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ePaper created 2014-04-29, 17:58:02 | version 1.30.00
Passau was one of the first cities to be affect- ed by the flooding. His- torical high-water marks that hadn’t been breached for hundreds of years were exceeded by metres rather than centimetres. Disaster alerts were raised. As a result, the Stadtgalerie remained closed on 4 June, but water dam- age in the shopping center was averted thanks to the unstinting work of the on-site technicians. In Dessau-Roßlau, some of the bridges to the city centre were closed for safety rea- sons. This situation had a detrimental effect on sales at the Rathaus-Center, since acces- sibility was considerably reduced from the north, south and east. The center itself is lo- cated at one of the highest points in the city centre, so there was no serious danger of flooding. There was also no threat from groundwater, since the center has a strong protective sub-floor layer. Fortunately, the Allee-Center in Magdeburg also escaped the main impact of the disas- ter: here it was mainly the flooded access paths that affected business in the center. For a short time, groundwater penetrated the car park in the basement, so traffic rout- ing had to be changed. But no other major damage was observed. CLAUS-MATTHIAS BÖGE: Fundraising campaigns were quickly launched in the centers affected by the flooding and space was given to aid organisations in order to support campaigns such as “Nachbarn in Not” (neighbours in need). We contributed fi- nancially to these spontaneous solidarity groups for those affected by the flooding via our property companies. LET’S GO BACK TO THE RESULTS FOR THE FINANCIAL YEAR. WHAT DO YOU FEEL ARE THE KEY THINGS TO MENTION? OLAF BORKERS: The financial results were positively affected by the sale of the stake in the Wroclaw shopping center and at €56 million, the measurement gain was also very high. We were particularly pleased with the value increases of the Altmarkt-Galerie in Dresden, the Rhein-Neckar-Zentrum and the City-Galerie Wolfsburg. The average value increase across all centers was 1.9%. CLAUS-MATTHIAS BÖGE: And as I always emphasise: there is no guarantee that the value of real estate will carry on rising. Even though the returns for comparable shopping centers in current transactions are some- times significantly below the average return for our portfolio (5.97%), we feel we are well positioned with the rather conservative ap- proach of the independent appraisers. ? DEUTSCHEEUROSHOPANNUALREPORT2013 011011 We were particu- larly pleased with the value increases of the Altmarkt-Galerie in Dresden, the Rhein- Neckar-Zentrum and the City-Galerie Wolfsburg.