Our centers often play an active role in the
marketing and management of each city,
both financially and in terms of personnel
and creative input. We attach great value to
fair collaboration and partnerships.
ARCHITECTURE WITH
SOMETHING SPECIAL
When designing our locations, special atten-
tion is always given to the architecture. Spe-
cific plot requirements are seen as no less
important than the functional needs of our
tenants. We also always have a responsibil-
ity towards the city and its residents, and
it is important to us that we fulfil this. This
includes the best-possible integration into
the urban landscape, combined with an exte-
rior that meets modern architectural stand-
ards. In seeking to achieve this, we work
very closely with the local authorities.
The results are clear: the outcome is often
an architectural gem, where even unique
historical buildings can be lovingly inte-
grated into the center when possible, as is
the case, for example, with the listed former
Intecta department store, which is now
structurally part of the Altmarkt-Galerie
Dresden.
What is inside counts too: the interiors of our
shopping centers also need to be impres-
sive, as the most important thing is that vis-
itors and customers enjoy shopping there
and experience the space in a special way.
To achieve this, we opt for simple and time-
less architecture, making use of premium
materials that often have their origins in
the region. Quiet rest areas, lovingly placed
plants and fountains invite people to take a
moment out to relax, innovative lighting con-
cepts create the right atmosphere to suit the
time of day, and state-of-the-art climate con-
trol technology provides a pleasant “shop-
ping climate” all year round.
EVEN ON THEIR WAY TO THE
SHOPS, OUR CUSTOMERS
CAN DO SOMETHING FOR
THE ENVIRONMENT: ALL OUR
CENTERS ARE LOCATED NEAR
BUS AND RAILWAY STATIONS.
Allee-Center Magdeburg
22

Everything is designed to make each visitor
enjoy being in the center and want to keep
coming back. Ongoing modernisation and
optimisation ensure that our centers retain
their value and remain competitive. We and
our center management partner ECE have
launched “At Your Service”, a large-scale
initiative to examine all the aspects of our
centers’ service, to highlight the existing
services even more clearly and to optimise
and supplement them where this is sensible
and necessary. This includes major improve-
ments to the signage inside the center,
lighting and new colour schemes in the
malls. Seating and lounge areas with smart-
phone charging facilities provide a relaxing
break from shopping. Children’s play areas
are provided for our smallest visitors.
Visitors should feel happy and comfortable
with us – whatever their age. It goes with-
out saying that our centers are designed for
multi-generational use. Wide malls, esca-
lators and lifts make it possible to easily
explore every corner of the center, even with
pushchairs or wheelchairs.
SUSTAINABILITY GOES
WITHOUT SAYING
All our German centers have been operat-
ing on certified green electricity since 2011.
Our foreign properties are in the process
of being switched to energy from renewa-
ble sources. We also want to continuously
reduce the overall energy consumption of
our properties even more and in so doing
cut CO2 emissions. To achieve this aim, we
use ultramodern technologies, such as heat
exchangers and LED lighting systems. We
also constantly seek dialogue with our rental
partners with the aim of working together to
reduce energy consumption in the individ-
ual shops. The refuse in our centers is sep-
arated not just into paper/cardboard, light-
weight packaging and glass, but also into
leftover food and residual waste.
The German Sustainable Building Council
(DGNB) has awarded prestigious sustaina-
bility certificates in gold or platinum to all
21 shopping centers in our portfolio.
AS NIGHT FALLS, THE ROOFS
OF OUR CENTERS START
TO MOVE. SMART CONTROL
SYSTEMS OPEN FLAPS THAT
ALLOW HOT AIR TO ESCAPE
AND COLD AIR TO FLOW IN.
THIS ELIMINATES THE
NEED FOR MECHANICAL
COOLING AND SAVES A LOT
OF ELECTRICITY.
SHOPPING WITHOUT BORDERS – FOR ALL!
Step-free access, wide doorways and plenty of space in which
to manoeuvre enable people with disabilities to enjoy maximum
mobility in our centers as well.
23

A SECURE FUTURE THROUGH
COMPLETE FLEXIBILITY
Retail is driven by constant change. One par-
ticular challenge we face as the lessor is
to be able to meet the frequently changing
requirements and needs of our tenants.
Some tenants expand their retail spaces
so they can convert the shop from purely a
retail area into a true experience arena. The
idea is to give customers more opportunities
to take the time to try out and experience the
product on site. Ever more intensive consul-
tation is also part of this. All these factors
play an increasingly important role, particu-
larly at a time when more and more people
are shopping online.
We provide customised solutions to meet
the demand for ever more varied spaces. We
can almost always offer all tenants the exact
floor plan they need to make their concepts
a reality in our centers and are also able to
respond if a tenant wants to make changes
to an existing retail space later on. Moving
the internal walls makes it possible to adapt
virtually any retail space – to make it bigger
or smaller – without major effort or expense.
If a tenant wants to make a space smaller,
this can, for example, create an opportunity
to bring a new concept to the center at this
site.
It is precisely this factor that distinguishes
our shopping centers from the traditional
shopping street which, even today, generally
offers only rigid floor plans that have to be
accepted the way they are. In some cases,
certain retailers wait to enter the market in
a city until they are offered the right space
in a shopping center because their search in
the traditional pedestrian zone has proven
unsuccessful. The whole of the retail sector
in the city center ultimately benefits from the
resulting increase in diversity.
178 MILLION VISITORS IN 2019
Over 17 million people live in the catchment
areas of our shopping centers, just under
14 million of them in Germany. This equates
to more than 16% of the German population.
A location’s catchment area is a major factor
for us when it comes to selecting an invest-
ment: this is ascertained at regular intervals
according to standardised rules for all shop-
ping centers and represents the total num-
ber of potential customers for the location in
question. In 2019 we were able to welcome a
total of just under 178 million visitors to our
21 properties.
OUR TOP 10 TENANTS
H M, one of the world’s major textile retail-
ers is our top tenant, accounting for 3.6%
of our rental income. Ceconomy, at 2.6%
with its two retail brands Media Markt and
Saturn, comes second.
Our rental contract portfolio is highly diver-
sified: our top 10 retail tenants account for
no more than around 22% of our rental
income, so there is no major dependency on
individual tenants.
LONG-TERM RENTAL
CONTRACTS
Most of the rental contracts that we sign
with our tenants are long-term. As at
31 December 2019 the weighted residual
term of the rental agreements in our port-
folio was 5.1 years, with 45% of our rental
agreements being secured until at least
2025.
OUR PARTNER FOR CENTER
MANAGEMENT
Management of our 21 shopping centers has
been outsourced to our partner ECE Projekt-
management.
ECE has been designing, planning, building,
letting and managing shopping centers since
1965. With around 195 centers in eleven
Forum Wetzlar
24

countries currently under its management
and more than 3,400 employees, the com-
pany is Europe’s market leader in the area of
inner-city shopping centers.
Deutsche EuroShop benefits from its more
than 50 years of experience both within Ger-
many and abroad. Thanks to our streamlined
structure, we are therefore able to focus on
our core business and competence, portfolio
management. www.ece.com
RENT OPTIMISATION RATHER
THAN MAXIMISATION
One of the core tasks of center management
is putting together the right combination of
shops to suit the property and the local area.
This mix of tenants and sectors is tailored
exactly to each location and is constantly
refined. It is the result of a careful analysis
of each local retail market.
Center management is also about identifying
the wishes and needs of customers. We are
also happy to create space in our centers for
retailers from sectors that, due to current
rental costs in prime locations, are rarely to
be found in city centers any more, such as
toy and porcelain shops.
We set ourselves apart from the majority of
building owners in the pedestrian zone in a
key respect here: as long-term investors, it
is our goal to achieve permanent optimisa-
tion rather than short-term maximisation of
rents. We want to offer our customers and
visitors an attractive mix. Rather than focus
on each shop space in isolation, we look at
the property as a whole. The rent in each
case is calculated primarily on the basis of
the sales potential of the sector to which
the tenant belongs as well as of its location
within the shopping center. This also enables
us to give new businesses and niche con-
cepts an opportunity.
All sides benefit from this system: as the
landlord, we are able to build a collaborative
relationship of trust with our tenants for the
long term; our tenants benefit from high vis-
itor numbers achieved due to the varied mix
of offerings; and our customers appreciate
the very wide choice of shops. These range
from various fashion concepts to accesso-
ries, drugstores and supermarkets, right
through to professional services such as
dry cleaners as well as bank and post office
branches.
RESIDUAL TERM OF
RENTAL AGREEMENTS
IN PLACE
(Long-term rental agreements, share in %)
As at 31 December 2019
4%
2020
18%
202110%
2022
10%
2023
13%
2024
45%
2025
onwards
THE TEN LARGEST TENANTS
(share of rental income in %)
1 H M 3.6%
2 Ceconomy 2.6%
3 PeekCloppenburg 2.4%
4 New Yorker 2.4%
5 Deichmann 2.1%
6 C A 2.0%
7 Metro 1.8%
8 Douglas 1.8%
9 dm 1.4%
10 Rewe 1.3%
Total of the top 10 tenants: 21.5%
Other tenants: 78.5%
CULINARY DELIGHTS
Surveys show that the food and drink offer-
ing is an increasingly important considera-
tion for customers when choosing whether
to visit a center. And it’s not just for this rea-
son that we want to offer our visitors some-
thing special on the gastronomic front:
cafés, fast-food restaurants, ice-cream
25

parlours, etc. offer a chance for refresh-
ment and revitalisation while shopping. The
Phoenix-Center in Hamburg-Harburg, the
City-Point in Kassel and the Galeria Bał-
tycka in Gdansk have their own food courts,
with space for lots of diners to enjoy a wide
variety of cuisines in a single seating area,
so that friends or families can choose to
eat from different outlets while still sitting
together.
FOCUS ON FASHION
The fashion industry dominates our retail
mix at around 50%. The strength in fashion
of our centers is confirmed time and again in
customer surveys. It is one reason why cus-
tomers are willing to travel sometimes long
distances from the surrounding area to enjoy
the wide selection and quality of the advice
given.
The individual tenant mix provides each of
our centers with a character all of its own. In
our shopping centers, we always make sure
that there is a healthy blend of regional and
local retailers as well as national and inter-
national chain stores. The colourful struc-
ture of our centers offers visitors something
different each time and the opportunity to
satisfy a vast range of consumer needs.
DIGITAL SUSTAINABILITY
The impact of the internet on the pace of
change in the retail sector continues una-
bated. We want to bring together the best
of both worlds in our centers, offline and
online, and showcase the strengths of our
tenants: atmosphere, services, fitting rooms,
immediate availability of merchandise. It is
not for nothing that more and more online-
only retailers are learning that pure brand-
ing mostly takes place offline and that direct
and personal contact with customers is
often the optimum prerequisite even for sub-
sequent online purchases.
Multichannel marketing also has a part to
play here, enabling our tenants to combine
various means of communication and distri-
bution. For example, products that are out of
stock in a store in the required size or col-
our can be delivered directly to customers
at home. Alternatively, customers can order
their goods online from home and collect
them from our tenant’s store in the center.
We are responding to the challenges of
online retail by integrating various digi-
tal services into our centers. These include
apps and social media offerings for each
individual center.
Since the end of 2018, the Main-Taunus-
Zentrum and the Altmarkt-Galerie Dresden
have been connected up to the Digital Mall
developed by our partner ECE. Over the
course of 2019, all of our other centers in
Germany followed suit. This enables our cus-
tomers to find information on the availabil-
ity of products, sizes and prices anywhere
in the center at any time. The next step will
be to enable customers to reserve the prod-
ucts they want and then simply pick them up
on site.
The concept of the Digital Mall is based on
the idea that customers can find out what is
available at their local center from home and
are not automatically redirected to the major
e-commerce providers when searching for
products on the Internet. The online prod-
uct search in all ECE centers now offers over
1.9 million available articles from over 500
stores, and negotiations with many other
tenants are already ongoing. And there is
the prospect that products could be deliv-
ered from the centers to customers in the
surrounding area.
SUCCESSFUL TENANT
PARTNERS
Our tenants are among the key drivers of our
success. They include Aldi, Apple, Bijou Bri-
gitte, Birkenstock, Breuninger, C A, Christ,
Deutsche Post, Deutsche Telekom, dm-
drogerie markt, Douglas, Fielmann, H M,
Jack Jones, Kiehl’s, Media Markt, Mister
Spex, Nespresso New Yorker, Nordsee,
In 2019, we extended existing or signed new
leases for approximately 147,000 m2
of space in
our centers, including 117,000 m2
in Germany and
30,000 m2
in our properties outside Germany.
These included, for example, new stores of the
games manufacturer Ravensburger in the Alt-
markt-Galerie Dresden and of the toy manufac-
turer Playmobil (Allee-Center Magdeburg and
City-Arkaden Wuppertal) Galeria Bałtycka saw the
opening in 2019 of a store by fashion label Hugo
Boss and a boutique of Swiss watch brand Rolex.
RETAIL MIX
(in % of rental space)
49.8%
Clothing
18.7%
Hardware/
electronics
12.6%
Department stores/
consumer markets
1.8%
Services
6.4%
Food
6.2%
Health sector
4.5%
Catering
26

