Deutsche EuroShop AG

Deutsche EuroShop, based in Hamburg, is a real-estate company focused purely on shopping centres in Germany and neighbouring countries, earning rent from a portfolio of large retail properties. Its fortunes depend on physical retail footfall, tenant health and, like all landlords, interest rates. The dividend was cut during the pandemic when malls closed and has since been rebuilt, and it remains a core part of the investment case for this income-oriented property stock. The yield is high, but it depends on the resilience of bricks-and-mortar retail and stable property values.