tsche EuroShop AG will take a 50 % stake in the Phoenix-Center in Hamburg-Harburg, which is to be opened in autumn 2004. The proportionate investment volume amounts to € 78 million. From now on the portfolio of Deutsche EuroShop AG consists of twelve shoppingcentres with a proportionate investment volume of € 1.1 billion.

The shoppingcentre which is under construction at the moment will house approximately 120 shops on three levels with a total sales area of 26,500 sqm. It is located directly at the bus- and railway-station of Harburg and will have 1,600 parking spaces. Its catchment area has approximately 560,000 inhabitants.

60 % of the store spaces are already let long term to renowned retailers. Furthermore there are contracts near conclusion for additional 20 % of the store spaces.

With this investment Deutsche EuroShop AG still has liquidity reserves of € 47 million, which are to be invested completely until the end of 2003