grundbesitz europa - DWS

grundbesitz europa

DWS Grundbesitz GmbH

Annual reportSeptember 30, 2021

Non-binding translation

2 grundbesitz europa I Annual report, September 30, 2021

Information for the investor

Overview of the unit classes (as of September 30, 2021)

RC unit class IC unit class

Minimum investment amount No minimum investment Minimum investment EUR 400,000The Company is also authorized to accept lower amounts at its discretion.1

Initial sales charge Issue surcharge 6%(currently 5%)

Issue surcharge 6% (currently 5%)

Redemption fee No redemption fee No redemption fee

Redemption of units purchased before July 22, 2013

Up to EUR 30,000 per calendar half-year:daily unit redemption without having to comply with notice periods

> EUR 30,000 per calendar half-year:Unit redemption after expiry of the statutory minimum holding periodof 24 months including compliance with a redemption periodof 12 months

Up to EUR 30,000 per calendar half-year:daily unit redemption without having to comply with notice periods

> EUR 30,000 per calendar half-year:Unit redemption after expiry of the statutory minimum holding periodof 24 months including compliance with a redemption periodof 12 months

Redemption of unitspurchased after July 21, 2013

Unit redemption after expiry of a statutory minimum holding period of 24 months including compliance with a redemption period of 12 months

Unit redemption after expiry of a statutory minimum holding period of 24 months including compliance with a redemption period of 12 months

Management fee Up to 1% p.a. based on the averagenet asset value of the pro rata real estate investment fundin the accounting period2

Up to 0.55% p.a. of the average value based on thepro rata real estate assets,up to 0.05% p.a. of the average value based on thepro rata liquid assets, each in the accounting period2

Performance-based fee Up to 1.5% p.a., based on the absolute positiveunit performance greater than 4.1%, but a max. of 0.1%of the average net asset value of the real estateinvestment fund in the accounting period2

Up to 3.5% p.a. based on the absolute positiveunit performance greater than 5.4%, but a max. of 0.3%of the average net asset value of the real estateinvestment fund in the accounting period2

ISIN DE0009807008 DE000A0NDW81

WKN 980700 A0NDW8

1 The sales prospectus contains extensive information on the initial acquisition and increasing of holdings of units of the IC unit class.2 The accounting period begins on October 1 of a calendar year and ends on September 30 of the following calendar year.

Information on the unit classes

The real estate investment fund encompasses two unit classes,

named RC and IC. In particular, the purchase of units in the IC unit

class is subject to a specified minimum investment amount.

Furthermore, the two unit classes also differ with respect to the

management fee and the performance-related compensation.

Important notice

The purchase of fund units takes place based on the current

version of the sales prospectus (as of: October 1, 2021) and the

“key investor information document“, in combination with the

latest audited annual report and any semiannual report that is

more recent than the latest annual report.

Note: Differences may arise in the totals as a result of the rounding of amounts and percentages in this report.

Past performance is not a reliable indicator of future performance.

grundbesitz europa I Annual report, September 30, 2021 3

Contents

Information for the investor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Overview of key figures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Activity report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Letting information as of September 30, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Overview: Yields, valuation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

Summarized statement of assets as of September 30, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

Notes on the summarized statement of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

Statement of assets as of September 30, 2021 Part I: Index of properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

List of property acquisitions and dispositions recorded in the statement of assets as of September 30, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52

Statement of assets as of September 30, 2021 Part II: Cash overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55

Statement of assets as of September 30, 2021 Part III: Other assets, liabilities and accruals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59

Statement of income and expenses for the period from October 1, 2020, through September 30, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60

Notes on the statement of income and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64

Development of fund assets in the period from October 1, 2020, through September 30, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66

Notes on the development of fund assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67

Calculation of distribution as of September 30, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68

Notes on the calculation of distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68

Appendix according to article 7, no . 9, KARBV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69

Statement of the independent auditor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77

Appendix: Outsourcing and service providers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79

Tax information for the investor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84

Disclosure of real estate allocations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92

Information on: Asset Management Company, Auditor, Depositary and Committees . . . . . . . 96

External appraisers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97


Manchester, One Angel Square


Overview of key figures

Total net asset value RC unit class IC unit class

Key figures as of the reporting date

Net asset value EUR 9,902.3 million EUR 9,082.9 million EUR 819.4 million

Total real estate assets (total market values) EUR 9,746.0 million EUR 8,939.5 million EUR 806.5 million

– held directly EUR 4,441.5 million EUR 4,074.0 million EUR 367.5 million

– held through special purpose vehicles EUR 5,304.4 million EUR 4,865.5 million EUR 438.9 million

Total fund properties 100

– held directly 44

– held through majority shareholdings in special purpose vehicles 49

– held through minority shareholdings in special purpose vehicles 7

Occupancy rate (according to annual rental income fully let)

– as of the reporting date 92.2%

– average in the reporting period 90.1%

Borrowing ratio as of the reporting date 16.4%

Changes in the reporting period

Changes in the real estate portfolio

Property acquisitions 15

– held directly 1

– held through special purpose vehicles 14

Properties transferred to the portfolio 15

– held directly 1


Property dispositions 2

– held directly 2


Properties transferred from the portfolio 2

– held directly 2


Net cash outflow/inflow (October 1, 2020, through September 30, 2021) EUR 221.8 million EUR 230.2 million EUR -8.5 million

Performance (October 1, 2020, to September 30, 2021; BVI method) 2.3% 2.7%

Final distribution per unit (on December 15, 2021) EUR 0.90 EUR 1.10

Net asset value per unit as of September 30, 2021 EUR 40.27 EUR 40.46

Redemption price as of September 30, 2021 EUR 40.27 EUR 40,46

Issue price as of September 30, 2021 EUR 42.28 EUR 42.48

ISIN DE0009807008 DE000A0NDW81

WKN 980700 A0NDW8

grundbesitz europa at a glance (as of September 30, 2021)


Activity report

Dear Sir/Madam,

In this annual report, the management of DWS Grundbesitz

GmbH is pleased to inform you of the development of the real

estate investment fund grundbesitz europa in the period from

October 1, 2020, through September 30, 2021.

Key events in the reporting period

The COVID-19 pandemic also shaped the 2020/2021 business

year. Office properties, which at approximately 50% account for

the largest share of all usage types in grundbesitz europa's overall

portfolio in terms of rental income, remained largely resilient in

this environment, while retail properties continued to be affected

by reduced rental income. As far as possible, deferral agreements

have been concluded with the tenants for these rent receivables.

In addition, the fund management has continued to make risk

provisions for outstanding receivables on an ongoing basis and

to an appropriate extent. With the start of re-openings in spring

2021 in various European countries, a recovery with increasing

bookings was recorded for student housing. Over the business

year, grundbesitz europa was able to increase the occupancy rate,

among other things due to these temporarily expected effects.

The fair values of the retail properties and the student residential

properties in the portfolio continued to decline slightly, as the

independent experts calculated discounts for lost sales rents, rent

reductions and rent defaults, among other things. For the only

hotel in grundbesitz europa's portfolio, the development of the

pandemic had no impact. In contrast, office properties in prime

locations recorded increases in value.

Overall, the valuation across the entire portfolio was slightly

positive, with the broad diversification across different types of

use within the property portfolio having a stabilizing effect.

The fund’s liquidity portfolio made a positive contribution to

fund performance in the business year. The capital markets were

dominated by the pandemic measures taken by the global cen-

tral banks. The European Central Bank made a significant contri-

bution to this stability through the so-called “PEPP” (Pandemic

Emergency Purchase Programme), which was clearly reflected

in the developments in the risk spreads for the corresponding

bonds. The composition and maturity of the bond portfolio

was adjusted to the current situation in favor of lower risks and

volatility.

Taking into account the distribution for the previous business year

in December 2020, net assets increased from EUR 9,644.2 million

(September 30, 2020) to EUR 9,902.3 million at the end of the

business year. Net cash inflows totalled EUR 221.8 million. As of

September 30, 2021, the liquidity ratio was 13.9% of net assets.

In the period from October 1, 2020, through September 30, 2021,

grundbesitz europa appreciated by 2.3% per unit in the RC unit

class and 2.7% per unit in the IC unit class (all details according to

the BVI method).

In addition to the active management of portfolio properties, var-

ious real estate transactions were again successfully concluded

despite pandemic-related restrictions. A total of 15 properties

were added to the fund's real estate portfolio by September 30,

2021. The purchase agreements for two further project develop-

ments in Spain have been signed, but these will not be included

in the portfolio until after the reporting date.

The new acquisitions were made in various European countries,

both in regions where grundbesitz europa already owns other

properties and in locations where the fund is now invested for

the first time. For example, the "Stellar" logistics property in

Jönköping, which was acquired via an investment company, was

transferred to the fund's portfolio in December 2020, and was the

first portfolio property in Sweden. In contrast, the share in Finland

was further expanded to include five properties as a result of the

transfer of two office properties with adjoining restaurant use in

Espoo near Helsinki.

The "Carmel" residential property portfolio in the Netherlands,

which had already been acquired in the previous business year,

was supplemented by two further new completed properties in The

Hague. With the property "Peckham Place" in the south of London,

grundbesitz europa now owns a residential property in the United

Kingdom for the first time in addition to its existing investments in

the area of student housing. The acquisition of an office property in

Gdansk, Poland, and an investment in a logistics portfolio consist-

ing of five properties in France further rounded off the portfolio.

With the acquisition of the "UP!" office property in Berlin, the

one hundredth property was transferred to the fund portfolio in

May 2021. The investment in the "Spectrum" logistics property

in Hamburg took place in June 2021. In August 2021, two trans-

fers of ownership of a total of six construction phases of the

"Cheevers & Haliday" project development in Dublin took place,

for which the purchase agreement was signed in July 2020.

Two sales of office properties were made in Madrid and London

during the reporting period. The real estate portfolio is continu-

ously analyzed for properties that can be sold and which, in the

opinion of the fund management, is no longer in line with the

fund strategy in the medium to long term.


On account of the transactions mentioned, the real estate

portfolio of grundbesitz europa grew to 100 properties in the

2020/2021 business year with a total volume according to market

value of EUR 9,746.0 million (September 30, 2020: 87 properties,

EUR 8,449.6 million). The diversification of the usage types was

further increased by the purchase of residential properties and

several logistics properties.

The directly and indirectly held properties are spread across a

total of twelve European countries, with Germany (27.8%) and the

United Kingdom (23.0%) continuing to be the focal points in terms

of market value. The development of the United Kingdom since its

exit from the European Union in January 2020 will continue to be

carefully monitored and evaluated, and purchases or sales in this

market will be analyzed.

As of the reporting date of September 30, 2021, 92.2% of the total

portfolio was let (measured in terms of annual rental income fully

let), while the occupancy rate was an average of 90.1% based on

the entire reporting period.

With loan liabilities totaling EUR 1,599.0 million, the borrow-

ing ratio on September 30, 2021, was 16.4% of the real estate

assets and was thus below the statutory limit value of 30%

( September 30, 2020: EUR 1,281.1 million or 15.2%). In addition,

there are credit lines for short-term borrowing.

Since the EU regulation on sustainability-related disclosure

requirements in the financial services sector came into force on

March 10, 2021, the pre-contractual information for the grund-

besitz europa investment fund has included explanations on the

integration of sustainability risks in investment decisions and on

the results of the assessment of the expected impact of sustain-

ability risks on the return of the financial product.

Against the background of Article 8 of the Disclosure Regulation,

a provision has now been added to the Investment Conditions,

with effect from October 1, 2021, to the effect that the environ-

mental features which the corporation advertises for the invest-

ment fund should also be taken into account when acquiring and

managing properties. As part of this adjustment, various changes

resulting from the so-called "Fondsstandortgesetz" (Act to

Strengthen Germany as a Fund Location), which came into force

on August 2, 2021, were also taken into account. These relate in

particular to the terms and the announcement period in the event

of future changes to the investment conditions and also entail

simplifications for the fund in the granting of shareholder loans to

real estate companies.

We will continue to inform our investors about developments in

the fund in the area of sustainability.

Yours sincerely,


Dr. Ulrich von Creytz Dr. Grit Franke Clemens Schäfer Ulrich Steinmetz

Frankfurt/Main, Germany, November 29, 2021


Overall economic environment

After the severe distortions caused by the coronavirus pandemic

in 2020, the European economy shows signs of recovery in the

course of 2021, but is not yet at pre-crisis levels. Fundamen-

tal support comes from the resurgence in global trade, which

is expected to post significant gains of 12% over the course

of 2021, following a 6% decline in 2020. Leading indicators

such as the Purchasing Managers' Index were also positive in

October 2021, albeit with weakening momentum. With an index

reading of 54.3, the PMI for the Eurozone for October was above

the neutral threshold of 50 as well as the long-term average

of 53. Nevertheless, this is the third consecutive monthly decline

after the 15-year high in July, with the economy cooling the

most in Germany, but also reaching its lowest level since April

in France.

Ultimately, the coronavirus pandemic and related effects

such as lockdowns and vaccination progress, particularly at

the beginning of the year, remained a determining factor in

the economic recovery, not least due to new virus mutations.

Consequences such as transport and logistics problems, pro-

duction bottlenecks due to a lack of primary products, rising

raw material prices and increasing inflation are now becoming

more and more apparent and having negative impacts on eco-

nomic development worldwide and in Europe. Inflation in the

eurozone is expected to rise to 2.4% this year, while in Germany

it is expected to rise to 3%. In France and Italy, inflationary pres-

sures are significantly lower at 1.7% and 1.9%, respectively, but

this could still lead to monetary policy measures at the Euro-

pean level.

Specifically, with regard to economic developments in Europe,

after the coronavirus-related weak phase in 2020, with negative

economic growth in the eurozone of -6.5%, a positive devel-

opment and incipient recovery phase is expected. Economic

growth reached 2.3% in the second quarter and is likely to be

around 2% again in the third quarter. Accordingly, growth of

5% is expected for the full year 2021. Germany, with expected

growth of 2.5%, deviates significantly from the eurozone aver-

age, whereas France and the UK are expected to experience a

strong economic recovery at 6.2% and 7.3%, respectively.

After the manufacturing sector was held back in recent months

by a lack of intermediate products and rising commodity and

energy prices, the service sector and private consumption

remain as pillars of the economic recovery. While the hospi-

tality and service sectors generally continue to face the threat

of coronavirus-induced cutbacks as the year progresses, the

pent-up consumer demand in particular is expected to fuel the

economic recovery.

With growth of +3.7% in the second quarter of 2021 and

expected growth of 3.7% for the year as a whole, private con-

sumption is currently becoming the strongest driver of eco-

nomic recovery in Europe.

(Data sources: Oxford Economics, Markit 10/2021)

Developments in the capital markets

Yields on the capital markets increased slightly by 30 basis

points in the reporting period from October 1, 2020, to Sep-

tember 30, 2021, but ultimately remained in negative territory.

Ten-year German government bonds yielded -0.536% p.a. on

October 1, 2020, and stood at -0.199% p.a. as of the end of the

reporting period.

Yields on short-term government bonds fell by a further 10 basis

points in the reporting period, with the trading range reaching a

full 15 bp. One-year German government bonds yielded -0.598%

p.a. on October 1, 2020, with this falling to -0.673% p.a. on the

last trading day in September 2021.

The European Central Bank’s key interest rate remained

unchanged and continues to be 0.00%; the deposit facility has

been at -0.50% since September 2019.

(Data source: Bloomberg)


Developments in the real estate markets

In our view, the European real estate market has entered a

recovery phase, although the pandemic has left clear traces

on the markets. Accordingly, 2020 posed major challenges

to European real estate markets as a result of lockdowns and

border closures, but also saw extensive support and assistance

measures from the various governments, central banks and

European institutions. Thanks to these subsidies, default guar-

antees, tax relief and social security measures, insolvencies

were prevented in many cases, thus preventing a significant rise

in unemployment figures, especially as solid starting conditions

such as low vacancy rates and moderate construction activity

also supported the property markets.

Nonetheless, the coronavirus pandemic has caused distortions

over the past 12-18 months, particularly in the hotel and retail

sectors. Store closures and a lack of international tourists have

weighed on bricks-and-mortar retail and caused significant rent

losses. As a result, demand for space fell sharply and shop-

ping centers in particular, which have been suffering for years,

recorded the strongest annual increase in vacancies to date in

the first quarter of 2021 and a further fall in rents of 8.5%.

The pandemic also left its mark on the European office market.

While the average vacancy rate was 6.3% at the start of the

pandemic, the lowest since 2002, it had increased by 130 basis

points by spring 2021. Positive deviations were achieved here,

for example, in the German top 7 office markets, which are

only expected to rise by around 90 basis points to around 4.8%

by the end of the year. Rental levels also corrected slightly by

around 1.3% at European level, and thus much less strongly

than feared, with the UK and the Nordic markets in particular

standing out positively here. The incipient recovery in demand

for space and moderate completion volumes, some of which

were delayed by the pandemic, are providing additional support

for the office market.

European logistics markets were much more positive, even ben-

efiting in many cases from the crisis and the strong growth in

online trade. Demand for space remained high and rental levels

have risen again. On an annual basis, prime rents were around

1.4% higher than in the previous year, which for logistics prop-

erties in the long term and given the pandemic certainly rep-

resents a considerable increase. European housing markets are

also among the winners of the crisis, as they have been able to

fully exploit their defensive character. This applies in particular

to the established housing markets in Germany, the Netherlands

and Scandinavia. Rent losses and vacancy increases remained

the exception and rent levels generally corrected in the prime

segment, where reduced demand for small-scale, fixed-term

leases and furnished accommodation had the greatest impact.

(Data sources: DWS 07-10/2021)

Developments in the investment markets

The European investment markets continue to be dominated

by the coronavirus pandemic. Although investment momentum

largely stabilized in the course of 2021 and recovered from its

low at the beginning of 2020, transaction volumes remain below

the pre-crisis levels at the beginning of 2020. While real estate

worth more than EUR 330 billion was still traded across Europe

in the 12-month view in the first quarter of 2020, the annualized

value in the third quarter of 2021 was around EUR 270 billion.

This corresponds to a decline of around 20%; compared to the

same quarter of the previous year, this is still around 8%.

There are clear differences at regional level. Whereas the UK

real estate markets recorded a significant recovery to just under

EUR 65 billion and, at around 20% in each case, are well above

both the prior-year figure and the pre-crisis level, the recovery

in other markets was much more sluggish. Although a similar

annualized transaction volume of just under EUR 64 billion was

achieved in Germany in the third quarter, the figure is around

20% below the previous year's result. In France, too, transaction

volumes have so far failed to match their previous record levels.

Here, the investment market is stagnating at just under EUR

30 billion, which marks the lowest value since 2017. Spain and

the Netherlands were able to recover more strongly than in the

previous year.

At sectoral level, investors continued to clearly favor logistics

properties. At over EUR 50 billion, the strongest annual result

to date was measured in the third quarter of 2021. At over

EUR 60 billion, residential real estate is also close to its pre-crisis

highs. Office investments, retail properties and hotel properties

follow at some distance behind, but have already recovered,

with the exception of retail.

Despite the continued subdued investment activity, we expect

a renewed increase in transaction volumes and a decreasing

polarization in terms of sector allocation. Ultimately, the attrac-

tiveness of real estate investments remains high in the per-

sistently low interest rate environment; accordingly, we expect

further yield compression in the medium term.

(Data sources: DWS 07/2021, RCA 10/2021)


The grundbesitz europa investment strategy

The investment objectives of the investment fund are to gen-

erate regular income from rents and interest, and to achieve

an appreciation. The fund seeks to attain a continuous positive

annual yield – with stable annual distributions – while keeping

value fluctuations as low as possible.

The investment strategy of the fund focuses on the acquisition,

current income and sale of real estate in conjunction with the

objective of keeping current income and value growth stable

or increasing it throughout the term of the fund. The Company

invests for the account of the fund in member countries of the

EU and the EEA and selectively in countries outside the EU/EEA.

Details of the country in question and the maximum share of

the fund value permitted for investment in the said country are

provided in the appendix to the Special Investment Conditions

in the current sales prospectus. In accordance with the "Special

Investment Conditions", at least 51% of the value of the fund

must be invested in real estate located in a member state of the

EU or in another state that is party to the EEA Agreement.

The fund invests in traditional commercial properties to be used

for offices, retail, logistics and hotels, as well as in residential

properties.

The real estate held by the fund is situated in good to very good

locations in established real estate markets. The aim is basically

to invest in properties with long-term tenants of sound financial

standing. The transaction strategy is geared toward the various

Europe-wide real estate cycles.

During the selection of the real estate for the investment fund,

the sustained profitability of the real estate and diversification

by location, size, use and tenant are the focal point of consid-

erations. In this regard, the Company endeavors to achieve a

regional diversification of real estate properties of various sizes

in line with the size of the investment fund, insofar as the Com-

pany considers this to be in the interests of the investors. The

assessment likewise includes the economic and location-related

opportunities and risks. In order to achieve the investment

objectives of the investment fund, the selection and manage-

ment of properties will, inter alia, also promote environmental

characteristics within the meaning of Article 8 of Regulation

(EU) 2019/2088 on sustainability-related disclosure requirements

in the financial services sector (hereinafter the "Disclosure Reg-

ulation"). Details of some of the regulatory requirements for the

content and format of the information to be disclosed under the

Disclosure Regulation are currently still being developed.

Alongside properties that already exist or are under construc-

tion, sites for development projects may also be acquired. How-

ever, the focal point of investments is existing buildings.

Net asset value and cash inflows/outflows

In the reporting period from October 1, 2020, through Sep-

tember 30, 2021, the fund’s net cash inflows amounted

to EUR 221.8 million. Total net asset value increased

from EUR 9,644.2 million (as of September 30, 2020) to

EUR 9,902.3 million (+2.7%) on September 30, 2021.

The capital invested in unit class IC decreased slightly from to

EUR 819.4 million (September 30, 2020: EUR 825.4 million). This

represented an 8.3% share of total net asset value as of the

reporting date.

Liquid assets decreased to EUR 1,377.6 million as a result of the

property purchases made. The liquidity portfolio is managed in

accordance with a fixed investment process. Interest rate and

price forecasts are subject to technical and fundamental analy-

sis. In the reporting period, liquid assets were invested primarily

in overnight money and time deposits as well as fixed-income

securities such as government bonds and corporate bonds from

European issuers with a rating of good to very good (investment

grade). Futures were used occasionally for duration control.


Results of the fund

During the past business year 2020/2021, the fund posted a gain

of 2.3% per unit in the RC unit class and a gain of 2.7% per unit

in the IC unit class (both according to the BVI method).

The distribution in the RC unit class on December 15, 2021,

was EUR 0.90. The total return on investment in the RC unit

class is EUR 0.89 per unit. Investors in the IC unit class receive

a distribution in the amount of EUR 1.10. The total return on

investment in the IC unit class is EUR 1.08 per unit. Information

on taxation is included in the “Tax information for the investor”

following this report.

The positive performance of the fund is illustrated in the follow-

ing overview.

Calculation of performance is based on the time-weighted

return and excludes issue surcharges. Individual costs such as

fees, commissions and other charges are not included in the

presentation and would have a negative impact on performance

if included.

Past performance is not a reliable indicator of future

performance.

The grundbesitz europa real estate portfolio

As of the reporting date, the grundbesitz europa portfolio com-

prised 100 properties, of which 44 are directly held properties

with market values totaling EUR 4,441.5 million.

56 properties with a total volume of EUR 5,304.4 million are

held through special purpose vehicles; 49 of these properties

are majority holdings. Seven properties are held via minority

holdings.

Performance according to the BVI method(As of: September 30, 2021)

RC unit class Annual average

IC unit class Ø p.a.

1 year 2.3% 2.7%

2 years 4.1% 2.0% 5.2% 2.5%

3 years 6.9% 2.2% 8.5% 2.8%

5 years 13.3% 2.5% 16.0% 3.0%

10 years 30.1% 2.7% 36.6% 3.2%

15 years 75.2% 3.8%

20 years 105.5% 3.7%

25 years 155.5% 3.8%

30 years 252.3% 4.3%

35 years 388.2% 4.6%

40 years 595.7% 5.0%

45 years 878.9% 5.2%

50 years 1,272.8% 5.4%

Since inception* 1,380.3% 5.4% 56.2% 3.4%

* Fund inception: October 27, 1970, IC unit class, April 1, 2008.


Property according to size classification

up to EUR 10 million EUR 36.7 million 0.4% 5 properties

EUR 10 to 25 million EUR 145.0 million 1.5% 9 properties


EUR 50 to 100 million EUR 2,097.1 million 21.5% 29 properties

EUR 100 to 150 million EUR 2,399.7 million 24.6% 19 properties


over EUR 200 million EUR 3,361.1 million 34.5% 12 properties

Total EUR 9,745.9 million 100.0% 100 properties

Geographical distribution of fund propertiesThe 44 directly held properties and the 56 other properties held

via special purpose vehicles are broadly distributed regionally

across twelve countries.

Commercial age structure of fund properties Size classification of fund properties The 17 properties with a market value exceeding EUR 150 million

comprise office and retail properties with long-term leases in

various countries. 50 properties have a market value of between

EUR 25 million and EUR 100 million.

Types of use of fund propertiesThe share of office property in the grundbesitz europa portfolio

continues to predominate in terms of annual rental income fully

let. The fund is diversified by investments in retail, residential

and logistics. Ongoing project developments are not included in

this presentation.

Commercial age structure of fund properties

More than 20 years 18.2%

Up to 5 years24.0%

10 to 15 years23.5%

5 to 10 years 15.5%

Size classification of fund properties

EUR 10 to 25 million1.5%


EUR 50 to 100 million

21.5%


Over EUR 200 million34.5%

Up to EUR 10 million0.4%

EUR 150 to 200 million 9.2%

Geographical distribution of fund properties

Rhine-Main 9.4%

France 13.2 %

Netherlands8.5%

Poland 7.5 %

Italy 4.1%

Spain 6.6%Hamburg 2.3%

Munich 2.4%

Berlin 6.3%

Types of use of fund properties according to rental area and annual rental income fully let

Other

Parking spaces

Leisure

Residential

Warehouse/Logistics

Hotel

Trade/Gastronomy

Office & practiceAnnual rental income

fully letEUR 508.0 million

Rental area*2,500,734 sqm

48.4%

25.1%

0.5%7.4%

13.1%0.8%3.3%

33.0%

18.4%

0.4%

33.4%

9.8%1.4%

15 to 20 years18.8%

(percentages according to market value) (percentages according to market values)

(percentages according to market values)

Rhine-Ruhr 1.9%

OtherGermany

5.5%

3.6% 1.4%

Finland 3.9%

Sweden 1.5% Hungary 0.8%

* Total area without taking the respective share of portfolio for special purpose vehicles into account.

United Kingdom 23.0 %

Ireland 2.3% Portugal 0.8%


Property acquisitions and transfers to the portfolio

Further information on the following properties is available in

the index of properties and the list of acquisitions and dispo-

sitions. Purchase prices are expressed in euro; with foreign

currencies, the exchange rate at the time of the transfer of

ownership of the property is used.

A distinction is made between the time the contract of sale for a

property is signed (the “signing”) and the time of the transfer of

the property into the fund’s real estate portfolio (the “closing”).

The respective property is only listed in the index of properties

after the “closing”. In the case of project developments, closing

may take place during the construction phase or only after com-

pletion, depending on the contract formulation.

Ten properties or project developments were acquired and

added to the fund portfolio in the reporting period:

Jönköping (SE) – Logistics property “Stellar”

In December 2020, the grundbesitz europa fund invested

in Sweden for the first time with a volume of around

EUR 141.6 million. The complex, which consists of three build-

ings with a total lettable area of 112,023 sqm, is one of the

largest stand-alone distribution centers in the Nordic countries.

The modern, partly fully automated sorting and storage build-

ings allow efficient and high-performance logistics operations to

serve the countries of Norway, Sweden, Denmark and Finland.

The logistics complex is leased on a long-term basis to one of

Northern Europe's largest electronics companies.

The purchase price was approximately EUR 141.6 million in

total. Transfer to the portfolio took place on December 10, 2020.

Gdansk (PL) – “NEON” office building

The “NEON” office property in the Polish port city of Gdansk

was acquired in February 2021.

The office property was completed at the end of 2019 and is

located in Alchemia Business Park, which is centrally located

between Gdansk and Gdynia. “NEON” offers usable office space

of more than 33,000 sqm over eleven floors. In addition, there is

retail space on the ground floor and around 300 parking spaces

on two underground and two above-ground floors. The prop-

erty has received “LEED Platinum” certification, meaning that

it meets the highest internationally established sustainability

standard.

The purchase price was approximately EUR 82.1 million in total.

Transfer to the portfolio took place on February 11, 2021.

London (GB) – Residential property “Peckham Place”

In March 2021, the residential property “Peckham Place” in the

south of the British capital of London was acquired. The prop-

erty is part of a newly constructed ensemble in a changing part

of town. The recently constructed “Idaline Court” property is

part of the wider Peckham Place development and comprises

a multi-story apartment complex with 108 high quality rental

units. It was built according to the Code for Sustainable Living

and offers different floor plans, with each unit having its own

balcony. Peckham Place offers excellent transportation links to

central London and is particularly well connected to the City of

London and the West End. The seller of the property is a British

housing association.


Transfer to the portfolio took place on March 19, 2021.

Lille, Nîmes and other locations (FR) – “Omega” logistics real

estate portfolio

In March 2021, a logistics property portfolio consisting of

five properties was acquired in France for a total of around

EUR 241.5 million. The acquisition took place via a holding com-

pany as a joint venture with an open-ended real estate fund that

is also managed by DWS. grundbesitz europa holds a 40% stake

in the joint venture.

The contract of sale for the “Omega” logistics real estate

portfolio was signed on January 27, 2021. The four properties

located in the greater Lille area and one near Nîmes were built

between 2014 and 2017 and have a total floor space of around

206,000 sqm. The portfolio is fully let and largely on a long-term

basis to five different users. Four properties have already been

awarded the “BREEAM” and “HQE” sustainability certificates,

and certification is also being sought for the fifth property in the

short term.

The purchase price volume for grundbesitz europa was around

EUR 96.8 million. Transfer to the portfolio took place on

March 23, 2021.

Berlin (DE) – “Up!” office project development

The contract of sale for a project development in Berlin, Germany,

was signed on November 30, 2018. The transfer of the office

property (comprising around 48,400 sqm) to the portfolio is sched-

uled for the second quarter of 2021. Construction is progressing

according to schedule.

The purchase price was EUR 314.8 million and transfer to the

portfolio took place on May 7, 2021.


Hamburg (DE) – Logistics property “Spectrum”

In June 2020, a logistics property in Hamburg was acquired

together with another investment fund for approximately

EUR 189 million. grundbsesitz europa holds a 55% interest in

the real estate company.

The property is located in the southeast of Hamburg in the

immediate vicinity of the highway intersection of the important

north-south connection A 1 and the eastbound A 25. The Port of

Hamburg is around 12 km away from the new fund property. In

view of the good long-distance transport connections and the

proximity to the city center and the port, the property location

is one of the most attractive and most sought-after logistics

locations in the greater Hamburg area and in Germany and has

almost no vacancies.

The modern logistics property “Spectrum” currently has a rental

area of around 77,100 sqm and will be extended by a logistics

hall with around 18,800 sqm by 2022. The complex is leased

on a long-term basis to one of Europe's largest logistics com-

panies. There are 249 car parking spaces and 20 truck parking

spaces on the approximately 160,000 sqm site.

The purchase price of the fund share was EUR 84.5 million, with

the transfer to the portfolio taking place on June 1, 2021.

One property was transferred to the portfolio before the report-

ing period and was added to the fund portfolio in the reporting

period:

London (GB) – “Pavilion Court”

The contract of sale for the project development of a student

residence complex was signed on February 28, 2019. The pur-

chase of the property and transfer of ownership took place on

March 8, 2019, and the purchase price installments are being

paid in accordance with construction progress. The agreed pur-

chase price is around EUR 127.8 million.

Completion of the student accommodation development at

Wembley, which has since been increased to 699 rooms, took

place on September 24, 2021.

Four properties were acquired before the reporting period and

added to the fund portfolio in the reporting period:

The Hague (NL) – “Carmel Residential Portfolio”

The “Carmel” residential portfolio consists of a total of eight

so-called clusters, which were acquired in several tranches;

each comprises various individual properties. Six of these clus-

ters were already in the fund's portfolio, and two more were

transferred during the reporting period. This is a multi-story

apartment building with 288 residential units and a total lettable

area of around 12,700 sqm, which consists of two intercon-

nected building sections and has a total of 92 parking spaces

in the building or in the neighboring building. The apartments

range in size between 41 sqm and 72 sqm. They have fully fitted

bathrooms, open-plan kitchens as well as balconies and they

can be accessed by elevator.

The purchase price volume for these units for grundbesitz

europa was around EUR 66.8 million. Transfer to the portfolio

took place on October 30, 2020.

In addition, the fund management acquired a further residential

property portfolio with a total of 369 apartments in The Hague

during the reporting period, the individual units of which were

incorporated into three existing clusters and expanded them.

The purchase price was around EUR 70.9 million and ownership

was transferred on June 2, 2021.

Espoo (FI) – “Keilalampi” office property and “Pavilions”

The “Keilalampi” office building and the two “pavilions” belong-

ing to it were added to the fund's portfolio in March 2021. These

properties complement the office property already acquired at

this location in March 2020.

The multi-story office building with a total lettable area of

around 13,600 sqm was built in 1994 and was extensively mod-

ernized in 2020/2021. Among other things, the building services,

the façade and the office space and interiors were modernized.

The “LEED Gold” sustainability certificate will be sought upon

completion of the modernization measures. All the spaces are

fully let on a long-term basis, with the main tenant being a

Finnish insurance company.

Two newly constructed pavilions with a total of around

1,080 sqm of catering and service space were also acquired

with this property. The pavilions are located on a newly created

public town square in front of the building. In addition to direct

access to the metro at street level, there is an underground car

park with 193 parking spaces below the buildings.


Transfer to the portfolio took place on March 31, 2021.

Nine properties were acquired as project developments during

or before the reporting period and have not yet been completed:

Düsseldorf (DE) – “Trio” project

The contract of sale for three hotel properties in Düsseldorf

that were purchased as a project development for the fund was

signed on August 31, 2018. The project is an ensemble with a

total of 717 rooms close to the main train station in Düsseldorf.

Completion is planned for the fourth quarter of 2021. Construc-

tion is progressing according to schedule. The agreed purchase

price is around EUR 157.4 million.


Cologne (DE) – “Messe City Köln” hotel project development

The contract of sale for a hotel project development in Cologne,

Germany, was signed on April 17, 2019. The transfer of the

hotels (comprising around 479 rooms) to the portfolio is sched-

uled for the second quarter of 2021. Construction is progressing

according to schedule. The agreed purchase price is around

EUR 111.5 million.

Berlin (DE) – “The Grid”

The contract of sale for the project development of an office prop-

erty in the Friedrichshain-Kreuzberg district, an up-and-coming

submarket of Berlin, was signed on December 20, 2019. Transfer

to the portfolio took place on February 19, 2020, upon payment of

the first purchase price installment.

