IRO: Patrick Kiss, Deutsche EuroShop
Revenue: EUR 93m (to December 31, 2006)
Market cap: EUR 1bn (March 31, 2007)

Sector: "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 German."

Outlook: "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."

Risk: "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."

REITs: "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."

Growth: "Four years ago, there were hardly any analysts covering real estate. Now we have 19 analysts covering the company."

Foreign 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."

Investor 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 development."

CV: "I was head of IR and corporate communications at Gontard & MetallBank and a consultant at Burson-Marsteller. I have a degree in business administration."