Deutsche Euroshop depreciates by €58.3mn
Deutsche Euroshop (DES) depreciates its shopping centers for 2018; however the valuation result (€ -58.3mn) was slightly lower than had been announced in January. At that time, DES had stated a valuation loss of €61mn, after a gain of €13.1mn the year before. Despite the depreciation corresponding to an average decline in property values of 1.4%, the company has achieved a clearly positive consolidated net income of €79.4mn (€134.3mn in 2017). In operational terms, the Hamburg-based company’s performance improved, with FFO increasing 1.5% to €150.4mn and with revenues climbing 3.0%. Without the devaluation, its earnings before taxes would have risen as well (5% to €160.9mn).
Subscribers to our premium service have access to this article in full as well as to an additional 510,000+ news items: all filterable by topic, company, asset class, city or keyword. In TD Premium you can search for investment deals, leases, current project developments and company news with pinpoint accuracy.
TD Premium is Germany’s leading property information tool that interconnects news, transactions, project data, market and company information in a unique and flexible system.