Russ: strong consumer supports Deutsche Euroshop

TIP OF THE WEEK

Olly Russ, manager of the Ignis Argonaut European Income fund, has a number of positions in Northern European property companies - including Corio, Sponda, and Deutsche Euroshop. Here, he discusses the prospects for Deutsche Euroshop

Deutsche Euroshop owns shopping centres primarily in Germany, but also has some exposure in the fast-growing Turkish, Polish and Hungarian markets. In total, it owns 18 properties across these geographies. The most recent addition to the company's portfolio (now worth about €3.3bn, as compared to the company's market capitalisation of €1.2bn) was a Hamburg shopping mall - the ‘Billstedt-Center', which consists of 110 shops, including tenants such as H&M (another one of our key holdings), C&A (yes, it is still going on the Continent), and MediaMarkt (Europe's largest retailer of consumer ...