The multi-story building with 13,849 sqm of floor space has

retail and restaurant space on the ground floor as well as park-

ing facilities in an underground garage. More than 50% of the

space has already been leased on a long-term basis prior to the

start of construction. By acquiring this office property, the fund

intends to profit from the positive development forecast for the

Friedrichshain-Kreuzberg district of Berlin and continuous rental

income in a growth market. Due to the high building standards,

the “DNGB” Gold certification is being sought.

A purchase price of EUR 129.1 million was agreed and pay-

ments are being made in line with construction progress. Com-

pletion is scheduled for the fourth quarter of 2021.

Barcelona (ES) – “One Parc Central” office property

In February 2021, the purchase agreement for the project devel-

opment of an office property in Spain was signed. The twelve-

story office property is being built in the highly sought-after 22@

district to the north of the Catalan capital of Barcelona. With the

acquisition of the office property, investments will be made in a

growth market after completion in autumn 2022.

Around EUR 128.0 million was agreed as the purchase price,

with payment to the seller to be made after completion.

Dublin (IE) – “Cheevers & Haliday” residential property

In July 2020, the purchase agreement with a volume of around

EUR 195.0 million was signed for the project development of a

residential building complex located around eleven kilometers

south of the Irish capital of Dublin.

The modern, multi-story project development with a total rental

area of 31,512 sqm comprises two economically independent

residential buildings and is located on a former golf course

in the sub-market of Dun Laoghaire, a prosperous suburb of

Dublin.

The surrounding towns of Dun Laoghaire, Dalkey, Monkstown

and Blackrock can be accessed via private care and public

transport in a short time and offer numerous shopping and

leisure options.

The high-quality and fully equipped 368 residential units com-

prise a mix of 2-4 room apartments and their average size is

around 86 sqm. They can be accessed via an elevator and,

besides a balcony/terrace, have numerous other conveniences.

Completion of the apartment blocks will take place in several

construction phases from June 2021 to an anticipated January

2022.

Paris (FR) – “TOKO” office project development

The project development for an office building in need of mod-

ernization that is located at the edge of the central business

district (CBD) of Paris was purchased in September 2020.

The multi-story class-A office block, which was built in 1955

and 1989, is impressive not only due to its excellent location but

also its striking architecture with a completely glass facade and

bright, modern office space. The office building is located in the

17th district of Paris, which profits from the continuous expan-

sion of the Paris CBD and very good connections to the center

and the Parisian ring road. Due to the very low vacancy rate of

approx. 2% in the greater Paris area and the limited construc-

tion possibilities, it is assumed that the property location will

be included in a future expansion of the inner-city office market

and will continue to gain in importance.

Even before the conversion work begins, the fund property

is fully pre-let for the long term to a tenant of sound financial

standing from the digital services sector. Upon completion of

the modernization measures, an application will be made for

the “BREEAM Very Good” and “Wired Score Silver” sustain-

ability certificates. The Wired Score certification is a globally

recognized standard for evaluating the connectivity of office

buildings.

A purchase price of EUR 162.0 million was agreed and payments

are being made in line with construction progress. Completion is

planned for the first quarter of 2022.

Madrid (ES) – Residential portfolio

On December 30, 2020, the grundbesitz global and grundbesitz

europa funds acquired a pro rata share of four attractive resi-

dential projects in the popular locations of Vallecas and Getafe,

south of Madrid's city center. grundbesitz europa holds a 40%

interest in the project.


The projects are characterized by upscale construction and

appealing architecture. The equipment standard of the approx.

1,000 apartments with fitted kitchen, air conditioning, WLAN,

fitness area, pool, lobby and common areas is above average.

The residential neighborhoods have excellent public transporta-

tion connections. Due to the building and site qualities, a sus-

tainability certification of “BREEAM Good” or higher is sought.

A pro rata purchase price of EUR 85.6 million was agreed. Pay-

ments in line with construction progress will be made based on

building permits expected by the end of 2021. The completion of

the four projects is scheduled for the end of 2023.

Property sales and transfers from the portfolio

The sales price is expressed in euro before deduction of

i ncidental selling costs.

Two properties were sold and removed from the fund portfolio

in the reporting period.

London (GB) – “Capital House” office property

In July 2021, the “Capital House” office property in London,

United Kingdom, which was acquired in 2010, was sold. The

building, completed in 2003, was leased to six office tenants

and three retail tenants at the time of sale. The sales price of

around EUR 151.0 million (GBP 130.5 million) is approximately

12% higher than the most recently determined market value of

around EUR 134.9 million.

“Capital House”, with its rental area of around 10,650 sqm

spread over eight floors, benefited in particular from its central

location in the City of London. The area around the Bank of

England is the traditional core of the City of London and funda-

mentally attractive to international tenants. The property, which

is now 17 years old, has nevertheless recently recorded an

increased vacancy rate.

With the strategic sale, the fund management is realising the

very good performance since purchase and intends to reinvest

the sales proceeds in the further diversification of the portfolio.

Madrid (ES) – “Paseo de la Castellana 42” office property

In July 2021, the “Paseo de la Castellana 42” office property in

Madrid, Spain, which was acquired in 2003, was sold. The sales

price of around EUR 54.6 million is approximately 42% higher

than the most recently determined market value of around

EUR 38.5 million. The proceeds from the sale are to be rein-

vested in the further diversification of the portfolio.

“Paseo de la Castellana 42”, with its rental area of around

4,595 sqm spread over ten floors, benefited in particular from its

very central location in the city center of Madrid. The building,

built in 1980 and remodeled in 2001, was most recently leased

to three tenants, but three floors were unrented. The property is

comparatively old compared to the buildings in the immediate

vicinity in a prime inner-city location in Madrid, does not cur-

rently meet the requirements for a sustainable property and has

no environmental certification.

The sale of the property leads to a further improvement in the

quality of the overall portfolio, reduces existing and future let-

ting risks of the fund and enables reinvestment in properties

with comparatively better development opportunities and lower

risks.


Borrowed capital and currency risks

The grundbesitz europa fund had loan liabilities amounting to

EUR 1,599.0 million as of the September 30, 2021, reporting

date (September 30, 2020: EUR 1,281.1 million). A total of

29 properties are currently encumbered with the rights of third

parties. Credit line agreements facilitating flexible financing

of new acquisitions and project developments at low interest

rates.

As of the reporting date, the borrowing ratio amounted to

16.4% based on real estate assets. As of the reporting date,

loans denominated in British pounds that translate into a

total of approximately EUR 648.1 million exist for 18 prop-

erties ( September 30, 2020: EUR 620.4 million). Total bor-

rowing in euro amounts to approximately EUR 889.1 million

( September 30, 2020: EUR 660.5 million). A new financing in

Swedish krona amounting to EUR 61.8 million was added.

Overview of loans as of September 30, 2021

grundbesitz europa

Total borrowings(direct)

in EUR million

% of the market value of all fund

properties

Total borrowings (indirect via holding

companies) in EUR million

% of the market value of all fund

propertiesLess than

1 year1 to 2 years

2 to 5 years

5 to 10 years

Average interest

rate as %

EUR loans (outside Germany)

447.8 4.6 130.7 1.3 14.5 1.9 16.8 3.1 0.95

EUR loans (Germany) 51.4 0.5 259.2 2.7 1.6 3.3 5.4 9.2 1.07

GBP 404.5 4.2 243.5 2.5 1.2 0.0 10.3 29.0 2.37

SEK 0.0 0.0 61.8 0.6 0.0 0.0 3.9 0.0 1.61

Total 903.8 9.3 695.2 7.1 17.3 5.2 36.3 41.2

Remaining loan terms as a % of total borrowings

Overview of currency risks as of September 30, 2021

grundbesitz europa

Open currency positions reporting as of the date in the

local currency (thousands)Exchange rate as

of the reporting dateOpen currency positions

as of the reporting date (TEUR)% of fund assets

per currency area

GBP 144,066 0.86266 167,002 1.7

PLN 486,583 4.62623 105,179 1.1

SEK 809,168 10.20052 79,326 0.8

NOK 497,324 10.12598 49,114 0.5

Total 400,621 4.0

The currency hedging strategy is structured for the medium

to long term and is based on a minimization of hedging costs/

maximization of hedging income. Prices for forward exchange

hedging primarily result from the effective difference in interest

rates between the eurozone and the investment country and

the (remaining) term of the contract. Changes to the difference

in interest rates result in changes to the intrinsic value of the

forward exchange hedge.


Letting information as of September 30, 2021

Country Germany4 GB4 France4 Poland Spain Netherlands Italy Finland IrelandOther in Europe Total4

Rental properties (number) 24 20 16 8 4 14 3 5 3 3 100

Rental properties(market values in EUR million)

2,712.5 2,236.4 1,285.0 725.0 644.2 831.4 401.9 383.0 225.0 301.4 9,746.0

Types of use according to annual rental income fully let1

Office & practice 51.8% 60.2% 72.3% 55.3% 0.4% 51.2% 9.5% 72.6% 0.0% 0.8% 48.4%

Trade/Gastronomy 28.6% 9.7% 7.7% 28.4% 88.6% 2.9% 59.5% 9.3% 2.9% 63.4% 25.1%

Hotel 2.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.5%

Warehouse/Logistics 5.7% 0.3% 17.4% 7.8% 4.3% 0.3% 30.9% 2.6% 0.0% 33.2% 7.4%

Residential 1.2% 28.9% 0.0% 0.0% 0.0% 39.6% 0.0% 0.0% 97.1% 0.0% 13.1%

Leisure 0.6% 0.0% 0.0% 1.4% 5.4% 0.0% 0.0% 2.0% 0.0% 2.5% 0.8%

Parking spaces 5.9% 1.0% 1.4% 5.3% 0.1% 6.1% 0.0% 11.6% 0.0% 0.0% 3.3%

Other 4.0% 0.0% 1.2% 1.8% 1.1% 0.0% 0.0% 2.0% 0.0% 0.2% 1.4%

Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Vacancy (as of reporting date)2

Office & practice 2.1% 2.9% 8.6% 5.5% 0.0% 1.7% 0.0% 5.1% 0.0% 0.0% 3.1%


Hotel 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%


Residential 0.1% 2.1% 0.0% 0.0% 0.0% 1.2% 0.0% 0.0% 32.6% 0.0% 1.4%

Leisure 0.0% 0.0% 0.0% 0.4% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Parking spaces 0.6% 0.2% 0.5% 0.3% 0.0% 0.2% 0.0% 1.2% 0.0% 0.0% 0.3%

Other 0.2% 0.0% 0.0% 0.0% 0.1% 0.0% 0.0% 0.1% 0.0% 0.0% 0.1%

Occupancy rate 92.3% 94.2% 89.9% 89.9% 91.3% 96.8% 94.7% 93.3% 66.6% 94.1% 92.2%

Expiring tenancy agreements3

until December 31, 2021 2.9% 1.8% 15.6% 0.9% 6.7% 0.7% 5.8% 1.3% 0.0% 5.1% 4.1%

2022 6.1% 31.6% 26.4% 18.2% 29.5% 0.7% 14.7% 6.6% 59.2% 12.6% 18.7%

2023 10.4% 4.2% 26.2% 12.7% 22.5% 5.2% 14.8% 22.3% 0.0% 15.6% 11.9%

2024 7.2% 2.6% 7.7% 20.6% 12.1% 2.2% 12.5% 10.0% 0.0% 8.8% 7.6%

2025 17.2% 3.1% 8.5% 22.9% 11.3% 5.8% 7.6% 7.3% 0.6% 11.8% 10.4%

2026 7.4% 3.6% 2.6% 10.2% 12.5% 0.0% 4.0% 3.7% 0.0% 3.4% 5.3%

2027 5.1% 21.3% 13.1% 5.2% 2.2% 0.6% 1.1% 3.2% 0.6% 3.3% 9.1%

2028 1.9% 4.8% 0.0% 1.7% 0.3% 4.1% 0.4% 3.9% 1.9% 36.4% 3.9%

2029 9.1% 2.4% 0.0% 1.4% 0.4% 0.0% 0.0% 20.3% 0.0% 0.1% 3.6%

2030 1.7% 1.6% 0.0% 1.6% 0.0% 19.3% 0.0% 2.1% 0.0% 0.5% 2.8%

from 2031 31.0% 22.9% 0.0% 4.6% 2.4% 61.4% 39.1% 19.3% 37.7% 2.3% 22.7%

Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

1 Including contractual rent, rent-free periods and measured vacancy.2 Vacancy rate as measured by target rental income.3 On exercising special termination right.4 Excluding project development Berlin, "The Grid", Paris, "TOKO", and Wembley, "Pavilion Court".


Country Germany4 GB4 France4 Poland Spain Netherlands Italy Finland IrelandOther in Europe Total4

Rental properties (number) 24 20 16 8 4 14 3 5 3 3 100

Rental properties(market values in EUR million)

2,712.5 2,236.4 1,285.0 725.0 644.2 831.4 401.9 383.0 225.0 301.4 9,746.0

Types of use according to annual rental income fully let1

Office & practice 51.8% 60.2% 72.3% 55.3% 0.4% 51.2% 9.5% 72.6% 0.0% 0.8% 48.4%


Hotel 2.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.5%


Residential 1.2% 28.9% 0.0% 0.0% 0.0% 39.6% 0.0% 0.0% 97.1% 0.0% 13.1%

Leisure 0.6% 0.0% 0.0% 1.4% 5.4% 0.0% 0.0% 2.0% 0.0% 2.5% 0.8%

Parking spaces 5.9% 1.0% 1.4% 5.3% 0.1% 6.1% 0.0% 11.6% 0.0% 0.0% 3.3%

Other 4.0% 0.0% 1.2% 1.8% 1.1% 0.0% 0.0% 2.0% 0.0% 0.2% 1.4%

Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Vacancy (as of reporting date)2

Office & practice 2.1% 2.9% 8.6% 5.5% 0.0% 1.7% 0.0% 5.1% 0.0% 0.0% 3.1%


Hotel 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%


Residential 0.1% 2.1% 0.0% 0.0% 0.0% 1.2% 0.0% 0.0% 32.6% 0.0% 1.4%

Leisure 0.0% 0.0% 0.0% 0.4% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Parking spaces 0.6% 0.2% 0.5% 0.3% 0.0% 0.2% 0.0% 1.2% 0.0% 0.0% 0.3%

Other 0.2% 0.0% 0.0% 0.0% 0.1% 0.0% 0.0% 0.1% 0.0% 0.0% 0.1%

Occupancy rate 92.3% 94.2% 89.9% 89.9% 91.3% 96.8% 94.7% 93.3% 66.6% 94.1% 92.2%

Expiring tenancy agreements3

until December 31, 2021 2.9% 1.8% 15.6% 0.9% 6.7% 0.7% 5.8% 1.3% 0.0% 5.1% 4.1%

2022 6.1% 31.6% 26.4% 18.2% 29.5% 0.7% 14.7% 6.6% 59.2% 12.6% 18.7%

2023 10.4% 4.2% 26.2% 12.7% 22.5% 5.2% 14.8% 22.3% 0.0% 15.6% 11.9%

2024 7.2% 2.6% 7.7% 20.6% 12.1% 2.2% 12.5% 10.0% 0.0% 8.8% 7.6%

2025 17.2% 3.1% 8.5% 22.9% 11.3% 5.8% 7.6% 7.3% 0.6% 11.8% 10.4%

2026 7.4% 3.6% 2.6% 10.2% 12.5% 0.0% 4.0% 3.7% 0.0% 3.4% 5.3%

2027 5.1% 21.3% 13.1% 5.2% 2.2% 0.6% 1.1% 3.2% 0.6% 3.3% 9.1%

2028 1.9% 4.8% 0.0% 1.7% 0.3% 4.1% 0.4% 3.9% 1.9% 36.4% 3.9%

2029 9.1% 2.4% 0.0% 1.4% 0.4% 0.0% 0.0% 20.3% 0.0% 0.1% 3.6%

2030 1.7% 1.6% 0.0% 1.6% 0.0% 19.3% 0.0% 2.1% 0.0% 0.5% 2.8%

from 2031 31.0% 22.9% 0.0% 4.6% 2.4% 61.4% 39.1% 19.3% 37.7% 2.3% 22.7%

Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

1 Including contractual rent, rent-free periods and measured vacancy.2 Vacancy rate as measured by target rental income.3 On exercising special termination right.4 Excluding project development Berlin, "The Grid", Paris, "TOKO", and Wembley, "Pavilion Court".


Occupancy situation

Expiring tenancy agreements, as measured by current contrac-

tual rent, are illustrated in the charts. In respect of tenancy

agreements with special termination rights, the earliest possible

ending of the rental agreement is assumed. Presenting the data

without taking into account special termination rights illustrates

how expiring tenancy agreements work in favor of the contrac-

tually secured rental income of the fund.

Tenant structure (basis: contractual rent) – by sector

Consumer goods and retail 27.7%

Banks and financial service providers 17.3%

Residential 11.6%

Technology and software 6.4%

Corporate/Legal/Tax consulting 5.8%

Utilities and telecommunications 4.8%

Automotive and transportation 4.2%

Hotel/Gastronomy 3.6%

Construction 2.9%

Insurance companies 2.4%

Chemical/Pharmaceutical industry 0.8%

Other sectors 12.6%

Total 100.0%

Expiring tenancy agreementsOn exercising special termination right

as measured by the current contractual rent of the fund in %

until Dec. 31, 2021

2022 2023 2024 2025 2026 2027 2029 from 2031

20302028

Expiring tenancy agreementsWithout exercising special termination right

as measured by the current contractual rent of the fund in %

30%

25%

20%

15%

10%

5%

0%until Dec. 31,

20212022 2023 2024 2025 2026 2027 2029 from

203120302028

30%

25%

20%

15%

10%

5%

0%4.1

18.7

11.9

7.610.4

5.3

9.1

3.9 3.5 2.8

22.7

3.8

14.0

9.1

6.0

9.4

5.1

12.1

4.3 4.3 4.3

27.6


Overview: Yields, valuation

Key yield figures 2020/2021 in %

I. Properties

Gross income 4.4%1

Property management expenses -1.6%1

Net income 2.8%1

Changes in value (changes in market value, sales result) 2.0%1

Real estate return before taxes and depreciation 4.8%1

Provisions for deferred taxes -0.6%1

Amortization of incidental acquisition costs -0.3%1

Real estate return before loan charges and profits tax 3.8%1

Loan charges -0.3%2

Profits tax -0.4%2

Return after loan charges, taxes and depreciation 3.9%2

Currency effects 0.0%2

Overall result from real estate investments 3.9%2

II. Liquidity 1.6%3

III. Other costs -0.1%4

IV. Total yield before the deduction of costs 3.2%4

V. Total yield for the RC unit class after deduction of fund costs (BVI method)

2.3%

Total yield for the IC unit class following deduction of fund costs (BVI method)

2.7%

Capital information (Average figures in EUR (millions))

with respect to:

1 Real estate assets 9,123.2

Total borrowings (without shareholder loans) 1,461.3

2 Real estate assets less Total borrowings 7,661.9

3 Liquidity (incl. liquidity held in investments) 1,771.4

4 Net asset value 9,719.5

Notes on fund profits grundbesitz europa

The gross return totaling 4.4% results from the actual rent from

directly held fund properties and from fund properties held

through holdings. After offsetting against other real estate-

related income and expenditure as well as the property manage-

ment costs, the resulting total net return amounted to 2.8%.

Taking into account changes in value, deferred taxes and amor-

tization of incidental acquisition costs, the real estate return

before loan charges was 3.8%. Following the application of

borrowing costs and profits tax and based on real estate assets

financed by equity capital, the total return after loan charges

was 3.9%.

There were no significant changes due to exchange rate

fluctuations.

The liquidity yield of +1.6% reflects the interest rate level and

securities and futures valuations during the business year. On

average, the share of liquid assets in the overall net asset value

stood at around 18.2%.

The total fund return for the business year before deduction of

fund costs was 3.2%. After deduction of fund costs, the total

return for the RC unit class was 2.3% per unit and the total

return for the IC unit class was 2.7% per unit (both according to

the BVI method).


Overview: Yield/country contribution in 2020/2021

Country contributionKey yield figures in % Germany GB France Poland Spain Netherlands Italy Finland Ireland

Other in Europe Total

I. Properties

Gross income 4.1% 4.7% 4.1% 5.5% 3.4% 5.1% 4.7% 4.3% 0.6% 5.7% 4.4%

Property management expenses -2.7% -0.5% -0.1% -1.5% -2.5% -1.6% -4.2% -0.3% -2.5% -3.1% -1.6%

Net income 1.4% 4.2% 4.0% 4.0% 0.9% 3.5% 0.5% 4.0% -1.9% 2.6% 2.8%

Changes in value (changes in market value, sales result)

4.5% 0.8% 1.4% 0.1% -0.3% 2.3% 3.4% 3.0% -0.1% -0.2% 2.0%

Real estate return before taxes and depreciation

5.9% 5.0% 5.3% 4.1% 0.6% 5.8% 3.9% 7.0% -2.0% 2.4% 4.8%

Provisions for deferred taxes -0.8% -0.2% -0.6% -1.8% -0.5% -0.6% -1.5% 0.0% 0.0% -0.3% -0.6%

Amortization of incidental acquisition costs

-0.2% -0.5% -0.2% 0.0% -0.2% -0.4% -0.1% -0.5% -0.8% -0.2% -0.3%

Real estate return before loan charges and profits tax

4.9% 4.3% 4.6% 2.2% -0.1% 4.8% 2.3% 6.5% -2.8% 1.9% 3.8%

Loan charges -0.3% -0.9% -0.1% -0.2% 0.0% -0.1% 0.0% 0.0% 0.0% -0.3% -0.3%

Profits tax -0.2% -1.0% -0.3% -0.2% -0.2% -0.3% -0.1% 0.0% 0.0% -0.8% -0.4%

Return after loan charges, taxes and depreciation

4.9% 4.0% 5.5% 2.3% -0.4% 5.1% 2.3% 6.5% -2.8% 1.3% 3.9%

Overview: Changes in value in 2020/2021

CountryInformation on changes in value1 (as of reporting date in EUR (millions) Germany GB France Poland Spain Netherlands Italy Finland Ireland


Appraiser-assessed market value of portfolio (average value)

2,215.2 2,139.4 1,195.7 695.1 646.9 761.9 394.9 336.4 132.6 268.9 8,787.0

Appraiser-assessed rent/gross income of portfolio (average value)

120.2 131.9 57.4 48.2 37.6 41.1 25.0 18.0 10.4 19.9 509.7

Positive changes in value as per expert appraisal

163.7 98.1 89.4 29.8 4.5 31.9 14.8 12.4 1.1 5.8 451.6

Other positive changes in value 399.4 64.5 96.8 82.1 0.0 137.7 0.0 86.4 226.1 142.9 1,235.9

Negative changes in value as per expert appraisal

-34.3 -13.3 -24.8 -29.1 -20.3 -3.7 -1.4 -2.5 -2.2 -5.0 -136.5

Other negative changes in value -31.4 -16.4 -8.7 -10.1 -12.7 -8.2 -8.3 -3.6 -1.4 -8.3 -109.0

Total changes in values as per expert appraisal

129.5 84.8 64.6 0.7 -15.9 28.2 13.4 10.0 -1.1 0.8 315.1

Total other changes in value 367.9 48.1 88.1 72.0 -12.7 129.5 -8.3 82.9 224.7 134.6 1,126.9

1 This overview includes only data from properties included in the investment fund as of the reporting date. Properties sold during the business year are not taken into account here.


Overview: Yield/country contribution in 2020/2021

Country contributionKey yield figures in % Germany GB France Poland Spain Netherlands Italy Finland Ireland


I. Properties

Gross income 4.1% 4.7% 4.1% 5.5% 3.4% 5.1% 4.7% 4.3% 0.6% 5.7% 4.4%

Property management expenses -2.7% -0.5% -0.1% -1.5% -2.5% -1.6% -4.2% -0.3% -2.5% -3.1% -1.6%

Net income 1.4% 4.2% 4.0% 4.0% 0.9% 3.5% 0.5% 4.0% -1.9% 2.6% 2.8%

Changes in value (changes in market value, sales result)

4.5% 0.8% 1.4% 0.1% -0.3% 2.3% 3.4% 3.0% -0.1% -0.2% 2.0%

Real estate return before taxes and depreciation

5.9% 5.0% 5.3% 4.1% 0.6% 5.8% 3.9% 7.0% -2.0% 2.4% 4.8%

Provisions for deferred taxes -0.8% -0.2% -0.6% -1.8% -0.5% -0.6% -1.5% 0.0% 0.0% -0.3% -0.6%

Amortization of incidental acquisition costs

-0.2% -0.5% -0.2% 0.0% -0.2% -0.4% -0.1% -0.5% -0.8% -0.2% -0.3%

Real estate return before loan charges and profits tax

4.9% 4.3% 4.6% 2.2% -0.1% 4.8% 2.3% 6.5% -2.8% 1.9% 3.8%

Loan charges -0.3% -0.9% -0.1% -0.2% 0.0% -0.1% 0.0% 0.0% 0.0% -0.3% -0.3%

Profits tax -0.2% -1.0% -0.3% -0.2% -0.2% -0.3% -0.1% 0.0% 0.0% -0.8% -0.4%

Return after loan charges, taxes and depreciation

4.9% 4.0% 5.5% 2.3% -0.4% 5.1% 2.3% 6.5% -2.8% 1.3% 3.9%

Overview: Changes in value in 2020/2021

CountryInformation on changes in value1 (as of reporting date in EUR (millions) Germany GB France Poland Spain Netherlands Italy Finland Ireland


Appraiser-assessed market value of portfolio (average value)

2,215.2 2,139.4 1,195.7 695.1 646.9 761.9 394.9 336.4 132.6 268.9 8,787.0

Appraiser-assessed rent/gross income of portfolio (average value)

120.2 131.9 57.4 48.2 37.6 41.1 25.0 18.0 10.4 19.9 509.7

Positive changes in value as per expert appraisal

163.7 98.1 89.4 29.8 4.5 31.9 14.8 12.4 1.1 5.8 451.6

Other positive changes in value 399.4 64.5 96.8 82.1 0.0 137.7 0.0 86.4 226.1 142.9 1,235.9

Negative changes in value as per expert appraisal

-34.3 -13.3 -24.8 -29.1 -20.3 -3.7 -1.4 -2.5 -2.2 -5.0 -136.5

Other negative changes in value -31.4 -16.4 -8.7 -10.1 -12.7 -8.2 -8.3 -3.6 -1.4 -8.3 -109.0

Total changes in values as per expert appraisal

129.5 84.8 64.6 0.7 -15.9 28.2 13.4 10.0 -1.1 0.8 315.1

Total other changes in value 367.9 48.1 88.1 72.0 -12.7 129.5 -8.3 82.9 224.7 134.6 1,126.9

1 This overview includes only data from properties included in the investment fund as of the reporting date. Properties sold during the business year are not taken into account here.


Development of the grundbesitz europa fund

In EUR million Sept. 30, 2017 Sept. 30, 2018 Sept. 30, 2019 Sept. 30, 2020 Sept. 30, 2021

Properties 3,638.2 3,844.1 4,050.4 4,503.4 4,441.5

Holdings in special purpose vehicles 1,627.7 1,722.0 2,203.0 2,697.4 3,757.0

Securities 619.6 874.5 1,332.3 1,426.3 965.6

Bank deposits 502.2 860.2 1,228.9 749.8 412.0

Other assets 863.0 841.8 1,181.5 1,661.6 1,801.8

Liabilities and accruals -1,342.7 -1,326.0 -1,426.4 -1,394.3 -1,484.7

Total net asset value 5,908.1 6,816.6 8,569.6 9,644.2 9,902.3

RC unit class

RC net asset value 5,317.4 6,134.8 7,806.3 8,818.8 9,082.9

RC units in circulation (million units) 129.8 151.9 193.2 219.7 225.5

Net asset value per RC unit (EUR) 40.96 40.39 40.41 40.13 40.27

Distribution per unit (EUR)1 RC 1.60 1.042 1.00 0.75 0.90

IC unit class

IC net asset value 590.6 681.8 763.3 825.4 819.4

IC units in circulation (million units) 14.3 16.8 18.8 20.5 20.2

Net asset value per IC unit (EUR) 41.19 40.60 40.64 40.33 40.46

Distribution per IC unit (EUR)1 1.80 1.232 1.25 0.95 1.10

Date of distribution Dec. 20, 2017 Dec. 19, 2018 Dec. 18, 2019 Dec. 16, 2020 Dec. 15, 2021

1 Payable after the close of the business year.2 Does not take into account the tax liquidity provided on January 2, 2018.

Development of yields

Key yield figures in %Business year

2016/2017Business year




2020/2021

I. Properties

Gross income1 5.4% 5.3% 5.3% 4.8% 4.4%

Property management expenses1 -1.0% -0.4% -1.6% -0.6% -1.6%

Net income1 4.4% 4.8% 3.7% 4.2% 2.8%

Changes in value (changes in market value, sales return)1 1.3% 0.8% 1.3% 1.2% 2.0%

Real estate return before taxes and depreciation1 5.7% 5.6% 5.0% 5.4% 4.8%

Provisions for deferred taxes1 -0.3% -0.5% -0.4% -0.5% -0.6%

Amortization of incidental acquisition costs1 -0.4% -0.4% -0.3% -0.3% -0.3%

Real estate return before loan charges and profits tax1 5.0% 4.8% 4.4% 4.6% 3.8%

Loan charges2 -0.5% -0.5% -0.4% -0.5% -0.3%

Profits tax2 -0.4% -0.5% -0.7% -0.4% -0.4%

Return after loan charges, taxes and depreciation2 5.2% 4.9% 4.2% 4.6% 3.9%

Currency effects2 -0.1% 0.1% 0.1% -0.6% 0.0%

Overall result from real estate investments2 5.1% 5.0% 4.3% 4.0% 3.9%

II. Liquidity3 1.0% 0.5% 2.8% 0.4% 1.6%

III. Other costs4 -0.2% -0.3% -0.3% -0.1% -0.1%

IV. Total fund return before fund costs4 4.1% 3.7% 3.7% 2.8% 3.2%

V. Total fund return following deduction of fund costs (BVI method)

RC unit class 3.1% 2.7% 2.7% 1.8% 2.3%

IC unit class 3.6% 3.2% 3.2% 2.4% 2.7%

with respect to:1 Real estate assets2 Real estate assets less total borrowings3 Liquidity (incl. liquidity held in investments)4 Net asset value


Düsseldorf, Capricorn


Statement of assets as of September 30, 2021


EUR EUR EURShare of net asset

value in % EUR EUR EUR EUR

A. Assets

I. Properties

1. Business properties thereof in foreign currency

965,270,210.75 4,224,990,210.75 3,875,359,499.19 349,630,711.56

2. Sites under constructionthereof in foreign currency 119,745,902.21

216,553,099.07 4,441,543,309.82 44.9% 198,632,675.51 4,073,992,174.70 17,920,423.56 367,551,135.12

Total in foreign currency 1,085,016,112.96

II. Holdings in special purpose vehicles

1. Majority shareholdingsthereof in foreign currency 667,956,453.18

3,545,387,409.03 3,251,995,883.67 293,391,525.36

2. Minority shareholdingsthereof in foreign currency 0.00

211,621,768.27 3,757,009,177.30 37.9% 194,109,427.24 3,446,105,310.91 17,512,341.03 310,903,866.39

Total in foreign currency 667,956,453.18

III. Liquid assets

1. Cash at bank thereof in foreign currency 166,168,221.43

412,043,625.58 377,945,770.01 34,097,855.57

2. Securities thereof in foreign currency

0.00 965,569,324.83 1,377,612,950.41 13.9% 885,665,544.40 1,263,611,314.41 79,903,780.43 114,001,636.00


IV. Other assets

1. Receivables from property managementthereof in foreign currency 18,505,653.67

120,303,414.13 110,347,942.95 9,955,471.18

2. Receivables from special purpose vehiclesthereof in foreign currency 372,340,755.65

1,270,817,577.65 1,165,653,581.58 105,163,996.07

3. Interest receivablethereof in foreign currency 14,666,406.61

62,952,929.61 57,743,384.39 5,209,545.22

4. Incidental acquisition costs– on properties– on holdings in special purpose vehiclesthereof in foreign currency 10,034,912.85

19,779,225.04 25,535,060.09

18,142,434.38 23,421,956.68

1,636,790.66 2,113,103.41

5. Otherthereof in foreign currency 101,348,246.70

311,458,804.60 1,810,847,011.12 18.3% 285,684,647.03 1,660,993,947.01 25,774,157.57 149,853,064.11


Total assets 11,387,012,448.65 115.0% 10,444,702,747.03 942,309,701.62

B. Debts

I. Liabilities from

1. Loansthereof in foreign currency 404,527,855.71

903,762,398.33 828,973,327.91 74,789,070.42

2. Property acquisitions and building projectsthereof in foreign currency 0.00

7,307,047.03 6,702,366.80 604,680.23

3. Property managementthereof in foreign currency 10,593,974.39

67,437,014.14 61,856,397.37 5,580,616.77

4. Other liabilitiesthereof in foreign currency 3,084,586.62

117,846,417.95 1,096,352,877.45 11.1% 108,094,270.64 1,005,626,362.72 9,752,147.31 90,726,514.73


II. Accruals

Accrualsthereof in foreign currency 60,882,544.12

388,361,902.37 388,361,902.37 3.9% 356,223,780.98 356,223,780.98 32,138,121.39 32,138,121.39

Total debts 1,484,714,779.82 15.0% 1,361,850,143.70 122,864,636.12

C. Net asset value 9,902,297,668.83 100.0% 9,082,852,603.33 819,445,065.50




value in % EUR EUR EUR EUR

A. Assets

I. Properties

1. Business properties thereof in foreign currency

965,270,210.75 4,224,990,210.75 3,875,359,499.19 349,630,711.56

2. Sites under constructionthereof in foreign currency 119,745,902.21

216,553,099.07 4,441,543,309.82 44.9% 198,632,675.51 4,073,992,174.70 17,920,423.56 367,551,135.12

Total in foreign currency 1,085,016,112.96


1. Majority shareholdingsthereof in foreign currency 667,956,453.18

3,545,387,409.03 3,251,995,883.67 293,391,525.36

2. Minority shareholdingsthereof in foreign currency 0.00

211,621,768.27 3,757,009,177.30 37.9% 194,109,427.24 3,446,105,310.91 17,512,341.03 310,903,866.39


III. Liquid assets

1. Cash at bank thereof in foreign currency 166,168,221.43

412,043,625.58 377,945,770.01 34,097,855.57

2. Securities thereof in foreign currency

0.00 965,569,324.83 1,377,612,950.41 13.9% 885,665,544.40 1,263,611,314.41 79,903,780.43 114,001,636.00


IV. Other assets

1. Receivables from property managementthereof in foreign currency 18,505,653.67

120,303,414.13 110,347,942.95 9,955,471.18

2. Receivables from special purpose vehiclesthereof in foreign currency 372,340,755.65

1,270,817,577.65 1,165,653,581.58 105,163,996.07

3. Interest receivablethereof in foreign currency 14,666,406.61

62,952,929.61 57,743,384.39 5,209,545.22

4. Incidental acquisition costs– on properties– on holdings in special purpose vehiclesthereof in foreign currency 10,034,912.85

19,779,225.04 25,535,060.09

18,142,434.38 23,421,956.68

1,636,790.66 2,113,103.41

5. Otherthereof in foreign currency 101,348,246.70

311,458,804.60 1,810,847,011.12 18.3% 285,684,647.03 1,660,993,947.01 25,774,157.57 149,853,064.11


Total assets 11,387,012,448.65 115.0% 10,444,702,747.03 942,309,701.62

B. Debts

I. Liabilities from

1. Loansthereof in foreign currency 404,527,855.71

903,762,398.33 828,973,327.91 74,789,070.42

2. Property acquisitions and building projectsthereof in foreign currency 0.00

7,307,047.03 6,702,366.80 604,680.23

3. Property managementthereof in foreign currency 10,593,974.39

67,437,014.14 61,856,397.37 5,580,616.77

4. Other liabilitiesthereof in foreign currency 3,084,586.62

117,846,417.95 1,096,352,877.45 11.1% 108,094,270.64 1,005,626,362.72 9,752,147.31 90,726,514.73


II. Accruals

Accrualsthereof in foreign currency 60,882,544.12

388,361,902.37 388,361,902.37 3.9% 356,223,780.98 356,223,780.98 32,138,121.39 32,138,121.39

Total debts 1,484,714,779.82 15.0% 1,361,850,143.70 122,864,636.12

C. Net asset value 9,902,297,668.83 100.0% 9,082,852,603.33 819,445,065.50

Exchange rates on September 30, 2021

EUR 1 = GBP 0.86266

EUR 1 = PLN 4.62623

EUR 1 = SEK 10.20052


Net asset value per unit EUR 40.27 EUR 40.46

Units in circulation 225,502,389 20,248,851


The fund has two unit classes named “RC” and “IC”. The state-

ment of assets contains detailed information about the allo-

cation of the assets to the respective unit class. The following

notes refer to total net asset value, allocated pro rata to the unit

classes.

