DIRECT MARKET REPORT GERMAN RETAIL - Europe Real Estate

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Hahn Group • Bloomberg ticker: H4I GR Eq. • Market cap: EUR 125m • Free float: 18.6% For the past 25 years the Hahn Group has specialized itself in large-scale retail real estate. They perform investments for own account, asset management for third parties and fund management. Currently it has 1.4 million m 2 under management spread out over 150 locations and a total volume of around EUR 2.1bn. The specific retail properties managed by Hahn are superstores, hypermarkets, DIY stores and shopping centres. The company is particularly active in smaller and medium-sized cities and towns as the objects offer a specific competitive advantage. Major tenants are the Metro Group, Edeka, REWE, Tengelmann and Kaufland. The average yield on properties is estimated to be around 6.9%. Following the IPO in October 2006 (General Standard in Frankfurt), the Hahn Group is listed on all German stock exchanges. In 2008 they will apply for the Prime Standard. Founding father Michael Hahn –today chairman of the supervisory board- still owns 78.9%. Exhibit 32 Portfolio overview Hahn Group Source: Hahn AG German retail update - 28/11/2007 36
Dawnay Day Treveria • Bloomberg ticker: DTR LN Eq. • Market cap: EUR 553m • Free float: 80% (estimated) Dawnay Day is active in its current form since early 1980s and specialised in commercial property and financial services. It launched Dawnay Day Treveria PLC and was listed on the AIM in December 2005 by raising EUR 444m with a subsequent placing in November 2006 of EUR 300m. Treveria is a tax-efficient property company incorporated in the Isle of Man. Total assets under management per July 2007 were EUR 2.1bn (EUR 1.7bn at 31 Dec. 2006) and their latest target is EUR 3.3bn. The breakdown by region is 83% in former West Germany, 9% in East Germany and 8% in Berlin. They focus primarily on high street retail with a solid tenant mix and yield arbitrage opportunities. Shopping centres and retail warehouses are also part of their portfolio and the average net yield is 6.2%. Major tenants are C&A, Metro Group, Kaufhof, <strong>Real</strong>, REWE, Sinn Leffers, H&M, Toom and Edeka Vacancy amounted to 4.67% per July 2007. Speculative development opportunities are kept outdoors and diversification is key, no single asset should exceed 10% of target portfolio. Exhibit 33 Portfolio overview Treveria Source: Dawnay Day Treveria German retail update - 28/11/2007 37
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 and 10: 2 Destatis 3 Federal Statistical Of
Page 11 and 12: Consumer Price Index Consumer price
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: acquisition of new shopping centres
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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