Report on events after the balance sheet date

With effect from 1 January 2012, the Deutsche EuroShop AG acquired 5.1% of the Rathaus-Center Dessau KG, taking its shareholding to 100%. The purchase price of € 5.9 million was paid at the beginning of 2012. In addition, with effect from 1 January 2012 around 11% of the Allee-Center Hamm KG (purchase price € 8.9 million) and 0.1% of the Rhein-Neckar-Zentrum KG (purchase price € 0.2 million) was acquired. Deutsche EuroShop AG now holds 100% of the shares in these companies as well. The purchase prices were paid at the end of 2011 and are recognised under other assets. In accordance with IFRS 3, the share purchases resulted in an excess of cost of acquisition over identified net assets acquired of € 0.5 million.

No further significant events occurred between the balance sheet date and the date of preparation of the consolidated financial statements.

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