PeekCloppenburg, Reserved, REWE, Ritu-
als, Saturn, Sephora, Søstrene Grene, Sta-
dium, s.Oliver, Subway, Superdry, Thalia, TK
Maxx, Tommy Hilfiger, Vero Moda, Vodafone
and Zara.
UNIFORM BUSINESS HOURS
At our centers, visitors can always rely on
standard opening hours, unlike in the tra-
ditional city center where each individual
retailer decides for itself how long to be
open. Whether it is a hair salon, an optician
or a travel agency, every tenant is open to
visitors for the center’s full opening hours.
This too is a strategic advantage, and one
that is appreciated in particular by custom-
ers who have to come a long way.
TOGETHERNESS IS OUR
STRENGTH
In the center itself, the focus is always on
service. There are Service Points manned
by friendly staff who can answer any ques-
tions about the center. Gift vouchers and
other items can also be bought at them.
Many of them hire out children’s buggies.
Digital touchpoints that enable communica-
tion with service staff by live video chat are
the perfect complement to traditional cus-
tomer information.
We also lead the way with our 3D Wayfind-
ers, which show users how to get to the shop
they want with authentic 3D visualisation
or which can be downloaded onto personal
smartphones. Customers can feel safe at all
times thanks to the deployment of discreet
security personnel. Baby changing rooms,
modern customer toilets and cash machines
complete the services. It goes without saying
that the centers are always clean.
Every one of our tenants is automatically
also a member of the marketing associa-
tion of the center in question. This means
that each tenant pays a share of the center’s
marketing costs and can play an active role
in the marketing strategy committee. The
marketing association plans events together
with the center management, thus trans-
forming the shopping center into a lively
marketplace: fashion shows, art exhibitions,
country-themed weeks and information
events dealing with a whole range of top-
ics offer visitors new and fresh experiences
time and again.
Local associations and municipal author-
ities are also involved in the plans and are
given the opportunity to represent them-
selves in the center. The lavish center deco-
rations for the Easter and Christmas periods
are among the projects handled by the mar-
keting associations.
Another important area of the work is coor-
dinating coherent social media and adver-
tising activities for the center as a whole as
well as editing a center newspaper, which
is distributed as an insert in regional daily
newspapers in the catchment area and pro-
vides readers with regular and professional
updates on all events and news relating
to the center. Radio ads, adverts on and
inside local public transport, and illumi-
nated advertising posters also ensure that
the advertising measures reach a large
audience.
NAVIGATIONAL OFFERS
It is important to offer customers a
variety of navigational offers, especially
in large shopping centers. Our modern,
digital 3D Wayfinder systems help them
to find exactly what they are looking for:
whether that’s a shop, product, ATM or
toilet. The route is displayed in an authen-
tic, three-dimensional manner from the
customer’s perspective. It can also be
downloaded from the Wayfinder sys-
tem onto personal smartphones using a
QR code.
FIND ONLINE, BUY OFFLINE
The Digital Mall offers our customers a seamless omnichannel experience.
On the websites of all German centers in our portfolio, customers can expe-
rience the variety of products offered by many shops, find out online about
the offering available, and then buy the articles they want from the relevant
retailer in the actual shopping center. The range currently includes more than
1.9 million products. By rolling out this project, our partner ECE has become
the first operator of shopping centers in Germany to fulfil many customers’
wish for an integrated, cross-channel shopping experience.
27

ACTIVITIES IN
THE CENTERS
DESSAU
PROMINENT BAUHAUS NEIGHBOURHOOD
On 8 September 2019, the time had finally come. After nearly three
years of construction and just in time for the 100th anniversary of
the founding of the Bauhaus art school, Bauhaus Museum Dessau
was opened in the presence of German Chancellor Dr Angela Merkel.
This means that Dessau now has a venue suitable for publicly dis-
playing of one of the world’s largest collections of Bauhaus items,
second only to the Bauhaus Archive in Berlin. And that right next
to Rathaus-Center Dessau, where the opening day was celebrated
as part of a special day of Sunday shopping. Visitors could visit a
Bauhaus lounge specially furnished for the occasion where they
could try delicious treats from the pastry shop located in the center
and enjoy free drinks. One special attraction was a stand organised
by the local stamp club where visitors had the chance to purchase
a special stamp.
www.rathauscenter-dessau.de
Center / Activities in the centers
28

HAMELN
LIVING MANNEQUINS
On 6 October 2019, one or two visitors to
Stadt-Galerie Hameln could not believe their
eyes when they saw the center’s shop win-
dows. It’s been a while since British singer
and songwriter Cliff Richard landed a big
hit with his song “Living Doll”. It was for an
entirely fashionable occasion, namely the
“lively” presentation of the new autumn and
winter collection, that “living dolls” were put
on display in the windows of participating
stores. The models changed their locations
every half hour, thus offering visitors and
customers many exciting encounters.
www.stadt-galerie-hameln.de
29

PÉCS
A RUN FULL OF FUN AND FOR
A GOOD CAUSE
Everybody participating in the second big charity run
organised by Árkád Pécs on 2 June 2019 should have
had one goal in common: a great time. Once again, this
run wasn’t intended as a “race”, rather as a celebration
for the whole family, where exercise is combined with a
lot of fun and exciting events. Participants could choose
between two routes, both of which were family-friendly
at distances of 1 and 3 km and led right through the his-
torical center of Pécs with all its landmarks. Romeo
Szentgyörgyi, an aerobic world and European champion,
led a round of warm-up exercises before the start and
there was plenty of musical accompaniment provided
by Hungary’s most famous DJane, Viktória Metzker, dur-
ing the run. There were plenty of surprises along the
way, too, like smoke cannons and dancing flash mobs.
100 shopping center vouchers were raffled off among
those who entered the raffle and a fundraising campaign
raised over HUF 600,000 (approx. €1,700) for a children’s
foundation.
www.arkad-pecs.hu
WILDAU
SURFING IN THE PARKING LOT
The A10 Center on the outskirts of Berlin was transformed into a true
surfer’s paradise from 25 July to 3 August 2019, when the world’s
first surfing event on an inflatable surf simulator was hosted here.
At the “Surf Days”, both curious newbies and advanced surfers were
invited to give surfing on a mobile wave a try.
The unique thing about the construction was an authentic surfing
feel combined with its beginner friendliness. A maximum of four
surfers shared the course in 30-minute time slots to ensure that
everyone was guaranteed to enjoy a perfect wave. Everybody gave it
a try, from experts surfing upright, almost as if they were on a real
wave, to beginners laying or kneeling on the board – under the pro-
fessional guidance of an experienced coach, if needed. This event
was accompanied by a wheel of fortune in the shopping mall, a selfie
point and lots of fun in the water for both big and small.
www.a10center.de
30

Wonderland
THE FIRST INSTAGRAM MUSEUM IN
A GERMAN SHOPPING CENTER
The first Instagram Museum
in a German shopping center
was opened in City-Galerie
Wolfsburg on 6 February 2020.
The shopping center has created a veritable
photo paradise for its visitors with its new
“Wonderland” store. It now offers nine differ-
ent scenes, ranging from an American diner
to a nostalgic luxury bathtub, a cactus desert
to a pink ball pit or even a candy room,
where guests can let off steam, upload their
pictures to Instagram and impress friends
with their snapshots. One positive side-
effect of this campaign is the center’s strong
presence on social media channels with only
very limited marketing expenditure.
Around 120 invited guests celebrated the
new attraction at the opening party. Among
them were 70 bloggers and influencers
from the region with a total reach of over
one million followers. Throughout the entire
evening, these “influential” guests tested the
diverse backdrops and were pampered with
a wide range of beauty offers provided by
tenants from the center.
With this new store, City-Galerie Wolfsburg
has made the best possible use of a vacant
space in its shopping center. Wonderland’s
modules are flexible and can be moved to
other areas if necessary. This is helpful as
vacant spaces will arise here and there over
the next few months as part of restructur-
ing measures. This will allow Wonderland
to move through the shopping center like a
travelling museum and attract the attention
of new target groups from the region to City-
Galerie Wolfsburg.
#WonderlandWOB
Instagram: citygaleriewolfsburg
Center / Wonderland
31

ALL DES CENTERS IN GERMANY NOW
CONNECTED TO THE DIGITAL MALL
S
ince the end of 2019, all German centers in
Deutsche EuroShop’s portfolio have been
offering the innovative online product search
in the Digital Mall. The idea of the “Digital Mall”
is that customers can find out about what is available at
the center near them from home and not automatically
be directed to the main e-commerce providers for prod-
uct searches – also thanks to the application of innova-
tive technologies designed to optimise search engine
results. According to a study by management consul-
tancy Deloitte, 56% of in-store purchases are prepared
online.
The Digital Mall already offers online product research
and availability checks in the shop. The development
phases to follow will see the rollout of a reservation
option with subsequent pick-up in a local store as well
as delivery from the shops. These are important stages
on the road to connected commerce, which integrates
the offerings of bricks-and-mortar retail into the digital
shopping experience and presents them on established
online marketplaces such as otto.de.
Among the retailers currently participating in the Digital
Mall are Christ, Levi’s, Marc O’Polo, PeekCloppenburg
and Ulla Popken. At the beginning of 2020, 525 shops
were already live and approximately 1.9 million products
were available.
NETWORKED!
CONNECTED COMMERCE:
1st
phase: Digital Mall, shop-window, clickcollect
2nd
phase: Connecting market places
3rd
phase: Transactions
4th
phase: Logisticsdeliveries
Online product
search
The Digital Mall can be accessed via
the respective center website – simply
replace the “www” in the Internet
address with “digitalmall”, e. g.
digitalmall.main-taunus-zentrum.de
Center / Networked!
32

Check store
availability
Coming soon:
Clickreserve
Collect in store
Future: Delivery
out of the mall
Center / Networked!
33

