g, January 26, 2006 - Deutsche EuroShop is expecting a net asset value (NAV) of Euro 45.70 per share (2004: Euro 43.96, an increase of 4%) and consolidated net income of at least Euro 44.5 million (Euro 27.7 million; +60%) for the fiscal year ended 31 December 2005. The forecasts are based on a preliminary projection of the results for 2005, and include the valuation of the shopping centers. The figures correspond to earnings per share of Euro 2.80.

The drivers for this record result included the valuation results for the Phoenix-Center Harburg and Forum Wetzlar shopping centers, which were valued by independent appraisers for the first time.

For fiscal year 2006, Deutsche EuroShop is forecasting increases in revenue and operating profit of approx. 20%.

The final figures for fiscal year 2005 will be published on 20 April 2006 at the company's annual earnings press conference in Hamburg. <