In the reporting period from October 1, 2020, through

September 30, 2021, the net asset value increased by

EUR 258.1 million to EUR 9,902.3 million. The investment

fund recorded a net cash inflow of EUR 221.8 million. Over-

all, 5,569,727 units were newly issued; the number of units in

circulation thus increased to 225,502,389 in the RC unit class

and to 20,248,851 in the IC unit class.

Calculated on this basis, the value per unit (= redemption price)

as of the reporting date of September 30, 2021 was EUR 40.27

for the RC unit class and EUR 40.46 for the IC unit class.

Real estate assets of the directly owned properties decreased in

the reporting period by EUR 61.9 million to EUR 4,441.5 million.

Two directly held properties were sold and one new property

was added. The properties reported under "Properties under

construction" relate to the "The Grid" project development in

Berlin and the "Northcliffe House" property in London, which

has been held for some time and is expected to undergo exten-

sive refurbishment and redevelopment by the beginning of 2023.

The value of investments in real estate companies increased by

EUR 1,059.6 million to EUR 3,757.0 million as a result of various

purchases of properties held through investments.

During the reporting period, liquid assets fell by EUR 798.5 million

to EUR 1,377.6 million. The level of cash at bank invested in over-

night money and time deposits increased by EUR 50.9 million to

EUR 183.5 million.

Holdings in fixed-interest securities, which are managed inter-

nally, amounted to EUR 965.6 million as of the reporting date.

Details of the security holdings are provided in the overview

“Statement of assets, Part II”.

Other assets increased by EUR 149.2 million to a total of

EUR 1,810.8 million. The amounts reported as “Receivables from

property management” relate to outsourced allocable operating

costs of EUR 80.4 million and rent receivables amounting to

EUR 39.9 million. “Receivables from special purpose vehicles”

shows loans granted to special purpose vehicles. “Interest

receivable” comprises deferred interest on overnight money,

interest on time deposits and interest on securities. Incidental

acquisition costs amortized on a straight-line basis at 20% p.a.

Notes on the summarized statement of assets

increased by EUR 2.2 million to EUR 45.3 during the current

business year.

"Other assets" mainly includes receivables from advance

payments on real estate (EUR 137.1 million), forward

exchange transactions (EUR 106.7 million), collateral

(EUR 19.8 million), prepaid costs (EUR 16.0 million), other

receivables (EUR 5.0 million) and receivables from input tax

(EUR 20.7 million).

Foreign items relating to properties, holdings, other

assets and liquid assets of EUR 7,426.2 million break

down as follows: United Kingdom EUR 2,076.3 million,

Netherlands EUR 873.6 million, Spain EUR 859.7 million,

France EUR 1,383.9 million, Italy EUR 436.6 million, Poland

EUR 794.5 million, Finland EUR 422.4 million, Ireland

EUR 280.4 million, Portugal EUR 80.3 million, Hungary

EUR 87.4 million and Norway EUR 49.5 million.

Liabilities decreased from EUR 1,106.6 million to a total of

EUR 1,096.4 million. At EUR 903.8 million, borrowings within the

scope of financing directly held properties represent the largest

individual item contained in the liabilities.

“Liabilities from property management” consist of advance

payments on operating costs (EUR 47.8 million) as well as rent

deposits paid by tenants (EUR 19.6 million).

The item “Other liabilities” decreased by EUR 19.8 million to

EUR 117.9 million. This includes accrued interest on loans taken

out (EUR 10.1 million), liabilities from forward currency trans-

actions (EUR 87.8 million), collateral (EUR 9.9 million), accrued

expenses on rent receivables and other deferred income

(EUR 10.1 million).

Total accruals amounted to EUR 388.4 million. These essentially

relate to construction expenditure incurred but not yet invoiced

in the amount of EUR 79.4 million and to repairs and mainte-

nance in the amount of EUR 38.8 million and to other accru-

als in the amount of EUR 7.7 million. In addition, accruals of

EUR 38.5 million exist for profits tax and of EUR 223.7 million for

deferred taxes. Due to the reform of the German Investment Tax

Act, accruals for deferred taxes in Germany are also included

here as of January 1, 2018.

Foreign items from liabilities and accruals totaling

EUR 1,233.7 million break down by individual coun-

try as follows: United Kingdom EUR 426.7 million,

Netherlands EUR 166.9 million, Spain EUR 132.9 million,

France EUR 326.9 million, Italy EUR 53.4 million, Poland


EUR 104.3 million,IrelandEUR 3.2 million,Finland8.6 million,

PortugalEUR 6.1 million,HungaryEUR 2.2 millionandNorway

EUR 0.4 million.

Inordertohedgeagainstcurrencyrisksforinvestmentsinthe

United Kingdom and Poland, in addition to raising loan capital,

currencyforwardagreementsforGBP 1,279.0 millionwerealso

enteredinto.Deliverycommitmentsweremeasuredatthecur-

rentrateofexchange.

Amsterdam,HuysAzië

Mer,logisticsproperty


Statement of assets as of September 30, 2021Part I: Index of properties

No. Location of property

Type of property5

Project/Portfolio

development measures

Type of use6

Date of acquisi-

tionYear of

constructionSize of property

in sqm

Co-ownership/heritable

building right

Rental area commercial

in sqm

Rental area residential

in sqm

Number of parking spaces Features7

Purchase price/Market value8

Expert appraisal 1/2

in TEUR

Purchase price/

Market value

Average value8

in TEUR

Share of real estate assets

in%

Gross yield as per expert

appraiser 1/2 in TEUR8

Remaining useful life in

years – Expert appraiser 1/2

Total incidental acquisition

costs in TEUR9,10

thereof fees and taxes in TEUR10

thereof other costs in TEUR10

Total incidental acquisition costs

as % of purchase

price

Incidental acquisition costs amortized in the

business yearin TEUR8

Remaining incidental

acquisition costs to be amortized

in TEUR8

Expected remaining

amortization period

in yearsLoans

in TEUR8

Borrowing ratio as % of

market value/purchase

price

Vacancy rate as % of

rental income fully

let

Residual terms of leases in

years11

Rental income Oct. 1, 2020

- Sept. 30, 2021 in TEUR12

I. Directly held properties in Germany

1 60594 Frankfurt/Main, GermanyHedderichstraße 47-49DE

FP O (35%)S (30%)R (29%)

09/09 2009 4,127 6,000 3,636 109 AC, PL 44,86044,600

44,730 0.5% 2,0782,092

5858

1,804 1,102 702 5.9% 0 0 completely amortized

30.2% 2.2 1,358

2 60322 Frankfurt/Main, GermanyBockenheimer Anlage 44“Park Tower”DE

FP O (97%) 03/10 2007 868 18,959 AC, PL, SL 174,100180,000

177,050 1.8% 6,8227,130

4646

5,869 4,408 1,461 4.6% 0 0 completely amortized

0.1% 3.4

3 60313 Frankfurt/Main, GermanyRathenauplatz 1DE

FP O (49%)S (46%)

02/12 2001 1,171 7,887 K, PA, LA 90,31097,000

93,655 1.0% 4,0493,947

5050


0.1% 3.3 4,237

4 04109 LeipzigAm Markt 11-15“Marktgalerie”DE

FP S (68%) 10/11 2005 5,466 19,953 2,319 462 AC, PL, SL, E 107,600114,000

110,800 1.1% 5,2875,291

5454


0.1% 5.5 5,462

5 80636 Munich, GermanyErika-Mann-Straße 53-69“Metris”DE

FP O (85%) 04/13 2011 12,392 35,803 274 K, PA, LA 231,500235,000

233,250 2.4% 8,9999,221

6060


1.8% 2.9 8,954

6 42853 Remscheid,Theodor-Heuss-Platz 7“Allee-Center Remscheid”DE

FP S (76%) 02/14 1986 Extended

1996 Extended

2009

26,667 33,827 894 K, PA, LA 120,800117,000

118,900 1.2% 9,5578,716

3838


18.6% 3.9 7,681

7 30855 LangenhagenMünchner Straße 39DE

FP W (51%)OT (37%)

11/15 2010 79,047 58,269 AC 35,60035,800

35,700 0.4% 1,9151,915

3939


13,410 37.6% 0.0% 4.0

8 65451 KelsterbachMönchhofallee 1DE

FP W (67%)O (26%)

11/15 2008 32,573 18,890 199 SL, PL 35,27034,900

35,085 0.4% 1,7381,734

3737


12,717 36.2% 4.8% 2.4 1,692

9 60549 Frankfurt/MainCargoCity Süd, Building 579DE

FP O (52%)W (45%)

12/15 2010 13,946 Heritable building right

23,239 162 SL, PL 44,73049,400

47,065 0.5% 3,2743,274

3938


2.9% 0.0

10 40221 DüsseldorfHolzstraße 6“Capricorn”DE

FP O (77%) 03/20 2006 4,404 22,558 508 K, PA, LA 180,700185,000

182,850 1.9% 5,9896,066

5555

14,179 11,597 2,583 7.4% 2,737 9,473 3.5 0.0% 7.4

11 10969 BerlinPrinzenstraße 34“The Grid”DE

UC Project develop-

ment until probably

2021

02/20 under construc-

tion

4,404 96,807 96,807 1.0% 6,454 6.7% 100.0% 0.0 0

II. Directly held properties outside Germany (eurozone countries)

1 12006 Castellón de la PlanaCtra. Nacional 340, Km 64.3“Salera”ES

FP S (98%) 12/06 2006 77.02% co-ownership

share of 78,767 sqm

55,377 2,826 K, PA, LA, R 131,600143,000

137,300 1.4% 10,83812,535

4545

80,000 58.3% 8.4% 3.7 10,947

2 28906 GetafeCalle de la Confianza, 1ES

FP W (90%) 04/08 2005 12,286 7,306 AC 6,2806,800

6,540 0.1% 408395

3434

0.0% 1.2

3 28906 GetafeCalle de la Tenacidad, 2ES

FP W (80%) 04/08 2005 21,799 10,192 AC 8,6909,100

8,895 0.1% 550550

3434

0.0% 2.2

4 92400 Courbevoie, La Défense22 place des Vosges“Le Monge”FR

FP O (90%) 06/99 1980 Conv. 1996

2,757 + Volume ownership

to 34 parking spaces

10,903 177 AC, PL 66,00066,200

66,100 0.7% 3,8754,302

3333

38.9% 1.5 2,768

5 75008 Paris125, avenue des Champs ElyséesFR

FP O (43%)S (39%)

09/98 1850/1915Conv.

1975/93

754 4,049 AC, PL 107,500105,000

106,250 1.1% 4,4494,387

4242

18,294 17.2% 9.8% 1.5 4,132

6 75013 Paris74-80 avenue de France“Insight”FR

FP O (82%) 05/05 2005 3,888 22,628 148 K, PA, LA 205,000204,000

204,500 2.1% 10,30810,649

5454

94,500 46.2% 11.5% 0.6 10,714

7 75009 Paris12 rue d‘Athènes“Euro-Athènes”FR

FP O (96%) 08/02 2003 1,500 4,946 38 K, PA, LA 53,50051,300

52,400 0.5% 2,7982,539

5252

100.0% 0.0 552

8 33610 Cestas4-6 rue Chemin Saint RaymondFR

FP W (90%) 07/11 2007 192,603 69,180 531 AC 56,10053,700

54,900 0.6% 3,2673,507

3636

1,127 626 501 2.7% 0 0 completely amortized

20,000 36.4% 0.0% 1.3



Type of property5

Project/Portfolio


Type of use6

Date of acquisi-

tionYear of


in sqm


building right


in sqm


in sqm




in TEUR

Purchase price/

Market value

Average value8

in TEUR


in%






costs in TEUR9,10




as % of purchase

price





in TEUR8

Expected remaining

amortization period

in yearsLoans

in TEUR8



price


rental income fully

let


years11


- Sept. 30, 2021 in TEUR12

I. Directly held properties in Germany

1 60594 Frankfurt/Main, GermanyHedderichstraße 47-49DE

FP O (35%)S (30%)R (29%)

09/09 2009 4,127 6,000 3,636 109 AC, PL 44,86044,600

44,730 0.5% 2,0782,092

5858


30.2% 2.2 1,358

2 60322 Frankfurt/Main, GermanyBockenheimer Anlage 44“Park Tower”DE

FP O (97%) 03/10 2007 868 18,959 AC, PL, SL 174,100180,000

177,050 1.8% 6,8227,130

4646


0.1% 3.4

3 60313 Frankfurt/Main, GermanyRathenauplatz 1DE

FP O (49%)S (46%)

02/12 2001 1,171 7,887 K, PA, LA 90,31097,000

93,655 1.0% 4,0493,947

5050


0.1% 3.3 4,237

4 04109 LeipzigAm Markt 11-15“Marktgalerie”DE

FP S (68%) 10/11 2005 5,466 19,953 2,319 462 AC, PL, SL, E 107,600114,000

110,800 1.1% 5,2875,291

5454


0.1% 5.5 5,462

5 80636 Munich, GermanyErika-Mann-Straße 53-69“Metris”DE

FP O (85%) 04/13 2011 12,392 35,803 274 K, PA, LA 231,500235,000

233,250 2.4% 8,9999,221

6060


1.8% 2.9 8,954

6 42853 Remscheid,Theodor-Heuss-Platz 7“Allee-Center Remscheid”DE

FP S (76%) 02/14 1986 Extended

1996 Extended

2009

26,667 33,827 894 K, PA, LA 120,800117,000

118,900 1.2% 9,5578,716

3838


18.6% 3.9 7,681

7 30855 LangenhagenMünchner Straße 39DE

FP W (51%)OT (37%)

11/15 2010 79,047 58,269 AC 35,60035,800

35,700 0.4% 1,9151,915

3939


13,410 37.6% 0.0% 4.0

8 65451 KelsterbachMönchhofallee 1DE

FP W (67%)O (26%)

11/15 2008 32,573 18,890 199 SL, PL 35,27034,900

35,085 0.4% 1,7381,734

3737


12,717 36.2% 4.8% 2.4 1,692

9 60549 Frankfurt/MainCargoCity Süd, Building 579DE

FP O (52%)W (45%)

12/15 2010 13,946 Heritable building right

23,239 162 SL, PL 44,73049,400

47,065 0.5% 3,2743,274

3938


2.9% 0.0

10 40221 DüsseldorfHolzstraße 6“Capricorn”DE

FP O (77%) 03/20 2006 4,404 22,558 508 K, PA, LA 180,700185,000

182,850 1.9% 5,9896,066

5555

14,179 11,597 2,583 7.4% 2,737 9,473 3.5 0.0% 7.4

11 10969 BerlinPrinzenstraße 34“The Grid”DE

UC Project develop-

ment until probably

2021


tion

4,404 96,807 96,807 1.0% 6,454 6.7% 100.0% 0.0 0


1 12006 Castellón de la PlanaCtra. Nacional 340, Km 64.3“Salera”ES

FP S (98%) 12/06 2006 77.02% co-ownership

share of 78,767 sqm

55,377 2,826 K, PA, LA, R 131,600143,000

137,300 1.4% 10,83812,535

4545

80,000 58.3% 8.4% 3.7 10,947

2 28906 GetafeCalle de la Confianza, 1ES

FP W (90%) 04/08 2005 12,286 7,306 AC 6,2806,800

6,540 0.1% 408395

3434

0.0% 1.2

3 28906 GetafeCalle de la Tenacidad, 2ES

FP W (80%) 04/08 2005 21,799 10,192 AC 8,6909,100

8,895 0.1% 550550

3434

0.0% 2.2

4 92400 Courbevoie, La Défense22 place des Vosges“Le Monge”FR

FP O (90%) 06/99 1980 Conv. 1996

2,757 + Volume ownership

to 34 parking spaces

10,903 177 AC, PL 66,00066,200

66,100 0.7% 3,8754,302

3333

38.9% 1.5 2,768

5 75008 Paris125, avenue des Champs ElyséesFR

FP O (43%)S (39%)

09/98 1850/1915Conv.

1975/93

754 4,049 AC, PL 107,500105,000

106,250 1.1% 4,4494,387

4242

18,294 17.2% 9.8% 1.5 4,132

6 75013 Paris74-80 avenue de France“Insight”FR

FP O (82%) 05/05 2005 3,888 22,628 148 K, PA, LA 205,000204,000

204,500 2.1% 10,30810,649

5454

94,500 46.2% 11.5% 0.6 10,714

7 75009 Paris12 rue d‘Athènes“Euro-Athènes”FR

FP O (96%) 08/02 2003 1,500 4,946 38 K, PA, LA 53,50051,300

52,400 0.5% 2,7982,539

5252

100.0% 0.0 552

8 33610 Cestas4-6 rue Chemin Saint RaymondFR

FP W (90%) 07/11 2007 192,603 69,180 531 AC 56,10053,700

54,900 0.6% 3,2673,507

3636

1,127 626 501 2.7% 0 0 completely amortized

20,000 36.4% 0.0% 1.3

Essential results of appraisal



Type of property5

Project/Portfolio


Type of use6

Date of acquisi-

tionYear of


in sqm


building right


in sqm


in sqm




in TEUR

Purchase price/

Market value

Average value8

in TEUR


in%






costs in TEUR9,10




as % of purchase

price





in TEUR8

Expected remaining

amortization period

in yearsLoans

in TEUR8



price


rental income fully

let


years11


- Sept. 30, 2021 in TEUR12


9 93400 Saint Ouen23 rue des Bateliers/48 rue Albert Dhalenne“Sigma”FR

FP O (88%) 11/11 2009 8,411 18,135 343 K, PA, LA 124,300115,000

119,650 1.2% 6,0886,523

5858


30,000 25.1% 0.0% 6.1

10 75002 Paris23-27, rue Notre-Dame des VictoiresFR

FP O (88%) 06/12 1890Conv.

1955/1993, 2015

1,012 5,044 5 K, PA, LA 69,30067,700

68,500 0.7% 2,7892,789

5454

998 265 733 3.2% 20 0 completely amortized

17,000 24.8% 0.0% 2.8

11 92100 Boulogne-BillancourtRue Yves Kermen, Parzelle A4 Est A“In Situ”FR

FP O (87%) 12/13 2015 3,498 13,687 215 K, PA, LA 106,100111,000

108,550 1.1% 6,3716,692

6464


41,480 38.2% 1.3% 1.1 6,604

12 20121 Milan, ItalyVia San Prospero 2IT

FP O (59%)S (37%)

01/99 1926 Conv. 1972 Conv.

1987/90

690 3,338 AC, PL 32,30034,000

33,150 0.3% 1,7681,817

3737

0.0% 2.0 1,704

13 00038 ValmontoneVia della Pace, Loc. Pascolaro“FOC Valmontone“IT

FP/HBR S (100%) 03/04 02/08 12/08

2004 2005 2008

241,003 Incl. heritable building right

on 71,451 sqm

40,108 3,518 K, PA, LA 165,000172,500

168,750 1.7% 14,40114,852

3434


9.3% 2.4 12,803

14 1012 AB AmsterdamStationsplein 51-71“Zilveren Toren”NL

FP/HBR O (100%) 11/98 1992 605 Leasehold/opstal right3

4,919 AC, PL 17,80017,500

17,650 0.2% 1,1991,190

4141

0.0% 4.6 1,197

15 2211 AA The HagueBezuidenhoutseweg 10-12“Malie Toren”NL

FP/HBR O (91%) 10/94 1996 1,498 Leasehold/opstal right3

15,483 174 AC, PL 54,00054,360

54,180 0.6% 3,3403,340

4545

0.0% 12.3

16 3067 GG RotterdamWatermanweg“Eurogate III”NL

FP/HBR O (89%) 01/01 2000 3,225 + Sub- heritable

building rightto 114 parking

spaces

8,003 191 AC, PL 17,90016,120

17,010 0.2% 1,4151,377

4949

54.5% 3.7 600

17 2316WZ LeidenDellaertweg 1NL

FP O (83%) 10/10 2010 2,335 31,072 340 K, PA, LA 99,200100,490

99,845 1.0% 5,5605,560

5959

2,543 5 2,538 2.2% 0 0 completely amortized

0.0% 9.0

18 1019 GW AmsterdamJollemanhof 5-20“Huys Azië”NL


Part ownership

8,541 120 AC, PL 41,70041,920

41,810 0.4% 2,4132,324

5555


14,000 33.5% 4.2% 3.8 2,205

19 1079 LH / TM / TX AmsterdamAmsteldijk 164-166 /Trompenburgstraat 2a-cTrompenburgstraat 3-11“Rivierstaete”NL

FP O (89%) 12/18 1972.2018 15,034 Leasehold/opstal right3

on 3,449 sqm

28,173 351 330 K, PA, LA 238,000233,280

235,640 2.4% 9,1079,221

6363

3,413 780 2,633 1.0% 568 467 2.5 70,000 29.7% 0.0% 9.0 9,204

20 02-675 WarsawDomaniewska 39B“Topaz”PL

FP/HBR O (86%) 10/10 2006 5,397 Right of Perpetual Usufruct

(RPU)4

11,757 212 K, PA, LA 26,20025,600

25,900 0.3% 1,8552,059

5555


15,075 58.2% 11.9% 1.5 2,095

21 02-675 WarsawDomaniewska 39“Nefryt”PL


(RPU)4

16,955 282 K, PA, LA 38,20036,700

37,450 0.4% 2,6972,992

5757


21,600 57.7% 15.5% 2.4 3,126

22 00-609 WarsawAleja Armii Ludowej 26“Focus”PL


(RPU)4

34,579 471 K, PA, LA, R 120,600122,000

121,300 1.2% 8,3418,260

4949


14.1% 2.1 7,657

23 05-850 OzarowCeramiczna 7PL

FP W (78%) 10/12 2009 25,350 Freehold 12,580 AC 8,0308,200

8,115 0.1% 687728

3838


51.0% 4.3 315

24 05-850 OzarowPoznanska 249PL

FP W (80%) 10/12 2009, 2010 133,625 Freehold 69,339 AC, PL 48,20046,500

47,350 0.5% 3,5703,576

3939


2.8% 6.0 3,480

25 61-888 PoznanPolviejska 42“Stary Browar”PL

FP/HBR S (88%) 11/15 2003, 2007 73,695 Incl. 9,860 sqm

Right of Perpetual Usufruct

(RPU)4

59,137 127 1,000 K, PA, LA, R 256,000247,000

251,500 2.6% 16,06714,459

4444


11.1% 3.5 13,587

26 80-309 GdanskGrunwaldzka Avenue 413“Neon”PL

FP O (89%) 02/21 2019 6,242 35,558 305 AC, PL 85,80089,000

87,400 0.9% 6,1436,136

6868

1,240 0 1,240 1.4% 157 1,083 4.4 25,900 29.6% 0.0% 4.7 3,913



Type of property5

Project/Portfolio


Type of use6

Date of acquisi-

tionYear of


in sqm


building right


in sqm


in sqm




in TEUR

Purchase price/

Market value

Average value8

in TEUR


in%






costs in TEUR9,10




as % of purchase

price





in TEUR8

Expected remaining

amortization period

in yearsLoans

in TEUR8



price


rental income fully

let


years11


- Sept. 30, 2021 in TEUR12


9 93400 Saint Ouen23 rue des Bateliers/48 rue Albert Dhalenne“Sigma”FR

FP O (88%) 11/11 2009 8,411 18,135 343 K, PA, LA 124,300115,000

119,650 1.2% 6,0886,523

5858


30,000 25.1% 0.0% 6.1

10 75002 Paris23-27, rue Notre-Dame des VictoiresFR

FP O (88%) 06/12 1890Conv.

1955/1993, 2015

1,012 5,044 5 K, PA, LA 69,30067,700

68,500 0.7% 2,7892,789

5454


17,000 24.8% 0.0% 2.8

11 92100 Boulogne-BillancourtRue Yves Kermen, Parzelle A4 Est A“In Situ”FR

FP O (87%) 12/13 2015 3,498 13,687 215 K, PA, LA 106,100111,000

108,550 1.1% 6,3716,692

6464


41,480 38.2% 1.3% 1.1 6,604

12 20121 Milan, ItalyVia San Prospero 2IT

FP O (59%)S (37%)

01/99 1926 Conv. 1972 Conv.

1987/90

690 3,338 AC, PL 32,30034,000

33,150 0.3% 1,7681,817

3737

0.0% 2.0 1,704

13 00038 ValmontoneVia della Pace, Loc. Pascolaro“FOC Valmontone“IT

FP/HBR S (100%) 03/04 02/08 12/08

2004 2005 2008

241,003 Incl. heritable building right

on 71,451 sqm

40,108 3,518 K, PA, LA 165,000172,500

168,750 1.7% 14,40114,852

3434


9.3% 2.4 12,803

14 1012 AB AmsterdamStationsplein 51-71“Zilveren Toren”NL

FP/HBR O (100%) 11/98 1992 605 Leasehold/opstal right3

4,919 AC, PL 17,80017,500

17,650 0.2% 1,1991,190

4141

0.0% 4.6 1,197

15 2211 AA The HagueBezuidenhoutseweg 10-12“Malie Toren”NL


15,483 174 AC, PL 54,00054,360

54,180 0.6% 3,3403,340

4545

0.0% 12.3

16 3067 GG RotterdamWatermanweg“Eurogate III”NL

FP/HBR O (89%) 01/01 2000 3,225 + Sub- heritable

building rightto 114 parking

spaces

8,003 191 AC, PL 17,90016,120

17,010 0.2% 1,4151,377

4949

54.5% 3.7 600

17 2316WZ LeidenDellaertweg 1NL

FP O (83%) 10/10 2010 2,335 31,072 340 K, PA, LA 99,200100,490

99,845 1.0% 5,5605,560

5959


0.0% 9.0

18 1019 GW AmsterdamJollemanhof 5-20“Huys Azië”NL


Part ownership

8,541 120 AC, PL 41,70041,920

41,810 0.4% 2,4132,324

5555


14,000 33.5% 4.2% 3.8 2,205

19 1079 LH / TM / TX AmsterdamAmsteldijk 164-166 /Trompenburgstraat 2a-cTrompenburgstraat 3-11“Rivierstaete”NL

FP O (89%) 12/18 1972.2018 15,034 Leasehold/opstal right3

on 3,449 sqm

28,173 351 330 K, PA, LA 238,000233,280

235,640 2.4% 9,1079,221

6363

3,413 780 2,633 1.0% 568 467 2.5 70,000 29.7% 0.0% 9.0 9,204

20 02-675 WarsawDomaniewska 39B“Topaz”PL


(RPU)4

11,757 212 K, PA, LA 26,20025,600

25,900 0.3% 1,8552,059

5555


15,075 58.2% 11.9% 1.5 2,095

21 02-675 WarsawDomaniewska 39“Nefryt”PL


(RPU)4

16,955 282 K, PA, LA 38,20036,700

37,450 0.4% 2,6972,992

5757


21,600 57.7% 15.5% 2.4 3,126

22 00-609 WarsawAleja Armii Ludowej 26“Focus”PL


(RPU)4

34,579 471 K, PA, LA, R 120,600122,000

121,300 1.2% 8,3418,260

4949


14.1% 2.1 7,657

23 05-850 OzarowCeramiczna 7PL

FP W (78%) 10/12 2009 25,350 Freehold 12,580 AC 8,0308,200

8,115 0.1% 687728

3838


51.0% 4.3 315

24 05-850 OzarowPoznanska 249PL

FP W (80%) 10/12 2009, 2010 133,625 Freehold 69,339 AC, PL 48,20046,500

47,350 0.5% 3,5703,576

3939


2.8% 6.0 3,480

25 61-888 PoznanPolviejska 42“Stary Browar”PL

FP/HBR S (88%) 11/15 2003, 2007 73,695 Incl. 9,860 sqm

Right of Perpetual Usufruct

(RPU)4

59,137 127 1,000 K, PA, LA, R 256,000247,000

251,500 2.6% 16,06714,459

4444


11.1% 3.5 13,587

26 80-309 GdanskGrunwaldzka Avenue 413“Neon”PL

FP O (89%) 02/21 2019 6,242 35,558 305 AC, PL 85,80089,000

87,400 0.9% 6,1436,136

6868

1,240 0 1,240 1.4% 157 1,083 4.4 25,900 29.6% 0.0% 4.7 3,913




Type of property5

Project/Portfolio


Type of use6

Date of acquisi-

tionYear of


in sqm


building right


in sqm


in sqm




in TEUR

Purchase price/

Market value

Average value8

in TEUR


in%






costs in TEUR9,10




as % of purchase

price





in TEUR8

Expected remaining

amortization period

in yearsLoans

in TEUR8



price


rental income fully

let


years11


- Sept. 30, 2021 in TEUR12

III. Directly held properties outside Germany (countries with other currencies)

1 London EC 4Tudor Street“Northcliffe House”GB

UC Project develop-

ment until probably

2023

O (97%) 09/03 under construc-

tion

3,786 Leasehold3 117,775121,717

119,746 1.2% 9,0888,967

5050

100.0% 0.0 676

2 London16-18 Finsbury Circus“Park House”GB

FP/HBR O (90%) 03/12 2008 3,750 Leasehold3 17,708 11 K, PA, LA 209,584209,816

209,700 2.2% 13,62013,413

5757


55,178 26.3% 27.9% 5.3 9,821

3 Glasgow G1 3DA110 Queen Street“Connect110NS”GB

FP O (89%) 09/14 2015 2,150 Freehold 15,258 56 K, PA, LA 86,47792,041

89,259 0.9% 5,6555,713

6464


32,458 36.4% 0.0% 4.5 5,517

4 Manchester M2 5PD2 St. Peter‘s SquareGB


121,311 1.2% 6,5696,544

6666


42,728 35.2% 3.7% 5.9

5 London-StratfordPlot S5“S5 International Quarter”GB


433,543 4.4% 23,48323,493

6767

191,269 44.1% 0.2% 14.0 23,376

6 Enfield EN2 6BPHatton Walk“Palace Exchange”GB

FP/HBR S (91%) 11/16 2006 15,783 Leasehold3 18,583 513 AC, PL, SL, E 62,36567,814

65,089 0.7% 4,3494,632

3535

5,130 4,025 1,105 6.5% 1,012 149 0.1 36,167 55.6% 1.0% 2.5 4,029

7 Enfield EN2 6BPChurch Street“Palace Gardens”GB

FP/HBR S (99%) 01/18 1984 23,719 Leasehold3 20,657 56 K, PA, LA; R 45,67347,064

46,368 0.5% 4,1054,366

2727

4,587 2,997 1,590 9.0% 898 1,166 1.3 27,021 58.3% 11.4% 12.3 3,542

IV. Properties in Germany held through special purpose vehicles

Holding:100.0% shareholding in RREEFWaterfront GmbH & Co. KG, GermanyValue of the company: EUR 146,553,2282

Share capital: EUR 83,024,794Shareholder loan: EUR 0.00

12/09 1,190 1 1,189 1.2% 0 0 completely amortized

1 20457 HamburgStrandkai 1“New Work Harbour”DE

FP O (78%) 12/09 2009 7,797 24,584 313 PL, SL 138,400134,000

136,200 1.4% 6,1236,175

5858

10.6% 9.3

Holding:100.0% shareholding in ForumMittelrhein Koblenz GmbH & Co. KG,GermanyValue of the company: EUR 125,148,7002



2 56068 KoblenzZentralplatz 2“Forum Mittelrhein”DE

FP S (77%) 11/10 2011/2012 12,086 23,950 750 K, PA, LA, R 130,600116,000

123,300 1.3% 8,4857,160

6161

11.7% 3.9 7,757

Holding:100.0% shareholding inKG PANTA 89.Grundstücksgesellschaft KaiserslauternmbH & Co., GermanyValue of the company: EUR 150,970,9142


07/13 2,119 0 2,119 1.3% 300 1,048 2.0

3 67655 KaiserslauternFackelrondell 53-69“K in Lautern”DE

FP S (82%) 07/13 2015 14,372 29,280 490 K, PA, LA, R 155,200141,000

148,100 1.5% 9,5919,074

6464

7.6% 3.9 8,527

Holding:100.0% shareholding inWestendDuo GmbH & Co. KG,GermanyValue of the company: EUR 296,463,8302


12/13 14,195 11,809 2,386 4.1% 708 0 completely amortized

4 60323 Frankfurt/Main, GermanyBockenheimer Landstr. 24“WestendDuo”DE

FP O (89%) 12/13 2006 6,441 29,656 661 247 K, PA, LA, R 280,600295,000

287,800 3.0% 11,75312,269

5555

181 0 181 0 0 0 completely amortized

16.2% 6.7 10,522

Holding:94.9% shareholding inOSA Campus 1 GmbH, GermanyValue of the company: EUR 29,622,3002