Center / Environment
34

Environment
Climate protection is a top priority
for Deutsche EuroShop. We firmly
believe that sustainability and prof-
itability are not mutually exclusive.
Neither are shopping experience and
environmental awareness. Long-term
thinking is part of our strategy, and
that includes a commitment to envi-
ronmental protection.
In 2019, 19 of our 21 shopping centers had con-
tracts with suppliers that use renewable energy
sources, such as hydroelectric power, for their
electricity needs. The TÜV Süd certified the green
electricity for our centers in Germany with the
renowned “Eco Power Product” label. We also plan
to switch the remaining two centers over to green
electricity wherever possible within the next few
years.
The 19 centers used a total of around 69.2 million
kWh of green electricity in 2019. This represented
100% of the electricity requirements to operate
the shopping centers. Based on conservative cal-
culations, this meant a reduction of around 29,130
tonnes in carbon dioxide emissions, which equates
to the annual CO2 emissions of more than 1,300
two-person households. The use of heat exchang-
ers and energy-saving light bulbs allows us to fur-
ther reduce energy consumption in our shopping
centers.
Deutsche EuroShop also supports a diverse range
of local and regional activities that take place in
our shopping centers in the areas of the environ-
ment, society and the economy.
REDUCTION OF CO2 EMISSIONS AND
ELECTRICITY CONSUMPTION
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
20
18
16
14
12
10
8
6
4
2
0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Number of centers included Total electricity consumption in mwh
CO2 reduction in t
Center / Environment
35

INTRODUCTION
We report on our energy, GHG emissions, water and waste impacts,
and social and governance measures in accordance with the 3rd
edition of the EPRA Sustainability Best Practice Recommendations
(sBPR). Our reporting response has been split into 2 sections:
1. Overarching recommendations
2. Sustainability performance measures
OVERARCHING RECOMMENDATIONS
Organisational boundaries
We use the operational control approach for our data boundary,
which includes 15 assets1
. There were no changes to our portfolio
between 2018 and 2019, meaning the scope of assets included in our
Absolute and Like-for-Like performance measures is the same.
Coverage
We report on all properties within the organisational boundary
defined above, and for which we are responsible for purchasing util-
ities as the landlord (see Boundaries – reporting on landlord and
tenant consumption).
Estimation of landlord-obtained utility consumption
None of our data is estimated.
Boundaries – reporting on landlord and tenant consumption
The electricity consumption reported includes electricity which we
purchase as landlords and refers to common areas only. Consump-
tion data for fuels, district heating and cooling and water include
tenant data as it is not possible to separate common area and tenant
area consumption. Waste data also includes tenant waste.
Analysis - Normalisation
Intensity indicators are calculated using floor area (m2
) for whole
buildings. We are aware of the mismatch between nominator and
denominator, as our consumption for electricity relates to common
areas only, whereas fuels, district heating and cooling and water
data covers the entire building as we cannot separate common area
from tenant area consumption. For our own offices we report inten-
sity performance measures using the floor area we occupy within
the building.
Analysis – Segmental analysis
(by property type, geography)
We have not carried out segmental analysis as this is not informative
for our portfolio, given that our assets are all shopping centres loca-
tion in similar climatic zones, similar in age, and the majority have
similar EPC ratings.
Third Party Assurance
We do not have third party assurance.
Disclosure on own offices
Our own occupied offices are reported separately to our portfolio.
Please see the table on page 39.
Environmental
Performance
1
A10 Center Wildau, Allee-Center Hamm, Altmarkt-Galerie Dresden, Billstedt-Center
Hamburg, City-Arkaden Wuppertal, City-Galerie Wolfsburg, City-Point Kassel, Forum
Wetzlar, Galeria Bałtycka Gdansk, Herold-Center Norderstedt, Main-Taunus-Zentrum,
Olympia Center Brno, Rathaus-Center Dessau, Rhein-Neckar-Zentrum and Stadt-
Galerie Hameln.
Center / Environmental Performance
36

NARRATIVE ON PERFORMANCE
Portfolio performance
In 2019 we reduced the environmental impact of our portfolio across
the majority of our environmental indicators, with the exception of
waste.
The energy efficiency (measured in kWh/m2
) of our portfolio im
proved by 4% between 2018 and 2019, and this was influenced by
a 4% reduction in absolute and like-for-like electricity consump-
tion, and a 3% reduction in absolute and like-for-like district heat-
ing and cooling consumption. These were only partially offset by a
1% increase in fuels consumption over the same period.
The reductions in electricity consumption were achieved in part due
to efficiency improvements introduced as part of our programme of
capex improvements conducted during the year, such as the instal-
lation of LED lighting.
We saw a matching 7% reduction in indirect Scope 2 GHG emissions
from electricity and district heating and cooling (using the loca-
tion-based methodology), and a 1% increase in direct Scope 1 emis-
sions from fuels. The GHG emissions intensity of our portfolio con-
sequently reduced by 6% to 0,054 tCO2
/m2
in 2019. Market-based
emissions factors that account for the 94% of our electricity supply
that comes from green contracts certified by the TÜV Süd were not
available at the time of publication.
Water consumption reduced by 7% in absolute and like-for-like
terms, although the water intensity of our portfolio was unchanged
at 0,003 m3
/visitor. All water is from the municipal supply.
Waste produced across our portfolio rose by 4% to 6.949 tonnes in
2019. Of this, 44% was recycled, 2% was composted and 54% was
sent for incineration. Given that the majority of waste is generated by
our tenants, this is not under our direct operational control. We none-
theless work with tenants to promote waste separation to increase
the proportion of waste that is recycled. The changes compared with
2018 can be attributed to the fact that we continue to collect more
accurate separation data.
In 2019, we continue to report that all our assets are certified to the
DGNB standard at the following levels:
• DGNB Platinum: A10 Center Wildau, Billstedt-Center Hamburg,
City-Galerie Wolfsburg. Together, these represent 23% of our
portfolio by leasable floor area.
• DGNB Gold: Allee-Center Hamm, Altmarkt-Galerie Dresden,
City-Arkaden Wuppertal, City-Point Kassel, Forum Wetzlar,
Galeria Bałtycka Gdansk, Herold-Center Norderstedt,
Main-Taunus-Zentrum Sulzbach, Olympia Center Brno,
Rathaus-Center Dessau, Rhein-Neckar-Zentrum Viernheim
and Stadt-Galerie Hameln.Together, these represent 77%
of our portfolio by leasable floor area.
Own office performance
During 2019, consumption within our own office varied only margin-
ally compared with 2018. Notable reductions include electricity con-
sumption (-2%), and water consumption (-2%). The reductions in elec-
tricity consumption were offset by a 2% increase in consumption of
district heating and cooling. As this represents most of our energy
use (85%), the energy intensity of our own office likewise increased
by 2%.
Other notable changes include an 83% increase in the proportion of
waste recycled, and an 11% decrease in the proportion of waste sent
for incineration.
Social and governance performance measures
We report on the EPRA sBPR Social and Governance Performance
Measures that are material given our employee profile, and for which
we can collect the required information.
Deutsche EuroShop directly employs five full-time members of staff
and there are two members of our Executive Board. In line with
German company law, Deutsche EuroShop has a dual management
and control structure comprising two executive bodies, the Execu-
tive Board and the Supervisory Board. There are nine members of
the Supervisory Board, all of whom are independent.
Not including the Executive Board, 40% of our employees are female.
Our reporting on gender diversity is line with the German Corpo-
rate Governance Code and our approach and performance is detailed
in the Corporate Governance chapter (see page 79 of Annual Finan-
cial Report of the Group 2019). Information on the composition of
our Supervisory Board, our processes for nominating and select-
ing members, and the avoidance of conflicts of interest is also pro-
vided in this section.
During 2019, 80% of our employees attended training amounting
to an average of 24 hours per employee per year. Training focuses
on building the skills and knowledge we need to fulfil our business
strategy, and supporting employees’ career development goals.
EmpDev is market as not applicable: although every employee meets
with the CFO and CEO annually providing the opportunity for open
conversations to be had, these meetings do not constitute a formal
review process.
No employees joined or left the company in 2019, meaning our new
hire and turnover rate was zero.
Location of EPRA sustainability performance measures
EPRA sustainability performance measures for our portfolio and
own offices can be found in in the tables on the pages 38 to 40 of
this report.
37

SUSTAINABILITY PERFORMANCE MEASURES
PORTFOLIO ENVIRONMENTAL PERFORMANCE MEASURES
Indicator EPRA code Unit of measure 2018 Coverage 2019 Coverage Change
Total electricity consumption Elec-Abs kWh 77,917,172 100% 74,642,700 100% -4%
94% 94%
Like-for-like electricity
consumption
Elec-LFL kWh 77,917,172 100% 74,642,700 100% -4%
Total energy consumption
from district heating and
cooling
DHC-Abs kWh 23,259,555 100% 22,582,512 100% -3%
% from renewable sources n / a n / a
Like-for-like consumption
cooling
DHC-LFL kWh 23,259,555 100% 22,582,512 100% -3%
from fuel
Fuels-Abs kWh 30,405,167 100% 30,639,493 100% 1%
0 0
from fuel
Fuels-LFL kWh 30,405,167 100% 30,639,493 100% 1%
Building energy intensity Energy-Int kWh/m2
222 100% 213 100% -4%
Direct GHG emissions (total)
Scope 1
GHG-Dir-Abs tCO2
6,141 100% 6,188 100% 1%
Indirect GHG emissions (total)
Scope 2
GHG-Indir-
Abs
tCO2
(market based) n / a 100% n / a 100%
20,444 19,093 -7%
Building GHG emissions
intensity
GHG-Int tCO2
/m2
0.058 100% 0.054 100% -6%
Total water consumption Water-Abs Total m3
500,100 100% 463,173 100% -7%
Like-for-like water
consumption
Water-LFL m3
500,100 100% 463,173 100% -7%
Building water consumption
intensity
Water-Int m3
/visitor 0.003 100% 0.003 100% 0%
Weight of waste by disposal
route (total)
Waste-Abs tonnes 6,654 100% 6,949 100% 4%
% recycled 45 44
% composted 4 2
% sent to incineration 51 54
route (Like-for-like)
Waste-LFL tonnes 6,654 100% 6,949 100% 4%
% recycled 45 44
%composted 4 2
% sent to incineration 51 54
Type and number of assets
certified
Cert-Tot % of portfolio certified OR
number of certified assets
100% 100% 100% 100%
% of portfolio by
leasable space
77% awarded DGNB Gold
23% awarded DGNB Platinum
na = not applicable
n / a = not available.
The proportion of DH C from renewable sources is not currently availble. We are making enquiries with our suppliers to obtain proof of supply, but we
have not been able to obtain this across all assets at the time of publication.
GHG emissions: We calculate our emissions based on the GHG Protocol methodology using location-based emissions factors. Market-based emissions factors
for indirect Scope 2 GHG emissions are not available at the time of publication. Renewable electricity comes from specific contracts certified by the TÜV Süd.
38

OWN OFFICE ENVIRONMENTAL PERFORMANCE MEASURES
Indicator EPRA Unit of measure 2018 Coverage 2019 Coverage Change
Total electricity consumption Elec-Abs kWh 9,028 100% 8,817 100% -2%
% from renewable sources 100 100
Like-for-like electricity
consumption
Elec-LFL kWh 9,028 100% 8,817 100% -2%
cooling
DHC-Abs kWh 48,337 100% 49,471 100% 2%
% from renewable sources na na
Like for like consumption
cooling
DHC-LFL kWh 48,337 100% 49,471 100% 2%
from fuel
Fuels-Abs kWh na 100% na 100%
% from renewable sources na 100% na 100%
from fuel
Fuels-LFL kWh na 100% na 100%
Building energy intensity Energy-Int kWh/m2
209 100% 212 100% 2%
Direct GHG emissions (total)
Scope 1
GHG-Dir-Abs tCO2
0 100% 0 100%
Indirect GHG emissions (total)
Scope 2
GHG-Indir-
Abs
tCO2
(location based) n / a 100% n / a 100%
tCO2
(market based) 9 9
Building GHG emissions
intensity
GHG-Int tCO2
/m2
0.03 100% 0.03 100%
Total water consumption Water-Abs m3
552 100% 540 100% -2%
Like-for-like water
consumption
Water-LFL m3
552 100% 540 100% -2%
Building water consumption
intensity
Water-Int m3
/employee 49 100% 53 100% 7%
route (total)
Waste-Abs tonnes 2 100% 2 100%
% recycled 12 22 83%
% sent to incineration 88 78 -11%
route (Like-for-like)
Waste-LFL tonnes 2 100% 2 100%
% recycled 12 22 83%
% sent to incineration 88 78 -11%
Type and number of assets
certified
Cert-Tot % of portfolio certified OR
number of certified assets
0 100% 0 100%
na = not applicable
n / a = not available.
GHG emissions: We calculate our emissions based on the GHG Protocol methodology using location-based emissions factors. Indirect Scope 2 GHG emissions
are calculated using market-based emissions factors. Renewable electricity comes from specific contracts certified by the TÜV Nord.
No fuels are used at our office building.
Water, district heating and cooling and waste are calculated using figures for the whole building, and the m2
percentage the DES office occupies
(DES has an office of 275m2
in a building of 6,088m2
), as these are not metered separately.
39

