DGAP-News: Deutsche EuroShop lays the foundations for long-term growth
(firmenpresse) - Deutsche EuroShop AG / Capital Increase/Alliance
06.07.2010 13:49
Dissemination of a Corporate News, transmitted by
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Deutsche EuroShop lays the foundations for long-term growth
- Non-cash capital increase and acquisitions of shareholdings in three
shopping centers
- Strategic partnership deal running until 2020
Hamburg, 6 July 2010 - The Executive Board of Deutsche EuroShop AG, Hamburg
(ISIN DE0007480204) has resolved to increase the Company's share capital by
EUR1,780,000.00 (corresponding to around 4.0% of the current share
capital) by means of a partial utilisation of authorised capital through
the issue of 1,780,000 new (no-par-value) registered shares against
non-cash contributions, shareholders' pre-emptive rights being excluded.
The Company's Supervisory Board approved the resolution today. With the
entry of the non-cash capital increase in the commercial register, the
total number of the Company's shares in issue will rise to 45,894,578.
Acquisition of shareholdings in three shopping centers
With retroactive effect from 1 July, 2010, various shareholdings in the
shopping centers in Wuppertal (City-Arkaden, 25%) and Dresden
(Altmarkt-Galerie, 17%) are to be transferred to Deutsche EuroShop. These
acquisitions will be paid for with the new shares, for which a price of
EUR22.88 per share has been agreed.
In addition, Deutsche EuroShop has acquired further shareholdings in
City-Arkaden Wuppertal KG (3%) and the City-Point Kassel GmbH&Co. KG
property (10%) against payment of cash purchase prices in the aggregate
amount of EUR6.5 million.
Deutsche EuroShop therefore owns 100% (City-Arkaden Wuppertal and
City-Point Kassel) and 67% (Altmarkt-Galerie Dresden) of the shares in
these shopping center property companies.
Claus-Matthias Böge, Executive Board Spokesman, Deutsche EuroShop, said:
'We are pleased that we are now able to realise the opportunity - which I
had explained at the Ordinary General Meeting of 17 June 2010 - to acquire
shareholdings in shopping centers by means of a non-cash capital increase.'
Strategic partnership running until 2020
Deutsche EuroShop has entered into a strategic partnership running until
mid-2020 with the Hamburg asset management company KG CURA, the sole
shareholder of the ECE Group. KG CURA has given Deutsche EuroShop an
undertaking to participate in all future rights issues over the next ten
years and in each case to subscribe for up to 20% of the volume of the
issue to a maximum amount of EUR150 million. At the same time, Deutsche
EuroShop's business relationship with the ECE Group is to be stepped up. An
agreement is in place under which the center management contracts with the
ECE Group for the 17 shopping centers in Deutsche EuroShop's portfolio are
to be extended when they expire on or before 30 June 2020. In each case the
extension will be for a period of ten years on usual market terms and
conditions.
'This arrangement represents the next stage in a successful ten-year
cooperation and benefits all parties involved,' said Claus-Matthias Böge.
'We want to grow, and that is why we have strong partners - on both the
financial and operational sides.'
Deutsche EuroShop - The Shopping Center Company
Deutsche EuroShop is Germany's only public company, that invests solely in
shopping centers in prime locations. The MDAX-listed Company currently has
equity interests in 17 European shopping centers in Germany, Austria,
Hungary and Poland.
06.07.2010 13:49 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: Deutsche EuroShop AG
Oderfelder Straße 23
20149 Hamburg
Deutschland
Phone: +49 (0)40 413 579-0
Fax: +49 (0)40 413 579-29
E-mail: ir(at)deutsche-euroshop.de
Internet: www.deutsche-euroshop.de
ISIN: DE0007480204
WKN: 748020
Indices: MDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, München, Hannover, Düsseldorf, Hamburg, Stuttgart
End of News DGAP News-Service
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Datum: 06.07.2010 - 13:49 Uhr
Sprache: Deutsch
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