DIRECT MARKET REPORT GERMAN RETAIL - Europe Real Estate

GWB
• Bloomberg ticker: G7B GR Eq.
• Market cap: EUR 45.9m
• Free float: 36.33%
GWB from Hamburg was founded 15 years ago and focuses on shopping- and
‘Fachmarkt’ centres that sizes at least 10,000m 2 (> EUR 15m). They perform both
project development and refurbishments, consequently asset management and
dispose the well let premises. For this purpose the company recently announced a
strategic alliance with Deutsche Land plc from London. The company is lined up in
three divisions; GWB Mafo (research), GWB Object (asset management) and GWB
Plan (project management). Today the portfolio measures approximately EUR
80m, spread over 27 objects all over Germany; e.g. Nürnberg, Berlin, Münster-
Wolbeck, Wuppertal. To-date they have constructed over 40 schemes, leased and
sold them accordingly. In 2006 approximately EUR 45m on assets have been sold.
The gross initial yield should at least amount to 8.5% for new centres and 8% for
existing ones, 70% ought to be pre-let. They are leveraged more aggressively
than many REIT-like peers; 20%/80%. Currently the pipeline amounts to EUR
250m; EUR 134m for developments (10 objects), EUR 112m for refurbishment
projects (9 objects). The share price peaked in May and June this year and
followed the same pattern as many other real estate shares lately; on the Xetra it
is priced at EUR 9.66, in Frankfurt it is one cent less.
We herewith provide an overview with the most liquid and commonly traded
stocks of the company’s listed above:
Exhibit 35 Bloomberg overview: comparative returns
Source: Bloomberg
German retail update - 28/11/2007 40