SOCIAL AND GOVERNANCE PERFORMANCE MEASURES
Indicator EPRA code Unit of measure Indicator 2019
Employee gender diversity Diversi-
ty-Emp
% of malefemale
employees
Supervisory Board 33% female 67% male
Executive Board 100% male
Other employees 40% female 60% male
Employee training
and development
Emp-
Training
Average number of hours Average hours of training undertaken
by employees in the reporting period
24
% of employees Number of employees 80%
Employee performance
appraisals
Emp-Dev % of total workforce % of total employees who received regular
performance and career development
reviews during the reporting period
na
New hires and turnover Emp-
Turnover
Total number and rate New employee hires 0
Employee turnover 0%
Composition of the highest
governance body
Gov-Board Total numbers Number of executive board members 9
Number of independent/non-executive
board members
5
Average tenure on the governance body 5.8
Number of independent/non-executive
board members with competencies
relating to environmental and social topics
na
Process for nominating
and selecting the highest
governance body
Gov-Selec Narrative description The nomination and selection processes
for the Board of Directors and its
committees and the specific criteria used
for nominating and selecting highest gov-
ernance body members
Corporate Governance
Section (pg 79 of Annual
Financial Report of the
Group 2019)
Process for managing
conflicts of interest
Gov-COI. Narrative description Processes to ensure that conflicts of
interest are avoided and managed in
the highest governance body and how
they are reported
Corporate Governance
Section (pg 79 of Annual
Financial Report of the
Group 2019)
na = not applicable. Please see narrative on peformance.
40

I
n May 2019, CO2 pricing and its sig-
nificance for the real estate indus-
try was the central topic of a round
table discussion organised by ECE in
Hamburg, to which high-ranking experts
from the real estate industry were in
vited. Wilhelm Wellner and Olaf Borkers
took part in the exchange on behalf of
Deutsche EuroShop.
Real estate accounts for around 30 per-
cent of Germany’s CO2 emissions, which
means that the real estate industry is sig-
nificantly affected by CO2 pricing. The dis-
cussion focused on questions regarding
the actual impact on the various stake-
holders in the industry, such as construc-
tion companies, investors and users.
According to polar researcher Arved
Fuchs, one of the participants of the
round table, “We need a social consensus
on CO2 reduction. This includes transpar-
ency and steering mechanisms that are
accepted and lead to swift reductions.
The climate will not wait for us.”
DES discusses
CO2 pricing
with real
estate experts
at round table
Center / DES discusses CO2 pricing with real estate experts at round table
41

OUR
CENTERS
BILLSTEDT-CENTER
HAMBURG
FORUM
WETZLAR
ALLEE-CENTER
MAGDEBURG
OLYMPIA CENTER
BRNO
SAARPARK-CENTER
NEUNKIRCHEN
STADT-GALERIE
HAMELN
CITY ARKADEN
KLAGENFURT
CITY-ARKADEN
WUPPERTAL
CITY-GALERIE
WOLFSBURG
Center / Our Centers
42

A10 CENTER
WILDAU/BERLIN
ALLEE-CENTER
HAMM
MAIN-TAUNUS-ZENTRUM
SULZBACH/FRANKFURT
GALERIA BAŁTYCKA
GDANSK
PHOENIX-CENTER
HAMBURG
RATHAUS-CENTER
DESSAU
ÁRKÁD
PÉCS
CITY-POINT
KASSEL
RHEIN-NECKAR-ZENTRUM
VIERNHEIM
STADT-GALERIE
PASSAU
ALTMARKT-GALERIE
DRESDEN
HEROLD-CENTER
NORDERSTEDT
Center / Our Centers
43

CENTER
OVERVIEW
We are the only public company in Germany
that invests solely in shopping centers in
prime locations. We invest only in carefully
chosen properties. High quality standards
and a high degree of flexibility are just as
important to us as sustained earnings growth
from index- and turnover-linked rental
contracts. In addition, we boast a higher than
average occupancy rate of around 98% and
professional center management – these
are the pillars of our success.
The Deutsche Gesellschaft für Nach
haltiges Bauen (German – Sustainable
Building – Council, DGNB) awarded sus-
tainability certificates in platinum
and gold to all 21 shopping centers
in our portfolio.
Center / Center Overview
44

Main-Taunus-Zentrum, Sulzbach/Frankfurt
A10 Center, Wildau/Berlin
Altmarkt-Galerie, Dresden
Rhein-Neckar-Zentrum, Viernheim/Mannheim
Herold-Center, Norderstedt
Rathaus-Center, Dessau
Allee-Center, Magdeburg
Phoenix-Center, Hamburg
Billstedt-Center, Hamburg
Saarpark-Center, Neunkirchen
Forum, Wetzlar
Allee-Center, Hamm
City-Galerie, Wolfsburg
City-Arkaden, Wuppertal
City-Point, Kassel
Stadt-Galerie, Passau
Stadt-Galerie, Hameln
CENTERS IN
GERMANY
142.4
Number of visitors
in Germany in
2019 in million
2,060
Number of stores in
shopping centers in
Germany
8.4
Average number of
visitors per center in
Germany in 2019
in million
880,600
Floor space of all
centers in Germany
in m2
45

Google
4.4/5 stars
Instagram
4,830 follower
maintaunuszentrum
Facebook
4.4/5 stars
33,338 fans
MainTaunusZentrum
main-taunus-zentrum.de
Investments: 52%
Leasable space: 124,000 m2
of which retail space: 91,000 m2
(plus C A)
Parking: 4,500
No. of shops: 170
Occupancy rate: 98%
Catchment area:
2.1 million residents
Purchased by DES:
September 2000
7.5
million Visitors
2019
MAIN-TAUNUS-ZENTRUM
SULZBACH/FRANKFURT
Google
4.4/5 stars
Instagram
975 follower
a10centerwildau
Facebook
4.4/5 stars
28,230 fans
A10Center
a10center.de
Investments: 100%
of which retail space:
66,000 m2
Parking: 4,000
No. of shops: 200
Occupancy rate: 98%
Catchment area:
Purchased by DES:
Januar 2010
Grand opening: 1996
Restructuring: 2010 –2011
Anchor tenants: Bamboo
land, Bauhaus, C A,
Hammer, H M, Karstadt
Sports, MediMax, Peek
Cloppenburg, real
Address: Chaussee
straße 1, 15745 Wildau
6.6
million Visitors
2019
A10 CENTER
WILDAU/BERLIN
Grand opening: 1964
Modernisation: 2004
Expansion: 2011
Anchor tenants: Ansons´s, Appelrath
Cüpper, Apple, Breuninger, Galeria
Kaufhof, H M, Hollister, Intersport,
Karstadt, Media Markt, REWE, Zara
Address: Am Main-Taunus-Zentrum,
65843 Sulzbach (Taunus)
46

Google
4.4/5 stars
Instagram
13,800 follower
rheinneckarzentrum_
viernheim
Facebook
4.3/5 stars
57,865 fans
RheinNeckarZentrumViernheim
rnzonline.de
Investments: 100%
(plus Karstadt and C A)
Parking: 3,800
No. of shops: 110
Occupancy rate: 97%
Catchment area:
Purchased by DES:
September 2000
Grand opening: 1972
Restructuring/
Expansion: 2002
Anchor tenants: Aldi, Engelhorn
Active Town, H M, Hugendubel,
Müller Drogerie, PeekCloppen-
burg, TK Maxx
Address: Robert-Schumann-
Straße 8a, 68519 Viernheim
9.5
million Visitors
2019
VIERNHEIM/MANNHEIM
Google
4.4/5 stars
Instagram
2,307 follower
altmarktgaleriedresden
Facebook
4.4/5 stars
86,901 fans
altmarkt.galerie
altmarkt-galerie-dresden.de
Investments: 100%
Parking: 500
No. of shops: 200
Occupancy rate: 100%
Catchment area: 1.4 million residents
Purchased by DES: September 2000
Grand opening: 2002
Expansion: 2011
Anchor tenants: Apple, Hollister,
H M, New Yorker, REWE, Saturn,
Sinn, SportScheck
Address: Webergasse 1,
01069 Dresden
14.6
million Visitors
2019
ALTMARKT-GALERIE
DRESDEN
47

Investments: 100%
(plus Karstadt and Saturn)
Parking: 850
No. of shops: 140
Occupancy rate: 96%
Catchment area:
Purchased by DES: January 2013
Grand opening: 1971
Restructuring/Expansion:
1995 and 2003
Anchor tenants: C A, H M,
PeekCloppenburg, REWE
Address: Berliner Allee 38 – 44,
22850 Norderstedt
Google
4.1/5 stars
Instagram
2,033 follower
heroldcenter
Facebook
4.1/5 stars
29,892 fans
Herold.Center.Norderstedt
herold-center.de
HEROLD-CENTER
NORDERSTEDT
10.2
million Visitors
2019
Investments: 100%
(plus Karstadt)
Parking: 850
No. of shops: 90
Occupancy rate: 97%
Catchment area:
Purchased by DES:
November 2005
Grand opening: 1995
Anchor tenants: H M, Modehaus
Fischer, REWE, Thalia, TK Maxx
Address: Kavalierstraße 49,
06844 Dessau-Roßlau
RATHAUS-CENTER
DESSAU
Google
4.2/5 stars
Instagram
3,980 follower
rathausscenterdessau
Facebook
4.2/5 stars
18,767 fans
rathauscenterdessau
rathauscenter-
dessau.de
5.7
million Visitors
2019
48

Google
4.3/5 stars
Instagram
4,505 follower
alleecentermagdeburg
Facebook
4.3/5 stars
54,648 fans
AlleeCenterMD
allee-center-magdeburg.de
Investments: 50%
Parking: 1,300
No. of shops: 150
Occupancy rate: 98%
Purchased by DES: October 2011
Grand opening: 1998
Expansion: 2006
Anchor tenants: H M, REWE, Saturn,
Sinn, SportScheck
Address: Ernst-Reuter-Allee 11,
39104 Magdeburg
ALLEE-CENTER
MAGDEBURG
8.9
million Visitors
2019
Investments: 50%
Parking: 1,400
No. of shops: 130
Occupancy rate: 94%
Catchment area:
Purchased by DES: August 2003
Grand opening: 2004
Expansion/Restructuring: 2016
Karstadt Sports, Stadium, Media
Markt, New Yorker, REWE, Sinn
Address: Hannoversche Str. 86,
21079 Hamburg
PHOENIX-CENTER
HAMBURG
8.8
million Visitors
2019
Google
4.2/5 stars
Instagram
2,897 follower
phoenixcenterharburg
Facebook
4.3/5 stars
26,806 fans
PhoenixCenterHarburg
phoenix-center-harburg.de
49