Share capital: EUR 2,630,454Shareholder loan: EUR 17,082,000.00

03/15 638 75 563 1.6% 0 0 completely amortized

5 10585 BerlinOtto-Suhr-Allee 6DE

FP O (90%) 03/15 1966 7,795 13,480 21 PL, SL 42,73344,603

43,668 0.4% 1,9451,945

3838

0.0% 5.2



Type of property5

Project/Portfolio


Type of use6

Date of acquisi-

tionYear of


in sqm


building right


in sqm


in sqm




in TEUR

Purchase price/

Market value

Average value8

in TEUR


in%






costs in TEUR9,10




as % of purchase

price





in TEUR8

Expected remaining

amortization period

in yearsLoans

in TEUR8



price


rental income fully

let


years11


- Sept. 30, 2021 in TEUR12

III. Directly held properties outside Germany (countries with other currencies)

1 London EC 4Tudor Street“Northcliffe House”GB

UC Project develop-

ment until probably

2023

O (97%) 09/03 under construc-

tion

3,786 Leasehold3 117,775121,717

119,746 1.2% 9,0888,967

5050

100.0% 0.0 676

2 London16-18 Finsbury Circus“Park House”GB


209,700 2.2% 13,62013,413

5757


55,178 26.3% 27.9% 5.3 9,821

3 Glasgow G1 3DA110 Queen Street“Connect110NS”GB


89,259 0.9% 5,6555,713

6464


32,458 36.4% 0.0% 4.5 5,517

4 Manchester M2 5PD2 St. Peter‘s SquareGB


121,311 1.2% 6,5696,544

6666


42,728 35.2% 3.7% 5.9

5 London-StratfordPlot S5“S5 International Quarter”GB


433,543 4.4% 23,48323,493

6767

191,269 44.1% 0.2% 14.0 23,376

6 Enfield EN2 6BPHatton Walk“Palace Exchange”GB

FP/HBR S (91%) 11/16 2006 15,783 Leasehold3 18,583 513 AC, PL, SL, E 62,36567,814

65,089 0.7% 4,3494,632

3535

5,130 4,025 1,105 6.5% 1,012 149 0.1 36,167 55.6% 1.0% 2.5 4,029

7 Enfield EN2 6BPChurch Street“Palace Gardens”GB

FP/HBR S (99%) 01/18 1984 23,719 Leasehold3 20,657 56 K, PA, LA; R 45,67347,064

46,368 0.5% 4,1054,366

2727

4,587 2,997 1,590 9.0% 898 1,166 1.3 27,021 58.3% 11.4% 12.3 3,542


Holding:100.0% shareholding in RREEFWaterfront GmbH & Co. KG, GermanyValue of the company: EUR 146,553,2282



1 20457 HamburgStrandkai 1“New Work Harbour”DE

FP O (78%) 12/09 2009 7,797 24,584 313 PL, SL 138,400134,000

136,200 1.4% 6,1236,175

5858

10.6% 9.3

Holding:100.0% shareholding in ForumMittelrhein Koblenz GmbH & Co. KG,GermanyValue of the company: EUR 125,148,7002



2 56068 KoblenzZentralplatz 2“Forum Mittelrhein”DE

FP S (77%) 11/10 2011/2012 12,086 23,950 750 K, PA, LA, R 130,600116,000

123,300 1.3% 8,4857,160

6161

11.7% 3.9 7,757

Holding:100.0% shareholding inKG PANTA 89.Grundstücksgesellschaft KaiserslauternmbH & Co., GermanyValue of the company: EUR 150,970,9142


07/13 2,119 0 2,119 1.3% 300 1,048 2.0

3 67655 KaiserslauternFackelrondell 53-69“K in Lautern”DE

FP S (82%) 07/13 2015 14,372 29,280 490 K, PA, LA, R 155,200141,000

148,100 1.5% 9,5919,074

6464

7.6% 3.9 8,527

Holding:100.0% shareholding inWestendDuo GmbH & Co. KG,GermanyValue of the company: EUR 296,463,8302


12/13 14,195 11,809 2,386 4.1% 708 0 completely amortized

4 60323 Frankfurt/Main, GermanyBockenheimer Landstr. 24“WestendDuo”DE

FP O (89%) 12/13 2006 6,441 29,656 661 247 K, PA, LA, R 280,600295,000

287,800 3.0% 11,75312,269

5555

181 0 181 0 0 0 completely amortized

16.2% 6.7 10,522

Holding:94.9% shareholding inOSA Campus 1 GmbH, GermanyValue of the company: EUR 29,622,3002


03/15 638 75 563 1.6% 0 0 completely amortized


FP O (90%) 03/15 1966 7,795 13,480 21 PL, SL 42,73344,603

43,668 0.4% 1,9451,945

3838

0.0% 5.2




Type of property5

Project/Portfolio


Type of use6

Date of acquisi-

tionYear of


in sqm


building right


in sqm


in sqm




in TEUR

Purchase price/

Market value

Average value8

in TEUR


in%






costs in TEUR9,10




as % of purchase

price





in TEUR8

Expected remaining

amortization period

in yearsLoans

in TEUR8



price


rental income fully

let


years11


- Sept. 30, 2021 in TEUR12


Holding:94.9% shareholding in OSACampus 2 GmbH, GermanyValue of the company: EUR 77,568,1142




FP O (93%) 10/16 2016 8,537 25,797 186 PL, SL 131,522129,064

130,293 1.3% 5,2915,291

6565

59,787 45.9% 0.0% 10.3

Holding:43.8% in LOOP5 Shopping Centre GmbH & Co. KG, GermanyValue of the company: EUR 34,803,3452



7 64331 WeiterstadtGutenbergstr. 5DE

FP S (97%) 01/16 2009 65,000 60,551 3,049 K, PA, LA 82,69475,336

79,015 0.8% 5,9875,029

4848

52,998 67.1% 34.9% 3.3 8,252

Holding:94.9% in Kornmarkt Arkaden ErsteGmbH & CO. KG, GermanyValue of the company: EUR 45,747,3002


10/18 752 0 752 2.1% 150 313 2.1

8 60311 Frankfurt/Main, GermanyBerliner Str. 55DE

FP H (86%) 10/18 2018 2,611 11,611 122 AC, PL 72,78869,277

71,033 0.7% 3,1873,180

6868

0.1% 21.5

Holding:94.9% in Kornmarkt Arkaden ZweiteGmbH & CO.KG, GermanyValue of the company: EUR 36,406,6812


10/18 493 0 493 2.3% 99 205 2.1

9 60311 Frankfurt/Main, GermanyBerliner Str. 51 and Bethmannstr. 8DE

FP O (91%) 10/18 2019 1,442 7,553 14 AC, PL 57,17757,889

57,533 0.6% 2,4582,528

6868

9.0% 10.9 2,449

Holding:94.9% in Kornmarkt Arkaden DritteGmbH & CO.KG, DeutschlandValue of the company: EUR 9,748,6742


10/18 117 0 117 1.4% 24 49 2.1

10 60311 Frankfurt/Main, GermanyKornmarkt 1aDE

FP O (92%) 10/18 2018 443 2,041 4 AC, PL 13,17211,957

12,565 0.1% 525525

6868

0.0% 6.8

Holding:94.9% in Kornmarkt Arkaden VierteGmbH & CO.KG, DeutschlandValue of the company: EUR 10,387,4732


10/18 137 0 137 1.6% 35 57 2.1

11 60311 Frankfurt/Main, GermanyKornmarkt 1 and Bethmannstr. 6DE

FP R (80%) 10/18 2018 799 291 1,883 22 PL 14,99414,425

14,710 0.2% 539514

6868

28.7% 0.3 470

Holding:55.0% in Grundbesitz Spectrum GmbH & Co. KG, GermanyValue of the company: EUR 54,951,0502


02/21

12 22113 HamburgAmandus-Stubbe-Straße 10“Spectrum”DE

FP W (89%) 06/21 2007 160,020 77,075 184 K, PA, LA 84,60785,250

84,928 0.9% 3,1373,038

3636

5,133 4,791 343 0.0% 256 4,871 4.7 36,383 42.8% 0.0% 6.3 1,841

Holding:100.0% in Berlin Ostbahnhof Immobilien GmbH & Co. KG, GermanyValue of the company: EUR 238,702,5402


05/21

13 10243 BerlinKoppenstraße 8“Up!”DE

FP O (83%) 05/21 1978, Renovated

2021

8,254 48,163 96 K, PA, LA 347,000348,000

347,500 3.6% 12,82212,835

6070

9,735 0 9,735 0.0% 0 0 0.0 110,000 31.7% 0.0% 9.2 5,135



Type of property5

Project/Portfolio


Type of use6

Date of acquisi-

tionYear of


in sqm


building right


in sqm


in sqm




in TEUR

Purchase price/

Market value

Average value8

in TEUR


in%






costs in TEUR9,10




as % of purchase

price





in TEUR8

Expected remaining

amortization period

in yearsLoans

in TEUR8



price


rental income fully

let


years11


- Sept. 30, 2021 in TEUR12


14 100.0% shareholding in gi VerwaltungsgesellschaftmbH, Eschborn(Partner of RREEF WaterfrontGmbH & Co. KG, Forum MittelrheinKoblenz GmbH & Co. KG, KG PANTA 89Grundstücksgesellschaft KaiserslauternmbH & Co, WestendDuo GmbH & Co. KG), GermanyValue of the company: EUR 255,5932

Share capital: EUR 255,593Shareholder loan: EUR 0.00

07/00

V. Properties held through special purpose vehicles outside Germany (eurozone countries)

Holding:100.0% shareholding inKinteistö Oy Safiiri, FinlandValue of the company: EUR 47,522,9262



1 EspooPuolikkotie 8“Safiiri”FI

FP O (81%) 05/1206/13

2012/2013 4,278 13,728 234 K, PA, LA 45,79048,000

46,895 0.5% 3,0643,078

6161

12.9% 1.6 2,756

Holding:100.0% shareholding inKinteistö Oy Sola, FinlandValue of the company: EUR 65,849,6872



2 EspooSokerilinnantie 11“Sola”FI

FP O (79%) 07/15 2012 5,452 Incl. 27.92% co-ownership of 1,658 sqm

16,943 470 K, PA, LA 63,55066,000

64,775 0.7% 3,9444,166

6161

19.0% 1.9 3,394

Holding:100.0% shareholding inKiinteistö Oy Keilalampi, FinlandValue of the company: EUR 129,524,6702

Share capital: EUR 61,682,347Shareholder loan: EUR 49,836,096

10/19 2,361 0 2,361 1.0% 472 1,725 3.6

3 EspooKeilaniementie 1“Tower”FI

FP O (66%) 03/20 1976, Renovated

2019

10,836 23,943 500 AC, PL 178,400175,000

176,700 1.8% 7,0657,059

5959

4,893 3,379 1,514 0.0% 1,468 3,425 2.3 0.5% 7.0 6,978

Holding:100.0% shareholding inKoy Keilalampi, FinlandValue of the company: EUR 48,271,2682


03/21 25 0 25 0.0% 5 18 4.5

4 21502 EspooKeilaniementie 1“Keilalampi”FI

FP O (76%) 03/21 1994, Renovated

2020

6,673 13,598 244 K, PA, LA 86,69087,000

86,845 0.9% 3,5093,509

5959

3,109 1,598 1,510 311 2,798 4.5 0.0% 9.7 1,762

Holding:100.0% shareholding inKoy Keilaniemen Pavilijongit, FinlandValue of the company: EUR 7,780,0392


03/21 4 0 4 0.0% 2 2 4.5

5 21502 EspooKeilaniementie 1“Pavilions”FI

FP S (97%) 03/21 2020 6,355 1,077 7,8307,800

7,815 0.1% 306306

6969

253 130 123 25 227 4.5 0.0% 6.6 93

Holding:100.0% shareholding inGrundbesitz Europa ICAV, Ireland13)

Value of the company: EUR 276,230,9112


03/20

6 Dublin1 Mayor Street Upper“The Point Campus Tolka”IE

FP/HBR R (100%) 12/19 2019 4,860 Leasehold3 1,619 19,193 AC, PL 94,30092,900

93,600 1.0% 6,0956,246

5858

75.0% 0.8 3,145

7 Dublin1 Mayor Street Upper“The Point Campus Liffey”IE


65,250 0.7% 4,1784,289

5757

41.3% 1.4 1,651

8 DublinUpper Glenageary Road, Cualanor“Cheevers & Haliday”IE

FP Further sections

under construction

R (100%) 08/21 2021 12,873 16,446 66,188 66,188 0.7% 4,613 3,645 968 7.0% 125 4,419 5.0 1.2% 0.3 366



Type of property5

Project/Portfolio


Type of use6

Date of acquisi-

tionYear of


in sqm


building right


in sqm


in sqm




in TEUR

Purchase price/

Market value

Average value8

in TEUR


in%






costs in TEUR9,10




as % of purchase

price





in TEUR8

Expected remaining

amortization period

in yearsLoans

in TEUR8



price


rental income fully

let


years11


- Sept. 30, 2021 in TEUR12


14 100.0% shareholding in gi VerwaltungsgesellschaftmbH, Eschborn(Partner of RREEF WaterfrontGmbH & Co. KG, Forum MittelrheinKoblenz GmbH & Co. KG, KG PANTA 89Grundstücksgesellschaft KaiserslauternmbH & Co, WestendDuo GmbH & Co. KG), GermanyValue of the company: EUR 255,5932


07/00


Holding:100.0% shareholding inKinteistö Oy Safiiri, FinlandValue of the company: EUR 47,522,9262



1 EspooPuolikkotie 8“Safiiri”FI

FP O (81%) 05/1206/13

2012/2013 4,278 13,728 234 K, PA, LA 45,79048,000

46,895 0.5% 3,0643,078

6161

12.9% 1.6 2,756

Holding:100.0% shareholding inKinteistö Oy Sola, FinlandValue of the company: EUR 65,849,6872



2 EspooSokerilinnantie 11“Sola”FI

FP O (79%) 07/15 2012 5,452 Incl. 27.92% co-ownership of 1,658 sqm

16,943 470 K, PA, LA 63,55066,000

64,775 0.7% 3,9444,166

6161

19.0% 1.9 3,394

Holding:100.0% shareholding inKiinteistö Oy Keilalampi, FinlandValue of the company: EUR 129,524,6702


10/19 2,361 0 2,361 1.0% 472 1,725 3.6

3 EspooKeilaniementie 1“Tower”FI

FP O (66%) 03/20 1976, Renovated

2019

10,836 23,943 500 AC, PL 178,400175,000

176,700 1.8% 7,0657,059

5959

4,893 3,379 1,514 0.0% 1,468 3,425 2.3 0.5% 7.0 6,978

Holding:100.0% shareholding inKoy Keilalampi, FinlandValue of the company: EUR 48,271,2682


03/21 25 0 25 0.0% 5 18 4.5

4 21502 EspooKeilaniementie 1“Keilalampi”FI

FP O (76%) 03/21 1994, Renovated

2020

6,673 13,598 244 K, PA, LA 86,69087,000

86,845 0.9% 3,5093,509

5959

3,109 1,598 1,510 311 2,798 4.5 0.0% 9.7 1,762

Holding:100.0% shareholding inKoy Keilaniemen Pavilijongit, FinlandValue of the company: EUR 7,780,0392


03/21 4 0 4 0.0% 2 2 4.5

5 21502 EspooKeilaniementie 1“Pavilions”FI

FP S (97%) 03/21 2020 6,355 1,077 7,8307,800

7,815 0.1% 306306

6969

253 130 123 25 227 4.5 0.0% 6.6 93

Holding:100.0% shareholding inGrundbesitz Europa ICAV, Ireland13)

Value of the company: EUR 276,230,9112


03/20

6 Dublin1 Mayor Street Upper“The Point Campus Tolka”IE


93,600 1.0% 6,0956,246

5858

75.0% 0.8 3,145

7 Dublin1 Mayor Street Upper“The Point Campus Liffey”IE


65,250 0.7% 4,1784,289

5757

41.3% 1.4 1,651

8 DublinUpper Glenageary Road, Cualanor“Cheevers & Haliday”IE

FP Further sections

under construction

R (100%) 08/21 2021 12,873 16,446 66,188 66,188 0.7% 4,613 3,645 968 7.0% 125 4,419 5.0 1.2% 0.3 366




Type of property5

Project/Portfolio


Type of use6

Date of acquisi-

tionYear of


in sqm


building right


in sqm


in sqm




in TEUR

Purchase price/

Market value

Average value8

in TEUR


in%






costs in TEUR9,10




as % of purchase

price





in TEUR8

Expected remaining

amortization period

in yearsLoans

in TEUR8



price


rental income fully

let


years11


- Sept. 30, 2021 in TEUR12


Holding:100.0% shareholding in Tailor Logistic S.R.L., ItalyValue of the company: EUR 124,775,9452


06/18 1,935 0 1,935 1.4% 387 1,192 4.0

9 28069 TrecateStrada Provinciale 11IT

FP W (85%) 07/20 2020 367,729 162,235 1,414 K, PA, LA 201,000199,080

200,040 2.1% 8,5478,547

4949

0.0% 13.7 8,547

Holding:49.0% shareholding in Rondo 1 UG (haftungsbeschränkt) & Co. KG,GermanyValue of the company: EUR 81,546,5982


01/14

10 00-124 Warsaw“Rondo One”PL


(RPU)4

66,771 501 K, PA, LA, R 146,363145,530

145,947 1.5% 9,6909,176

5555


66,787 45.8% 9.2% 3.0 18,702

Holding:100.0% shareholding inCC01 Coimbra S.A., PortugalValue of the company: EUR 41,176,2822



11 3030-327 CoimbraRua General Humberto Delgado 207-211PT

FP/HBR S (99%) 11/15 2005 66.50% Partial heritable

building right on

43,344 sqm

27,077 1,170 K, PA, LA, R 77,90075,500

76,700 0.8% 6,3696,839

4444

6.7% 2.1 6,549

Holding:100.0% shareholding inDiagonal Mar Holdco S.L., Spainand above thatValue of the company: EUR 343,823,3372


08/16 6,127 0 6,127 0.8% 1,032 0 completely amortized

Holding:100.0% shareholding inNW Diagonal DM1 S.L., SpainValue of the company: EUR 278,669,7712


08/16



08/16



08/16

12 8019 BarcelonaAvenida Diagonal 3ES

FP S (97%) 08/16 2001 88.37% co-ownership

share of 39,610 sqm

61,930 5,000 K, PA, LA, R 495,000488,000

491,500 5.0% 25,35224,498

4040

3.1% 6.6 21,148

Holding:40.0% shareholding in PRS Getafe A S.L., Spain Value of the company: EUR 1,577,3212


12/20

Holding:40.0% shareholding in PRS Getafe B S.L., SpainValue of the company: EUR 884,9222


12/20

Holding:40.0% shareholding in PRS Vallecas S.L., SpainValue of the company: EUR 1,063,9852


12/20

Holding:100.0% shareholding in Office Parc Central, SpainValue of the company: EUR 46,034,2802


10/20



Type of property5

Project/Portfolio


Type of use6

Date of acquisi-

tionYear of


in sqm


building right


in sqm


in sqm




in TEUR

Purchase price/

Market value

Average value8

in TEUR


in%






costs in TEUR9,10




as % of purchase

price





in TEUR8

Expected remaining

amortization period

in yearsLoans

in TEUR8



price


rental income fully

let


years11


- Sept. 30, 2021 in TEUR12


Holding:100.0% shareholding in Tailor Logistic S.R.L., ItalyValue of the company: EUR 124,775,9452


06/18 1,935 0 1,935 1.4% 387 1,192 4.0

9 28069 TrecateStrada Provinciale 11IT

FP W (85%) 07/20 2020 367,729 162,235 1,414 K, PA, LA 201,000199,080

200,040 2.1% 8,5478,547

4949

0.0% 13.7 8,547

Holding:49.0% shareholding in Rondo 1 UG (haftungsbeschränkt) & Co. KG,GermanyValue of the company: EUR 81,546,5982


01/14

10 00-124 Warsaw“Rondo One”PL


(RPU)4

66,771 501 K, PA, LA, R 146,363145,530

145,947 1.5% 9,6909,176

5555


66,787 45.8% 9.2% 3.0 18,702

Holding:100.0% shareholding inCC01 Coimbra S.A., PortugalValue of the company: EUR 41,176,2822



11 3030-327 CoimbraRua General Humberto Delgado 207-211PT

FP/HBR S (99%) 11/15 2005 66.50% Partial heritable

building right on

43,344 sqm

27,077 1,170 K, PA, LA, R 77,90075,500

76,700 0.8% 6,3696,839

4444

6.7% 2.1 6,549

Holding:100.0% shareholding inDiagonal Mar Holdco S.L., Spainand above thatValue of the company: EUR 343,823,3372


08/16 6,127 0 6,127 0.8% 1,032 0 completely amortized



08/16



08/16



08/16

12 8019 BarcelonaAvenida Diagonal 3ES

FP S (97%) 08/16 2001 88.37% co-ownership

share of 39,610 sqm

61,930 5,000 K, PA, LA, R 495,000488,000

491,500 5.0% 25,35224,498

4040

3.1% 6.6 21,148

Holding:40.0% shareholding in PRS Getafe A S.L., Spain Value of the company: EUR 1,577,3212


12/20

Holding:40.0% shareholding in PRS Getafe B S.L., SpainValue of the company: EUR 884,9222


12/20

Holding:40.0% shareholding in PRS Vallecas S.L., SpainValue of the company: EUR 1,063,9852


12/20

Holding:100.0% shareholding in Office Parc Central, SpainValue of the company: EUR 46,034,2802


10/20




Type of property5

Project/Portfolio


Type of use6

Date of acquisi-

tionYear of


in sqm


building right


in sqm


in sqm




in TEUR

Purchase price/

Market value

Average value8

in TEUR


in%






costs in TEUR9,10




as % of purchase

price





in TEUR8

Expected remaining

amortization period

in yearsLoans

in TEUR8



price


rental income fully

let


years11


- Sept. 30, 2021 in TEUR12


Holding:100.0% shareholding in Mer-Europa SAS, FranceValue of the company: EUR 226,172,6652


03/18 1,620 0 1,620 0.6% 322 1,285 4.0

13 41500 Merrue Saint-ExupéryFR

FP W (96%) 04/18 2019 176,619 73,806 214 AC, PL 57,10055,900

56,500 0.6% 2,6922,692

4848

1,588 0 1,588 2.1% 318 821 2.6 0.0% 3.4

14 92400 Courbevoie34 Place des Corolles“Tour Blanche”FR

FP O (100%) 11/18 2012-2014 1,008 25,783 124 K, PA, LA 209,000217,000

213,000 2.2% 10,15410,146

5353

5,689 0 5,689 2.6% 1,138 2,465 2.2 32,900 15.4% 0.0% 2.0

15 75017 ParisRue Héliopolis 3/5“TOKO”FR

UC Project develop-

ment until probably

2022


tion

1,857 137,700 137,700 1.4% 100.0% 0.0 0

Holding: 100.0% shareholding in SAS Grundbesitz Europa Omega, FranceValue of the company: EUR 55,664,7302


01/21

Holding:40.0% shareholding inSCI Carvin Omega, FranceValue of the company: EUR 10,080,5042


02/21

16 62220 Carvin17 Rue Louis Joseph Gay Lussac “Carvin Logistics Centre”.FR

FP W (87%) 03/21 2016 75,000 21,852 174 17,84017,760

17,800 0.2% 723723

4545

514 271 243 2.8% 52 465 2.2 0.0% 4.0 947

Holding:40.0% shareholding inSCI Lauwin Planque I Omega, FranceValue of the company: EUR 8,297,6412


02/21

17 59553 Lauwin-Planque3 Rue Amazon “Lauwin-Planque I Logistics Centre”.FR

FP W (96%) 03/21 2014 74,250 30,161 84 13,16013,600

13,380 0.1% 537537

4343

1,079 900 179 8.0% 109 984 2.3 0.0% 4.1 712

Holding:40.0% shareholding inSCI Lauwin Planque II Omega, France Value of the company: EUR 8,551,3062


02/21

18 59553 Lauwin-PlanqueRue de la Plaine“Lauwin-Planque II Logistics Centre”FR

FP W (96%) 03/21 2016 72,627 30,517 116 13,44012,800

13,120 0.1% 537537

4545

321 173 147 2.9% 35 316 2.3 0.0% 3.0 454

Holding:40.0% shareholding inSCI Lauwin Planque III Omega, FranceValue of the company: EUR 13,406,4892


02/21

19 59553 Lauwin-PlanqueRue Amazon“Lauwin-Planque III Logistics Centre”FR

FP W (97%) 03/21 2017 122,041 55,412 183 23,08022,920

23,000 0.2% 933933

4646

635 330 305 2.8% 63 569 2.3 0.0% 1.7 1,237

Holding:40.0% shareholding inSCI Saint Gilles Omega, FranceValue of the company: EUR 16,842,0662


02/21

20 30800 Saint-GillesRue du Falcon“Nimes Logistics Centre”FR

FP W (95%) 03/21 2016 210,903 68,352 421 29,44029,920

29,680 0.3% 1,1831,183

4545

845 429 416 2.8% 85 764 2.2 0.0% 4.6 1,569

Holding:100.0% shareholding in GE FOC IIngatlanhasznosító Kft, HungaryValue of the company: EUR 49,646,3802


03/18



Type of property5

Project/Portfolio


Type of use6

Date of acquisi-

tionYear of


in sqm


building right


in sqm


in sqm




in TEUR

Purchase price/

Market value

Average value8

in TEUR


in%






costs in TEUR9,10




as % of purchase

price





in TEUR8

Expected remaining

amortization period

in yearsLoans

in TEUR8



price


rental income fully

let


years11


- Sept. 30, 2021 in TEUR12


21 2051 BiatorbágyBudaörsi út 4“Premier Outlet Budapest”HU

FP S (99%) 04/18 2004/2006/2007

180,224 23,977 1,599 AC, PL, SL, E 82,20080,000

81,100 0.8% 6,7366,555

3535

1,334 0 1,334 1.8% 311 422 1.4 11.3% 3.4 5,463

Holding:100% shareholding in Carmel Residential I Coöperatief U.A., NetherlandsValue of the company: EUR 58,959,4652

Share capital: EUR 40,102,235 Shareholder loan: 31,000,000

04/20 733 0 733 1.7% 139 559 4.2

22 Carmel Cluster III – Centre:The Hague, Centre, ValkenboskwartierNL

FP R (91%) 06/20 1880-1978 1,458 15,508 2 56,20057,820

57,010 0.6% 2,8412,826

3939

1,390 956 434 2.4% 425 2,226 3.8 8.2% 3.0 2,489

23 Carmel Cluster IV – Schilderswijk:The Hague, SchilderswijkNL

FP R (86%) 06/20 1850-1977 2,133 9,893 30,80030,140

30,470 0.3% 1,6031,610

3939

697 480 217 2.3% 234 1,501 3.8 1.4% 3.0 1,298

Holding:100% shareholding in Carmel Residential II Coöperatief U.A., NetherlandsValue of the company: EUR 52,867,3902


04/20 612 0 612 1.8% 122 458 4.0

24 Carmel Cluster II – Moerwijk West:2533 JA The Hague,Sara Burgerhartweg 4-70NL

FP R (89%) 06/20 2013 705 583 1,311 PL 5,2205,420

5,320 0.1% 262262

6262

2,080 117 1,963 38.7% 44 178 3.8 0.0% 3.0 260

25 Carmel Cluster V – Rustenburg:The Hague, Rustenburg, MoerwijkNL

FP R (95%) 06/20 1926-1941 N/A 1,328 20,169 56,80057,220

57,010 0.6% 3,0563,052

3939

1,372 912 460 2.4% 470 2,835 3.8 2.1% 3.0 2,583

26 Carmel Cluster VII – Scheveningen:Den Haag, Scheveningen, LoosduinenNL

FP R (82%) 06/20 1870-1976

N/A 1,213 5,037 16,10015,450

15,775 0.2% 891877

3939

531 365 166 3.4% 136 584 3.8 6.2% 3.0 817

Holding:100% shareholding in Carmel Residential III Coöperatief U.A., NetherlandsValue of the company: EUR 80,495,2542


04/20 739 0 739 1.7% 148 554 4.0

27 Carmel Cluster IV – Laakkwartier:The Hague, Laakkwartier, LeyenburgNL

FP R (99%) 06/20 1906-1957 N/A 839 43,817 130,000130,580

130,290 1.3% 6,5216,513

3939

2,326 1,511 816 1.8% 901 6,799 3.8 3.0% 3.0 4,932

Shareholding: 100% shareholding in Carmel Residential IV Coöperatief U.A., Netherlands Value of the company: EUR 35,992,8372

Share capital: EUR 34,897,978 Shareholder loan: EUR 0.00

04/20

Holding:100% shareholding in THM4 B.V., NetherlandsValue of the company: EUR 33,6982Share capital: EUR 33,689 Shareholder loan: EUR 0.00

10/20

Holding:100% shareholding in THM5 B.V., Netherlands Value of the company: 1,554,5922

Share capital: 1,554,592 Shareholder loan: EUR 0.00

10/20

Holding:100% shareholding in The Hague Investment VII C.V. NetherlandsValue of the company: EUR 21,001,4662


10/20 362 0 362 1.1% 18 344 4.5

28 2521 AZ The Hague1e Lulofsdwarsstraat 32-42NL

FP R (96%) 10/20 2020 1,794 143 6,496 48 36,60035,960

36,280 0.4% 1,5231,523

6969

881 0 881 2.4% 162 720 4.1 16,040 44.2% 0.9% 3.0 1,398

Holding:100% shareholding in The Hague Investment VIII C.V., NetherlandsValue of the company: EUR 18,778,6662


10/20 338 0 338 1.1% 15 323 4.5

29 2521 AA The Hague1e Lulofsdwarsstraat 20-32NL

FP R (95%) 10/20 2020 1,691 145 5,920 44 33,40032,890

33,145 0.3% 1,3931,393

6969

823 0 823 2.5% 151 672 4.1 14,960 45.1% 0.1% 3.0 1,283



Type of property5

Project/Portfolio


Type of use6

Date of acquisi-

tionYear of


in sqm


building right


in sqm


in sqm




in TEUR

Purchase price/

Market value

Average value8

in TEUR


in%






costs in TEUR9,10




as % of purchase

price





in TEUR8

Expected remaining

amortization period

in yearsLoans

in TEUR8



price


rental income fully

let


years11


- Sept. 30, 2021 in TEUR12

VI. Properties held through special purpose vehicles outside Germany (countries with other currencies)

Holding:51% shareholding inOne Angel Square L. P., EnglandValue of the company: EUR 93,980,7012



Holding:51.0% shareholding inOne Angel Square GP Limited, EnglandValue of the company: EUR 82,8282


01/13

1 Manchester M60 0AG“One Angel Square”GB

FP O (95%) 02/13 2012 5,140 30,585 151 K, PA, LA 94,76994,000

94,384 1.0% 6,0045,389

6262


0.0% 16.4

Holding:100.0% shareholding inJersey PropCo, RREEF Bankside IILimited, JerseyValue of the company: EUR 94,868,7372


05/17 2007 303 0 303 0.2% 61 45 1.2

2 London SE1 0SW90-100 Southwark Street“Bankside 2”GB


191,848 2.0% 10,68910,689

5656

9,491 7,354 2,137 6.4% 2,628 1,625 0.6 17,040 8.9% 0.0% 5.7

Holding:100.0% shareholding inJersey PropCo, RREEF Bankside IIILimited, JerseyValue of the company: EUR 123,171,0102


05/17 421 0 421 0.2% 84 62 1.2



253,170 2.6% 14,09614,096

5656

13,483 10,239 3,244 6.5% 3,611 2,708 0.8 23,532 9.3% 0.0% 5.7

100.0% shareholding inKelaty House (PBSA), JerseyValue of the company: EUR 59,955,7942


02/19

4 Wembley“Pavilion Court”GB

UC R (100%) 03/19 2021 7,641 10,502 PL, SL 121,838 121,838 1.3% 5,916 2,409 3,507 4.9% 0 5,916 5.0 19,706 16.2% 53.0% 1.0 52

Holding:63.7% shareholding inSwift Newco B Limited, EnglandValue of the company: EUR 176,363,6312


08/19

Holding:63.7% shareholding inSwift PropCo Holdings Limited, EnglandValue of the company: EUR 177,939,2672


08/19

Holding:63.7% shareholding inBeith Street PropCo Limited, EnglandValue of the company: EUR 9,073,7432


08/19 1,497 85 1,412 2.9% 304 895 2.9

5 Glasgow G11 6BZ82 Beith Street“West End”GB

FP R (95%) 08/19 2017 9,263 2,840 10,038 PL 59,81261,658

60,735 0.6% 4,4134,585

5656

23,946 39.4% 0.2% 1.3 5,351

Holding:63.7% shareholding inFountainbridge Propco Limited, EnglandValue of the company: EUR 15,350,2122


08/19 1,497 85 1,412 3.6% 304 895 2.9



Type of property5

Project/Portfolio


Type of use6

Date of acquisi-

tionYear of


in sqm


building right


in sqm


in sqm




in TEUR

Purchase price/

Market value

Average value8

in TEUR


in%






costs in TEUR9,10




as % of purchase

price





in TEUR8

Expected remaining

amortization period

in yearsLoans

in TEUR8



price


rental income fully

let


years11


- Sept. 30, 2021 in TEUR12


Holding:51% shareholding inOne Angel Square L. P., EnglandValue of the company: EUR 93,980,7012



Holding:51.0% shareholding inOne Angel Square GP Limited, EnglandValue of the company: EUR 82,8282


01/13

1 Manchester M60 0AG“One Angel Square”GB

FP O (95%) 02/13 2012 5,140 30,585 151 K, PA, LA 94,76994,000

94,384 1.0% 6,0045,389

6262


0.0% 16.4

Holding:100.0% shareholding inJersey PropCo, RREEF Bankside IILimited, JerseyValue of the company: EUR 94,868,7372


05/17 2007 303 0 303 0.2% 61 45 1.2



191,848 2.0% 10,68910,689

5656

9,491 7,354 2,137 6.4% 2,628 1,625 0.6 17,040 8.9% 0.0% 5.7

Holding:100.0% shareholding inJersey PropCo, RREEF Bankside IIILimited, JerseyValue of the company: EUR 123,171,0102


05/17 421 0 421 0.2% 84 62 1.2



253,170 2.6% 14,09614,096

5656

13,483 10,239 3,244 6.5% 3,611 2,708 0.8 23,532 9.3% 0.0% 5.7

100.0% shareholding inKelaty House (PBSA), JerseyValue of the company: EUR 59,955,7942


02/19

4 Wembley“Pavilion Court”GB

UC R (100%) 03/19 2021 7,641 10,502 PL, SL 121,838 121,838 1.3% 5,916 2,409 3,507 4.9% 0 5,916 5.0 19,706 16.2% 53.0% 1.0 52

Holding:63.7% shareholding inSwift Newco B Limited, EnglandValue of the company: EUR 176,363,6312


08/19

Holding:63.7% shareholding inSwift PropCo Holdings Limited, EnglandValue of the company: EUR 177,939,2672


08/19

Holding:63.7% shareholding inBeith Street PropCo Limited, EnglandValue of the company: EUR 9,073,7432


08/19 1,497 85 1,412 2.9% 304 895 2.9

5 Glasgow G11 6BZ82 Beith Street“West End”GB

FP R (95%) 08/19 2017 9,263 2,840 10,038 PL 59,81261,658

60,735 0.6% 4,4134,585

5656

23,946 39.4% 0.2% 1.3 5,351

Holding:63.7% shareholding inFountainbridge Propco Limited, EnglandValue of the company: EUR 15,350,2122


08/19 1,497 85 1,412 3.6% 304 895 2.9




Type of property5

Project/Portfolio


Type of use6

Date of acquisi-

tionYear of


in sqm


building right


in sqm


in sqm




in TEUR

Purchase price/

Market value

Average value8

in TEUR


in%






costs in TEUR9,10




as % of purchase

price





in TEUR8

Expected remaining

amortization period

in yearsLoans

in TEUR8



price


rental income fully

let


years11


- Sept. 30, 2021 in TEUR12


6 Edinburgh EH3 9QG125a Fountainbridge“Fountainbridge”GB

FP R (99%) 08/19 2018 2,752 758 5,425 PL 44,96947,849

46,409 0.5% 3,4083,367

5757

18,358 39.6% 0.0% 0.9 3,038

Holding:63.7% shareholding inStrawberry Place PropCo Limited, EnglandValue of the company: EUR 6,245,4022


08/19 1,497 85 1,412 5.3% 304 895 2.9

7 Newcastle upon Tyne NE1 4PQStrawberry Place“Strawberry Place”UK

FP R (100%) 08/19 2017 2,853 830 6,715 PL 32,93331,161

32,047 0.3% 2,7602,879

5656

13,533 42.2% 5.9% 0.9 3,396

Holding:63.7% shareholding inFirst Street Manchester Propco Limited, EnglandValue of the company: EUR 3,002,1792


08/19 1,497 85 1,412 5.1% 304 895 2.9

8 Manchester M15 4FN13 Jack Rosenthal Street“First Street“GB

FP/HBR R (99%) 08/19 2014 826 Heritable building right

(long leasehold)

871 5,038 PL 30,86632,933

31,899 0.3% 2,4622,572

5353

13,645 42.8% 0.7% 0.9 2,784

Holding:63.7% shareholding inCircle Square 10&11 Propco Limited, EnglandValue of the company: EUR 36,652,2352


08/19 1,497 85 1,412 1.4% 304 895 2.9

9 Manchester M1 7FA2 Nobel Way“10 /11 Circle Square“GB

FP R (99%) 08/19 2017 5,026 2,304 16,128 PL 117,039120,361

118,700 1.2% 7,7968,351

5656

48,898 41.2% 1.8% 0.9 9,511

Holding:63.7% shareholding inSt Albans Place Propco Limited, EnglandValue of the company: EUR 12,390,6712


08/19 1,497 85 1,412 3.9% 304 895 2.9

10 Leeds LS2 8JPCross Belgrave Street“St Albans Place“GB

FP R (99%) 08/19 2019 1,396 1,257 7,962 PL 42,31142,902

42,606 0.4% 3,1573,404

5858

17,871 41.9% 2.1% 0.9 3,321

Holding:63.7% shareholding inCircle Square 9 Propco Limited, EnglandValue of the company: EUR 22,092,0182


08/19 1,497 85 1,412 3.3% 304 895 2.9

11 Manchester M1 7FA2 Nobel Way“9 Circle Square“GB

FP R (99%) 08/19 2019 1,445 1,193 6,320 PL 50,95152,649

51,800 0.5% 3,6003,783

5858

20,856 40.3% 0.6% 0.9 4,017

Holding:63.7% shareholding inPebble Mill Propco Limited, EnglandValue of the company: EUR 13,215,2412Share capital: EUR 11,150,528Shareholder loan: EUR 3,189,725

08/19 1,497 85 1,412 3.9% 304 895 2.9

12 Birmingham B29 7ESPetershore Road“Pebble Mill“GB

FP R (100%) 08/19 2019 8,944 900 7,166 PL 41,20341,647

41,425 0.4% 3,0563,212

5858

17,157 41.4% 14.1% 0.9 3,200

Holding:100.0% shareholding in Peckham Place Limited, EnglandValue of the company: EUR 39,963,5932


01/21


All property-related data at 100%, without taking the share of portfolio into account. 1 Areas of the property protected by preservation order. 2 The value of the Company is determined in accordance with the provisions of the KAGB and the Capital Investment Accounting and Valuation Regulation (KARBV). 3 Corresponds to German heritable building rights. 4 Corresponds to German heritable right of usufruct. 5 FP = Rented residential properties, commercial real estate and mixed-use real estate with

finished properties. UC = Site under construction U = Undeveloped site HBR = Heritable building right 6 O = Office H = Hotel S = Shops W = Warehousing OT = Other R = Residential Share in % based on rental income. 7 AC = Air conditioning SL = Service lift PL = Passenger lift E = Escalator 8 Values in foreign currency converted at exchange rate of September 30, 2021. For holdings in

special purpose vehicles, the value is presented pro rata based on the share of portfolio. 9 For properties held via investments, incidental acquisition costs may be incurred at both fund

level and company level, depending, among other things, on whether a new company is being established or an existing company is being acquired.

