Deutsche EuroShop AG

  • WKN: 748020
  • ISIN: DE0007480204
  • Land: Deutschland

Nachricht vom 16.03.2020 | 10:00

Deutsche EuroShop: Info on the effect of the coronavirus pandemic

DGAP-News: Deutsche EuroShop AG / Key word(s): Market Report/Miscellaneous
16.03.2020 / 10:00
The issuer is solely responsible for the content of this announcement.

Deutsche EuroShop: Info on the effect of the coronavirus pandemic

Hamburg, 16 March 2020 - The coronavirus pandemic continues to spread in Europe. This has led to falling visitor frequency in the 21 shopping centers of Deutsche EuroShop (DES), although there are significant differences regionally and over time. On average, the frequency fell by around 15% up to 13 March 2020.

In the past few days, the authorities in a number of countries have imposed far-reaching security and quarantine measures to restrict the spread of the virus. Currently, these are also affecting four centres in Deutsche EuroShop's portfolio.

The governments in Austria, Poland and the Czech Republic have ordered all businesses to close throughout the country, unless they are needed for basic supplies. In Poland and Austria these restrictions were imposed until further notice on 14 and 16 March respectively, while in the Czech Republic they were imposed from 14 March until 24 March 2020. The orders differ from country to country, but there are essentially only exceptions for food, chemist's shops, pharmacies, banking services and a limited number of other everyday products and services. Some restrictions have also been imposed on the food service industry.

Deutsche EuroShop has investments in City Arkaden, Klagenfurt in Austria, Galeria Baltycka, Gdansk in Poland, and the Olympia Center in Brno in the Czech Republic. Proportional rental income from the three centers amounted to EUR 39.6 million in 2019 (16.5% of prorated total rental income).

The German Federal state Schleswig-Holstein imposed limits from 16 March to 19 April 2020 on the operation of shopping centers, including specifically a limit to the number of visitors. This affects the Herold-Center in Norderstedt (2019 rental income EUR 12.8 million). Other Federal states could also issue regulations affecting shopping center operations.

Deutsche EuroShop leases regularly include agreements on fixed minimum rents. However, extended loss of sales due to temporary business closings ordered by the authorities or general reticence on the part of customers can adversely affect the economic situation of retailers. For Deutsche EuroShop this increases the risk of failure by tenants to meet contractual obligations.

It is not currently possible to assess these effects and others of the coronavirus pandemic on the 2020 financial year, for example due to potential temporary relief for centre operation and individual tenants. The management will evaluate the situation as soon as quantifiable information is available.

Currently, Deutsche EuroShop is consulting regularly with ECE, which is the European market leader in center management and is commissioned with overall asset management for the shopping center portfolio.

Its conservative financial structure gives Deutsche EuroShop solid scope for action in this unusual situation to respond quickly and flexibly to challenges.

Provisional results for 2019 financial year

Deutsche EuroShop is publishing its provisional results for the 2019 financial year on Thursday, 19 March 2020 at 6 p.m. The English language teleconference will be broadcast live as a webcast on the internet at www.deutsche-euroshop.de/ir at 10 a.m. on Friday 20 March 2020.

Deutsche EuroShop - The shopping center company

Deutsche EuroShop is the only public company in Germany to invest solely in shopping centers in prime locations. The SDAX-listed company currently has investments in 21 shopping centers in Germany, Austria, Poland, the Czech Republic and Hungary. The portfolio includes the Main-Taunus-Zentrum near Frankfurt, the Altmarkt-Galerie in Dresden and the Galeria Baltycka in Gdansk, among many others.



16.03.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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