Investments: 100%
(plus Primark)
Parking: 1,500
No. of shops: 110
Occupancy rate: 97%
Purchased by DES: January 2011
Grand opening: 1969/1977
Restructuring: 1996
Anchor tenants: C A, H M, Media Markt,
REWE, TK Maxx
Address: Möllner Landstr. 3,
22111 Hamburg
10.8
million Visitors
2019
BILLSTEDT-CENTER
HAMBURG
Google
3.9/5 stars
Instagram
3,866 follower
billstedtcenter_hamburg
Facebook
4.2/5 stars
20,490 fans
Billstedtcenter
billstedt-center.de
Google
4.3/5 stars
Instagram
4,685 follower
saarparkcenter
Facebook
4.3/5 stars
44,354 fans
SaarparkCenterNeunkirchen
saarpark-center-
neunkirchen.de
Investments: 50%
33,500 m2
Parking: 1,600
No. of shops: 130
Occupancy rate: 96%
Catchment area:
Grand opening: 1989
Restructuring:
1999 and 2009
Anchor tenants: C A, Müller
Drogerie, H M, PeekCloppen-
burg, REWE, TK Maxx
Address: Stummplatz 1,
66538 Neunkirchen
6.9
million Visitors
2019
SAARPARK-CENTER
NEUNKIRCHEN
50

Google
4.3/5 stars
Instagram
870 follower
forumwetzlar
Facebook
4.3/5 stars
19,031 fans
ForumWetzlar
forum-wetzlar.de
Investments: 65%
Parking: 1,700
No. of shops: 110
Occupancy rate: 96%
Grand opening: 2005
Anchor tenants: Kaufland, Media Markt, Sporthaus Kaps, Thalia
Address: Am Forum 1, 35576 Wetzlar
7.7
million Visitors
2019
FORUM
WETZLAR
Google
4.2/5 stars
Instagram
2,307 follower
alleecenterhamm
Facebook
30,724 fans
AlleeCenterHamm
allee-center-hamm.de
Investments: 100%
Parking: 1,300
No. of shops: 90
Occupancy rate: 99%
Catchment area:
Purchased by DES: April 2002
Grand opening: 1992
Renovation/Restructuring:
2003, 2009
PeekCloppenburg, Saturn
Address:
Richard-Matthaei-Platz 1,
59065 Hamm
6.0
million Visitors
2019
ALLEE-CENTER
HAMM
51

Investments: 100%
20,000 m2
Parking: 800
No. of shops: 100
Occupancy rate: 97%
Catchment area:
Purchased by DES:
September 2000
Grand opening: 2001
Restructuring: 2011
Anchor tenants: Hempel,
New Yorker, REWE, Saturn
Address: Porschestr. 45,
38440 Wolfsburg
7.1
million Visitors
2019
CITY-GALERIE
WOLFSBURG
Google
4.2/5 stars
Instagram
3,700 follower
citygaleriewolfsburg
Facebook
4.2/5 stars
11,749 fans
city.galerie.wolfsburg
city-galerie-wolfsburg.de
Google
4.2/5 stars
Instagram
1,295 follower
cityarkadenwuppertal
Facebook
4.2/5 stars
10,749 fans
CityArkadenWuppertal
city-arkaden-wuppertal.de
Investments: 100%
Parking: 650
No. of shops: 80
Occupancy rate: 98%
Catchment area:
Purchased by DES:
September 2000
Grand opening: 2001
Restructuring: 2011
Modernisation: 2004
Expansion: 2011
Anchor tenants: Akzenta, H M,
Thalia, Reserved
Address: Alte Freiheit 9,
42103 Wuppertal
9.7
million Visitors
2019
CITY-ARKADEN
WUPPERTAL
52

Investments: 75%
21,000 m2
Parking: 500
No. of shops: 90
Occupancy rate: 96%
Catchment area:
Purchased by DES:
December 2006
Grand opening: 2008
Anchor tenants: C A, Esprit,
Saturn, Thalia
Address: Bahnhofstr. 1,
94032 Passau
STADT-GALERIE
PASSAU
7.3
million Visitors
2019
Google
4.4/5 stars
Instagram
5,413 follower
stadtgalerie_passau
Facebook
4.4/5 stars
34,590 fans
StadtgaleriePassau
stadt-galerie-passau.de
Google
4.3/5 stars
Instagram
5,300 follower
citypointkassel
Facebook
53,008 fans
CityPointKassel
city-point-kassel.de
Investments: 100%
Parking: 220
No. of shops: 60
Occupancy rate: 95%
Purchased by DES: September 2000
Grand opening: 2002
Restructuring: 2009, 2015
Anchor tenants: H M, New Yorker,
Saturn, tegut
Address: Königsplatz 61, 34117 Kassel
CITY-POINT
KASSEL
8.7
million Visitors
2019
53

Google
4.2/5 stars
Instagram
1,470 follower
stadtgaleriehameln
Facebook
4.1/5 stars
12,280 fans
StadtGalerieHameln
stadtgaleriehameln.de
Investments: 100%
of which retail space: 19,000m2
Parking: 500
No. of shops: 100
Occupancy rate: 95%
Catchment area:
Purchased by DES:
November 2005
Grand opening: 2008
Anchor tenants: Müller Drogerie,
New Yorker, real, Thalia
Address: Pferdemarkt 1,
31785 Hameln
STADT-GALERIE
HAMELN
6.4
million Visitors
2019
Center / Centerübersicht + Center Overview

Olympia Center, Brno, Czech Republic
Galeria Bałtycka, Gdańsk, Poland
City Arkaden Klagenfurt, Austria
Árkád, Pécs, Hungary
CENTERS
ABROAD
8.8
Average number of
visitors per center in
2019 in million
35.3
Number of visitors
in 2019 in million
POLAND
CZECH REPUBLIC
AUSTRIA
HUNGARY
206,000
Floor space of all
centers in m2
643
Number of stores
in shopping
centers
GERMANY
55

Google
4.4/5 stars
Instagram
5,405 follower
galeriabaltcka
Facebook
4.4/5 stars
70,745 fans
galeriabaltycka
galeria-baltycka.pl
Google
4.4/5 stars
Instagram
4,564 follower
olympiacentrumbrno
Facebook
4.3/5 stars
42,477 fans
olympiabrno
olympia-centrum.cz
Investments: 100%
Parking: 4,000
No. of shops: 200
Occupancy rate: 99%
Catchment area:
Purchased by DES: März 2017
Grand opening: 1999
Restructuring: 2014 –2016
Anchor tenants: Albert, H M,
Intersport, PeekDüsseldorf
Address: U Dálnice 777,
664 42 Modřice, Brno,
Czech Republic
Investments: 74%
Parking: 1,050
No. of shops: 193
Occupancy rate: 98%
Catchment area:
Grand opening: 2007
Anchor tenants: Carrefour,
H M, PeekCloppenburg,
Reserved, Saturn, Zara
Address: al. Grunwaldzka 141,
80 –264 Gdańsk, Poland
8.7
million Visitors
2019
GALERIA BAŁTYCKA
GDAŃSK, POLAND
8.6
million Visitors
2019
OLYMPIA CENTER
BRNO, CZECH REPUBLIC
56

Investments: 50%
Parking: 850
No. of shops: 130
Occupancy rate: 99%
Catchment area:
Purchased by DES:
November 2002
Grand opening: 2004
Media Markt, Interspar
Address: Bajcsy Zs. U. 11/1,
7622 Pécs, Hungary
12.7
million Visitors
2019
ÁRKÁD
PÉCS, HUNGARY
Google
4.4/5 stars
Instagram
750 follower
arkad_pecs
Facebook
4.3/5 stars
42,368 fans
arkadpecs
arkadpecs.hu
Google
4.3/5 stars
Instagram
2,880 follower
cityarkadenklagenfurt
Facebook
4.4/5 stars
19,689 fans
cityarkandenklagenfurt
city-arkaden-klagenfurt.at
Investments: 50%
Parking: 880
No. of shops: 120
Occupancy rate: 98%
Grand opening: 2006
Anchor tenants: C A, PeekCloppenburg,
Saturn, Zara, H M, Billa, Müller Drogeriemarkt
Address: Heuplatz 5, 9020 Klagenfurt, Austria
5.3
million Visitors
2019
CITY ARKADEN
KLAGENFURT, AUSTRIA
57

INVESTOR
RELATIONS
2019

The Shopping
Center Share
in € Number of shares in thousand
2019 2020
Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec FebJan Mar
Share price Volume
TREND OF SHARE
30
25
20
15
10
1,000
800
600
400
200
0
Apr
SHARE PRICE ON THE UP
IN 2019
Following a year-end closing price for 2018
of €25.34, Deutsche EuroShop AG shares
started the year on a slight uptrend despite
the persistently difficult global market
environment for shopping center shares and
then hovered initially between €26.00 and
€27.40. On 21 May 2019, the share closed
on Xetra at €27.44, its highest level of the
year. After the dividend payout in mid-June,
the DES share price declined markedly,
reaching a low for the period of €22.54 on
16 August 2019. The share then recovered,
closing the reporting period at €26.42 on
30 December 2019. Deutsche EuroShop’s
market capitalisation stood at €1.63 billion
at the end of 2019.
DEUTSCHE EUROSHOP’S
MARKET CAPITALISATION
STOOD AT €1.63 BILLION
AT THE END OF 2019.
Investor Relations / The Shopping Center Share
59

Annual development incl. dividend
SHARE PERFORMANCE AND MARKET CAPITALISATION OVER THE LAST 10 YEARS
2,500
2,000
1,500
1,000
500
Share performance
in %
Market capitalisation
in € million
40
30
20
10
0
-10
-20
-30
1,496
1,280
1,717
1,953
2,183
2,086
2,0981,566
201920182010 2011 2012 2013 2014 2015 2016 2017
4.5
-11.1
32.7
28.1
17.7 15.3
-1.2
-8.6
1,707
10.4
1,632
-21.8
SWITCH FROM MDAX TO SDAX
Since 23 September 2019, the DES share has again been listed on
the SDAX (small-cap DAX), the performance index for 70 smaller
companies that rank below the DAX (30 companies) and MDAX
(60 companies). The change, following 15 years in the mid-cap
index, was prompted by the fast-exit rule: the exchange turnover of
our share no longer met the minimum requirement for the MDAX,
whereas the market capitalisation would have been sufficient.
AVERAGE PERFORMANCE OF PEER GROUP
The price of Deutsche EuroShop shares rose by 4.3%. Taking into
account the dividend paid of €1.50 per share, the performance of
Deutsche EuroShop shares was +10.4% year on year (2018: -21.8%).
As such, our share price performance in 2019 was below that of the
European benchmark for listed real estate companies, the EPRA
index (+30.5%), but nevertheless in the middle range of its European
peer group, 1
which recorded average falls of 5.6% (median: +3.0%).
The benchmark index for medium-sized companies, the MDAX, put
on 31.2% in the year under review; the SDAX gained 31.6%.
Over the past year, German open-ended property funds achieved
an average performance of +3.2% (2018: +3.2%), and attracted cash
inflows of €10.7 billion (2018: €6.4 billion).
Stock market performance 2019 2018
DES share +10.4% -21.8%
DAX +25.5% -18.3%
MDAX +31.2% -17.6%
SDAX +31.6% -20.0%
EURO STOXX 50 (Europe) +24.8% -14.7%
Dow Jones (USA) +22.3% -6.4%
Nikkei (Japan) +18.2% -12.1%
1
Atrium European Real Estate, Eurocommercial Properties, IGD, Intu Properties,
Klepierre, Mercialys, Unibail-Rodamco-Westfield, Vastned Retail and Wereldhave.
60

