German shopping centre investor Deutsche Euroshop said Friday it expects revenues to rise to EUR 110mln to EUR 113mln in 2008 from EUR 95.8mln in 2007, as new shopping centres are opened. Revenues are expected to climb to EUR 119mln, and EUR 121 mln in 2009, the company said at the presentation of its final figures for 2007.
German shopping centre investor Deutsche Euroshop said Friday it expects revenues to rise to EUR 110mln to EUR 113mln in 2008 from EUR 95.8mln in 2007, as new shopping centres are opened. Revenues are expected to climb to EUR 119mln, and EUR 121 mln in 2009, the company said at the presentation of its final figures for 2007.
The 2007 figure was slightly above the latest Euroshop forecast for full-year revenue of EUR 93 mln to EUR 95 mln. The Galeria Baltycka in Gdansk was inaugurated in October 2007 and will contribute for the first time to group revenues in full year 2008. Stadt-Galerie shopping centres in Hamelin and Passau, Germany are the latest additions to Deutsche Euroshop’s shopping centre portfolio this year. The Hamelin centre was inaugurated in March 2008 while the Passau project is slated to be opened this autumn.
Meanwhile, Euroshop also said earnings before interest and taxes (EBIT) amounted to EUR 77.2mln in 2007, likewise slightly above forecasts, and forecast EBIT (earnings before interest and tax) would rise to EUR 90mln to EUR 92mln in 2008 before growing to EUR 100mln to EUR 102mln in 2009.
Frankfurt-listed Deutsche Euroshop has equity interests in 16 European shopping centres in Germany, Austria, Hungary and Poland with a market value of about EUR 2.6bn.
