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Deutsche EuroShop

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Deutsche EuroShop AG
Company typeAktiengesellschaft
FWB: DEQ
IndustryRealty
Founded1997
HeadquartersHamburg, Germany
Key people
Hans-Peter Kneip (CEO and CFO)
ProductsInvestment in shopping centers
Revenue€273.3 million (2023)
Total assets€4.460 billion (end 2023)
Number of employees
6 (average, 2023)
Websitewww.deutsche-euroshop.de

Deutsche EuroShop AG is an internationally active German real estate investment company headquartered in Hamburg. It is the largest German investor in shopping centers,[1] and the country's only publicly traded company to do so exclusively. At the end of 2023, the firm held investments in 21 properties in Germany, Austria, Poland, Czech Republic and Hungary.[2]

The company's shares have been listed on the Frankfurt Stock Exchange since January 2001 and form part of the small-cap SDAX index.

History

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The company was founded on 10 October 1997, as a pure shelf company with the name TORWA Beteiligungs AG. The company's name was changed to Deutsche EuroShop on 21 August 2000. At that time, Deutsche Grundbesitz Management GmbH was the sole shareholder and provided the company with EUR 580 million as a capital reserve with no obligation in return, which Deutsche Grundbesitz Management GmbH, DI Deutsche Immobilien Treuhandgesellschaft and DB Immobilienfonds Kappa Dr. Rühl KG acquired the stakes in eight shopping centres.[3] The management was operated in 2001 by ECE Projektmanagement GmbH & Co. KG.[citation needed]

Deutsche EuroShop AG has been listed on the German stock exchange since 2 January 2001, and the entire proceeds from the issue went to Deutsche Grundbesitz Management GmbH (later name change to DB Real Estate), a subsidiary of Deutsche Bank. The chairmen of the board were Knut Neuss and Jürgen Wundrack, and the chairman of the supervisory board was Helmut Ullrich. On 15 April 2003 the company was included in the Prime Standard, and on 14 July 2003 in the SDAX. It was included in the EPRA index on 2 January 2004 and, from 20 September 2004, in the MDAX, which it had to leave on 23 September 2019. It was subsequently listed on the SDAX again. There is also a listing in the North German regional index HASPAX. On 10 November 2005 the company received approx. EUR 67 million from a capital increase.[4] Further capital increases followed on 7 July 2009 and on 1 February and 23 November 2010, which brought the company a total of 322 million euros. In November 2012, Deutsche EuroShop AG generated proceeds of around EUR 167.7 million from the placement of a convertible bond and shares from a capital increase.[5] The convertible bond was finally converted to 99.5% in November 2017, the total number of shares was 61,783,594.[6]

Due to the COVID-19 pandemic, Deutsche EuroShop suffered loss of rent of 24.2% in the first half of 2020. The valuation of real estate assets was also devalued by an average of 5.5%.[7]

As a result of the successful takeover by Oaktree Capital Management and CURA Vermögensverwaltung, the family office of the Otto family, Deutsche EuroShop AG had to leave the SDAX on 19 September 2022.[8] The Executive Board team consisting of Wilhelm Wellner († 2022[9]) and Olaf Borkers left the company by mutual agreement following the successful takeover bid.[10]

On 1 October 2022, Hans-Peter Kneip took over the management of Deutsche EuroShop AG as sole member of the Executive Board (CEO and CFO).[11] After the COVID-19 pandemic subsided, Deutsche EuroShop experienced a resurgence with rising customer numbers and tenant turnover.[12] At the beginning of 2023, shares in six shopping centres were acquired and a capital increase of around EUR 315 million was implemented.[13] Furthermore, the company increased investments in its shopping centers.[14] As a result of the company's new direction and the increased share price, Deutsche EuroShop AG returned to the SDAX on 23 September 2024 and belongs once again the largest listed companies on the Regulated market of the Frankfurt Stock Exchange.[15][16]

Shareholder structure

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The company's share capital is divided into 76,464,319 shares. 76.4 % are owned by Hercules BidCo GmbH, a consortium of the companies Oaktree Capital Management and CURA Vermögensverwaltung, the family office of the Otto family. The free float amounts to 23.6 %.[17]

Corporate governance

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Board

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The company is managed by Hans-Peter Kneip as CEO and CFO.

Supervisory board

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The supervisory board consists of nine members. The chairman is Reiner Strecker.

References

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  1. ^ Brandt, Nadja; Haxel, Stephanie (10 February 2009). "Continental, E.ON, Lufthansa, Douglas, Singulus: German Preview". Bloomberg. Retrieved 30 May 2010.
  2. ^ "Annual Report 2022" (PDF). Retrieved 2023-01-27.
  3. ^ Beck, Michael (2001-01-11). "Deutsche EuroShop AG". DIE WELT. Retrieved 2021-06-09.
  4. ^ "DGAP-Adhoc: Deutsche EuroShop AG (deutsch)". FinanzNachrichten.de (in German). Retrieved 2021-06-09.
  5. ^ "Deutsche EuroShop: Platzierung von Wandelschuldanleihe und Aktien erfolgreich abgeschlossen". finanzen.net (in German). Retrieved 2021-06-09.
  6. ^ "Newsroom - Corporate News - Deutsche EuroShop". www.deutsche-euroshop.de. Retrieved 2021-06-09.
  7. ^ "Newsroom - Corporate News - Deutsche EuroShop". www.deutsche-euroshop.de. Retrieved 2021-06-09.
  8. ^ "Changes in MDAX, SDAX and TecDAX". www.deutsche-boerse.com. Retrieved 2024-09-09.
  9. ^ "Deutsche EuroShop mourns Wilhelm Wellner". www.deutsche-euroshop.de. Retrieved 2024-09-09.
  10. ^ "Deutsche EuroShop: Amicable departure of the Executive Board team Wilhelm Wellner and Olaf Borkers following successful takeover bid". www.deutsche-euroshop.de. Retrieved 2024-09-09.
  11. ^ "Newsroom - Corporate News - Deutsche EuroShop". www.deutsche-euroshop.de. Retrieved 2023-01-27.
  12. ^ "Deutsche EuroShop: Operating business picks up in financial year 2023". www.deutsche-euroshop.de. Retrieved 2024-03-21.
  13. ^ "Deutsche EuroShop resolves to acquire certain minority interests in shopping center limited partnerships and to increase its capital against cash and/or contributions in kind with subscription rights". www.deutsche-euroshop.de. Retrieved 2024-03-21.
  14. ^ "Deutsche EuroShop: First half of 2024 characterised by investments". www.deutsche-euroshop.de. Retrieved 2024-09-09.
  15. ^ "Two additions to MDAX, three to SDAX". www.deutsche-boerse.com. Retrieved 2024-09-09.
  16. ^ "Deutsche EuroShop returns to the SDAX". www.deutsche-euroshop.de. Retrieved 2024-09-09.
  17. ^ "Deutsche EuroShop: Shareholder Structure". www.deutsche-euroshop.de. Retrieved 2024-03-21.
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