Figures for the Deutsche
EuroShop share
German securities no. /
ISIN 748 020/DE 000 748 020 4
Ticker symbol DEQ
Share capital in € 61,783,594.00
Number of shares
(no-parvalue
registered shares) 61,783,594
Indices SDAX, EPRA, GPR 250, MSCI Small Cap,
HASPAX, F.A.Z.-Index
Official market Prime Standard
Frankfurter Wertpapierbörse and Xetra
OTC markets Berlin-Bremen, Dusseldorf, Hamburg,
Hanover, Munich and Stuttgart
ATTENDANCE AT AGM STABLE
The Annual General Meeting was held in Hamburg on 12 June 2019.
Around 270 shareholders were in attendance at the Handwerks
kammer, representing 63.3% (previous year: 63.2%) of the capital,
and approved all of the items on the agenda.
BROAD COVERAGE OF THE SHARES
Our shares are now regularly followed by 18 analysts (as at
14 April 2020) from respected German and international institu-
tions 2
, and their recommendations introduce us to new groups of
investors. Deutsche EuroShop remains one of the best-covered real
estate companies in Europe. Information on the recommendations
can be found at:
www.deutsche-euroshop.de/analysen
2
Baader Bank, Bankhaus Lampe, Bank of America, Berenberg Bank, Commerzbank,
Deutsche Bank, DZ Bank, Green Street Advisors, HSBC, Independent Research, J.P.
Morgan Cazenove, Kempen, Kepler Cheuvreux, Metzler, M.M. Warburg, NORD/LB,
Pareto and Societe Generale.
TREND OF SHARE
indexed – since 30 December 2014
MDAX EPRA SDAX Deutsche EuroShop
2015
190
170
150
130
110
90
70
50
30
2016 2017 2018 2019 2020
61

negative neutral positive
DIVERSITY OF ANALYST’S OPINION OF THE LAST 10 YEARS
in %
100
90
80
70
60
50
40
30
20
10
0
2010 2011 2012 2013
20
20
2014 2015 2016 2017 2018 2019
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4Q1 Q2 Q3 Q4 Q1
WOULD YOU LIKE MORE
INFORMATION?
Please visit our website or call us:
Patrick Kiss and Nicolas Lissner
Tel.: +49 (0)40 - 41 35 79 20 / -22
Fax: +49 (0)40 - 41 35 79 29
E-mail: ir@deutsche-euroshop.de
Internet: www.deutsche-euroshop.de/ir
THE ANALYSTS ARE
NEUTRAL TO POSITIVE
ON THE PROSPECTS FOR
THE DES SHARE.
(as at 14 April 2020)
NICOLAS
LISSNER
PATRICK
KISS
62

SHAREHOLDERS STRUCTURE REGIONAL
AWARDS FOR REPORTING
QUALITY AND IR WORK
The European Public Real Estate Associa-
tion (EPRA) has again recognised the trans-
parency of our reporting in terms of the
sector-specific financial ratios and on the
topic of sustainability with a Gold Award.
As in previous years, the Deutsche Euro-
Shop website did very well in NetFedera-
tion’s “IR-Benchmark 2019” (coming first in
the Real Estate sector and in MDAX).
Further awards for our capital market com-
munications can be found on our website at
www.deutsche-euroshop.de/
Investor-Relations/Contact/Awards
32.8%
Institutional
investors
25.3%
Private investors
19.5%
Alexander Otto
7.1%
Goldman
Sachs
5.0%
State Street
4.2%
Black Rock
3.3%
Johannes
Schorr2.8%
DWS
SHAREHOLDERS
STRUCTURE
8% INCREASE IN SHAREHOLDERS
The number of investors once again rose significantly in
2019: Deutsche EuroShop now has around 24,600 share-
holders (as at 14 April 2020, previous year: 22,750, +8%).
Alexander Otto holds a 19.5% stake in Deutsche Euro-
Shop AG, Goldman Sachs 7.1%, State Street 5.0%, Black-
Rock 4.2% and Johannes Schorr 3.3%. In addition, other
institutional investors hold approx. 35.6% (previous year:
49.3%) of the shares and private investors hold 25.3%
(previous year: 20.7%).
In a shareholder identification process, we regularly
analyse the international distribution of our shares.
Over the past year, there were minimal changes in
the regional breakdown. Almost unchanged at around
69%, German investors continue to hold a clear major-
ity of the Deutsche EuroShop shares. Overall, the share-
holder structure is also dominated by European inves-
tors (approx. 86%), with British investors leading the way.
US investors hold just under 12% of the shares in DES.
69.4%
Germany
11.9%
USA
7.1%
United Kingdom
2.5%
Norway
2.1%
Netherlands
1.6%
France
1.3%
Switzerland
2.2%
Rest of Europe
1.9%
Rest of world
63

SUSPENSION OF DIVIDEND AS PRECAUTIONARY MEASURE
DUE TO THE CORONAVIRUS PANDEMIC
To further safeguard and strengthen the Company’s
liquidity, the Executive Board has decided as a precau-
tion to propose to the Annual General Meeting scheduled
for 16 June 2020 that the dividend payment for finan-
cial year 2019 be suspended. The Executive Board and
the Supervisory Board intend to continue the Company’s
dividend policy, which is geared towards continuity, once
this extraordinary situation has stabilised.
Dividend
in €
50
40
30
20
10
0
SHARE PRICE AND DIVIDEND SINCE IPO
Share price at the
end of the year
in €
0.96
1.05
0.96
1.00
1.05
0.96
1.05 1.05
1.10
1.45
1.50
1.10
1.20
1.25
1.30
1.35
1.40
1.50
1.00
0.50
0.00
*
proposal **
Price on 14 April 2020
15.50
16.88
19.26
23.73
28.08
23.50
24.30
23.67
28.98
24.80
31.64
31.83
36.20
40.46
38.6733.96
26.78
12.85**
2002 2003 2004 2005 2006 202020172007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2018
0.0*
2019
0.96
25.34
The only public company in
Germany to invest solely in
shopping centers
Prime locations
Proven, conservative strategy
Cash flow that can be planned
over the long term
Shareholder-friendly
dividend policy
Experienced management team
Solid performance track record
High occupancy rate
Inflation-protected rental
agreements
Solidity combined with potential
10 REASONS TO
INVEST IN DEUTSCHE
EUROSHOP SHARES
64

FINANCIAL CALENDAR 2020
21.01. Kepler Cheuvreux GCC, Frankfurt
19.03. Preliminary Results 2019
03.04. Publication of the Annual Report 2019
13.–14.05. Commerzbank Northern European Conference
(virtual)
14.05. Quarterly Statement 3M 2020
28.05. Societe Generale The Nice Conference (virtual)
16.06. Annual General Meeting
17.06. UniCredit Kepler Cheuvreux German
Property Day, Paris (virtual)
13.08. Half-year Financial Report 2020
18.08. Roadshow London, J.P. Morgan
03.09. Commerzbank Sector Conference, Frankfurt
07.09. Jefferies Real Estate Conference, Tel Aviv
21.09. Goldman SachsBerenberg German
Conference, Munich
22.09. Baader Investment Conference, Munich
01.10. Commerzbank German Real Estate Forum, London
21.11. Kempen European Property Seminar, Amsterdam
12.11. Quarterly Statement 9M 2020
16.11. Roadshow Paris, Societe Generale
25.11. DZ Bank Equity Conference, Frankfurt
2019 2018 2017 2016 2015 2014 2013 2012 2011 2010
(basis: year-end closing
price) (€ million) 1,632 1,566 2,098 2,086 2,183 1,953 1,717 1,707 1,280 1,496
Number of shares
(year-end) 61,783,594 61,783,594 61,783,594 53,945,536 53,945,536 53,945,536 53,945,536 53,945,536 51,631,400 51,631,400
Weighted average
number of shares 61,783,594 61,783,594 58,248,007 53,945,536 53,945,536 53,945,536 53,945,536 51,934,893 51,631,400 45,544,976
High € 27.44
(21.05.)
33.90
(02.01.)
39.32
(18.04.)
42.52
(09.06.)
48.00
(10.04.)
37.84
(12.06.)
34.48
(20.05.)
32.03
(01.11.)
29.06
(01.06.)
28.98
(30.12.)
Low € 22.54
(16.08.)
24.98
(27.12.)
30.37
(25.10.)
35.86
(11.02.)
36.32
(06.01.)
30.72
(04.02.)
29.45
(24.06.)
23.72
(06.01.)
22.94
(23.11.)
21.72
(01.07.)
Year-end closing
price (31.12.) € 26.42 25.34 33.96 38.67 40.46 36.20 31.83 31.64 24.80 28.98
Dividend per
share (€) 0.00 1
1.50 1.45 1.40 1.35 1.30 1.25 1.20 1.10 1.10
Dividend yield
(31.12.)% 0 5.9 4.3 3.6 3.3 3.6 3.9 3.8 4.4 3.8
Annual performance
excl. / incl. dividend %
4.3%/
10.4%
-25.4%/
-21.8%
-12.2%/
-8.6%
-4.4%/
-1.2%
11.8%/
15.3%
13.7%/
17.7%
0.6%/
4.5%
27.6%/
32.7%
-14.4%/
-11.1%
22.4%/
28.1%
Average daily trading
volume (shares)
149,891
(incl. Multi
lateral
Trading
Facilities
458,797) 2
192,835
(incl. Multi
lateral
Trading
Facilities
526,239)
212,422
(incl. Multi
lateral
Trading
Facilities
533,866)
142,133
(incl. Multi
lateral
Trading
Facilities
412,750)
152,355
(incl. Multi
lateral
Trading
Facilities
449,500)
113,000
(incl. Multi
lateral
Trading
Facilities
250,400)
112,400
(incl. Multi
lateral
Trading
Facilities
204,000)
129,400
(incl. Multi
lateral
Trading
Facilities
174,000)
125,400
(incl. Multi
lateral
Trading
Facilities
210,000)
116,084
EPS (€) (undiluted) 1.81 1.29 2.31 4.11 5.73 3.29 3.17 2.36 1.92 -0.17
All share price information relates to Xetra
1
proposal
2
Source: Bloomberg, adjusted data, as of 16 April 2020
Our financial calendar is updated continuously. Please check our
website for the latest events: http://www.deutsche-euroshop.de/ir
Deutsche EuroShop / Magazine 2019 65
Investor Relations / The Shopping Center Share + Financial calendar 2020

S
ome 270 shareholders gathered
there to hear CEO Wilhelm Wellner
talk about the events and results
of the previous financial year. In
his speech, Mr Wellner also discussed the
current economic environment, the current
situation on the shopping center transaction
market as well as the business outlook for
the current year. The shareholders also
received additional information on the im
pact this is having in the retail sector and
ongoing digitisation in this segment. Infor-
mation was also presented on the status of
the “At-your-Service” and “Mall Beautifica-
tion” portfolio investment programmes as
well as the implementation of the “Digital
Mall” in our centers.
Shortly after the event, the speeches and
presentation were made available at the web
address given below, where interested par-
ties will also find a large archive of agendas
and other information relating to our past
Annual General Meetings.
The agenda for this meeting included the
election of three Supervisory Board mem-
bers: Dr Anja Disput, Henning Eggers and
Claudia Plath were elected to the board for
a five-year term of office. The attendance
at the time of the vote on all points on the
agenda was 63.3%.
Shareholders made use of the opportunity to
talk with the Supervisory Board, the Execu-
tive Board and employees before the Annual
General Meeting and at the lunch that fol-
lowed it.
The Annual General Meeting for financial
year 2019 is scheduled for 16 June 2020. We
are monitoring the current legal changes
in this regard very closely and will take all
necessary measures to ensure that our
shareholders can participate in a safe,
informative and uncomplicated manner. You
will receive all necessary documents by mail
in good time. We will also keep you updated
on the situation on our website.
www.deutsche-euroshop.de/AGM
The Handwerks
kammer Hamburg on
the Holstenwall,
built from 1912
to 1915.
The Annual General Meeting of Deutsche EuroShop was held on
12 June 2019 in the rooms of the Handwerkskammer Hamburg.
Annual
General Meeting
Investor Relations / Annual General Meeting
66

