DIRECT MARKET REPORT GERMAN RETAIL - Europe Real Estate

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Exhibit 7 Development of retail turnover 1992-2008e Source: BAG, EHI, ifo Institute, HDE We are confident that the VAT effect will be visible during the coming Christmas shopping period. For the coming years Dr. Lademann & Partner expects to see German retail sales to grow at a constant rate of 0.7% to 1.2% per annum, ceteris paribus the positive development of the economy and an ongoing easing labor market. The retail’s share in private consumption will only fall marginally and not as much as before (over the last ten years by 10%). The forecast for 2010 sees the retail’s share at almost 27 percent. Especially next year the positive macro-economical developments should provide for momentum in retail sales growth. German retail update - 28/11/2007 10
Consumer Price Index Consumer prices have increased 0.2% on the month in October 2007 in Germany, and 2.4% from October last year, pushed by the increase of food and oil prices, according to the CPI estimate released by Destatis. These figures were in line with the market analysts’ expectations which advanced a 0.1% monthly rise and a 2.4% yearly increase. According to Destatis, the <strong>Europe</strong>an Harmonized Index for Consumer Prices has increased 0.2% on the month and 2.7% on the year. The reason for these figures have been the higher prices of food, such as milk, eggs, vegetables and sharp increase of fuel prices. In a more narrow perspective, inflation is very important for both purchase power and rental indexation. Exhibit 8 Consumer Price Index 2000-May 2007 Source: Statistisches Bundesamt, Statistisches Jahrbuch 2007 German retail update - 28/11/2007 11
Page 1 and 2: www.petercam.com Real Estate Novemb
Page 3 and 4: Executive Summary “The secret of
Page 5 and 6: Introduction Following the record r
Page 7 and 8: The ZEW Indicator of Economic Senti
Page 9: 2 Destatis 3 Federal Statistical Of
Page 13 and 14: Exhibit 11 Division median net inco
Page 15 and 16: Exhibit 14 Population, purchase pow
Page 17 and 18: Exhibit 16 Life cycles of the vario
Page 19 and 20: Corporate tax rate to 15.8% In the
Page 21 and 22: (30%) 4 . The preference for hyperm
Page 23 and 24: Exhibit 20 Indexed space developmen
Page 25 and 26: Exhibit 23 Shopping centre pipeline
Page 27 and 28: y approximately 25 basis points by
Page 29 and 30: spread of DIY over shopping centres
Page 31 and 32: Rental levels Not only prime assets
Page 33 and 34: Exhibit 30 Retail yields and rents
Page 35 and 36: acquisition of new shopping centres
Page 37 and 38: Dawnay Day Treveria • Bloomberg t
Page 39 and 40: Exhibit 34 Portfolio overview BBI I
Page 41: Petercam Institutional Research and

DIRECT MARKET REPORT GERMAN RETAIL - Europe Real Estate

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