10 Historical incidental acquisition costs in countries with another currency are recorded at the exchange rate at the time of the transfer of ownership.

11 When calculating the residual terms of leases, it is assumed that contractually agreed special termination rights are exercised.

12 Rental income in foreign currencies is converted using historical exchange rates.13 Properties were initially acquired directly and transferred during the reporting period to

an investment company.14 Excluding loans to finance project developments that have not yet been transferred to the portfolio.

Rental incomes for properties listed in color are not disclosed in order to protect the interests of the individual tenant.


Type of property5

Project/Portfolio


Type of use6

Date of acquisi-

tionYear of


in sqm


building right


in sqm


in sqm




in TEUR

Purchase price/

Market value

Average value8

in TEUR


in%






costs in TEUR9,10




as % of purchase

price





in TEUR8

Expected remaining

amortization period

in yearsLoans

in TEUR8



price


rental income fully

let


years11


- Sept. 30, 2021 in TEUR12


13 SE15 2BP LondonQueen's Road 77-79GB

FP R (98%) 03/21 2020 3,530 Freehold 8,564 43 PL 65,03163,988

64,510 0.7% 2,9802,961

7980

3,243 0 3,243 5.1% 327 2,939 4.5 28,690 44.5% 58.3% 0.7 211

Holding:100.0% shareholding in Stellar Logistics AB, SwedenValue of the company: EUR 78,523,0662


12/20 1,411 0 1,411 2.0% 82 1,329 4.8

14 55652 JönköpingMöbelvägen 51SE

FP W (97%) 12/20 1997, 2007, 2016

232,401 112,023 513 AC, PL 144,306142,836

143,571 1.5% 6,6486,648

4040

61,830 43.1% 0.0% 6.6 5,402

VII. Total real estate assets 9,745,966 100.0% 1,580,17014) 16.2%



EUR 1 = GBP 0.86266

EUR 1 = PLN 4.62623

EUR 1 = SEK 10.20052


Type of property5

Project/Portfolio


Type of use6

Date of acquisi-

tionYear of


in sqm


building right


in sqm


in sqm




in TEUR

Purchase price/

Market value

Average value8

in TEUR


in%






costs in TEUR9,10




as % of purchase

price





in TEUR8

Expected remaining

amortization period

in yearsLoans

in TEUR8



price


rental income fully

let


years11


- Sept. 30, 2021 in TEUR12


13 SE15 2BP LondonQueen's Road 77-79GB

FP R (98%) 03/21 2020 3,530 Freehold 8,564 43 PL 65,03163,988

64,510 0.7% 2,9802,961

7980

3,243 0 3,243 5.1% 327 2,939 4.5 28,690 44.5% 58.3% 0.7 211

Holding:100.0% shareholding in Stellar Logistics AB, SwedenValue of the company: EUR 78,523,0662


12/20 1,411 0 1,411 2.0% 82 1,329 4.8

14 55652 JönköpingMöbelvägen 51SE

FP W (97%) 12/20 1997, 2007, 2016

232,401 112,023 513 AC, PL 144,306142,836

143,571 1.5% 6,6486,648

4040

61,830 43.1% 0.0% 6.6 5,402

VII. Total real estate assets 9,745,966 100.0% 1,580,17014) 16.2%


List of property acquisitions and dispositions recorded in the statement of assets as of September 30, 2021

List of property acquisitions (transfer by September 30, 2021)

Location of propertyPurchase price1

in TEURTransfer of rights

and obligationsShare of portfolio

in %

I. Directly held properties

– in Germany

– in eurozone countries

80-236 GdanskAlchemia Park IVAleja Grundwaldzka 413 “NEON “PL

82,135 2/11/2021

– in countries with other currencies

Subtotal for directly held properties 82,135


– in Germany

Shareholding:100% shareholding in Berlin Ostbahnhof Immobilien GmbH & Co. KG

Property: Koppenstraße 810243 Berlin “UP!”

314,833 5/7/2021 100.0%

Shareholding:55% shareholding in Grundbesitz Spectrum GmbH & Co. KG

Property: Amandus-Stubbe-Straße 1022113 Hamburg

84,542 6/1/2021 55.0%


Shareholding:100% shareholding inCarmel Residential IV Coöperatief U.A.

Property:Carmel Cluster I2521 The Hague, 1e Lulofsdwarsstraat 32-42, part ANL

34,564 10/30/2020 100.0%

Property:Carmel Cluster VIII2521 The Hague, 1e Lulofsdwarsstraat 20-32, part BNL

32,271 10/30/2020 100.0%

Shareholding:100% shareholding in Carmel Residential Coöperativ U.A II

Properties:Carmel Cluster VRustenburg Extension: The Hague, Rustenburg, Moerwijk NL

12,900 6/2/2021 100.0%

Property:Carmel Cluster VII Expansion - Scheveningen:The Hague, Scheveningen, LoosduinenNL

404 6/2/2021 100.0%

Shareholding:100% shareholding in Carmel Residential Coöperativ U.A.

Property:Carmel Cluster III Expansion - Center:The Hague, Center, ValkenboskwartierNL

6,072 6/2/2021 100.0%






in %

Property:Carmel Cluster VI Expansion - Schilderswijk:The Hague, SchilderswijkNL

8,069 6/2/2021 100.0%

Shareholding:100% shareholding in Carmel Residential Coöperativ U.A III, Amsterdam

Property:Carmel Cluster IV Extention - Laakkwartier:The Hague, Laakkwartier, LeyenburgNL

43,412 6/2/2021 100.0%

Holding:40% shareholding in SCI Carvin Omega

Property: 62220 Carvin, Guy Lussac 17 “Carvin Logistics Centre” FR

18,400 3/23/2021 40.0%

Holding:40% shareholding in SCI Lauwin Planque I Omega

Property: 59553 Lauwin-Planque, Rue Amazon“Lauwin-Planque I Logistics Centre”FR

13,600 3/23/2021 40.0%

Holding:40% shareholding in SCI Lauwin Planque II Omega

Property: 59553 Lauwin-Planque, Rue de la Plein“Lauwin-Planque II Logistics Centre”FR

11,200 3/23/2021 40.0%

Holding:40% shareholding in SCI Lauwin Planque III Omega

Property: 59553 Lauwin-Planque, Rue Amazon“Lauwin-Planque III Logistics Centre”FR

23,000 3/23/2021 40.0%

Holding:40% shareholding in SCI Saint Gilles Omega

Property: 30800 Saint-Gilles, Rue du Falcon “Nîmes Logistics Centre”FR

30,600 3/23/2021 40.0%

Holding:100% shareholding in Koy Keilalampi

Property: 02150 Espoo, Keilaniementie 1“Keilalampi”FI

79,923 3/31/2021 100.0%

Holding:100% shareholding in Koy Keilaniemen Pavilijongit

Property: 02150 Espoo, Keilaniementie 1“Pavilions”FI

6,498 3/31/2021 100.0%


List of property dispositions in the reporting period (transfer by September 30, 2021)

Location of property Date of acquisitionTransfer of rights

and obligations as ofSales price

in TEURShare of portfolio

in %

I. Directly held properties

– in Germany


8046 MadridPaseo de la Castellana, 42ES

7/31/2003 7/30/2021 54,630 100%


London EC 4, 85 King William Street, “Capital House” GB

9/23/2010 7/22/2021 150,956 100%

Subtotal for directly held properties 205,586


– in Germany



Subtotal for holdings

Total 205,586





in %

Shareholding:100% shareholding in Grundbesitz Europa ICAV, 25-28 North Wall Quay, Dublin 1

Property:Dublin, Dun Laoghaire, Upper Glenageary Road, CualanorIE

66,188 8/3/2021 100.0%


Holding:100% shareholding in Stellar Logistics AB

Property:55652 JönköpingMöbelvägen 51 “Stellar“SE

141,610 12/10/2020 100.0%

Holding:100% shareholding inPeckham Place Limited

Property:London SE15 2BPQueen’s Road “Peckham Place” UK

64,259 3/19/2021 100.0%

Subtotal for holdings 992,344

Total 1,074,479

1 Currencies are converted at the exchange rate applicable on the date of the transfer of ownership.


Statement of assets as of September 30, 2021Part II: Cash overview

Securities description ISIN Maturity

Interest ratein %

Purchasesnominal EUR

or units

Salesnominal EUR

or units

Holdingsnominal EUR

or units

Market value EUR

Sept. 30, 2021

Share ofnet asset

value as %

I. Bank deposits 412,043,625.58 4.2%

II. Securities

1. Securities traded on an exchange

a) Interest-bearing securities

Adecco Intl Fin. Serv. B.V. EO-FLR Notes 2021(21/82) XS2388141892 21.12.26 1.00 6,000,000.00 0.00 6,000,000.00 5,892,150.00 0.1%

Alliander N.V. EO-FLR Securit. 2018(25/Und.) XS1757377400 30.03.25 1.63 10,000,000.00 10,000,000.00 0.00 0.00 0.0%

alstria office REIT-AG Anleihe v.2017(2017/2027) XS1717584913 15.11.27 1.50 0.00 6,000,000.00 0.00 0.00 0.0%

Aroundtown SA EO-FLR Med.-T. Nts 21(26/Und.) XS2287744721 16.04.26 1.63 8,000,000.00 0.00 8,000,000.00 7,806,720.00 0.1%

AXA S.A. EO-FLR Med.-T. Nts 04(09/Und.) XS0203470157 29.12.49 0.15 5,000,000.00 0.00 5,000,000.00 4,629,350.00 0.0%

B.A.T. Intl Finance PLC EO-Med.-Term Notes 2015(23/23) XS1203854960 13.10.23 0.88 0.00 10,000,000.00 0.00 0.00 0.0%

Bayer AG EO-Anleihe v.20(20/32) XS2199266698 06.07.32 1.38 0.00 4,000,000.00 0.00 0.00 0.0%

Bayer AG FLR-Sub.Anl.v.2015(2022/2075) DE000A14J611 02.10.22 2.38 15,000,000.00 15,000,000.00 0.00 0.00 0.0%

Bayer AG FLR-Sub.Anl.v.2019(2025/2079) XS2077670003 12.02.25 2.38 8,000,000.00 13,000,000.00 0.00 0.00 0.0%

Berlin Hyp AG Hyp.-Pfandbr. v.21(26) DE000BHY0HZ2 24.08.26 0.01 10,000,000.00 0.00 10,000,000.00 10,124,900.00 0.1%

BNP Paribas S.A. EO-FLR Non-Pref.MTN 20(26/27) FR00140005J1 14.10.27 0.38 10,000,000.00 10,000,000.00 0.00 0.00 0.0%

BNP Paribas S.A. EO-Non-Preferred MTN 2020(32) FR0014000UL9 03.12.32 0.63 20,500,000.00 0.00 20,500,000.00 19,943,962.92 0.2%

BNP Paribas S.A. EO-Non-Preferred MTN 2021(32) FR0014002986 03.12.32 0.63 8,000,000.00 8,000,000.00 0.00 0.00 0.0%

BP Capital Markets PLC EO-FLR Notes 2020(29/Und.) XS2193662728 22.03.29 3.63 0.00 10,000,000.00 0.00 0.00 0.0%

Bque Fédérative du Cr. Mutuel EO-Preferred MTN 2020(27) FR00140003P3 08.10.27 0.10 7,500,000.00 7,500,000.00 0.00 0.00 0.0%

Bundesrep.Deutschland Anl.v.2020 (2030) DE0001030708 15.08.30 0.00 0.00 0.00 20,000,000.00 20,657,536.60 0.2%

Bundesrep.Deutschland Bundesobl.Ser.180 v.2019(24) DE0001141802 18.10.24 0.00 15,000,000.00 0.00 15,000,000.00 15,326,374.05 0.2%

Bundesrep.Deutschland Inflationsindex. Anl.v.21(33) DE0001030583 15.04.33 0.00 51,288,000.00 0.00 51,288,000.00 64,126,925.04 0.6%

Castellum Helsinki Fin.Hol.Abp EO-Medium-Term Nts 2021(21/29) XS2387052744 17.09.29 0.88 7,000,000.00 0.00 7,000,000.00 6,925,076.62 0.1%

CEPSA Finance S.A.U. EO-Medium-Term Nts 2020(20/26) XS2202744384 13.02.26 2.25 0.00 10,000,000.00 0.00 0.00 0.0%

CEPSA Finance S.A.U. EO-Medium-Term Nts 2020(27/28) XS2117485677 12.02.28 0.75 0.00 6,000,000.00 0.00 0.00 0.0%

Commerzbank AG MTN-IHS S.961 v.20(27) DE000CZ45V82 01.09.27 0.38 0.00 40,000,000.00 0.00 0.00 0.0%

Coöperatieve Rabobank U.A. EO-Non-Preferred MTN 2021(33) XS2306851853 25.02.33 0.63 10,000,000.00 10,000,000.00 0.00 0.00 0.0%

Crédit Mutuel Arkéa EO-Preferred MTN 2020 (26) FR00140007B4 28.01.26 0.01 10,000,000.00 10,000,000.00 0.00 0.00 0.0%

Daimler AG Medium Term Notes v.16(21) DE000A169G07 12.01.21 0.88 0.00 11,800,000.00 0.00 0.00 0.0%

Daimler AG Medium Term Notes v.20(23) DE000A289XH6 22.08.23 1.63 0.00 0.00 11,000,000.00 11,396,453.75 0.1%

Danone S.A. EO-FLR Med.-T. Nts 17(23/Und.) FR0013292828 23.06.23 1.75 0.00 5,000,000.00 0.00 0.00 0.0%

Danone S.A. EO-FLR Med.-T. Nts 21(21/Und.) FR0014005EJ6 16.09.26 1.00 11,500,000.00 0.00 11,500,000.00 11,527,786.88 0.1%

Deutsche Bank AG DM-Zero-Bonds 1996(26) DE0001345759 28.10.26 0.00 10,160,000.00 10,160,000.00 0.00 0.00 0.0%

Deutsche Bank AG FLR-MTN v.15(25) DE000DB7XKH4 30.07.25 0.40 10,000,000.00 0.00 10,000,000.00 10,019,900.00 0.1%

Deutsche Bank AG FLR-MTN v.17(20) DE000DL19TX8 07.12.20 0.02 0.00 20,000,000.00 0.00 0.00 0.0%

Deutsche Bank AG FLR-MTN v.20(24/25) DE000DL19VR6 19.11.25 1.00 14,000,000.00 14,000,000.00 0.00 0.00 0.0%

Deutsche Bank AG FLR-MTN v.20(25/26) DE000DL19VD6 10.06.26 1.38 0.00 4,300,000.00 0.00 0.00 0.0%

Deutsche Bank AG FLR-MTN v.20(29/30) DE000DL19VS4 19.11.30 1.75 20,000,000.00 20,000,000.00 0.00 0.00 0.0%

Deutsche Bank AG FLR-MTN v.21(31/32) DE000DL19VU0 17.02.32 1.38 20,000,000.00 20,000,000.00 0.00 0.00 0.0%

Deutsche Bank AG LI-Zero Bonds 1996(21) DE0001343101 15.10.21 0.00 0.00 20,103,084.80 0.00 0.00 0.0%

Deutsche Bank AG Med.Term Nts.v.2017(2022) DE000DL19TA6 20.01.22 1.50 0.00 7,500,000.00 0.00 0.00 0.0%

Deutsche Bank AG Med.Term Nts.v.2018(2023) DE000DL19UC0 30.08.23 1.13 0.00 25,000,000.00 0.00 0.00 0.0%

Deutsche Bank AG Med.Term Nts.v.2019(2026) DE000DL19US6 12.02.26 2.63 0.00 10,000,000.00 0.00 0.00 0.0%

Deutsche Bank AG Med.Term Nts.v.2020(2027) DE000DL19U23 20.01.27 1.63 0.00 30,000,000.00 0.00 0.00 0.0%

Deutsche Bank AG, London Br. FLR-Med.Term Nts.v.2016(2031) XS1440586581 30.06.31 0.98 10,000,000.00 0.00 10,000,000.00 9,709,700.00 0.1%

Deutsche Bank AG, London Br. Zero-MTN v.03(25.02.2023) XS0163253924 25.02.23 0.00 0.00 11,285,932.42 0.00 0.00 0.0%

Deutsche Börse AG FLR-Sub.Anl.v.2020(2027/2047) DE000A289N78 16.03.27 1.25 0.00 0.00 3,000,000.00 3,072,926.25 0.0%

Deutsche Hypothekenbank MTN-IHS S.473 v.2016(2020) DE000DHY4739 02.11.20 0.63 0.00 13,000,000.00 0.00 0.00 0.0%

Deutsche Pfandbriefbank AG MTN R.35384 v.21(26) DE000A3H2ZX9 02.02.26 0.10 11,000,000.00 11,000,000.00 0.00 0.00 0.0%

E.ON SE Medium Term Notes v.19(24/24) XS2047500769 28.08.24 0.00 5,000,000.00 5,000,000.00 0.00 0.00 0.0%

EDP - Energias de Portugal SA EO-FLR Securities 2020(25/80) PTEDPLOM0017 20.04.25 1.70 0.00 10,000,000.00 0.00 0.00 0.0%

EDP - Energias de Portugal SA EO-FLR Securities 2021(21/82) PTEDPXOM0021 14.03.27 1.50 11,000,000.00 0.00 11,000,000.00 10,838,850.00 0.1%

EDP - Energias de Portugal SA EO-FLR Securities 2021(21/82) PTEDPYOM0020 14.06.29 1.88 11,500,000.00 0.00 11,500,000.00 11,308,525.00 0.1%

EDP - Energias de Portugal SA EO-FLR Securities 2021(26/81) PTEDPROM0029 02.08.26 1.88 5,500,000.00 0.00 5,500,000.00 5,581,125.00 0.1%

EnBW Energie Baden-Württem. AG FLR-Anleihe v.21(28/81) XS2381272207 31.08.28 1.38 13,500,000.00 13,500,000.00 0.00 0.00 0.0%

EnBW Energie Baden-Württem. AG FLR-Anleihe v.21(32/81) XS2381277008 31.08.32 2.13 6,500,000.00 6,500,000.00 0.00 0.00 0.0%

ENI S.p.A. EO-FLR Nts 2020(29/Und.) XS2242931603 13.07.29 3.38 11,000,000.00 6,000,000.00 5,000,000.00 5,337,900.00 0.1%

Erste Group Bank AG EO-Pref. Med.-T.Nts 2020(25) AT0000A2JAF6 16.09.25 0.05 0.00 4,000,000.00 0.00 0.00 0.0%

Europäische Union EO-Medium-Term Notes 2020(50) EU000A284469 04.11.50 0.30 14,500,000.00 14,500,000.00 0.00 0.00 0.0%

Europäische Union EO-Medium-Term Notes 2021(31) EU000A3KSXE1 04.07.31 0.00 10,000,000.00 10,000,000.00 0.00 0.00 0.0%

Europäische Union EO-Medium-Term Notes 2021(36) EU000A3KM903 04.06.36 0.20 10,000,000.00 10,000,000.00 0.00 0.00 0.0%

Frankreich EO-Infl.Index-Lkd OAT 2020(31) FR0014001N38 25.07.31 0.10 38,285,625.00 0.00 38,285,625.00 45,407,134.11 0.5%

Fresenius SE & Co. KGaA MTN v.2020(2026/2026) XS2237434472 28.09.26 0.38 0.00 7,000,000.00 0.00 0.00 0.0%

Fresenius SE & Co. KGaA MTN v.2020(2032/2033) XS2237447961 28.01.33 1.13 0.00 7,000,000.00 0.00 0.00 0.0%



Interest ratein %


or units

Salesnominal EUR

or units

Holdingsnominal EUR

or units

Market value EUR

Sept. 30, 2021

Share ofnet asset

value as %

II. Securities

Gecina S.A. EO-Med.-Term Nts 2021(21/36) FR00140049A8 30.06.36 0.88 8,000,000.00 8,000,000.00 0.00 0.00 0.0%

Grand City Properties S.A. EO-FLR Med-T. Nts 20(21/UND.) XS2271225281 11.03.26 1.50 7,500,000.00 7,500,000.00 0.00 0.00 0.0%

Griechenland EO-Notes 2020(35) GR0128016731 04.02.35 1.88 40,000,000.00 40,000,000.00 0.00 0.00 0.0%

Griechenland EO-Notes 2021(52) GR0138017836 24.01.52 1.88 22,000,000.00 12,000,000.00 10,000,000.00 10,567,699.10 0.1%

Hamburg Commercial Bank AG IHS v. 2020(2021) S.2726 DE000HCB0AW0 15.11.21 0.20 0.00 200,000,000.00 0.00 0.00 0.0%

Hamburg Commercial Bank AG IHS v. 2020(2024) S.2727 DE000HCB0AX8 08.01.24 0.35 0.00 50,000,000.00 100,000,000.00 100,970,000.00 1.0%

Hamburg Commercial Bank AG IHS v. 2021(2026) S.2729 DE000HCB0AZ3 09.03.26 0.38 50,000,000.00 0.00 50,000,000.00 50,107,000.00 0.5%

Hamburg Commercial Bank AG IHS v.2019(2022) S.2709 DE000HCB0AD0 23.05.22 0.50 0.00 70,000,000.00 0.00 0.00 0.0%

Hamburg Commercial Bank AG IHS v.2019(2024) S.2714 DE000HCB0AJ7 19.08.24 0.26 0.00 20,000,000.00 0.00 0.00 0.0%

Hamburg Commercial Bank AG IHS v.2021(2025/2026) S.2737 DE000HCB0A86 22.09.26 0.50 23,000,000.00 0.00 23,000,000.00 23,072,910.00 0.2%

Hamburg Commercial Bank AG NH FestZins XL 3 v.12(22) DE000HSH3YZ3 09.05.22 4.00 0.00 0.00 9,300,000.00 9,578,535.00 0.1%

Infineon Technologies AG Medium Term Notes v.20(20/23) XS2194282948 24.06.23 0.75 0.00 6,000,000.00 0.00 0.00 0.0%

Infineon Technologies AG Medium Term Notes v.20(20/26) XS2194283672 24.06.26 1.13 11,100,000.00 11,100,000.00 0.00 0.00 0.0%

Infineon Technologies AG Medium Term Notes v.20(20/32) XS2194192527 24.06.32 2.00 11,000,000.00 0.00 11,000,000.00 12,229,904.72 0.1%

Infineon Technologies AG Sub.-FLR-Nts.v.19(28/unb.) XS2056730679 01.01.28 3.63 5,000,000.00 0.00 5,000,000.00 5,532,000.00 0.1%

ING Groep N.V. EO-FLR Med.-T. Nts 2021(29/30) XS2281155254 01.02.30 0.25 10,000,000.00 0.00 10,000,000.00 9,718,025.70 0.1%

ING Groep N.V. EO-FLR Med.-Term Nts 21(27/32) XS2350756446 09.06.32 0.88 7,700,000.00 7,700,000.00 0.00 0.00 0.0%

Instituto de Credito Oficial EO Medium Term Notes 2020 (26) XS2250026734 30.04.26 0 3,500,000.00 0.00 3,500,000.00 3,543,120.00 0.0%

Island, Republik EO-Medium-Term Nts 2021(28) XS2293755125 15.04.28 0 5,000,000.00 0.00 5,000,000.00 4,940,150.00 0.0%

Italien, Republik EO-B.T.P. 2020(51) IT0005425233 01.09.51 1.70 80,000,000.00 80,000,000.00 0.00 0.00 0.0%



Italien, Republik EO-Infl.Idx Lkd B.T.P.2021(51) IT0005436701 15.05.51 0.15 26,106,900.00 26,106,900.00 0.00 0.00 0.0%

Junta de Andalucía EO-Obl. 2019(49) ES0000090821 24.05.49 2.30 0.00 5,000,000.00 0.00 0.00 0.0%

La Poste EO-Medium-Term Notes 2021(36) FR0014001IP3 18.01.36 0.63 8,000,000.00 0.00 8,000,000.00 7,667,332.00 0.1%

Lb.Hessen-Thüringen GZ MTN IHS S.H344 v.20(25) XS2171210862 12.05.25 0.38 0.00 12,000,000.00 0.00 0.00 0.0%

LEG Immobilien SE Medium Term Notes v.21(21/31) DE000A3E5VK1 30.06.31 0.75 6,000,000.00 6,000,000.00 0.00 0.00 0.0%

LEG Immobilien SE Medium Term Notes v.21(21/33) DE000A3H3JU7 30.03.33 0.88 10,000,000.00 0.00 10,000,000.00 9,896,735.00 0.1%

Litauen, Republik EO-Medium-Term Notes 2020(50) XS2210006339 28.07.50 0.50 0.00 5,000,000.00 0.00 0.00 0.0%

LVMH Moët Henn. L. Vuitton SE EO-Medium-Term Notes 19(19/21) FR0013405339 28.02.21 0 0.00 4,000,000.00 0.00 0.00 0.0%

Merck KGaA FLR-Sub.Anl. v.2019(2029/2079) XS2011260705 25.06.29 2.88 0.00 5,000,000.00 5,000,000.00 5,489,202.05 0.1%

Merlin Properties SOCIMI S.A. EO-Medium-T.Notes 2019(19/34) XS2089229806 04.12.34 1.88 0.00 12,000,000.00 0.00 0.00 0.0%

Münchener Hypothekenbank MTN-IHS Serie 1927 v.21(29) DE000MHB64E1 09.03.29 0.38 10,000,000.00 10,000,000.00 0.00 0.00 0.0%

Münchener Rückvers.-Ges. AG FLR-Nachr.-Anl. v.20(30/41) XS2221845683 26.05.31 1.25 0.00 0.00 5,000,000.00 5,052,020.60 0.1%

Münchener Rückvers.-Ges. AG FLR-Nachr.-Anl. v.21(31/42) XS2381261424 26.11.31 1.00 15,000,000.00 0.00 15,000,000.00 14,577,798.75 0.1%

Niederlande EO-Anl. 2020(52) NL0015614579 15.01.52 0 10,000,000.00 35,000,000.00 0.00 0.00 0.0%

Niederlande EO-Anl. 2021(31) NL00150006U0 15.07.31 0 30,000,000.00 30,000,000.00 0.00 0.00 0.0%

Niederlande EO-Anl. 2021(38) NL0015000B11 15.01.38 0 20,000,000.00 20,000,000.00 0.00 0.00 0.0%

Norddeutsche Landesbank -GZ- MTN-Pfbr.v.21(2026) DE000NLB3UX1 23.09.26 0.01 9,000,000.00 0.00 9,000,000.00 9,104,490.00 0.1%

OMV AG EO-FLR Notes 2020(26/Und.) XS2224439385 01.09.26 2.50 0.00 10,000,000.00 0.00 0.00 0.0%

OP Yrityspankki Oyj EO-FLR Med.-Term Nts 2021(24) XS2287753987 18.01.24 0.45 15,000,000.00 15,000,000.00 0.00 0.00 0.0%

OP Yrityspankki Oyj EO-FLR Med.-Term Nts 2021(24) XS2291914039 18.01.24 0.45 15,000,000.00 15,000,000.00 0.00 0.00 0.0%

OP Yrityspankki Oyj EO-Non-Preferred MTN 2021(28) XS2384473992 08.12.28 0.38 20,000,000.00 0.00 20,000,000.00 19,802,200.00 0.2%

Orange S.A. EO-FLR Med.-T. Nts 21(21/Und.) FR0014003B55 11.05.29 1.38 8,400,000.00 0.00 8,400,000.00 8,331,861.97 0.1%

Orsted A/S EO-FLR Cap.Secs 2019(27/3019) XS2010036874 09.09.27 1.75 0.00 0.00 5,000,000.00 5,158,333.30 0.1%

Orsted A/S EO-FLR Notes 21(21/21) Reg.S XS2293075680 18.08.30 1.50 8,000,000.00 0.00 8,000,000.00 8,001,799.92 0.1%

Orsted A/S EO-FLR Secs 2013(2023/3013) XS0943370543 26.06.23 6.25 0.00 0.00 3,900,000.00 4,311,177.00 0.0%

Portugal, Republik EO-Obr. 2018(34) PTOTEWOE0017 18.04.34 2.25 0.00 25,000,000.00 0.00 0.00 0.0%

Portugal, Republik EO-Obr. 2021(52) PTOTECOE0037 12.04.52 1.00 37,200,000.00 0.00 37,200,000.00 34,817,845.18 0.4%

Região Autónoma da Madeira EO-Bonds 2019(25-28) PTRAMYOM0005 04.07.28 1.97 0.00 8,000,000.00 0.00 0.00 0.0%

RWE AG FLR-Sub.Anl. v.2015(2020/2075) XS1219498141 21.10.20 2.75 0.00 7,000,000.00 0.00 0.00 0.0%

RWE AG FLR-Sub.Anl. v.2015(2025/2075) XS1219499032 21.04.25 3.50 0.00 13,000,000.00 0.00 0.00 0.0%

Santander Consumer Finance SA EO-FLR Med.-Term Nts 2019(21) XS1936272001 18.01.21 0.02 0.00 10,000,000.00 0.00 0.00 0.0%

SBB Treasury Oyj EO-Medium-Term Nts 2020(20/28) XS2271332285 14.12.28 0.75 9,000,000.00 0.00 9,000,000.00 8,883,832.50 0.1%

Slowenien, Republik EO-Bonds 2020(50) SI0002104048 20.10.50 0.49 13,500,000.00 13,500,000.00 0.00 0.00 0.0%

SNCF S.A. EO-Medium-Term Nts 2020(51) FR0014000C08 28.02.51 0.88 15,000,000.00 0.00 15,000,000.00 13,302,937.65 0.1%

Société du Grand Paris EO-Medium-Term Notes 2021(36) FR00140058G6 02.09.36 0.30 14,000,000.00 0.00 14,000,000.00 13,364,260.00 0.1%

Société du Grand Paris EO-Medium-Term Notes 2021(46) FR0014003CJ5 10.05.46 0.88 10,000,000.00 10,000,000.00 0.00 0.00 0.0%

Société Foncière Lyonnaise SA EO-Obl. 2015(15/22) FR0013053030 16.11.22 2.25 0.00 1,400,000.00 0.00 0.00 0.0%

Spanien EO-Bonos 2019(35) ES0000012E69 30.07.35 1.85 15,000,000.00 15,000,000.00 0.00 0.00 0.0%

Spanien EO-Bonos Ind. Inflación 18(33) ES0000012C12 30.11.33 0.72 34,400,272.50 0.00 34,400,272.50 42,625,721.66 0.4%

Spanien EO-Obligaciones 2020(50) ES0000012G00 31.10.50 1.00 0.00 0.00 14,000,000.00 13,003,823.84 0.1%

Telefónica Europe B.V. EO-FLR Bonds 2017(23/Und.) XS1731823255 07.06.23 2.63 0.00 0.00 10,000,000.00 10,218,500.00 0.1%



Interest ratein %


or units

Salesnominal EUR

or units

Holdingsnominal EUR

or units

Market value EUR

Sept. 30, 2021

Share ofnet asset

value as %

II. Securities

TenneT Holding B.V. EO-FLR Notes 2020(20/Und.) XS2207430120 22.07.25 2.37 0.00 0.00 6,500,000.00 6,820,255.00 0.1%

TenneT Holding B.V. EO-FLR Securit. 2017(24/Und.) XS1591694481 01.03.24 3.00 5,000,000.00 0.00 5,000,000.00 5,279,350.00 0.1%

TenneT Holding B.V. EO-Med.-Term Notes 2020(20/40) XS2262065233 30.11.40 0.50 9,000,000.00 0.00 9,000,000.00 8,188,205.22 0.1%

TotalEnergies SE EO-FLR Med.-T. Nts 16(23/Und.) XS1501167164 05.05.23 2.71 0.00 0.00 5,000,000.00 5,174,980.00 0.1%

TotalEnergies SE EO-FLR Med.-T. Nts 16(26/Und.) XS1501166869 06.10.26 3.37 10,000,000.00 0.00 10,000,000.00 11,068,216.60 0.1%



TotalEnergies SE EO-FLR Notes 20(30/Und.) XS2224632971 04.03.30 2.00 10,000,000.00 10,000,000.00 0.00 0.00 0.0%

Unibail-Rodamco-Westfield SE EO-FLR Bonds 2018(23/Und.) FR0013330529 25.10.23 2.13 0.00 8,200,000.00 0.00 0.00 0.0%

Unibail-Rodamco-Westfield SE EO-Medium-Term Nts 2016(16/36) XS1401197253 28.04.36 2.00 0.00 0.00 3,000,000.00 3,262,844.73 0.0%

Veolia Environnement S.A. EO-FLR Notes 2020(26/Und.) FR00140007K5 20.04.26 2.25 7,000,000.00 7,000,000.00 0.00 0.00 0.0%

Veolia Environnement S.A. EO-FLR Notes 2020(29/Und.) FR00140007L3 20.01.29 2.50 10,000,000.00 0.00 10,000,000.00 10,157,900.00 0.1%

VINCI S.A. EO-Med.-Term Notes 2020(20/28) FR0014000PF1 27.11.28 0.00 12,000,000.00 12,000,000.00 0.00 0.00 0.0%

Vodafone Group PLC EO-FLR Cap.Sec. 2020(26/80) XS2225157424 27.08.26 2.63 0.00 0.00 7,000,000.00 7,247,380.00 0.1%

Vodafone Group PLC EO-FLR Cap.Sec. 2020(30/80) XS2225204010 27.08.30 3.00 10,000,000.00 15,000,000.00 0.00 0.00 0.0%

Volkswagen Intl Finance N.V. EO-FLR Notes 2014(26/Und.) XS1048428442 24.03.26 4.63 0.00 10,000,000.00 0.00 0.00 0.0%




Volkswagen Intl Finance N.V. EO-FLR Notes 2020(25/Und.) XS2187689034 17.06.25 3.50 6,800,000.00 0.00 6,800,000.00 7,295,504.64 0.1%

Volkswagen Intl Finance N.V. EO-FLR Notes 2020(29/Und.) XS2187689380 17.06.29 3.88 15,000,000.00 15,000,000.00 0.00 0.00 0.0%

Volkswagen Intl Finance N.V. EO-Medium-Term Notes 2020(24) XS2270150399 06.10.24 0.05 20,000,000.00 20,000,000.00 0.00 0.00 0.0%

Volkswagen Intl Finance N.V. EO-Notes 2017(23) XS1586555861 02.10.23 1.13 0.00 2,500,000.00 0.00 0.00 0.0%

Vonovia Finance B.V. EO-Medium-Term Nts 2021(21/41) DE000A287179 28.01.41 1.00 12,500,000.00 0.00 12,500,000.00 11,354,278.00 0.1%

Vonovia SE Medium Term Notes v.21(21/31) DE000A3E5FR9 24.03.31 0.63 8,000,000.00 8,000,000.00 0.00 0.00 0.0%

Zypern, Republik EO-Medium-Term Notes 2019(34) XS1956050923 26.02.34 2.75 5,000,000.00 15,000,000.00 5,000,000.00 6,234,637.15 0.1%

Zypern, Republik EO-Medium-Term Notes 2020(40) XS2105097393 21.01.40 1.25 0.00 14,000,000.00 0.00 0.00 0.0%

Zypern, Republik EO-Medium-Term Notes 2020(50) XS2157183950 16.04.50 2.25 8,000,000.00 13,000,000.00 8,000,000.00 9,803,840.00 0.1%

Zypern, Republik EO-Medium-Term Notes 2021(26) XS2297209293 09.02.26 0.00 14,000,000.00 14,000,000.00 0.00 0.00 0.0%

b) Equities ... ... ... ... ...

c) Other securities ... ... ... ... ...