CONFERENCES AND
ROADSHOWS
In 2019, the Executive Board and the
Investor Relations team once again
attended various conferences and
held numerous roadshows to discuss
Deutsche EuroShop’s strategy with
existing shareholders and to present
the company to potential new investors.
D
irect contact with our investors is very impor-
tant to us: by engaging in frank discussions
with analysts as well as fund and portfolio
managers, we seek to understand the require-
ments of the capital market and to learn which issues
are seen as most important. Conversely, many fund
management companies also hinge their investment
decisions on their ability to hold regular meetings with
a company’s Executive Board.
In 2019, we conducted nine roadshows in Abu Dhabi,
Amsterdam, Boston, Chicago, Dubai, Linz, London,
Munich, New York, Tel Aviv, Vienna and Zurich. We also
took part in a total of 17 conferences in Berlin, Cape
Town, Frankfurt, London, Lyons, Munich, Paris and
Warsaw.
Across all these events, we had over 200 one-to-one
discussions. We also held telephone conferences, for
example for the publication of the annual and quar-
terly figures, which can be streamed live on our website,
viewed there after the event or accessed via podcast.
In addition, many investors came to see us at the
Deutsche EuroShop head offices in Hamburg, often also
visiting our properties in and around Hamburg.
In 2020, once the situation has stabilised following the
coronavirus pandemic, we hope to be able to ramp up
our investor relations activities as quickly as possible
in order to cultivate contacts with our existing inves-
tors and to tap into new investor groups. We will also
use techniques such as “telephone-based” roadshows
and conferences to that end. You can find an over-
view in our financial calendar on page 65. A constantly
updated version can also be found on our website at
www.deutsche-euroshop.com/ir/en
CAPITAL MARKET CONFERENCES:
Generally organised by banks, these are conferences at
which both investors and companies are given the oppor-
tunity to hold as many meetings as possible in a day.
This makes it possible to address questions in detail
during one-to-one and group discussions. Company
presentations enable the Company to present itself to a
wider specialist audience.
ROADSHOWS:
A roadshow involves a team, usually consisting of an
Executive Board member and an Investor Relations man-
ager of Deutsche EuroShop, travelling together with
representatives of the organising bank (such as analysts
and client advisors) to a financial center to visit existing
or interested, potential investors in person and inform
them about the company’s current development and/or
strategy. Investors have the opportunity to meet the man-
agement personally and put questions to them. This allows
up to 10 meetings to be held in one city on a single day.
Investor Relations / Conferences and roadshows
67

In early September 2019 we staged the sixth Deutsche EuroShop
Real Estate Summer event. We launched this series of events in the
summer of 2009 with the aim of offering our analysts, institutional
investors and others an in-depth insight into the Deutsche Euro-
Shop portfolio. Presentations covering all the latest developments
brought those in attendance up to date on all the latest developments
in the areas of shopping and real estate. We held the first Deutsche
EuroShop Real Estate Summer in Dresden in 2009 and went on to
visit our centers in Wolfsburg, Magdeburg and Wildau in 2011, the
City Arkaden in Klagenfurt (Austria) in 2013, Galeria Bałtycka in
Gdansk (Poland) in 2015 and the latest addition to our portfolio,
Olympia in Brno (Czech Republic) in 2017.
Last year, we invited investors and financial analysts who currently
cover our shares to Hesse, where we started visiting the freshly
renovated Rhein-Neckar-Zentrum in Viernheim and Forum Wetzlar
on 5 September.
The following day, Steffen Friedlein, Managing Director Leasing, ECE,
gave a colourful overview of the latest trends in letting at the Main-
Taunus-Zentrum. Dr Philip Sepehr, Director Digital Innovations
Analytics, ECE, explained the current status and prospects of the
digital mall concept.
After that, Stefanie Christen, Foodservice Development Manager,
ECE, presented some practical examples, prospects and develop-
ments from the placemaking and food service sectors.
This was followed by a speech on the current situation at Deutsche
EuroShop as well as a round of questions and answers with
Wilhelm Wellner, the CEO. The end of the event was marked by a
short presentation of the Main-Taunus-Zentrum followed by a tour
through the mall.
Deutsche
EuroShop
Real Estate
Summer
Steffen Eric
Friedlein, ECE
Forum Wetzlar
Main-Taunus-Zentrum
Investor Relations / Deutsche EuroShop Real Estate Summer
68

Deutsche EuroShop / Magazinee 2019 69

Marketing
In 2019, we placed advertisements in the trade press designed for specific target
groups that were perfectly timed to coincide with the publication of our latest financial
figures. The adverts show a young couple and an elderly couple who are out shopping
together. “ShowRoom”, the motto of the year, not only highlights the individual aspects
a shopping center has to offer – events, exhibitions and entertainment, in addition to
commercial space for retailers and service providers – but also pinpoints a trend that
has gained traction in recent years: shop floors are increasingly being used as a show-
room where customers can view and sample the goods they’re interested in and seek
out advice, before later having them delivered to their home.
In addition to share mar-
keting, we concentrate
on refining and maintain-
ing the Deutsche EuroShop
brand. Our goal is to boost
the awareness and rec-
ognition of the brand even
further. Deutsche Euro-
Shop has established itself
as the brand for invest-
ments in shopping centers.
SHOW
ROOM
and
14 x9 meter blow-up (giant poster) at
the Main-Taunus-Zentrum parking garage
Investor Relations / Marketing
70

SHOW
ROOM
and
Die Shoppingcenter-AG
Mehr Informationen finden Sie unter
www.deutsche-euroshop.de
Mehr Informationen über
die Deutsche EuroShop
finden Sie unter
190521_des_Anzeige_AnlegerPlus.indd 1 21.05.19 12:44
finden Sie unter
190816_des_Anzeige_AnlegerPlus.indd 1 16.08.19 14:02
finden Sie unter
191129_des_Anzeige_AnlegerPlus.indd 1191129_des_Anzeige_AnlegerPlus.indd 1 29.11.19 14:4129.11.19 14:41
MEDIA ATTENTION RISING SLIGHTLY
Deutsche EuroShop enjoyed a strong media presence, particularly in
the first and third quarters of 2019, and business and financial jour-
nalists regularly wrote about our company. In addition, a number of
television channels, radio stations and online publications all devoted
reports and interviews to Deutsche EuroShop. The print circulation
of these media increased by around 9% year on year from 9.1 million
to 10.0 million copies, while the equivalent advertising value through
reports in newspapers and magazines fell to €1.78 million (previous
year: €2.31 million).
PUBLISHED CIRCULATION IN MILLIONS
Q1 Q2 Q3 Q4
in million
17.5
15
12.5
10
7.5
5
2.5
0
201920172015 2016 2018
THE PRINT CIRCULATION
OF TELEVISION CHAN-
NELS, RADIO STATIONS AND
ONLINE PUBLICATIONS,
ALL DEVOTED REPORTS
AND INTERVIEWS TO
DEUTSCHE EUROSHOP
INCREASED BY AROUND 9%.
71

WEBSITE RELAUNCH
The Internet is now a crucial means of gath-
ering information, with the corporate web-
site very often the first jumping-off point
for investors. Our website has been very
popular for years, and is always ranked
among the best in the index and within the
European property sector for the infor-
mation it provides and its user friendli-
ness. In order to main-
tain the website at this
level and to take account
of the increasing mobile
use of the Internet, in April
2019 we gave the web-
site a complete overhaul.
Now, the website catches
the eye with its a mod-
ern look and scores points among users for
its intuitive navigation, which is optimised
for each and every end device – whether
stationary or mobile. See for yourself at
www.deutsche-euroshop.com
ONLINE PERFORMANCE
INDICATORS OF DES CENTERS
VISITORS AND SITE VIEWS
Page visitsVisitors
250,000
200,000
150,000
100,000
50,000
0
Visitors (left axis) Page visits (right axis)
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
OF WHICH 83% MOBILE
8.2 MILLION VISITS
750 THOUSAND FANS
73 MILLION PEOPLE
REACHED
8.4 THOUSAND
POSTS
62 THOUSAND FOLLOWERS
WEBSITE
RELAUNCH OF
WWW.DEUTSCHE-
EUROSHOP.COM
IN APRIL 2019
72

SOCIAL MEDIA STILL BOOMING
Social media has become established as a
channel of communication – including for cap-
ital market participants. For many years, we
have shown ourselves to be open to techni-
cal innovations and use social media actively
to provide our investors and interested parties
with news and supplementary information
about Deutsche EuroShop. Perhaps we can
establish contact with you through one or
more of these platforms too – we would be
happy to see you there:
SOCIAL MEDIA
OF DEUTSCHE EUROSHOP
TWITTER
Follow us on Twitter:
www.twitter.com/DES_AG
FACEBOOK
Become a fan on Facebook:
www.facebook.com/euroshop
INSTAGRAM
See photos and videos from DES at:
www.instagram.com/deutscheeuroshop
IR MALL
Our Investor Relations blog:
www.ir-mall.com
FLICKR
View our uploaded photos on the online platform Flickr:
www.flickr.com/desag
SLIDESHARE
See our presentations and reports on SlideShare:
www.slideshare.net/desag
YOUTUBE
Watch our videos on YouTube:
www.youtube.com/DeutscheEuroShop
ALTMARKT-GALERIE DRESDEN
86,901 FANS
GALERIA BAŁTYCKA, GDANSK, POLAND
70,745 FANS
57,865 FANS
ALLEE-CENTER MAGDEBURG
54,648 FANS
CITY-POINT KASSEL
53,008 FANS
SAARPARK-CENTER, NEUNKIRCHEN
44,354 FANS
OLYMPIA CENTER, BRYNN,
CZECH REPUBLIC
42,477 FANS
ÁRKÁD PÉCS, HUNGARY
42,368 FANS
STADT-GALERIE PASSAU
34,590 FANS
MAIN-TAUNUS-ZENTRUM
33,338 FANS
TOP 10 CENTER
73

GLOSSARY
Adverstising value equivalence
Index number for the assessment of the monetary value of an editorial
article. It is based on the advertising rate of the medium.
Annual financial statement
Under German (HGB) accounting principles, the annual financial
statements consist of a company’s balance sheet, profit and loss
account, the notes to the financial statements and the manage ment
report. The annual financial statements of a public company are pre-
pared by its executive board, audited by a certified public account-
ant (in Germany: Wirtschaftsprüfer) and adopted by the super visory
board.
Benchmark
A standard of comparison, e. g. an index which serves as a guideline.
Cash flow per share (CFPS)
The cash flow per share is calculated by dividing the cash flow by the
number of shares issued by a company. The cash flow per share is
taken as the basis for calculating the price/cash flow ratio.
Class of assets
Division of the capital and real estate market into different classes of
assets or asset segments.
Consumer price index
Also called the cost-of-living index, this is calculated in Germany by
the Federal Statistical Office on a monthly basis. The CPI is the most
important statistical indicator of a change in prices; the price of a
basket of goods during a given period is compared with the price of
the same basket during the base year. This change is also known as
the inflation rate.
Core
Designation of a real estate investment and/or individual proper-
ties as well as the name of an investment style. The term refers to
the relationship between risk and return. Core designates mature,
transparent, sufficiently large markets or high-quality, wellsitu-
ated properties that are fully let on a long-term basis to tenants with
strong credit ratings. Other return/risk categories are valueadded
and opportunistic.
Corporate governance
The rules for good, value-driven corporate management. The
objective is to control the company’s management and to create
mechanisms to oblige executives to act in the interests of their
shareholders.
Covenants
A clause in a loan agreement which pertains to and contractually
defines the binding warranties to be adhered to by the borrower dur-
ing the term of a loan.
Coverage
Information provided on a listed public company by banks and finan-
cial analysts in the form of studies and research reports.
DAX
Germany’s premier equity index. The composition of the DAX is
established by Deutsche Börse AG on the basis of the share prices
of the 30 largest German companies listed in the Prime Standard in
terms of market capitalisation and market turnover.
Discounted-cashflow-modelL (DCF)
Method for the assessment of companies which is used to deter-
mine the future payments surplusses and discount them to the val-
uation date.
Dividend
The share of the distributed net profit of a company to which a share-
holder is entitled in line with the number of shares he or she holds.
EBIT
Earnings before interest and taxes. DES calculation: EBT excluding
net finance costs and measurement gains/losses (also see the con-
solidated income statement on page 32 of the Financial Report 2019).
EBT
Earnings before Taxes.
EBT (excluding measurement gains/losses)
DES calculation: EBT less measurement gains/losses (including
at-equity profit/loss) and less the deferred taxes included in at-
equity profit/loss.
E-commerce
Direct commercial relationship between supplier and buyer via the
internet including the provision of services.
EPRA
European Public Real Estate Association: EPRA is an Amster-
dam-based organisation that represents the interests of the major
European real estate companies in the public sphere and supports
the development and market presence of European real estate
corporations.
Service / Glossary
74

