Patrick Kiss, Deutsche EuroShop
Revenue: EUR 93m (to December 31, 2006)
Market cap: EUR 1bn (March 31, 2007)
"In Germany only ten of the 80 listed real
estate companies have an exchange turnover
adequate for professional investors. Just four
per cent of Europe's real estate market cap is
"Highly leveraged foreign money buyers are
bidding higher than the German companies who are
asking themselves whether there's something the
others see that they don't."
"The long-term fixed rental business makes
holding companies less risky than others that
have to set their clock back to zero at the
start of each year."
Demographics: "There will be
dramatically fewer Germans in 50 years time. We
believe that shopping centres can be adapted to
offer space and products for the elderly."
"In Germany the REITs law is being passed now
but the residential sector won't be included. As
a company we don't need REITs. Our shareholders
don't pay taxes on dividends."
"Four years ago, there were hardly any analysts
covering real estate. Now we have 19 analysts
covering the company."
interest: "We were invented
specifically for retail investors, who owned 70
per cent when we started. That's now 30 per
cent. We had only two per cent foreign
ownership, now it's 30 per cent."
focus: "Last year we doubled earnings.
This year will be stable. Analysts know 2008
will be better. They want to know what's in the
pipeline and what expectation we have for price
"I was head of IR and corporate communications
at Gontard & MetallBank and a consultant at
Burson-Marsteller. I have a degree in business