Total securities traded on an exchange 1,317,440,797.50 1,563,155,917.21 825,073,897.50 855,220,528.50 8.6%

II. Securities

2. Securities included in organized markets


AT & T Inc. EO-FLR Pref.Secs 2020(25/Und.) XS2114413565 02.03.25 2.88 8,000,000.00 0.00 8,000,000.00 8,105,120.00 0.1%

Bundesrep.Deutschland Unv.Schatz.A.20/05 f.14.04.21 DE0001030203 14.04.21 0.00 0.00 115,000,000.00 0.00 0.00 0.0%



Deutsche Bahn Finance GmbH Sub.-FLR-Nts.v.19(25/unb.) XS2010039035 22.01.25 0.95 10,000,000.00 10,000,000.00 5,400,000.00 5,418,191.25 0.1%

Deutsche Bank AG(Milan Branch) Zero-Note v.12(13.11.22) IT0004852312 13.11.22 0.00 0.00 0.00 4,000,000.00 3,976,160.00 0.0%

Deutsche Bank AG, London Br. Festzinsanl. v.2020(2026) DE000DL8Y3N6 15.01.26 0.20 25,000,000.00 0.00 25,000,000.00 25,077,375.00 0.3%

Digital Intrepid Holding B.V. EO-Bonds 2021(21/31) Reg.S XS2280835260 15.07.31 0.63 10,000,000.00 0.00 10,000,000.00 9,602,822.50 0.1%

Engie S.A. EO-FLR Notes 2019(25/Und.) FR0013431244 08.07.25 1.63 0.00 11,000,000.00 0.00 0.00 0.0%

Equinix Inc. EO-Notes 2021(21/33) XS2304340693 15.03.33 1.00 8,500,000.00 8,500,000.00 0.00 0.00 0.0%

Hldg d'Infra.Métiers Environ. EO-Notes 2021(21/28) XS2385390724 16.09.28 0.63 10,000,000.00 0.00 10,000,000.00 9,991,739.70 0.1%

Iberdrola International B.V. EO-FLR Notes 2017(23/Und.) XS1721244371 22.05.23 1.88 0.00 10,000,000.00 0.00 0.00 0.0%

Iberdrola International B.V. EO-FLR Notes 2020(20/Und.) XS2244941147 28.01.29 2.25 32,000,000.00 22,000,000.00 10,000,000.00 10,336,599.90 0.1%

Iberdrola International B.V. EO-FLR Securit. 2019(24/Und.) XS1890845875 12.02.25 3.25 0.00 0.00 4,500,000.00 4,872,251.25 0.0%

Kon. KPN N.V. EO-FLR Notes 2019(24/Und.) XS2069101868 08.11.24 2.00 14,500,000.00 0.00 14,500,000.00 14,771,150.00 0.1%

Mondelez Intl Hldgs Nether. BV EO Notes 2021(21/41) Reg.S XS2384726449 09.09.41 1.25 6,500,000.00 0.00 6,500,000.00 6,202,206.73 0.1%

Municipality Finance PLC EO-Medium-Term Nts 2020(35) XS2227906034 19.09.35 0.05 10,000,000.00 10,000,000.00 0.00 0.00 0.0%

Norddeutsche Landesbank -GZ- FLR-Inh.-Schv. v.18(24) DE000NLB2UT1 28.03.24 0.85 0.00 10,000,000.00 0.00 0.00 0.0%

ProLogis Intl Funding II S.A. EO-Med.-Term Nts 2021(21/33) XS2314657409 23.03.33 0.75 6,500,000.00 6,500,000.00 0.00 0.00 0.0%

Quebec, Province EO-Medium-Term Notes 2021(31) XS2338991941 05.05.31 0.25 10,000,000.00 10,000,000.00 0.00 0.00 0.0%

Samhallsbyggnadsbola.I Nord AB EO-FLR Cap. 2020(25/Und.) XS2272358024 14.12.25 2.63 7,000,000.00 0.00 7,000,000.00 7,018,830.00 0.1%

Wintershall Dea Finance 2 B.V. EO-FLR Bonds 2021(21/Und.) XS2286041517 20.04.26 2.50 5,000,000.00 0.00 5,000,000.00 4,976,350.00 0.1%

Wintershall Dea Finance B.V. EO-Notes 2019(19/31) XS2055079904 25.09.31 1.82 0.00 26,100,000.00 0.00 0.00 0.0%

b) Other securities ... ... ... ...

Total securities included in organized markets 163,000,000.00 389,100,000.00 109,900,000.00 110,348,796.33 1.1%


Further details on the portfolio of the fixed-interest securities as of September 30, 2021

Breakdown by nominal interest rate

0.00% to less than 4.00% EUR 951,679,612.83

4.00% to less than 5.00% EUR 9,578,535.00

5.00% to less than 6.00% EUR 0.00

6.00% to less than 8.00% EUR 4,311,177.00

8.00% to less than 10.00% EUR 0.00

Total EUR 965,569,324.83

Breakdown by residual term

Residual term up to 1 year EUR 9,578,535.00

Residual term more than 1 year up to 4 years EUR 213,955,366.94

Residual term more than 4 years EUR 742,035,422.89

Total EUR 965,569,324.83


Interest ratein %


or units

Salesnominal EUR

or units

Holdingsnominal EUR

or units

Market value EUR

Sept. 30, 2021

Share ofnet asset

value as %

II. Securities

3. Unlisted securities


Total unlisted securities 0.00 0.00 0.00 0.00 0.00

Total securities: 1,480,440,797.50 1,952,255,917.21 934,973,897.50 965,569,324.83 9.8%

thereof securities not authorized as collateral for monetary transac-tions in the euro system by the ECB or the Deutsche Bundesbank:

570,060,000.00 531,449,017.21 363,300,000.00 366,862,123.98 3.7%

thereof shares of REIT stock corporations or equivalent shares of foreign legal entities:

… … … … …

III. Investment fund units … … … … …IV. Money market instruments … … … … …


Statement of assets as of September 30, 2021Part III: Other assets, liabilities and accruals


value

I. Other assets

1. Receivables from property management thereof in foreign currency thereof advanced operating costs thereof rent receivables

2,006,582.89

80,373,312.31 39,930,101.82

120,303,414.13 1.2%

2. Receivables from special purpose vehicles thereof in foreign currency 372,340,755.65

1,270,817,577.65 12.8%

3. Interest receivable thereof in foreign currency 14,666,406.61

62,952,929.61 0.6%

4. Incidental acquisition costs thereof in foreign currency – on properties – on holdings in special purpose vehicles

10,034,912.85

19,779,225.04 25,535,060.09

45,314,285.13 0.5%

5. Other thereof in foreign currency thereof receivables from unit sales

101,348,246.70

0.00

311,458,804.60 3.1%

thereof receivables from hedging transactions: Market value sale Market value Prov. result reporting date EUR EUR EUR 998,345,802.05 891,660,540.62 106,685,261.43

II. Liabilities from

1. Loans thereof in foreign currency thereof short-term loans (article 199 KAGB)

404,527,855.71 0.00

903,762,398.33 9.1%

2. Property acquisitions and building projects thereof in foreign currency 0.00

7,307,047.03 0.1%

3. Property management thereof in foreign currency 10,593,974.39

67,437,014.14 0.7%

4. Other thereof in foreign currency thereof from unit sales

3,084,586.62 0.00 117,846,417.95 1.2%

thereof from hedging transactions: Market value sale Market value Prov. result reporting date EUR EUR EUR 488,632,900.03 576,436,100.64 87,803,200.61

III. Accruals thereof in foreign currency 60,882,544.12

388,361,902.37 3.9%

Net asset value (EUR) 9,902,297,668.83

Notes on financial instruments

Purchases and sales completed during the reporting period:

Purchases (market value in EUR) Sales (market value in EUR)

1,941,446,806.66 1,761,608,978.54


EUR 1 = GBP 0.86266

EUR 1 = PLN 4.62623

EUR 1 = SEK 10.20052

Assets, liabilities and accruals denominated in a foreign currency are converted to euro on the same day at the exchange rate for the currency calculated on the basis of the morning fixing by WM/Reuters AG at 10.00 AM CET the previous day.


Statement of income and expenses for the period from October 1, 2020, through September 30, 2021

1 Foreign currency includes all non-euro items. 2 No performance-based fee was charged to the investment fund for the business year.

Fund total RC unit class IC unit class

EUR1 EUR EUR EUR EUR EUR EUR EUR EUR EUR

I. Income

Total income from liquid assets, thereof: 11,651,140.14 10,666,244.92 984,895.22

1. Interest from domestic securities 10,864,826.64 9,946,939.69 917,886.95

2. Interest on foreign securities (before withholding tax) 0.00 0.00 0.00

3. Interest from investments of liquid assets in Germany 786,313.50 719,305.23 67,008.27

4. Interest from liquid assets abroad (before withholding tax)

0.00 0.00 0.00

5. Other income 63,988,811.53 58,601,989.27 5,386,822.26

Total income from properties and special purpose vehicles, thereof

268,218,346.84 245,620,532.14 22,597,814.70

6. Income from properties 241,350,559.39 221,007,482.83 20,343,076.56

thereof in foreign currency 86,321,080.68

7. Income from special purpose vehicles 26,867,787.45 24,613,049.31 2,254,738.14


8. Return on cash (interest on building finance) 0.00 0.00 0.00

thereof in foreign currency 0.00

Total income 343,858,298.51 314,888,766.33 28,969,532.18

II. Expenses

1. Management costs 108,036,775.47 98,904,904.74 9,131,870.73

a) of which operating costs 16,636,177.13 15,229,580.12 1,406,597.01


b) of which maintenance costs 27,618,185.45 25,243,495.17 2,374,690.28


c) thereof property management costs 8,557,268.55 7,844,579.21 712,689.34


d) of which other costs 55,225,144.34 50,587,250.24 4,637,894.10


2. Ground rent, life and term annuities 858,506.38 786,222.76 72,283.62

thereof in foreign currency 470,208.04

3. Taxes 25,843,479.81 23,667,762.15 2,175,717.66


4. Interest from loans 16,860,689.77 15,438,259.04 1,422,430.73


Total cost of managing the investment fund, thereof: 98,305,916.76 93,596,529.07 4,709,387.69

5. Management fee2 93,184,864.71 88,900,139.77 4,284,724.94

6. Depositary fees 2,537,864.00 2,323,546.58 214,317.42

7. Auditing and publication costs 328,335.69 300,645.98 27,689.71

8. Other expenses 2,254,852.36 2,072,196.75 182,655.62

thereof costs for external appraisers 2,147,110.82 1,966,037.79 181,073.03

Total expenditure 249,905,368.19 232,393,677.76 17,511,690.44

III. Net investment income 93,952,930.32 82,495,088.57 11,457,841.74




I. Income

Total income from liquid assets, thereof: 11,651,140.14 10,666,244.92 984,895.22

1. Interest from domestic securities 10,864,826.64 9,946,939.69 917,886.95

2. Interest on foreign securities (before withholding tax) 0.00 0.00 0.00

3. Interest from investments of liquid assets in Germany 786,313.50 719,305.23 67,008.27

4. Interest from liquid assets abroad (before withholding tax)

0.00 0.00 0.00

5. Other income 63,988,811.53 58,601,989.27 5,386,822.26

Total income from properties and special purpose vehicles, thereof

268,218,346.84 245,620,532.14 22,597,814.70

6. Income from properties 241,350,559.39 221,007,482.83 20,343,076.56


7. Income from special purpose vehicles 26,867,787.45 24,613,049.31 2,254,738.14


8. Return on cash (interest on building finance) 0.00 0.00 0.00


Total income 343,858,298.51 314,888,766.33 28,969,532.18

II. Expenses

1. Management costs 108,036,775.47 98,904,904.74 9,131,870.73

a) of which operating costs 16,636,177.13 15,229,580.12 1,406,597.01


b) of which maintenance costs 27,618,185.45 25,243,495.17 2,374,690.28


c) thereof property management costs 8,557,268.55 7,844,579.21 712,689.34


d) of which other costs 55,225,144.34 50,587,250.24 4,637,894.10


2. Ground rent, life and term annuities 858,506.38 786,222.76 72,283.62

thereof in foreign currency 470,208.04

3. Taxes 25,843,479.81 23,667,762.15 2,175,717.66


4. Interest from loans 16,860,689.77 15,438,259.04 1,422,430.73


Total cost of managing the investment fund, thereof: 98,305,916.76 93,596,529.07 4,709,387.69

5. Management fee2 93,184,864.71 88,900,139.77 4,284,724.94

6. Depositary fees 2,537,864.00 2,323,546.58 214,317.42

7. Auditing and publication costs 328,335.69 300,645.98 27,689.71

8. Other expenses 2,254,852.36 2,072,196.75 182,655.62

thereof costs for external appraisers 2,147,110.82 1,966,037.79 181,073.03

Total expenditure 249,905,368.19 232,393,677.76 17,511,690.44

III. Net investment income 93,952,930.32 82,495,088.57 11,457,841.74


3 Realizedprofitsfrompropertiescomprisethedifferencebetweenincomefromsalesandthebookvaluefortaxpurposes.4 Realizedprofitsfromliquidassets(securities)comprisethedifferencebetweenthebuyingpricesandthepricesatthetimeofsaleormaturity.

5 Otherrealizedprofits(forwardcurrencytransactionsandfutures)comprisethedifferencebetweenthebuyingpricesandthepricesatthetimeofsaleormaturity.

6 Realizedlossesarecalculatedinthesamewayasrealizedprofits.7 Thetotalexpenseratioexpressestotalexpensesandfeesasapercentageoftheinvestmentfund’saveragenetassetvalueforagivenbusinessyear.Theydonotincludethefeesforsalesandpurchases,transactioncostsorthemanagementandmaintenancecostsortaxesgroundrentsandborrowingcostsforpropertiesandspecialpurposevehicles.Detailsonthecostsandfeescanbefoundinthesalesprospectusunder“Totalexpenseratioinformation”and“Costs”.

Fund total RCunitclass ICunitclass


IV. Salestransactions

1. Realizedprofits

a) fromproperties3 63,450,279.21 58,212,694.55 5,237,584.66

thereofinforeigncurrency 43,285,482.06

b) fromholdingsinspecialpurposevehicles 0.00 0.00 0.00

thereofinforeigncurrency 0.00

c) fromliquidassets4 30,004,449.16 27,436,605.09 2,567,844.07


thereoffromfinancialinstruments 0.00 0.00 0.00

d) Other5 39,023,863.90 35,719,134.62 3,304,729.28


Totalrealizedprofits 132,478,592.27 121,368,434.25 11,110,158.02

2. Realizedlosses

a) fromproperties6 0.00 0.00 0.00


b) fromholdingsinspecialpurposevehicles6 0.00 0.00 0.00


c) fromliquidassets6 7,975,932.32 7,293,335.20 682,597.12


d) Other6 63,282,518.10 58,021,781.19 5,260,736.91


Total realized losses 71,258,450.42 65,315,116.39 5,943,334.03

Resultsfromsalestransactions 61,220,141.85 56,053,317.87 5,166,823.98

Incomeadjustment/expenseadjustment 403,497.52 566,002.55 -162,505.03

V. Realizedresultforthebusinessyear 155,576,569.69 139,114,408.99 16,462,160.70

1. Netchangeinunrealizedprofits 422,206,524.88 387,267,662.41 34,938,862.47

2. Netchangeinunrealizedlosses -340,761,495.52 -312,562,451.69 -28,199,043.83

VI. Unrealizedresultforthebusinessyear 81,445,029.36 74,705,210.72 6,739,818.64

VII. resultforthebusinessyear 237,021,599.05 213,819,619.71 23,201,979.34

Totalexpenseratio7 1.01% 1.05% 0.58%




IV. Sales transactions

1. Realizedprofits

a) from properties3 63,450,279.21 58,212,694.55 5,237,584.66


b) from holdings in special purpose vehicles 0.00 0.00 0.00


c) from liquid assets4 30,004,449.16 27,436,605.09 2,567,844.07


thereoffromfinancialinstruments 0.00 0.00 0.00

d) Other5 39,023,863.90 35,719,134.62 3,304,729.28


Totalrealizedprofits 132,478,592.27 121,368,434.25 11,110,158.02

2. Realized losses

a) from properties6 0.00 0.00 0.00


b) from holdings in special purpose vehicles6 0.00 0.00 0.00


c) from liquid assets6 7,975,932.32 7,293,335.20 682,597.12


d) Other6 63,282,518.10 58,021,781.19 5,260,736.91


Total realized losses 71,258,450.42 65,315,116.39 5,943,334.03

Results from sales transactions 61,220,141.85 56,053,317.87 5,166,823.98

Income adjustment/expense adjustment 403,497.52 566,002.55 -162,505.03

V. Realized result for the business year 155,576,569.69 139,114,408.99 16,462,160.70

1. Netchangeinunrealizedprofits 422,206,524.88 387,267,662.41 34,938,862.47

2. Net change in unrealized losses -340,761,495.52 -312,562,451.69 -28,199,043.83

VI. Unrealized result for the business year 81,445,029.36 74,705,210.72 6,739,818.64

VII. result for the business year 237,021,599.05 213,819,619.71 23,201,979.34

Total expense ratio7 1.01% 1.05% 0.58%


The grundbesitz europa fund has two unit classes named “RC”

and “IC”. Comprehensive business transactions affecting the

operating results of the fund as a whole are allocated pro rata to

the two unit classes according to an allocation formula deter-

mined on the basis of the pro rata share of the net asset value

held by the respective unit class in relation to the total net asset

value. Moreover, insofar as they arise, only business transac-

tions that can be allocated to the commensurate unit class –

such as management fees and performance-based fees – will be

allocated to the respective unit class.

The statement of income and expenses contains detailed infor-

mation about the allocation of the individual items to the

respective unit class. Unless otherwise stated, the following

notes relate to the overall income and expenditure items allo-

cated pro rata to the unit classes.

I. Income

Income from liquid assets decreased by EUR 7.6 million to

EUR 11.7 million during the 2020/2021 business year.

Other income decreased by EUR 29.4 million to EUR 64.0 million

and includes income from the reversal of provisions

(EUR 11.7 million), insurance compensation (EUR 0.1 million),

interest income from shareholder loans (EUR 43.7 million) and

reversal of value adjustments (EUR 0.7 million) as well as other

(EUR 7.7 million).

Income from properties and equity holdings in special purpose

vehicles increased by EUR 1.4 million to EUR 268.2 million, of

which EUR 86.3 million relates to properties outside Germany

and EUR 2.9 million to foreign equity holdings. Rental income

was primarily generated by commercially let space.

II. Expenses

In the business year 2020/2021, property management costs

rose by EUR 15.0 million to EUR 108.0 million. This item includes

EUR 27.6 million in ongoing repair and maintenance costs in

order to actively maintain fund properties in good condition and

to make them more attractive to potential tenants. Operating

costs amounted to EUR 16.6 million. Contracts were concluded

with service providers for the management of properties. Costs

of EUR 8.6 million were incurred for these.

“Other costs” of EUR 55.2 million include expenses of

EUR 3.3 million relating to initial renting and renewal of leases,

EUR 3.8 million for legal and consulting fees, EUR 2.7 million for

depreciation and value adjustments on rental claims.

EUR 1.1 million is attributable to bank charges including loan

processing fees and EUR 44.3 million is attributable to other

costs.

Ground rents are attributable to the London properties “Tudor

Street” (EUR 0.2 million) and “Finsbury Circus” (EUR 0.2 million),

“Palace Gardens” in Enfield (EUR 0.1 million) and the

“Cargo City Süd” property in Frankfurt/Main (EUR 0.4 million).

Taxes amounting to EUR 25.8 million comprise profits tax on

properties in the UK, the Netherlands, Spain, France, Italy,

Poland, Finland and Portugal, as well as domestic profits tax

since January 1, 2018. The background to this is the reform of

the Investment Tax Act.

Interest expenditure decreased by EUR 2.1 million to

EUR 16.9 million.

The costs of managing the investment fund amounted to

EUR 98.3 million, with a substantial portion of this attributable

to management fees at EUR 93.2 million. These rose due to the

increase in the fund’s net assets by EUR 5.2 million compared to

the previous year’s figure.

Compensation for the asset management company and the

Depositary continue to be within the percentage limits deter-

mined in article 11 (2), (a) and (b), as well as paragraph 3 of the

Special Investment Conditions.

In terms of remuneration for fund management, different calcu-

lations apply that are not allocated pro rata to the unit classes

but rather are charged directly to the respective class as unit-

class-specific transactions. Fund management fees totaling

EUR 88.9 million were incurred by the RC unit class.

EUR 4.3 million of directly applicable fund management fees

were charged to the IC unit class.

“Other expenditure” (article 14 of the General Investment Condi-

tions in combination with article 11 (5) of the Special Investment

Conditions) principally comprises costs incurred for the annual

report, costs for the external appraisers and costs for the annual

audit, which are allocated to the two unit classes in accordance

with their respective ratio to the net asset value.

Notes on the statement of income and expenses


III. Capital gains/losses

In terms of overall capital gains/losses, the RC unit class posted

a gain of EUR 56.1 million, while the IC unit class recorded a

gain of EUR 5.2 million.

Two directly held properties were sold during the business year,

in Spain (Paseo de la Castellana) for EUR 54.6 million and in the

UK (“Capital House”) for EUR 151.0 million. The realized gain

from the sales transaction for the properties amounts to

EUR 63.5 million. Of this amount, a realized gain of

EUR 58.2 million is attributable to the RC unit class. A realized

gain of EUR 5.3 million is attributable to the IC unit class.

Capital gains on the sale of securities amounting to

EUR 27.4 million were realized in the RC unit class and

EUR 2.6 million in the IC unit class. Capital losses on the sale of

securities of EUR 7.3 million were realized in the RC unit class

and of EUR 0.7 million in the IC unit class.

Other realized losses of EUR 24.3 million resulted from the sale

of currency forward agreements and futures. Of this amount

realized gains of EUR 37.7 million are attributable to the RC unit

class and EUR 3.3 million to the IC unit class. This compared

with other realized losses in the amount of EUR 63.3 million, of

which EUR 58.0 million are attributable to the RC unit class and

EUR 5.3 million to the IC unit class.


Development of fund assets in the periodfrom October 1, 2020, through September 30, 2021

1 Refers to the distribution for the 2019/2020 business year (see the previous year’s annual report: distribution posted in the “Distribution calculation” table).

2 Cash inflows from the issue of units and cash outflows from unit redemptions are obtained by multiplying the redemption price by the number of units issued or redeemed. The redemption price contains the income per unit, designated as income adjustment.

3 Foreign currency includes all non-euro items.

4 The result for the business year is shown in the statement of income and expenses.

5 The disclosures in relation to unrealized gains/losses include the net changes in properties, equity holdings, securities and other assets in the business year. In making this determination, the effects from deferred taxes and exchange rate changes, including the financial futures transactions concluded for hedging purposes are taken into account.

Total net assets RC unit class IC unit class

EUR EUR EUR EUR EUR EUR EUR

I. Value of the investment fund at the start of the business year (October 1, 2020) 9,644,216,871.44 8,818,844,440.79 825,372,430.65

1. Previous year’s distribution or tax abatement1 -184,228,895.35 -164,788,282.50 -19,440,612.85

Adjustment items for units issued or redeemed prior to the distribution date

-1,344,023.15 -1,186,967.25 -157,055.90

2. Cash inflow/outflow (net)2 221,764,243.20 230,216,704.60 -8,452,461.40

a) Cash inflow from unit sales 281,346,327.00 251,569,709.17 29,776,617.83

b) Cash outflow from unit redemptions -59,582,083.80 -21,353,004.57 -38,229,079.23

3. Income adjustment/expense adjustment -403,497.52 -566,002.55 162,505.03

4. Amortization of incidental acquisition costs -14,728,628.84 -13,486,909.47 -1,241,719.37

– on real estate -8,046,935.75 -7,368,032.17 -678,903.58

thereof in foreign currency3 -2,689,231.63

– on holdings in special purpose vehicles -6,681,693.09 -6,118,877.30 -562,815.79


5. Result for the business year4 237,021,599.05 213,819,619.71 23,201,979.34

– thereof unrealized gains5 1,247,889,016.73 1,144,622,428.38 103,266,588.35

– of which unrealized losses5 -1,166,443,987.37 -1,069,917,221.40 -96,526,765.97

II. Value of the investment fund at the end of the business year (September 30, 2021) 9,902,297,668.83 9,082,852,603.33 819,445,065.50


Total net assets RC unit class IC unit class

EUR EUR EUR EUR EUR EUR EUR

I. Value of the investment fund at the start of the business year (October 1, 2020) 9,644,216,871.44 8,818,844,440.79 825,372,430.65

1. Previous year’s distribution or tax abatement1 -184,228,895.35 -164,788,282.50 -19,440,612.85

Adjustment items for units issued or redeemed prior to the distribution date

-1,344,023.15 -1,186,967.25 -157,055.90

2. Cash inflow/outflow (net)2 221,764,243.20 230,216,704.60 -8,452,461.40

a) Cash inflow from unit sales 281,346,327.00 251,569,709.17 29,776,617.83

b) Cash outflow from unit redemptions -59,582,083.80 -21,353,004.57 -38,229,079.23

3. Income adjustment/expense adjustment -403,497.52 -566,002.55 162,505.03

4. Amortization of incidental acquisition costs -14,728,628.84 -13,486,909.47 -1,241,719.37

– on real estate -8,046,935.75 -7,368,032.17 -678,903.58


– on holdings in special purpose vehicles -6,681,693.09 -6,118,877.30 -562,815.79


5. Result for the business year4 237,021,599.05 213,819,619.71 23,201,979.34

– thereof unrealized gains5 1,247,889,016.73 1,144,622,428.38 103,266,588.35

– of which unrealized losses5 -1,166,443,987.37 -1,069,917,221.40 -96,526,765.97

II. Value of the investment fund at the end of the business year (September 30, 2021) 9,902,297,668.83 9,082,852,603.33 819,445,065.50

Notes on the development of fund assets

The statement on the development of fund assets

details the business transactions that have occurred

during the reporting period, which, in turn, have led

to the updated level of assets listed in the summa-

rized statement of assets. Consequently, it is a break-

down of the difference between the level of assets at

the beginning and end of the business year.


Calculation of distribution as of September 30, 2021

RC unit class Units: 225,502,389

IC unit class Units: 20,248,851

TotalEUR

Per unitEUR

TotalEUR

Per unitEUR

I. Available for distribution 1,052,656,474.14 4.67 84,427,222.23 4.17

1. Carried forward from the previous year 890,114,115.20 3.95 68,687,300.25 3.39

2. Realized result for the business year 139,114,408.99 0.62 16,462,160.70 0.81

3. Income adjustment/expense adjustment to retained earnings brought forward

23,427,949.95 0.10 -722,238.72 -0.04

4. Transferred from the investment fund 0.00 0.00 0.00 0.00

II. Not used for distribution 849,704,324.04 3.77 62,153,486.13 3.07

1. Retention pursuant to article 252 KAGB 4,506,992.37 0.02 406,615.94 0.02

2. Transferred to reinvestment 0.00 0.00 0.00 0.00

3. Amount carried forward to new account 845,197,331.67 3.75 61,746,870.18 3.05

III. Total distribution1 202,952,150.10 0.90 22,273,736.10 1.10

1. Interim distribution 0.00 0.00 0.00 0.00

a) Cash distribution 0.00 0.00 0.00 0.00

b) Investment income tax withheld 0.00 0.00 0.00 0.00

c) Solidarity surcharge withheld 0.00 0.00 0.00 0.00

2. Final distribution 202,952,150.10 0.90 22,273,736.10 1.10

a) Cash distribution 202,952,150.10 0.90 22,273,736.10 1.10

b) Withholding tax on capital income withheld 0.00 0.00 0.00 0.00

c) Solidarity surcharge withheld 0.00 0.00 0.00 0.00

1 Based on the units in circulation on September 30, 2021.

Notes on the calculation of distribution

In the business year, there was a realized result of

EUR 139.1 million in the RC unit class and EUR 16.5 million in

the IC unit class. The breakdown of the earnings components

is shown in the statement of income and expenses.

The income adjustment is calculated both for the income from

the current year and for the distributable retained earnings

brought forward. While the income adjustment for the cur-

rent year’s income is included in the statement of income and

expenses, the income adjustment for the distributable retained

earnings brought forward is taken into account only in the

calculation of distribution.

Together with the amount carried forward from previous

years totaling EUR 890.1 million in the RC unit class and

EUR 68.7 million in the IC unit class, the total available for

distribution is EUR 1,052.7 million in the RC unit class and

EUR 84.4 million in the IC unit class. For each unit class,

amounts will be deducted from these available distribution

amounts for future payments pursuant to article 252 KAGB.

The management has decided to carry EUR 845.2 million in the

RC unit class and EUR 61.7 million in the IC unit class forward to

new account. These retained earnings brought forward in rela-

tion to the respective unit classes are thus available for distribu-

tion in subsequent years.

The total distribution in the RC unit class is EUR 203.0 million.

This corresponds to a value of EUR 0.90 per unit and a distribu-

tion yield of 2.2% of NAV per unit as of September 30, 2020.

The total distribution in the IC unit class is EUR 22.3 million. This

corresponds to a value of EUR 1.10 per unit and a distribution

yield of 2.7% of NAV per unit as of September 30, 2020.


Disclosures in accordance with article 37 of the Derivatives Regulation

The underlying exposure generated via derivatives is

EUR 3,601,574,757.35 (attributable amount using the gross

method, as of September 30, 2021).

Counterparties of the derivative transactions (counterparties

with which active transactions existed as of the reporting date

of September 30, 2021):

• Nomura Financial Products Europe GmbH

• Morgan Stanley Europe SE

• Crédit Agricole Corporate and Investment Bank

• Credit Suisse Group AG

• Deutsche Bank AG

• Goldman Sachs Bank Europe SE

• HSBC Continental Europe SA

• J.P. Morgan AG

Total collateral pledged by third parties in connection with

derivatives:

• EUR 9,860,000.00 (in cash at bank)

The degree to which the maximum potential market risk has

been exploited for this investment fund was determined accord-

ing to the simple approach pursuant to the German Derivatives

Regulation (articles 15 to 22 DerivateV).