EPRA earnings
EPRA earnings represent sustained operating earnings and thus lay
the foundation for a real estate company’s ability to pay a dividend.
To calculate this, the profit / loss for the year is adjusted to reflect
any income components that have no sustained, recurring impact
on operational performance. The DES calculation is performed
using the currently valid version of the EPRA Best Practice Recom-
mendations, which can be found at https://www.epra.com/finance/
financial-reporting/guidelines
EPRA NAV
EPRA NAV measures the net asset value of a company based on
a business model with a long-term focus. To do so, Group equity
is adjusted for assets and liabilities that are unlikely to be real-
ised if held over the long term. The DES calculation is performe-
dusing the currently valid version of the EPRA Best Practice
Recommendations, which can be found at https://www.epra.com/
finance/financial-reporting/guidelines
Fair value
The Fair Value is the price that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between market
participants at the measurement date (exit price).
Food court
Catering area of a shopping center, in which different vendors sell
food at stations about a common seating area.
Free cash flow
The surplus cash generated from operating activities recognised
in the profit and loss account. This expresses a company’s internal
financing power, which can be used for investments, the repayment
of debt, dividend payments and to meet funding requirements.
Funds from operations (FFO)
Inflow of funds from operations used to finance our ongoing invest-
ments in portfolio properties, scheduled repayments on our bank
loans and the annual distribution of dividends.
DES calculation: Consolidated profit after adjustment for measure-
ment gains/losses (including at-equity profit/loss), the non-cash
expense of conversion rights and deferred tax expense.
Gearing
Ratio which shows the relationship between liabilities and equity.
Hedge accounting
Financial mapping of two or more financial instruments that hedge
one another.
ifo business climate index
The ifo Business Climate Index is an important forward indicator for
economic development in Germany. In order to calculate the index,
the ifo Institute asks approximately 7.000 companies every month
for their assessment of the economic situation and their short-term
corporate planning.
Interest rate swap
Exchange of fixed and variable interest pay able on two nominal
amounts of capital for a fixed period. By means of an interest rate
swap, interest rate risks may be controlled actively.
International financial reporting standards (IFRS)
International Financial Reporting Standards are based on Interna-
tional Accounting Standards (IASs). Since 1 January 2005, listed
companies have been required to apply IFRSs. IASs/IFRSs focus
on the decision-usefulness of accounts. The key requirement with
regard to the annual financial statements is fair presentation that is
not qualified by aspects of prudence or risk provision.
Loan-to-value ratio (LTV ratio)
Ratio of net financial liabilities (financial liabilities less cash and
cash equivalents) to non-current assets (investment properties and
investments accounted for using the equity method).
Mall
Row of shops in a shopping center.
The current quoted price for a share multiplied by the number of
shares listed on the stock.
MDAX
German mid-cap index comprising the 60 most important securities
after the 30 DAX members.
Measurement gains/losses
DES calculation: Measurement gains/losses comprise unreal-
ised changes in the market value of properties held as a financial
investment (investment properties) before taxes. In the case of fully
consolidated companies, the portion of the company that does not
belong to the Group is deducted. Measurement gains/losses of asso-
ciates and joint ventures accounted for using the equity method are
contained in the at-equity profit/loss.
Service / Glossary
75

Measurement gains/losses (including at-equity profit/loss)
DES calculation: Measurement gains/losses plus the measurement
gains/losses included in at-equity profit/loss.
Multi channeling
Using a combination of online and offline communication tools in
marketing.
Net asset value (NAV)
The value of an asset after deduction of liabilities. With regard to
shares, the NAV constitutes their intrinsic value. The net net asset
value (NNAV) is calculated by deducting deferred taxes from the NAV.
Net finance costs
Net finance costs at DES comprise the following income statement
items: Share of the profit or loss of associates and joint ventures
accounted for using the equity method, interest expense and income,
the share of profit attributable to limited partners, income from
investments and all other financial income and expenditure.
Peer-group
A share price performance benchmark consisting of companies from
similar sectors, put together on the basis of individual criteria.
Performance
The term performance describes the percentage appreciation of an
investment or a securities portfolio during a given period.
Retail space
Space in a building and/or an open area that is used for sales by a
retail operation and that is accessible to customers. Service areas
required for operational and legal purposes are not taken into
account, nor are stairways or shop windows. The retail space is part
of the leasable space of a business.
Roadshow
Corporate presentations to institutional in vestors.
Savings ratio
Share of savings of the income available in households.
SDAX
The small-cap index comprising the 70 most important securi-
ties after the members of the DAX (30 members) and the MDAX (60
members).
Subprime
Mortgage loan to borrower with a low degree of creditworthiness.
TecDAX
The successor to the NEMAX 50, comprising the 30 largest German
listed technology securities in terms of market capitalisation and
market turnover.
Volatility
Statistical measure for price fluctuations. The greater the fluctua-
tions in the price of a security, the higher its volatility.
Xetra
An electronic stock ex-change trading system that, in contrast to
floor trading, uses and open order book, thus increasing market
transparency. The trading hours are currently 9,00 a.m. to 5,30 p.m.
Service / Glossary
76

MULTI-YEAR OVERVIEW
in € million 2010 2011 2012 5
2013 5
2014 5
2015 5
2016 5
2017 5
2018 5
2019 5
Revenue 144.2 190.0 178.2 188.0 200.8 202.9 205.1 218.5 225.0 225.9
EBIT 124.0 165.7 151.6 165.8 177.5 176.3 178.6 192.4 199.1 197.5
Net finance costs (excluding
measurement gains/losses1
) -60.0 -79.2 -56.1 -52.3 -52.5 -49.3 -44.1 -39.1 -38.2 -34.3
EBT (excluding measurement
gains/losses1
) 64.0 94.9 95.5 113.4 125.0 127.0 134.5 153.3 160.9 163.1
Measurement gains/losses1
33.0 41.9 7.9 58.4 89.7 267.7 145.5 12.9 -58.3 -120.0
Consolidated profit -7.8 99.0 122.5 171.0 177.4 309.3 221.8 134.3 79.4 112.1
Funds from Operations (FFO) 61.5 83.1 86.4 112.0 120.5 123.4 129.9 148.1 150.4 149.6
FFO per share in € 1.35 1.61 1.68 2.08 2.23 2.29 2.41 2.54 2.43 2.42
Earnings per share in € 2
-0.17 1.92 2.36 3.17 3.29 5.73 4.11 2.31 1.29 1.81
EPRA Earnings per share in € 0.98 1.19 1.35 1.74 1.84 2.18 2.29 2.42 2.39 2.56
Equity3
1,441.5 1,473.1 1,606.1 1,642.4 1,751.2 2,061.0 2,240.7 2,574.9 2,573.4 2,601.5
Liabilities 1,522.1 1,752.0 1,741.5 1,752.5 1,741.0 1,790.6 1,873.8 2,052.1 2,036.8 1,957.1
Total assets 2,963.6 3,225.1 3,347.6 3,394.9 3,492.2 3,851.6 4,114.5 4,627.0 4,610.2 4,558.6
Equity ratio in % 3
48.6 45.7 48.0 48.4 50.1 53.5 54.5 55.6 55.8 57.1
Cash and cash equivalents 65.8 64.4 161.0 40.8 58.3 70.7 64.0 106.6 116.3 148.1
Net asset value (EPRA) 1,361.1 1,427.3 1538,9 1,650.4 1,789.4 2,110.6 2,332.6 2,668.4 2,667.5 2,613.4
Net asset value per share
in € (EPRA) 26.36 27.64 28,53 30.59 33.17 39.12 43.24 43.19 43.17 42.30
Dividend per share in € 1.10 1.10 1.20 1.25 1.30 1.35 1.40 1.45 1.50 0.00 4
1
2
undiluted
3
incl. non controlling interests
4
proposal
5
at equity consolidation
QUARTERLY FIGURES 2019
in € million
01.01.–
31.03.2019
01.04.–
30.06.2019
01.07.–
30.09.2019
01.10.–
31.12.2019
Revenue 55.7 55.7 58.3 56.2
EBIT 48.9 48.7 50.6 49.3
EBT (excluding measurement
gains/losses1
) 39.6 39.7 41.5 42.3
EPRA Earnings 36.7 36.2 37.8 47.6
FFO 36.6 36.7 37.9 38.4
EPRA Earnings per share in € 0.60 0.58 0.61 0.77
FFO per share in € 0.59 0.60 0.61 0.62
1
Service / Multi-year overview
77

DISCLAIMER
Information on wording: Wherever any terms indicating the male gen-
der only (he, him, etc.) have, in the interests of simplicity, been used
in this Magazine, such references should be construed as referring
equally to the male, female and divers gender. Author contributions:
Sections of text bearing an author’s name do not necessarily reflect
the views of Deutsche EuroShop AG. The authors in question are
responsible for the content of the texts. Trademarks: All trademarks
and brand or product names mentioned in this Annual Report are
the property of their respective owners. This applies in particular
to DAX, MDAX, SDAX and Xetra, which are registered trademarks
and the property of Deutsche Börse AG. Rounding and rates of
change: Percentages and figures stated in this report may be sub-
ject to rounding differences. The prefixes before rates of change
are based on economic considerations: improvements are indi-
cated by a plus (+); deteriorations by a minus (–). Forward-looking
statements: This Annual Report contains forward-looking state-
ments based on estimates of future developments by the Exec-
utive Board. The statements and forecasts represent estimates
based on all of the information available at the current time. If the
assumptions on which these statements and forecasts are based
do not materialise, the actual results may differ from those cur-
rently being forecast. Publications for our shareholder: Annual
Report/Financial Report 2019 (in English and German), Quarterly
Statement 3M 2019, Quarterly Statement 9M 2019 and Interim
Report H1 2019 (in English and German). Online Annual Report:
The Deutsche EuroShop Annual Report can be downloaded in PDF
format or accessed as an interactive online report at deutsche-
euroshop.com. This Annual Report is also available in German. In
the event of conflicts the German-language version shall prevail.
LEGAL
Published by
Deutsche EuroShop AG, Heegbarg 36, 22391 Hamburg
Phone: +49 (0)40 - 41 35 79 0, Fax: +49 (0)40 - 41 35 79 29
www.deutsche-euroshop.com, ir@deutsche-euroshop.de
Editor in chief
Patrick Kiss
Editorial management
Nicolas Lissner
Concept
Deutsche EuroShop AG, Hamburg
Art Direction Design
Silvester Group, Hamburg
Pictures
Dina Avila, B8TA, Deutsche EuroShop, ECE, istockfoto.com,
gettyimages, Nicolas Lissner, Axel Martens,
Ramoprimo/Cotton Republic, Wirecard,
Stiftung Bauhaus Dessau, Picture: Thomas Meyer/OSTKREUZ
Responsible for the editorial content
Deutsche EuroShop AG, Hamburg
Service / Legal + Disclaimer

From left to right: Olaf
Borkers, Patrick Kiss, Britta
Behrmann, Nicolas Lissner,
Birgit Schäfer, Ralph Borghaus,
Wilhelm Wellner

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