DIRECT MARKET REPORT GERMAN RETAIL - Europe Real Estate

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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
Petercam Institutional Research and Sales Marc Janssens - Managing Director - +32.2.229.64.28 Analysts Sales Stefaan Genoe Head of Research +32.2.229.64.66 Damien Fontaine +32.2.229.65.62 Imaging Isabelle Brasseur +32.2.229.66.12 Thijs Berkelder Telecom/Transport +31.20.573.54.72 Kris De Backer +32.2.229.64.76 Emmanuel Carlier Industrials +32.2.229.63.97 Rob de Jong +1.212.521.67.23 Damien Caucheteux Breweries +32.2.229.63.63 Mathieu De Sutter, CFA +1.212.521.67.13 Fernand de Boer Retail +31.20.573.54.17 Jasper Foppele +31.20.573.55.02 Eric de Graaf IT Hardware & Equipment +31.20.573.54.64 Sebastien Füki +32.2.229.64.35 Matthias De Wit Technology +32.2.229.65.56 Xavier Gossaert +32.2.229.63.27 Ton Gietman Financials +31.20.573.54.63 Marc Kennis +31.20.573.54.16 Laure-Anne Heylen Industrials +32.2.229.65.51 Gerben Lagerwaard +31.20.573.55.08 Kris Kippers Industrials +32.2.229.65.95 Thomas Marchandise +32.2.229.66.91 Paul Linssen Food/Construction/Staffing +31.20.573.54.67 Jurgen Smits van Oyen +31.20.573.55.03 Gert Potvlieghe Media/Shipping +32.2.229.66.59 Jean-Marc Temple +32.2.229.65.72 Eric Tjong Financials +31.20.573.55.09 Simon Vlaminck +1.212.521.67.35 Luuk van Beek IT Services/Engineering +31.20.573.54.71 Jan Van den Bossche, CFA Life Sciences/Chemicals +32.2.229.66.82 Bart Van den Wijngaard Industrials +31.20.573.54.73 Sales Trading Pieter van der Meijden Real Estate +32.2.229.63.40 Nienke Abma +31.20.573.54.07 Stephan van Weeren Real Estate +31.20.573.54.22 Hans de Jonge +31.20.573.54.04 Alexandre Weinberg, CFA Industrials +32.2.229.63.42 Veronique De Schoemaecker +32.2.229.66.20 Bert Lesterhuis +31.20.573.54.09 Senior Advisor Stéphane Logist +32.2.229.66.18 Marc Debrouwer Industrials/Utilities +32.2.229.65.78 Michel Mol +31.20.573.54.03 Tim Olijerhoek +31.20.573.54.10 Jan Paul Raterink +31.20.573.55.07 Richard Schulein +31.20.573.54.11 Amaury Steyaert +32.2.229.65.50 Investment rating system: The Petercam stock ratings are based on the estimated performance relative to the Petercam Benelux coverage universe. The total return required for a given rating depends on the risk profile relative to this universe. This risk profile is represented by the Beta, as estimated by the analyst. Low risk stocks have an estimated Beta below or equal to 0.9, Medium risk stocks have a Beta between 0.9 and 1.3 and High risk stocks have a Beta equal to or above 1.3. The required relative performance for a given rating is indicated below. The price targets given and the expected relative performance are always based on a 12 month time Horizon. High Beta > 1.3 Medium 0.9 < Beta ≤ 1.3 Low Beta ≤ 0.9 Place Sainte-Gudule 19 – 1000 Brussels De Lairessestraat 180 – 1075 HM Amsterdam Madison Avenue 595 – 38th floor – 100 22 New York SELL REDUCE HOLD ADD BUY RP
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 and 36: acquisition of new shopping centres
Page 37 and 38: Dawnay Day Treveria • Bloomberg t
Page 39: Exhibit 34 Portfolio overview BBI I

DIRECT MARKET REPORT GERMAN RETAIL - Europe Real Estate

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