Other information

Information on the method used to value assets

I. Properties

1. Principles of real estate valuation: To value properties, equiv-

alent rights and comparable rights according to the law of other

states (“real estate”) or real estate, which was acquired for the

account of the investment fund, the Company appoints a suffi-

cient number of external appraisers (“appraisers”). The apprais-

ers perform the valuations provided for under the KAGB and the

investment conditions for the respective investment fund.


Net asset value per unit (September 30, 2021)

EUR 40.27 EUR 40.46

Units in circulation 225,502,389 20,248,851

Appendix according to article 7, no. 9, KARBV

Assets pursuant to article 231 (1), nos. 1 to 6, KAGB (“real

estate”) are in principle valued at the market value.

The market value of a property is the price that would be

achieved at the time to which the valuation refers, in the ordi-

nary course of business and according to the legal situation and

the actual features, as well as the condition and the location of

the property, without taking any special or personal relations

into account.

As a general rule, the income value of a property is used to

determine its market value on the basis of the general income

value method based on the Real Estate Value Determination

Regulation. In the case of this method, what counts is the

standard rental income that is achievable in the market less the

management costs, including the maintenance and administra-

tion costs and the imputed rental loss risk. The income value is

the product of the thus calculated net rent that is multiplied by

a factor (present value factor) that affords consideration to the

standard market interest yield for the real estate to be valued

taking into account location, the condition of the building and

the remaining useful life. Special factors impacting the value of

a property can be taken into account by means of charges and

reductions.

The Discounted-Cash-Flow (DCF) method can be used to estab-

lish the plausibility of the market value determined. In this case,

future expected payment surpluses generated by the property

are discounted over several fixed periods (e.g., ten-year periods)

on the valuation date in conjunction with market- and property-

specific discount interest rates. The residual value of the real

estate at the end of the fixed periods is forecast and likewise

discounted on the valuation date. The sum total of the dis-

counted payment surpluses and the discounted residual value

produces the capital value of the property from which the mar-

ket value is derived.

However, depending on the country in which the property is sit-

uated, methods deviating from those outlined above can also be

used. The prerequisite is that the value determination is based

on a suitable value determination method recognized in the rele-

vant real estate investment market or on several such methods.

2. Purchase and regular valuation: The purchase valuation of

assets named in article 231 (1), nos. 1 to 6, KAGB is performed

up to a value of EUR 50 million by one appraiser and from a

value of more than EUR 50 million by two mutually independent

appraisers, who do not at the same time also perform regu-

lar valuations as per articles 249 and 251, sentence 1, KAGB

for the Company. The same applies to agreements governing


the assessment of ground rents and any possible subsequent

amendments of same. When acquired, the real estate value

will be calculated using the purchase price; this method will be

maintained for a maximum of three months.

The first regular valuation of the assets within the meaning of

article 231 (1) KAGB and article 234 KAGB must be performed

within three months of the date of transfer of ownership/rights

and obligations or the completion of construction and subse-

quently at intervals of no more than three months.

The regular valuation and extraordinary valuations of assets

within the meaning of article 231 (1) KAGB as well as article 234

KAGB must always be performed by two mutually independent

appraisers. The value of the assets is deduced from the arithme-

tic mean derived from both market values of the expert apprais-

als created by the two independent appraisers.


The Company performs the valuation of holdings in special pur-

pose vehicles in particular in accordance with articles 248, 249,

250 KAGB in conjunction with article 31 KARBV.

Upon purchase and for no longer than three months thereafter,

holdings in special purpose vehicles are calculated with the

amortized purchase price pursuant to article 249 (3) KAGB. The

value of the holding is to be determined at least once every

three months on the basis of the most recent table of assets by

an auditor within the purport of article 319 of the German Com-

mercial Code (HGB). The purchase price and the determined

value will subsequently be updated by the Company on the

basis of the statements of net assets by the next valuation date.

The assets and debts of the investment fund and the special

purpose vehicle are valued according to the valuation guideline

to be applied to the fund. In the event of changes to significant

valuation factors having an important impact on the value of

a holding that are not afforded effective consideration under

the updating process, revaluation is to be brought forward

accordingly.

The statements under I.2. “Purchase and regular valuations”

apply accordingly to the valuation of real estate that is held

within the framework of a holding in a special purpose vehicle.

For the assets and debts of the special purpose vehicle, in

analogous application of article 10 (5) KARBV, the findings that

become known after the reporting date of the statement of

assets of the special purpose vehicle are not to be taken into

consideration. These findings are taken into consideration in the

statement of assets of the month following that in which they

become known.

III. Other assets, liabilities and accruals

1. Cash at bank: Cash at bank is essentially valued at its nominal

value plus interest that has been paid.

2. Fixed term deposit: Fixed term deposits are essentially valued

at their nominal value plus interest that has been paid.

3. Securities, money market securities: Assets approved for

trade on stock exchanges or approved on another organized

market or involved in one, as well as rights of purchase of the

investment fund, are valued at the last available traded price

that ensures a reliable valuation.

Assets that are not approved for trade on stock exchanges nor

approved in another organized market nor involved in one or for

which no tradable price is available shall be valued fully at the

current market value, with careful assessment in accordance

with suitable valuation models and in consideration of current

market conditions, unless otherwise specified below.

In the case of the valuation of money market instruments, which

are not traded on an exchange or in an organized market (e.g.,

unlisted bonds, commercial papers and certificates of deposit),

the agreed prices of comparable money market instruments and

if applicable the market values of money market instruments

of comparable issuers with the corresponding term and yield,

if necessary with a fee to compensate for the lower saleability,

shall be used.

Interest income and income equivalent to interest are accrued

on the same day and taken into consideration in the statement

of income and expenses.

4. Currency forward agreements: To hedge against currency

risks, currency forward agreements are concluded. Currency

forward agreements are calculated using the market values.

To value currency forward agreements, the prices agreed for

comparable currency forward agreements with a corresponding

term are used.

5. Receivables: Receivables from property management, receiv-

ables from special purpose vehicles, interest receivable and

other receivables are generally calculated using the nominal

value. The intrinsic value of receivables is checked regularly. The

default risk is taken into account in the form of value adjust-

ments and depreciation on receivables. To this end, receivables

> 90 days are considered individually and value-adjusted taking

into consideration the commercial transactions. Irrecoverable

receivables are amortized in full with adjustment of sales tax.

6. Incidental acquisition costs: Incidental costs incurred in the

acquisition of a property or participation for the investment

fund shall be amortized in equal annual amounts over the

foreseeable holding period of the property, but not over more


than ten years. In-house, a provisional holding period of five

years is generally applied. In justified exceptional cases, devi-

ations from this are permitted. They reduce the fund capital

by the valuation result and are not taken into consideration

in the statement of income and expenses. If the property is

sold again within the aforementioned depreciation period of

five years, the incidental acquisition costs that have not been

amortized by the point of sale are to be amortized in full. They

likewise reduce the fund capital by the valuation result and are

not taken into consideration in the realized result.

Incidental acquisition costs are amortized for all acquisitions of

properties and equity holdings. Transactions in which the seller

or a third party completes the property on its own responsibility

and at its own risk, and where the investment fund does not

bear the typical principal’s risk, are classed as acquisitions.

The handling of incidental acquisition costs in individual cases is

based on article 30 (2), no. 1 KARBV.

7. Liabilities: Liabilities are calculated using their repayment

amount. The key liabilities include loans from third parties, liabil-

ities arising from property acquisitions and building projects and

liabilities from property management.

8. Calculation and valuations of accruals: Accruals are formed for

• uncertain liabilities

• deferred maintenance expenses in the business year, which

are repeated in the following business year (maintenance

expenditure)

• maintenance measures, which had a value-increasing effect

in the determination of the market value of the property

(measures to be disclosed as assets)

• imminent losses from pending transactions

• profits tax

• deferred tax liabilities

The calculation and the valuation of accruals use the amount

deemed necessary by prudent, commercial assessment. The

anticipated settlement amount is critical. Accruals are, in prin-

ciple, not discounted. Accruals with a term of > 12 months,

involving non-interest bearing liabilities and where these are

not based on a down payment or advance performance, are

discounted at a market interest rate appropriate to their residual

term. Accruals are to be dissolved if the reason for the accrual

no longer exists.

Particular features of determining accruals for deferred taxes

For properties located abroad, accruals are to be taken into

consideration for taxes that the country in which the property

is located will foreseeably levy on capital gains. The potential

capital gains are yielded by the difference between the acqui-

sition costs or the current market value of the property and the

book value for tax purposes in accordance with the relevant tax

law of the state. Incidental selling costs that normally arise are

also taken into account. Tax reducing options in accordance

with the tax law of the state in which the property is located are

to be taken into consideration on the basis of existing losses

that can be offset for tax up to the amount of the tax burden on

the capital gains. To this extent, a settlement obligation exists

for losses carried forward that can be offset for tax. If the losses

exceed the deferred taxes, no value exceeding that is possible.

The further details of how accruals are handled in accordance

with article 30 (2), number 2 KARBV are taken into consideration

by the Company.

9. Combined assets and liabilities: Assets and liabilities com-

posed of multiple components must be valued proportionately

according to the rules above. Further details regarding the valu-

ation are to be taken from the KARBV.

10. Principles of proper bookkeeping: When calculating and

valuing the other assets, liabilities and accruals, the Company

complies with the principle of inter-temporal fairness for inves-

tors. The application of this principle aims to ensure that inves-

tors are treated equally irrespective of their date of entry or exit.

The Company applies the formal principles of proper bookkeep-

ing, unless otherwise specified in the KAGB, the KARBV and EU

Regulation No. 231/2013. In particular, it applies the principle of

period-appropriate determination of profits. According to this,

expenses and income are in principle apportioned by period via

the transfer to liabilities and receivables respectively and recog-

nized in the accounting of the investment fund in the business

year in which they were generated and independently of the

times when the corresponding expenditure or income was paid.

Apportionment of income is thereby performed for all essential

expenditure and earnings.

The Company complies with the principle of consistency in val-

uation. According to this, the valuation methods applied in the

previous annual accounts must be retained.

Moreover, the Company generally applies the principle of

individual valuation, according to which all assets, liabilities

and accruals are to be valued independently of one another;

there is no offsetting of assets and debts and no formation of

accounting groups. Assets similar to liquidity investments, e.g.,

securities, should be collected into one group and the weighted

average value should be used.

The Company applies the principle of accrual accounting,

according to which expenditure and income are recorded in the

business year to which they belong from a commercial point of

view.

IV. Assets, liabilities and accruals denominated in foreign currencies

Assets, liabilities and accruals denominated in a foreign cur-

rency are converted to euro on the same day at the exchange


rate for the currency calculated on the basis of the morning

fixing by WM/Reuters AG at 10.00 AM CET the previous day.

V. Calculation of the net asset value per unit

The value of the investment fund and the net asset value per

unit are determined by the Company under the supervision of

the Depositary at every opportunity to issue and redeem units.

The value of the investment fund is to be determined on the

basis of the respective market values of the assets belonging to

it, less loans and other liabilities. In the event that various invest-

ment fund unit classes have been introduced, the unit value and

issue and redemption prices will be calculated for each individ-

ual unit class.

The net asset value per unit (unit value) is shown to two decimal

places.

The issue and redemption prices are rounded to two decimal

places.

Information on transparency and on the total expense ratio

The total expense ratio expresses total expenses and fees as a

percentage of the investment fund’s average net asset value for

a given business year. The total expense ratio does not include

transaction costs. The total expense ratio was 1.05% p.a. in the

RC unit class and 0.58% in the IC unit class.

No performance-based fee was charged to the investment fund

for the business year.

For the acquisition, development and sale of properties, and

the purchase and sale of special purpose vehicles, a fee of

EUR 5.4 million was charged, which corresponds to 0.1% of the

average net asset value. Due to the naturally strong fluctuation

in value over the life of the fund, no conclusions about future

performance can be drawn from this information.

No all-in fee was paid to the Management Company or third

parties.

The asset management company does not receive any reim-

bursement of the fees and expense reimbursements paid out

of the investment fund to the Depositary and third parties.

The asset management company pays “distribution commis-

sions” to brokers, largely from the management fees paid to it

by the investment fund.

Transaction costs (total ancillary costs of acquisition and the

costs of disposition of assets) totaling EUR 22.9 million were

charged to the investment fund. This corresponds to 0.24% of

the average overall net asset value.

Notes on other income and other expenses

Further information regarding other key income and expenses

is provided in the “Notes on the statement of income and

expenses”.

Information provided in accordance with article 101 (3) KAGB

Information on employee compensation

DWS Grundbesitz GmbH (the “Company”) is a subsidiary of

DWS Group GmbH & Co. KGaA (“DWS KGaA”), Frankfurt/Main,

one of the leading asset managers worldwide with a broad

range of investment products and services across all important

asset classes as well as solutions tailored to growth trends.

DWS KGaA, in which Deutsche Bank AG has a majority share-

holding, is listed on the Frankfurt stock exchange.

As a result of a sector-specific regulation in accordance with the

AIFMD (The Alternative Investment Fund Managers Directive) as

well in accordance with article 1 and article 27 of the German

Institution Compensation Regulation (Institutsvergütungsverord-

nung (“InstVV)”), the compensation policy and compensation

strategy of the Deutsche Bank Group (“DB Group”) does not

apply to the Company. DWS KGaA and its subsidiaries (“DWS

Group” or just “Group”) have separate compensation-related

governance rules, guidelines and structures, including inter-

nal DWS guidelines for identifying employees with a material

impact at the level of the Company as well as at the level of the

DWS Group in line with the criteria listed in the AIFMD and in

the European Securities and Markets Authority’s guidelines on

sound remuneration policies (“ESMA guidelines”).

Governance structure

The DWS Group is managed by its partner, DWS Management

GmbH. The General Partner revised its areas of responsibility in

June 2020 and now has six Managing Directors who comprise

the Group’s management. The management, which is supported

by the DWS Compensation Committee (“DCC”), is responsible

for the introduction and implementation of the compensation

system for employees. It is monitored in this task by the Super-

visory Board of DWS KGaA, which has established a Remu-

neration Committee (“RC”). The RC supports the Supervisory

Board in monitoring the appropriate design of the compensation

systems for Group employees. This is done taking into account

the impact of the compensation system on the Group-wide risk,

capital and liquidity management as well as the alignment of

the compensation strategy with the business and risk strategy

of the DWS Group.

The task of the DCC is to develop and design sustainable

compensation frameworks and principles for the Company’s

business activity, to create recommendations for total compen-


sation, as well as to ensure adequate governance and moni-

toring in relation to compensation and additional benefits for

the Group. The DCC defines quantitative and qualitative factors

for performance review as a basis for compensation-related

decisions and submits recommendations to the management

regarding the annual pools for variable compensation and its

allocation to various divisions and infrastructure functions.

Voting members of the DCC are the Chief Executive Officer

(“CEO”), Chief Financial Officer (“CFO”), Chief Control Officer

(“CCO”), Chief Operating Officer (“COO”) and the Global Head

of HR. The Head of Reward & Analytics is a non-voting member.

Control functions such as Compliance, Anti-Financial Crime and

Risk Management are represented by the CFO and the COO in

the DCC and are appropriately involved in the design and imple-

mentation of the Group’s remuneration systems with regard

to their respective tasks and functions. This is intended, on the

one hand, to ensure that the compensation systems do not give

rise to conflicts of interest and, on the other hand, to review the

impact on the risk profile of the Group. The DCC reviews the

compensation framework of the Group at least once per year.

This includes a review of the principles that apply to the Com-

pany as well as an assessment of whether substantial changes

or additions should be made due to irregularities that arise.

The DCC is supported by two sub-committees: The DWS Com-

pensation Operating Committee (“COC”), which was imple-

mented to assist the DCC in reviewing the technical validity,

operationalization and approval of new or existing compensa-

tion plans. The Integrity Review Committee (“IRC”), which was

established to review and rule on matters related to the suspen-

sion and forfeiture of deferred DWS compensation elements.

Within the framework of the annual internal review at the level

of the DWS Group, it was found that the configuration of the

compensation system is adequate and there are no material

irregularities.

Compensation structure

The compensation standards and principles of the DWS com-

pensation policy apply to employees of the Company and are

reviewed annually. As part of the compensation strategy, the

Group, including the Company, pursues a total compensation

approach (“TC”) that includes fixed pay (“FP”) and variable

compensation (“VC”).

The Group ensures that FP and VC for all categories and groups

of employees are adequate and coordinated with one another.

The structures and levels of the TC correspond to subdivisional

and regional compensation structures, internal relationships and

market data and they contribute to a standardized configuration

within the Group. One of the main aims of the Group strategy

is to uniformly deploy sustainable performance across all levels

and to increase transparency in compensation decisions and

their effect on shareholders and employees in relation to the

business development of the DWS Group and – insofar as is

applicable – the DB Group. One key aspect of the compensation

strategy of the Group is to create a long-term balance between

the interests of employees, shareholders and customers.

The fixed pay compensates employees in accordance with their

qualifications, experience and expertise as well as in accordance

with the requirements, the significance and the scope of their

roles. When determining an appropriate amount for the fixed

pay, prevailing market rates for each role as well as internal

comparisons and applicable regulatory requirements are taken

into account.

With variable compensation, the Group has at its disposal a

discretionary tool with which it can additionally reward employ-

ees for their performance and conduct without encouraging

too high a risk tolerance. When determining VC, sound risk

standards are applied by incorporating the risk tolerance of the

Group, its affordability and financial position, as well as a com-

pletely flexible policy in relation to the granting or “non-grant-

ing” of the VC. The VC is generally made up of two parts: the

“Group Component” and the “Individual Component”. Further-

more, there is no guarantee of VC in the ongoing employment

relationship.

For the 2020 business year, the Group component will be deter-

mined primarily on the basis of three key performance indicators

(“KPIs”) at the level of the DWS Group: Adjusted Cost Income

Ratio (“CIR”), net cash inflows and dividend payout. These three

KPIs are important measures of the DWS Group’s financial tar-

gets and reflect its sustainable performance.

For employees at management level, the Group component

additionally takes into account four equally weighted KPIs at

DB Group level1.

Depending on entitlement, the “Individual Component” is deliv-

ered either in the form of individual VC (IVC) or a recognition

award. The IVC takes numerous financial and non-financial fac-

tors into account. These include comparison with the employ-

ee’s peer group and retention considerations. The recognition

award provides the opportunity to acknowledge and reward out-

standing contributions made by employees that are not entitled

to IVC (i.e., generally employees at the lower hierarchy levels).

There are two nomination processes per year.

Both the Group Component and the Individual Component of

the VC can be paid out or granted in cash or in the form of

share-based or fund-based instruments within the scope of

agreements of the Group in relation to deferred compensation.

The Group reserves the right to reduce the full amount of the

VC, including the Group Component, to zero if there exists

considerable misconduct according to the applicable local law,

performance-related measures, disciplinary measures or unsat-

isfactory conduct on the part of an employee.

1 DB Group KPIs: Common Equity Tier 1 (“CET1”) capital ratio, Leverage ratio,

Adjusted cost base as well as Post-tax return on tangible equity (“RoTE”), based on

the average material tangible equity.


1 Compensation data for delegates to whom the Company transferred portfolio or risk

management tasks are not included in the table.

2 “Senior management” includes only the Company’s management. The management

meets the definition of managers of the Company. Other than the management, no

other managers have been identified.

Identification of material risk takers

In accordance with the Law of July 12, 2013, on alternative

investment fund managers (as amended) in conjunction with

the ESMA guidelines for solid compensation policies taking into

account the AIFM Directive, the Company has identified employ-

ees who have a significant influence on the risk profile of the

Company (“material risk takers”). The identification process is

based on the assessment of the influence of the following cat-

egories of employees on the risk profile of the Company or one

of its managed funds: (a) Management board/senior manage-

ment, (b) Portfolio/investment managers, (c) Control functions,

(d) Employees with leadership roles in management, marketing

and human resources, (e) Other employees (material risk tak-

ers) with significant influence, (f) Other employees at the same

compensation level as the ‘Other material risk takers’ whose

activities have an impact on the risk profile of the Company

or the Group. At least 40% of the VC for material risk takers is

deferred. Furthermore, for key investment experts at least 50%

of the directly paid out portion and of the deferred portion is

granted in the form of share-based or fund-based instruments

of the DWS Group. All deferred components are subject to cer-

tain performance conditions and forfeiture provisions to ensure

an appropriate ex-post risk adjustment. For VC amounts of less

than EUR 50,000, the material risk takers receive the entire VC in

cash and without any deferral.

Summary of the compensation information for the Company for 20201

Number of employees on an annual average 61

Total compensation EUR 8,603,579

– Fixed compensation EUR 6,035,410

– Variable compensation EUR 2,568,169

thereof: Carried interest EUR 0.00

Total compensation to senior management2 EUR 1,180,760

Total compensation for other material risk takers EUR 0.00

Total compensation paid to employees with control functions

EUR 0.00

Establishment of the VC and appropriate risk adjustment

The VC pools of the Group undergo an appropriate adjust-

ment to risks, which includes ex ante and ex post adjustment.

The robust method that is applied is designed to ensure that

account is taken of both the risk-adjusted performance and the

capital and liquidity position of the Group when determining the

VC. The total amount of the VC is primarily driven by (i) Group

affordability (i.e., what “can” the DWS Group award long-term

to VC in alignment with regulatory requirements) and (ii) per-

formance (i.e., what “should” the Group award to VC in order to

provide an appropriate performance-related compensation while

protecting the long-term success of the business).

The Group has introduced “Principles for determining variable

compensation” for determining VC at the level of the individual

employees. These contain information about the factors and

metrics that must be taken into consideration when making

decisions in relation to IVC. These include, for example, invest-

ment performance, customer loyalty, corporate culture consider-

ations as well as agreed targets and performance reviews within

the framework of the “holistic performance” approach. In addi-

tion, control function information and disciplinary measures, as

well as their influence on VC, are taken into account.

As part of a discretionary decision-making process, DWS DCC

uses financial and non-financial performance indicators to deter-

mine differentiated and performance-related pools for the busi-

ness and infrastructure areas.

Compensation for 2020

Despite the ongoing pandemic, the diverse range of invest-

ment products and solutions and the re-stabilizing markets

contributed to significant net inflows in 2020 and enabled the

DWS Group to successfully implement its strategic objectives.

The increased focus on investment performance and increased

investor demand for targeted asset classes were key drivers of

this success.

Against this backdrop, the DCC monitored VC viability for 2020

and determined that the capital and liquidity position of the

Group is clearly above the regulatory prescribed minimum

requirements and the internal risk tolerance threshold.

As part of the VC granted in March 2021 for the performance

year 2020, the Group Component was granted to all eligible

employees based on the evaluation of the defined KPIs. The

DWS Group’s management has set a target achievement level

of 98.50% for 2020, taking into account the considerable per

formance of the employees and at its discretion.

Taking into account the target attainment determined by the

Executive Board of Deutsche Bank AG for the DB Group, the

hybrid target attainment level for employees at management

level was determined at 85.50% for 2020.


Information on significant changes to information provided in the sales prospectus

The sales prospectus for the investment fund was updated on

March 10, 2021. The amendments mainly concerned supple-

mentary risk information relating to sustainability risks and

explanations on the implementation of Art. 6 (1) of the Disclo-

sure Regulation (EU) 2019/2088.

A further update took place on October 1, 2021, after the end of

the reporting period.

An update of the overview of the outsourcing companies and

service providers will follow this report.

Additional information pursuant to article 300 KAGB

Information on new liquidity management regulations

The sales prospectus contains information regarding liquidity

management. There were no other changes in this regard in the

reporting period.

Information on the risk profile and on risk management

Besides affording opportunity for value increases and distribu-

tions, investment in the investment fund is also associated with

risks of loss.

The general economic and financial objective of the investment

fund is to increase income. The focus is placed on real estate

with long-term leases with the aim of keeping both current

income and capital appreciation stable or increasing them

during the holding period. The properties for the investment

fund are selected according to the principle of diversification

according to the following criteria: sustained profitability, loca-

tion, size, usage and tenant structure. The investment strategy is

geared toward the various Europe-wide market cycles. In addi-

tion, it is also possible to make minor investments in countries

outside the EU/EEA on a selective basis. The risk profile for the

investment fund is derived from these general economic and

financial objectives, the investment strategy and also from the

statutory investment limits.

The risk profile for the investment fund involves a combination

of the risks associated with investing in investment funds, the

risks associated with investing in real estate and special pur-

pose vehicles, the risks associated with liquid assets and tax

risks.

The liquid assets of the investment fund are invested primarily

in demand deposits and time deposits, as well as fixed-interest

securities. The risk of a change in the market interest rate leads

to fluctuations in valuations, particularly in respect of securities;

likewise, creditworthiness risks arising from rating changes for

issuers leads to changed valuation methods.

Risk management processes have been initiated to accompany

the entire investment and management process of a property

and for compliance with the key investment limits subsequently

presented which a real estate investment fund must observe

due to legal requirements. Further information about the scope

and functionality of the risk management processes is available

in electronic form or in written form from the Company.

The key risks described in the sales prospectus may have a

negative influence on the performance of the investment in

the investment fund and thus have a negative effect on the net

asset value per unit and on the capital invested by the inves-

tor. Particular attention is drawn to the risk of a suspension of

redemption in extraordinary circumstances and in connection

with a termination of management rights as well as to the risk

arising from (indirect) property investments. In the interests of

limiting risks, the key investment limits set down by the KAGB

and the investment conditions for the investment fund will be

observed by the Company.

Consideration of sustainability risks is also part of the invest-

ment decision process for real estate. As part of the property

acquisition process, due diligence is used to identify and assess

any sustainability risks on the basis of a checklist, and these are

then taken into account in the investment decision. Sustainabil-

ity risks identified in this context may lead to the exclusion of

the real estate investment or may be appropriately managed by

other risk-reducing measures when the investment decision is

made.

Sustainability risks are also taken into account in the analysis of

issuers when investing liquidity in the form of securities (such

as equities or bonds). In this context, for example, no invest-

ment activities are carried out in relation to issuers that produce

controversial weapons or whose proportionate turnover from

controversial sectors or from coal-fired power exceeds a defined

threshold.

After the acquisition of an asset, the Company regularly moni-

tors sustainability risks. Sustainability risks can have a material

adverse effect on the market value of the properties and the

market value of other assets of the investment fund in a variety

of ways and thus have a material adverse effect on the unit

value and the capital invested by the investor.


Frankfurt/Main, Germany, November 29, 2021


Dr. Ulrich von Creytz Dr. Grit Franke Clemens Schäfer Ulrich Steinmetz

Information on the extent of leverage

Leverage in accordance with the gross method related to the

originally established maximum amount:

• 2.3timesthenetassetvalue(230.0%)

Actual scope of leverage in accordance with the gross method:


Leverage in accordance with the commitment method related to

the originally established maximum amount:


Actual scope of leverage in accordance with the commitment

method:


Additional information

Percentage of assets that are difficult to liquidate, to which

specialregulationsapply:0%.


Statement of the independent auditor

To DWS Grundbesitz GmbH

Audit opinion

We performed the audit of the annual report for the investment

fund grundbesitz europa – consisting of the activity report for the

fiscal year from October 1, 2020, through September 30, 2021, the

summarized statement of assets and the statement of assets as

of September 30, 2021, the statement of income and expenses,

the calculation of distribution, the development of fund assets for

the fiscal year from October 1, 2020, through September 30, 2021,

and the comparative statement for the last three fiscal years, the

list of transactions completed during the reporting period, insofar

as this is no longer covered by the investment portfolio, and the

notes.

In our opinion, based on the findings of our audit, the accom-

panying annual report complies in all material respects with the

provisions of the German Investment Code (KAGB) and the rel-

evant European regulations and gives a comprehensive view of

the actual position and development of the investment fund in

accordance with these provisions.

Basis for the audit opinion

We conducted our audit of the annual report in accordance with

article 102 KAGB, and generally accepted German standards for

the audit of financial statements promulgated by the Institut der

Wirtschaftsprüfer (Institute of Public Auditors in Germany; IDW).

Our responsibility according to these provisions and principles

is described in more detail in the section entitled “Responsibility

of the auditor for the audit of the annual report”. We are inde-

pendent of DWS Grundbesitz GmbH in accordance with German

commercial and professional regulations and have fulfilled

our other German professional obligations in accordance with

these requirements. We believe that the audit evidence we have

obtained is sufficient and appropriate to provide a basis for our

audit opinion on the annual report.

Other information

The legal representatives are responsible for the other informa-

tion. The other information includes the annual report that was

made available to us after the date of the audit report, with the

exception of the audited annual report according to article 7

KARBV as well as our audit report and the tax information.

Our audit opinion on the annual report pursuant to article 7 KARBV

does not extend to the other information and, accordingly, we do

not express an audit opinion or any other form of audit conclusion

thereon.

In connection with our audit, we are responsible for reading

the other information and for assessing whether the other

information

• is materially inconsistent with the annual report in accor-

dance with article 7 KARBV or with the knowledge we have

obtained during the audit, or

• otherwise appears to be materially misstated.

Responsibility of the legal representatives for the annual report

The legal representatives of the DWS Grundbesitz GmbH are

responsible for the preparation of the annual report which

complies in all material respects with the requirements of the

German Investment Code and the relevant European regula-

tions, and for ensuring that the annual report gives a compre-

hensive view of the actual circumstances and developments of

the investment fund in accordance with these requirements.

Furthermore, the legal representatives are responsible for the

internal controls that they have determined to be necessary in

accordance with these regulations in order to enable the prepa-

ration of the annual report that is free from material misstate-

ment, whether intentional or unintentional.

When preparing the annual report, the legal representatives

are responsible for including in the reporting events, decisions

and factors which may have a material influence on the further

development of the investment fund. This means, among other

things, that when preparing the annual report, the legal repre-

sentatives must assess the continuation of the investment fund

by DWS Grundbesitz GmbH and are responsible for disclosing

facts in connection with the continuation of the investment

fund, if relevant.

Responsibility of the auditor for the audit of the annual report

Our objective is to obtain reasonable assurance as to whether

the annual report as a whole is free from material – intentional

or unintentional – misstatement, and to issue a statement that

contains our audit opinion on the annual report.

Reasonable assurance corresponds to a high degree of certainty

but is not a guarantee that an audit conducted in accordance

with article 102 KAGB and German generally accepted stan-

dards for the audit of financial statements promulgated by the

Institut der Wirtschaftsprüfer (IDW) will always reveal a material

misstatement. Misstatements can result either from infringe-

ments or inaccuracies and are considered to be material if it can

be reasonably assumed that these, either individually or as a

whole, influence the business decisions of addressees taken on

the basis of this annual report.


During the audit, we exercise our best judgment and maintain a

critical attitude. Furthermore:

• We identify and assess the risk of material – whether inten-

tional or unintentional – misstatement in the annual report,

we plan and conduct audit procedures in response to these

risks and obtain audit evidence that is sufficient and appro-

priate to serve as a basis for our audit opinion. The risk of

material misstatements not being discovered is higher for

infringements than for inaccuracies, as infringements may

entail fraudulent collaboration, forgery, intentional incom-

pleteness, misleading information or the by-passing of inter-

nal controls.

• We gain an understanding of the internal control system of

relevance to the annual report in order to plan audit proce-

dures that are appropriate in the given circumstances, but

not, however, with the objective of issuing an audit opinion

on the effectiveness of DWS Grundbesitz GmbH’s internal

control system.

• We assess the appropriateness of the accounting policies

used by the legal representatives of DWS Grundbesitz GmbH

in the preparation of the annual report and the reasonable-

ness of the estimates and related disclosures presented by

legal representatives.

• We draw conclusions based on audit evidence obtained as

to whether there is any material uncertainty about events or

circumstances that could cause significant doubt as to the

continuation of the investment fund by DWS Grundbesitz

GmbH. If we come to the conclusion that a material uncer-

tainty exists, we are obliged to point out the associated

explanatory information provided in the annual report or,

if this information is inadequate, to modify the audit opin-

ion. We draw these conclusions on the basis of the audit

evidence obtained up to the date of our statement. Future

events or circumstances may, however, lead to DWS Grund-

besitz GmbH no longer being able to continue the business

activities of the investment fund.

• We assess the overall presentation, the structure and the

content of the annual report including the disclosures and

whether the annual report presents the underlying transac-

tions and events in such a way that the annual report, taking

into account the provisions of the German KAGB and the

relevant European regulations, provides a comprehensive

view of the actual circumstances and developments of the

investment fund.

We discuss with those in charge of governance the planned

scope and timing of the audit as well as the most significant

audit findings, including any deficiencies in the internal control

system that we identify in performing the audit.

Frankfurt/Main, November 30, 2021

KPMG AG

Wirtschaftsprüfungsgesellschaft

Kuppler Anders

German Public Auditor German Public Auditor


Asset management

Asset management in the real estate sector mainly aims to optimize the profitability of the individual properties in the context of the investment process taking into consideration the strategy prescribed by the Company and to produce “hold-sell” analyses for the entire real estate portfolio of the investment fund.

Principal Object of the agreement

DWS Alternatives Global Ltd.1 The Zig Zag Building, 70 Victoria StreetLondon SW1E 6SQ, United Kingdom

Transaction support and settlement for properties in Europe, except Germany, Austria, Switzerland, Finland, Sweden and Italy

DWS International GmbH Milan Branch 1

Via Filippo Turati 25/2720121 Milan, Italy

Transaction support and settlement as well as asset management of the properties in Italy

DWS Real Estate GmbH1

Mainzer Landstraße 11-1760325 Frankfurt/Main, Germany

Transaction support and settlement as well as asset management of properties in Germany and Austria

Newsec Advice OYMannerheiminaukio 1A, 9th Fl.00100 Helsinki, Finland

Transaction support and settlement for the properties in Finland

Newsec Advice ABStureplan 310396 Stockholm, Sweden

Transaction support and settlement for the properties in Sweden

RCP Asset Management B.V.Gustav Mahlerplein 3, 26th Fl.1082 MS Amsterdam, The Netherlands

Transaction support and settlement as well as asset management of the properties in the Netherlands

Urban Input S.L.U.RCP Paseo de Gracia 7708008 Barcelona, Spain

Transaction support and settlement as well as asset management of the properties in Spain

Fund accounting


BNY Mellon Service Kapitalanlage-Gesellschaft mbHFriedrich-Ebert-Anlage 4960308 Frankfurt/Main, Germany

Provides services in the area of fund accounting of grundbesitz europa and in the administration of the special purpose vehicles for the open-ended real estate investment funds managed by DWS Grundbesitz GmbH that are included in the portfolio of the grundbesitz europa investment fund.

Property management

Property Management handles the commercial management of the property at local level for the real estate in the real estate investment fund managed by the Company.


Agire S.r.l.Piazza Missori 220122 Milan, Italy

Italy, Milan, Via San Prospero 2

BNP Paribas Real Estate Property Management GmbH Fritz-Vomfelde-Straße 2640547 Düsseldorf, Germany

Various property management services for properties in Germany: Düsseldorf, “Capricorn” Frankfurt/Main, Hedderichstraße Frankfurt/Main, “Park Tower” Frankfurt/Main, Rathenauplatz Frankfurt/Main, CargoCity Süd, Building 579 Kelsterbach, Mönchhofallee 1 Munich, “Metris”

Appendix: Outsourcing and service providers

If published more recently than this report, the semiannual report or the sales prospectus may contain more current information.

Outsourcing (as of: September 30, 2021)

The Company has outsourced the following activities. Details

regarding the outsourcing of property appraisers are provided

separately under “External appraisers”. Tasks that the special

purpose vehicles commission on their own behalf are not listed

as these do not constitute outsourcing activities in the supervi-

sory sense. The commissioning of such outsourcing companies

does not give rise to any direct rights or obligations on the

investors.


Property management


CB Richard Ellis Ltd | Property and Asset Management St. Martin‘s Court, 10 Paternoster RowLondon EC4M 7HP, United Kingdom

United Kingdom, London, “Park House” United Kingdom, Stratford, “S5 International Quarter” United Kingdom, Manchester, “2 St. Peter’s Square”

CB Richard Ellis40, rue Jean Jaurès93170 Bagnolet, France

France, Paris, “Euro-Athènes”France, Paris, “Insight”

CB Richard Ellis Real Estate S.A.Paseo de la Castellana 20228046 Madrid, Spain

Spain, Castellon, “Salera”

Colliers International REMS Sp.z o.o Pl. Piłsudskiego 3, IV floor 00-078 Warsaw, Poland

Poland, Ozarow, ul. CeramicznaPoland, Ozarow, ul. Poznasnka"

Constructa 134 Boulevard Haussmann75008 Paris, France

France, Paris, “Avenue des Champs Elysées” France, Courbevoie, “Le Monge”

Cushman & Wakefield Polska Sp. z o.o. Metropolitan, Plac Pilsudskiego 1 00-078 Warsaw, Poland

Poland, Warsaw, “Focus Filtrowa”

Cushman & Wakefield Polska Trading Sp. z.o.o. Rondo Daszynskiego 2B Street 00-843 Warsaw, Poland

Poland, Warsaw, "Topaz" Poland, Warsaw, "Nefryt"Poland, Gdansk, "Neon"

Cushman & Wakefield José Ortega y Gasset, 29-6th Floor28006 Madrid, Spain

Spain, Getafe, Calle de la Tenacidad Spain, Getafe, Calle Confianza

ECE Projektmanagement GmbH & Co. KGHeegbarg 3022391 Hamburg, Germany

Germany, Remscheid, “Allee-Center”

Fortis Centrum Ardea KSul. Półwiejskiej 3261-888 Poznań, Poland

Poland, Poznan, “Stary Browar”

Jones Lang LaSalle Ltd.30 Warwick StreetLondon W1B 5NH, United Kingdom

United Kingdom (Scotland), Glasgow, “Connect110NS” United Kingdom, London, “Bankside 2 and Bankside 3”

Jones Lang LaSalle Ltd. 9 Queen Victoria Street London EC4 4YY, United Kingdom

United Kingdom, London, “Northcliffe House”

Promos s.r.l.Via Flero 46, Centro Direzionale Tre Torri 9p25125 Brescia, Italy

Italy, Valmontone, “FOC Valmontone”

Savills21, Boulevard Haussmann75009 Paris, France

France, Boulogne-Billancourt, “In Situ”France, Paris, rue Notre Dame des VictoiresFrance, Paris, Saint Quen, “Sigma”France, Cestas, 4-6 rue Chemin Saint Raymond

Savills (UK) Ltd. 33 Margaret Street London W1G 0JD, United Kingdom

United Kingdom, Enfield, “Palace Exchange”United Kingdom, Enfield, “Palace Gardens”

Savills Asset & Property Management B.V.Claude Debussylaan 481082 MD Amsterdam, Netherlands

Netherlands, Amsterdam, "Huys Azie" Netherlands, Amsterdam, "Zilveren Toren" Netherlands, The Hague, "Malie Toren "Netherlands, Leiden, Dellaertweg 1Netherlands, Rotterdam, "Eurogate III" Netherlands, Amsterdam, "Rivierstaete"

Tectareal Property Management GmbHAlfredstraße 23645133 Essen, Germany

Various property management services for properties of grundbesitz europa in Germany:Hannover-Langenhagen, Münchner StraßeHamburg, “Strandkai 1”Leipzig, “Marktgalerie”

Victoria Hall Management Limited22 Northumberland RoadDublin 4, Ireland

Ireland, Dublin, The Point “Tolka” and “Liffey”


Other tasks


Deutsche Bank AG1

Taunusanlage 1260325 Frankfurt/Main, Germany

Internal security and control measures to prevent money laundering, terrorist financing, other offenses and embargo violations, and to monitor compliance with the relevant regulations.

Deutsche Bank AG1

Taunusanlage 12 60325 Frankfurt/Main, Germany

Human Resources (HR Administration Services)

Deutsche Bank AG1


Intra-group IT service

Deutsche Bank AG1


Central administration of the service and outsourcing processes

Deutsche Bank AG1


Compliance services

Deutsche Bank AG1


Provision of internal management services (relocation, office equipment, travel expenses, company car, etc.)

Deutsche Bank AG, London branch1

Winchester House, 12 Great Winchester Street London, EC52N 2DB, United Kingdom

Human Resources (HR Administration Services)

DWS Group GmbH & Co. KGaA1


Compliance services

DWS Group GmbH & Co. KGaA1


Internal audit

DWS Real Estate GmbH1

Mainzer Landstraße 11-17 60329 Frankfurt/Main, Germany

Provides services in the area of law, taxes, business management and property controlling for the properties in Germany, Austria and Switzerland.

IBM Deutschland GmbH IBM Allee 171139 Ehingen, Germany

IT software services (support)

1 Conflicts of interest can arise when contractors provide the same services to other companies and their investment funds or individual portfolios, irrespective of whether such companies are within or outside the Deutsche Bank Group. The companies indicated are associated with the Company. It is impossible to rule out that the relevant contracts would have been concluded in a different form if a company had been involved that had no ties under company law or in terms of personnel.


Service providers (as of: September 30, 2021)

In addition to the functions outsourced by the Company in the

supervisory sense, the Company has also assigned the follow-

ing activities to service providers. The commissioning of such

Facility management

Facility Management is in charge of the technical and infrastructural building management for the properties in the real estate investment funds managed by the Company. This overview does not include less significant services (such as cleaning).


Bilfinger HSG Technischer Service GmbH, Ndl. Frankfurt/Main, Germany Admiral-Rosendahl-Straße 1 63263 Neu Isenburg, Germany

Germany, Frankfurt/Main, “Park Tower” Germany, Frankfurt/Main, HedderichstraßeGermany, Kelsterbach, Mönchhofallee 1

Cegelec Agence Missenard16, avenue Jean Jaures94606 Choisy-le-Roi Cedex, France

France, Paris, “Insight”

EUBAG Operations GmbHCarl-Zeiss-Straße 1385737 Ismaning, Germany

Germany, Munich, “Metris”

SPIE GmbHFacility Management Mitteldeutschland Am Waldschlößchen 401099 Dresden, Germany

Germany, Leipzig, “Marktgalerie”

WISAG Facility Management Hessen GmbH & Co.Rebstöcker Straße 3560326 Frankfurt/Main, Germany

Germany, Frankfurt/Main, Rathenauplatz

Other tasks


BCD Travel Germany GmbH Friedrichstraße 10-12 60323 Frankfurt/Main, Germany

Travel agency services

Deutsche Bank AG1

Global Network Services Alfred-Herrhausen-Allee 16-39 65760 Eschborn, Germany

Telephone and IT hardware services (IPT voice services and telecom expense management)

Deutsche Bank AG1


Postal services

Deutsche Bank AG1


Archiving (Group-internal agreement)

Deutsche Bank AG1


Support services for market analyses

Deutsche Bank AG1

Stock im Eisen-Platz 31010 Vienna, Austria

Paying agent contract

Deutsche Bank (Suisse) S.A.1

Place de Bergues 31201 Geneva, Switzerland

Paying agent contract

Deutsche Post InHaus Services GmbH Euskirchener Straße 52 53121 Bonn, Germany

Post and scan service

DWS International GmbH1


Data protection officer in accordance with the Federal Data Protection Act

DWS Investment GmbH1

Mainzer Landstraße 11-17 60329 Frankfurt/Main, Germany

Ongoing sales and project support (internal agreement)

Goldman Sachs International Peterborough Court, 133 Fleet Street, EC4A 2 BB London, United Kingdom


IRM Management Network GmbH Ostseestraße 107 10409 Berlin, Germany

IT software services

service providers does not give rise to any direct rights or obli-

gations on the investors.


Other tasks


ISR Information Products AGLange Straße 6138100 Braunschweig, Germany

IT software services (support)

J.P. Morgan Securities PLC25 Bank Street London E14 5JP, United Kingdom


Nomura International PLC 1 Angel Lane London EC4R 3AB, United Kingdom


State Street Bank International GmbH Brienner Str. 5980333 Munich, Germany

Depositary

1 Conflictsofinterestcanarisewhencontractorsprovidethesameservicestoothercompaniesandtheirinvestmentfundsorindividualportfolios,irrespectiveofwhether such companies are within or outside the Deutsche Bank Group. The companies indicated are associated with the Company. It is impossible to rule out that therelevantcontractswouldhavebeenconcludedinadifferentformifacompanyhadbeeninvolvedthathadnotiesundercompanylaworintermsofpersonnel.


Tax information for the investor

Information provided in the following notes applies to the RC

unit class. It applies to the IC unit class only insofar as it is

reported separately.

Distributed profit, RC unit class

The net asset value per unit of the RC unit class as at Sep-

tember 30, 2021, is EUR 40.27 and has therefore increased

by EUR 0.14 compared to the net asset value per unit of

EUR 40.13 at the start of the business year.

For the business year 2020/2021, EUR 0.90 (= 2.24%, based

on the net asset value per unit of the RC unit class at the

beginning of the business year) is being distributed. The distri-

bution will be partially tax-exempt for investors in accordance

with the version of the German Investment Tax Act applicable

on January 1, 2018 (partial tax exemption within the mean-

ing of article 20 InvStG). For grundbesitz europa, the partial

exemption portion is 60% since January 1, 2018. Accordingly,

EUR 0.54 (60%) is not subject to income tax if the units are

held as private assets. The distribution of EUR 0.90 therefore

comprises a tax-exempt portion of EUR 0.54 and a taxable

portion of EUR 0.36.

Distributed profit, IC unit class

The net asset value per unit of the IC unit class as at Sep-

tember 30, 2021, is EUR 40.46 and has therefore increased

by EUR 0.13 compared to the net asset value per unit of

EUR 40.33 at the start of the business year.

For the business year 2020/2021 EUR 1.10 (= 2.73%, based on

the net asset value per unit of the IC unit class at the begin-

ning of the business year) is being distributed. The distribution

will be partially tax-exempt for investors in accordance with

the version of the German Investment Tax Act applicable on

January 1, 2018 (partial tax exemption within the meaning of

article 20 InvStG). For grundbesitz europa, the partial exemp-

tion portion has been 60% since January 1, 2018. Accordingly,

EUR 0.66 (60%) is not subject to income tax if the units are

held as private assets. The distribution of EUR 1.10 therefore

comprises a tax-exempt portion of EUR 0.66 and a taxable

portion of EUR 0.44.

Distribution / Income for the purposes of investment tax

The final distribution for the business year 2020/2021 in the

amount of EUR 0.90 per unit (RC unit class) or EUR 1.10 per

unit (IC unit class) will take place on December 15, 2021. The

taxable portion of the distribution is detailed in the following

table and amounts to EUR 0.36 per unit (RC unit class) and

EUR 0.44 per unit (IC unit class) if the units are held as private

assets. For units held as business assets, EUR 0.36 per unit (RC

unit class) and EUR 0.44 per unit (IC unit class) respectively is

taxable for investors subject to corporate income tax.

Furthermore, in accordance with the new Investment Tax

Act, advance payments can be considered to be investment

income from a tax perspective. The advance payment is the

amount by which the distributions of the fund fall below the

base yield for that calendar year within one calendar year. The

base yield is calculated by multiplying the redemption price

of the unit at the beginning of a calendar year by 70% of the

base interest rate, which is derived from the long-term return

on government bonds. The base yield is limited to the excess

amount that results between the first and the last redemption

price set in the calendar year plus the distributions within the

calendar year. In the year in which the units are acquired, the

advance payment decreases by one twelfth for each full month

preceding the month of acquisition. The advance payment is

considered to have been received on the first working day of

the following calendar year.

Provided income from capital has already been adequately

taxed, private investors are not required to provide further

details in their personal tax return. However, if a tax assess-

ment (e.g., regarding losses offset) applies, any generated

income should still be declared. The data required for income

tax assessment is detailed in the below tables. These tables

also include the data required for business investors.


Treatment of the RC unit class final distribution on December15,2021,forprofitstaxpurposes

For units heldas private assets

in EUR

For units heldas business assets

of investors subject toincometax

in EUR


of investors subject to corporate income

taxin EUR

Distributionperunit 0.9000 0.9000 0.9000

Taxexemptionportiontobeapplied 60% 60% 60%

Tax-freeincomeperunit 0.5400 0.5400 0.5400

Taxableincomeperunit 0.3600 0.3600 0.3600

Treatment of the IC unit class final distribution on December15,2021,forprofitstaxpurposes

For units heldas private assets

in EUR


of investors subject toincometax

in EUR


of investors subject to corporate income

taxin EUR

Distributionperunit 1.1000 1.1000 1.1000

Taxexemptionportiontobeapplied 60% 60% 60%

Tax-freeincomeperunit 0.6600 0.6600 0.6600

Taxableincomeperunit 0.4400 0.4400 0.4400

Summaryoftaxregulations (article165(2),no. 15,KAGB)

Thestatementsontaxregulationsapplyonlytoinvestorswho

arefullyliablefortaxinGermany.Investorswhoaresubject,

withoutlimitation,totaxationinGermanyarehereinafter

referredtoasGerman-residenttaxpayers.Werecommendthat

foreigninvestorscontacttheirtaxadviserbeforeacquiringunits

in the investment fund described in this sales prospectus in

ordertoclarifypossibletaximplicationsfromsuchacquisition

in their respective countries of residence. Foreign investors are

investorswhoarenotfullyliablefortaxinGermany.Theseare

referredtohereinafterasnon-residenttaxpayers.

The statements contained herein refer to the legal situation

sinceJanuary1,2018.Iffundunitswerepurchasedpriorto

January 1, 2018, further specifics that are not described in more

detailheremayapplyinconnectionwiththefundinvestment.

DescriptionofthelegalsituationasofJanuary 1,2018

Asaspecial-purposefund,thefundisbasicallyexemptfrom

corporateandtradetax.However,itispartiallysubjecttocor-

porateincometaxwithitsdomesticrealestateincome,i.e.,

domestic rental income and gains on the sale of domestic real

estate(thegainonthesaleofdomesticrealestateistax-exempt

withrespecttothehiddenreservescreateduntilDecember 31,

2017,iftheperiodbetweenacquisitionanddivestmentismore

than ten years), domestic investment income and other domes-

ticincomeforthepurposesoflimitedincometaxliabilityother

thangainsonthesaleofsharesincorporations.Thetaxrateis

15%.Insofarasthetaxableincomeiscollectedbywayofthe

investmentincometaxdeduction,thetaxrateof15%already

includes the solidarity surcharge.


However, as income from capital assets, investment income is

subject to income tax at the level of the private investor if such

income combined with other capital income exceeds the flat-rate

saver's allowance of EUR 801 (for single people or married couples

filing separately) or EUR 1,602 (for couples filing jointly) per year.

Income from capital assets is generally subject to a 25% with-

holding tax (plus solidarity surcharge and, where applicable,

church tax). Income from capital assets also includes income

from investment funds (investment income), i.e., distributions

of the fund, advance payments and gains on the sale of units.

Under certain circumstances, investors may receive a flat-rate

portion of the investment income (so-called partial exemption).

For private investors, the tax deduction generally has a compen-

satory effect (so-called flat-rate withholding tax), so the income

from capital assets normally does not have to be declared in

income tax. When the tax is deducted, the institution main-

taining the custody account has generally already taken into

account the loss offsets and foreign withholding tax resulting

from the direct investment.

However, the tax deduction has no compensatory effect when

the personal tax rate is lower than the withholding rate of 25%.

In this case, income from capital assets may be declared in

the income tax return. The tax authority then applies the lower

personal tax rate and takes into account the tax withheld when

calculating the personal tax debt (termed reduced rate test).

If no tax deduction has been made on income from capital

assets (because, for example, gains from the sale of fund units

are generated in a foreign custody account), these gains must

be included in the income tax declaration. During the assess-

ment, income from capital assets may also be subject to the

withholding rate of 25% or the lower personal tax rate.

If the units are held in business assets, the income is treated as

business income for tax purposes.

Units held as personal assets (German-resident taxpayers)

Distributions

Distributions of the fund are generally taxable for the investor.

However, the fund meets the tax requirements for a real estate

fund, so 60% of the distributions are tax-exempt. The taxable

distributions are generally subject to a 25% withholding tax

(plus solidarity surcharge and, where applicable, church tax).

The tax withholding may be dispensed with if the investor is a

German-resident taxpayer and presents an exemption instruc-

tion, provided the taxable components of income do not exceed

EUR 801 for individuals or EUR 1,602 for married couples filing

jointly.

The same applies to the presentation of a certificate for persons

who are not expected to be assessed for income tax (hereinafter

“non-assessment certificate”).

If a domestic investor has units held in a domestic custody

account (custody arrangement), the institution maintaining the

custody account shall refrain, as paying agent, from withhold-

ing any tax if, prior to the set date of distribution, it has been

provided with an exemption form in the appropriate amount

and conforming to the official sample document, or with a non-

assessment certificate issued by the tax office for a term of

three years. In this case, the full distribution is credited to the

investor with no deduction.

Advance payments

The advance payment is the amount by which the distributions

of the fund fall below the base yield for that calendar year within

one calendar year. The base yield is calculated by multiplying

the redemption price of the unit at the beginning of a calendar

year by 70% of the base interest rate, which is derived from

the long-term return on government bonds. The base yield is

limited to the excess amount that results between the first and

the last redemption price set in the calendar year plus the distri-

butions within the calendar year. In the year in which the units

are acquired, the advance payment decreases by one twelfth

for each full month preceding the month of acquisition. The

advance payment is considered to have been received on the

first working day of the following calendar year.

Advance payments are generally taxable for the investor.


fund, so 60% of the advance payments are tax-exempt.

The taxable advance payments are generally subject to a 25%

withholding tax (plus solidarity surcharge and, where applicable,

church tax).

The tax withholding may be dispensed with if the investor is a

German-resident taxpayer and presents an exemption instruc-

tion, provided the taxable components of income do not exceed

EUR 801 for individuals or EUR 1,602 for married couples filing

jointly.

The same applies to the presentation of a certificate for persons

who are not expected to be assessed for income tax (hereinafter

“non-assessment certificate”).

If a domestic investor has units held in a domestic custody

account (custody arrangement), the institution maintaining the

custody account shall refrain, as paying agent, from withhold-

ing any tax if, prior to the time of receipt, it has been provided

with an exemption instruction in the appropriate amount and

conforming to the official sample document, or with a non-

assessment certificate issued by the tax office for a term of


three years. In this case, no tax is deducted. Otherwise, the

investor must provide the domestic custodian institution with

the amount of the tax to be paid. For this purpose, the custo-

dian institution may collect, without the consent of the investor,

the amount of the tax to be paid from an account it maintains

for the investor and that is denominated in the name of the

investor. Insofar as the investor does not object to the advance

payment, the custodian institution may also collect the amount

of the tax to be paid from an account that is held in the name of

the investor, if an account overdraft agreed with the investor for

this account has not been utilized. Insofar as the investor does

not fulfil his obligation to make the amount of the tax payable

available to the domestic custodian institution, the custodian

institution must notify the tax office responsible for it. In this

case, the investor must then declare the advance payment in his

income tax return.

Capital gains at investor level

If units of the fund are sold, they will be subject to the 25% flat-

rate withholding tax.


fund, so 60% of the capital gains are tax-exempt.

If the units are held in a custody account with a German cus-

todian institution, the custodian institution will withhold the

withholding tax, taking into account any partial exemptions.

The withholding tax of 25% (plus solidarity surcharge and

church tax, if applicable) can be avoided by presenting a suf-

ficient exemption instruction or non-assessment certificate. If

such units are sold by an individual investor at a loss, the loss

can be offset with other positive income from capital assets –

reduced, if applicable based on a partial exemption. If the units

are held in domestic custody and positive income from capital

assets was generated at this institution maintaining the custody

account, the institution maintaining the custody account offsets

this against the losses.

When calculating capital gains, the profit must be reduced by

the advance payments set up during the ownership period.

Units held as business assets (German tax residents)

Reimbursement of the corporate income tax of the fund

The corporate income tax incurred at fund level may be reim-

bursed insofar as an investor is a domestic corporation, associ-

ation of persons or assets that serve exclusively and directly for

charitable, benevolent or church purposes in accordance with

the articles of incorporation, the foundation act or the other con-

stituting document, or a foundation under public law which is

exclusively and directly charitable or serves charitable purposes,

or a legal entity under public law which serves exclusively and

directly for church purposes; this does not apply if the units are

held in an economic business operation. The same applies to

comparable foreign investors with their registered office and

management in a foreign country providing administrative and

recovery assistance.

A requirement for this is that such an investor makes a corre-

sponding application and the corporate income tax accrued

relates proportionally to time the investor has held the units.

In addition, the investor must be the civil and economic owner

of the units for at least three months prior to the receipt of the

income of the fund subject to corporate income tax, without an

obligation to transfer the units to another person. Furthermore,

with regard to corporate income tax on German dividends

and income from German equity-like profit participation rights

accrued at fund level, the reimbursement essentially requires

that German shares and German equity-like profit participation

rights were held by the fund as beneficial owner without inter-

ruption for 45 days within 45 days before and after the due date

of the investment income and that there was an uninterrupted

minimum risk of a 70% change in value during these 45 days

(so-called 45-day rule).

The same applies to corporate income tax which is attributable

to domestic real estate income of the fund, if the investor is a

domestic legal entity under public law, provided that the units

are not attributable to a non-corporate income tax-exempt

business, or the investor is a domestic corporation, association

of persons or assets exempt from corporation tax, to which

the corporation tax of the fund is not refundable on all taxable

income.

The application must be accompanied by proof of the tax

exemption and a certificate of investment fund units held by the

custodian institution. The investment certificate is a certificate

(conforming with the official specimen) of the number of units

held by the investor throughout the calendar year and the time

and amount of the purchase and sale of units during the calen-

dar year.

Corporate income tax accrued at fund level may also be reim-

bursed if the units in the fund are held within the framework of

old-age provision or basic pension contracts that were certified

in accordance with the Pension Provision Agreements Certifica-

tion Act. A requirement for this is that the provider of an old-age

provision or basic pension contract notifies the fund within one

month of the end of its business year, indicating the times at

which units were acquired or sold and also the number of units

acquired or sold. In addition, the aforementioned 45-day rule

must be taken into account.

There is no obligation on the fund or the Company to carry out

the reimbursement procedure.

Due to the high level of complexity of the regulation, it makes

sense to consult a tax advisor.


Applications for reimbursement that are received are processed

by an external tax advisor. It is intended that costs arising in this

respect shall be borne by the investor.

Distributions

Distributions of the fund are generally subject to income tax,

corporate income tax and trade tax for the investor.


fund, so 60% of the distributions are tax-exempt for income and

corporate income tax purposes and 30% for trade tax purposes.

The distributions are generally subject to a tax deduction of 25%

(plus solidarity surcharge). The partial exemption is taken into

account in the tax deduction.

Advance payments

The advance payment is the amount by which the distributions

of the fund fall below the base yield for that calendar year within

one calendar year. The base yield is calculated by multiplying the

redemption price of the unit at the beginning of a calendar year

by 70% of the base interest rate, which is derived from the long-

term return on government bonds. The base yield is limited to the

excess amount that results between the first and the last redemp-

tion price set in the calendar year plus the distributions within

the calendar year. In the year in which the units are acquired, the

advance payment decreases by one twelfth for each full month

preceding the month of acquisition. The advance payment is

considered to have been received on the first working day of the

following calendar year.

Advance payments are generally subject to income tax, corporate

income tax and trade tax for the investor.


fund, so 60% of the advance payments are tax-exempt for

income and corporate income tax purposes and 30% for trade tax

purposes.

The advance payments are generally subject to a tax deduction

of 25% (plus solidarity surcharge). The partial exemption is taken

into account in the tax deduction.

Capital gains at investor level

Gains from sales of units are, in principle, subject to income tax,

corporate income tax and trade tax. When calculating capital

gains, the profit must be reduced by the advance payments set

up during the ownership period.


fund, so 60% of the capital gains are tax-exempt for income and

corporate income tax purposes and 30% for trade tax purposes.

In the event of a capital loss, the loss in the amount of the par-

tial exemption to be applied in each case is not deductible at

investor level.

The gains from the sale of the units are generally not subject to

a tax deduction.

Negative income for tax purposes

Direct allocation of negative taxable income to the investor is

not possible.

Liquidation taxation

During the liquidation of the fund, distributions made are

regarded as tax-free capital repayments to the extent that the

last redemption price fixed in that calendar year is lower than

the amortized acquisition costs.

Non-resident taxpayers

If a non-resident holds the fund units at a German custodian

institution, no withholding tax is deducted from distributions,

advance payments and gains from the sale of units, provided

the investor can present evidence of his non-residency. If the

investor’s non-resident status is not brought to the attention

of the institution maintaining the custody account or if proof

of such status is not supplied in time, the foreign investor is

required to apply for a refund of the withholding tax in accor-

dance with the Tax Code (article 37 (2) AO). The tax office having

jurisdiction over the institution maintaining the custody account

will be responsible for processing such a refund application.

Solidarity surcharge

A solidarity surcharge of 5.5% is levied on the tax withheld on

distributions, advance payments and gains from the sale of

units.

Church tax

Provided that income tax is already being withheld by a domes-

tic institution maintaining the custody account (withholding

agent), the church tax attributable will be regularly withheld as a

surcharge on the tax withheld at the church tax rate of the reli-

gious group to which the church tax payer belongs. The church

tax is taken into account as a special expense at the time of the

deduction of the withholding tax.

Foreign withholding tax

Some foreign income earned by the fund is subject to with-

holding taxes retained in the country of origin. This withhold-

ing tax cannot be taken into account to reduce taxes for the

investor.


Consequences of merging investment funds

In cases where a German investment fund is merged with

another German investment fund, for which the same partial

exemption rate applies, hidden reserves will not be disclosed

either at the level of the investors or at the level of investment

funds involved, i.e., such a transaction is tax-neutral. If the

investors in the transferring investment fund receive a cash

payment for which provisions are made in the merger plan (arti-

cle 190 (2), no. 2. KAGB), this is to be handled as a distribution.

If the partial exemption rate to be applied to the transferring

investment fund differs to that of the receiving investment

fund, the investment unit of the transferring investment fund

is deemed to be sold and the investment unit of the receiving

investment fund is deemed to be procured. The gain from the

notional sale is only deemed to have accrued as soon as the

investment unit of the receiving investment fund is actually sold.

Automatic exchange of information in tax matters

The importance of the automatic exchange of information to

combat cross-border tax fraud and evasion has increased sig-

nificantly at the international level in recent years. For this rea-

son, among others, the OECD published a global standard for

the automatic exchange of information on financial accounts in

tax matters (Common Reporting Standard, hereinafter “CRS”).

The CRS was integrated into Council Directive 2011/16/EU on

the automatic exchange of information in the area of taxation

at the end of 2014 by Council Directive 2014/107/EU of Decem-

ber 9, 2014. The participating countries (all EU member states

and several third countries) are now applying the CRS. Ger-

many transposed the CRS into German law with the Financial

Accounts Information Exchange Act of December 21, 2015.

The CRS requires reporting financial institutions (mainly credit

institutions) to obtain certain information about their customers.

If the customers (natural persons or legal entities) are persons

resident in other participating countries (this does not include,

for example, listed corporations or financial institutions), their

accounts and custody accounts are classified as reportable

accounts. The reporting financial institutions will then submit

certain information for each reportable account to their home

tax authority. The latter then transmits the information to the

customer’s home tax authority.

The information to be transmitted essentially relates to the per-

sonal data of the customer subject to reporting requirements

(name; address; tax identification number; date and place of

birth (for natural persons); country of residence) and information

on the accounts and custody accounts (e.g., account number;

account balance or account value; total gross amount of income

such as interest, dividends or distributions from investment

funds); total gross proceeds from the sale or redemption of

financial assets (including fund units)).

In concrete terms, therefore, investors subject to reporting

requirements who maintain an account and/or custody account

with a credit institution domiciled in a participating country are

affected. Therefore, German credit institutions will report infor-

mation on investors resident in other participating countries to

the German Federal Central Tax Office, which will forward the

information to the tax authorities of the investor’s country of

residence. Accordingly, credit institutions in other participating

countries will report information about investors domiciled in

Germany to their respective home tax authorities, which will for-

ward the information to the German Federal Central Tax Office.

Finally, credit institutions resident in other participating coun-

tries may report information about investors resident in other

participating countries to their respective home tax authorities,

which will forward the information to the tax authorities of the

investor’s country of residence.

Real estate transfer tax

No real estate transfer tax is incurred when units in the invest-

ment fund are sold.

3% tax in France

Since January 1, 2008, real estate investment funds have

generally been subject to a special French tax (the so-called

“3% French tax”) imposed annually on the market value of prop-

erties located in France. However, the French law may exempt

French real estate investment funds and comparable foreign

real estate investment funds from the 3% tax. In the opinion of

the French tax authorities, German real estate investment funds

are not generally comparable to French real estate investment

funds and, consequently, will generally not be exempt from the

3% tax.

In order to gain exemption from this tax, the real estate invest-

ment fund grundbesitz europa must submit to the French tax

authorities an annual declaration indicating the details of French

real estate held on January 1 of any given year, as well as the

names of unitholders with a 1% or greater share in the invest-

ment fund as of January 1 of that year.

A holding in grundbesitz europa of at least 1% corresponded to

2,427,782.02 units as of January 1, 2021.

In order to allow the investment fund to comply with the afore-

mentioned disclosure obligation and consequently avoid impo-

sition of the 3% French tax, we ask you, if you held a share of

1% or more in the investment fund grundbesitz europa on Jan-

uary 1, to send us a written declaration in which you consent

to your name, address and size of holding being passed on to

the French tax authorities. A specimen declaration of consent is

available at realestate.dws.com at the beginning of each year.

This does not have financial implications for you nor does it

trigger any disclosure or reporting obligations on your part


vis-à-vis the French tax authorities, provided that the holding

in the investment fund amounted to less than 5% on January 1

and that it is the only French real estate investment held.

If your investment ratio on January 1 amounted to 5% or more

or you held other real estate investments in France, either

directly or indirectly, you may be subject to taxation due to

your holdings in French real estate and you must apply for tax

exemption yourself by submitting your own declaration to the

French tax authorities.

A holding in grundbesitz europa of at least 5% corresponded to

12,138,910.10 units as of January 1, 2021.

General circumstances of exemption are, however, available to

various types of investors; natural persons and listed compa-

nies, for example, are exempt from the 3% tax. In such cases it

is not necessary to submit a separate declaration. For additional

information on a potential obligation to submit a declaration on

your part, we recommend that investors consult a French tax

accountant.

Legal and tax risk

In the case of a correction with tax consequences that are

essentially unfavorable for the investor, changes to the fund’s

taxation bases for preceding business years made because

these bases are found to be incorrect (e.g., based on external

tax audits) can result in the investor having to bear the tax bur-

den resulting from the correction for preceding business years,

even though he may not have held an investment in the invest-

ment fund at the time.

Conversely, the investor may fail to benefit from an essentially

favorable correction for the current or preceding business years

during which he held an investment in the investment fund if

the units are redeemed or sold before the correction takes place.

In addition, a correction of tax data can result in a situation

where taxable income or tax benefits are actually assessed for

tax in a different assessment period to the applicable one and

that this has a negative effect for the individual investor.

General note:

The information included here is based on our understanding

of current legislation. It is aimed at people subject, without

limitation, to income tax or corporate income tax in Germany.

However, no responsibility can be assumed for any changes in

tax assessment resulting from legislation, established case law

or decisions of the tax authorities.


Danzig, Neon


Disclosure of real estate allocations

In accordance with article 20 (3) InvStG, income from invest-

ment funds that in accordance with their terms and conditions

of investment continuously invest primarily in real estate and

special purpose vehicles are exempted from tax at a certain

percentage depending on the investment focus (so-called partial

exemption). The partial exemption is to be applied to all income

from the investment fund.

The terms and conditions of investment of grundbesitz europa

make provisions for a continuous investment of more than 50%

of the investment fund’s assets in real estate and special pur-

pose vehicles. This was the basis for the application of a partial

exemption rate of 60%.

The partial exemption is already to be taken into account in the

withholding of investment income tax. If the partial exemption

was not taken into account, or not taken into account properly,

in the withholding of investment income tax, the investor has,

pursuant to article 20 (4) InvStG, the individual option within the

framework of the tax assessment procedure to provide evidence

that the investment fund actually exceeded the investment limits

continuously during the business year.

The following overview of real estate allocations is intended to

serve the purpose of the investor’s individual option to provide

evidence within the framework of the tax assessment procedure

pursuant to article 20 (4) InvStG.1)

In the fund’s business year ending September 30, 2021, more

than 50% of the investment fund’s assets were continuously

invested in foreign real estate and foreign special purpose vehi-

cles. According to article 20 (3), sentence 2, InvStG, this in prin-

ciple allows a partial exemption rate of 80% if use is made of the

individual option to provide evidence within the framework of

the tax assessment procedure pursuant to article 20 (4) InvStG.

If, in the fund business year ending September 30, 2021, use

was made of the individual option to provide evidence in

accordance with article 20 (4) InvStG and the partial exemption

portion of 80% is applied, the change in the partial exemption

portion applied results, pursuant to article 22 (1) InvStG, in a

notional disposition of the investment fund units (upon expi-

ration of the previous assessment period) with acquisition

on the following day. If the partial exemption rate is changed

again the following years, this again leads to a notional dispo-

sition and acquisition of the investment fund units pursuant to

article 22 (1) InvStG.

The capital gains from the notional disposition are, pursuant to

article 22 (3) InvStG, deemed to have accrued at the time of the

actual disposition of the investment fund units.

We recommend that all investors who, within the framework of

the tax assessment procedure, want to provide individual evi-

dence so that the applicable partial exemption can be taken into

account should contact their tax adviser.

We cannot guarantee that the tax authorities will recognize

individual proof in accordance with article 20(4) InvStG and

grant the higher partial exemption of 80%.

1 The real estate allocations were determined based on the Federal Ministry of

Finance (BMF) letter of May 21, 2019.


DateTotal real estate

allocation in %Foreign real estate

allocation in %

10/1/2020 71.29 52.53

10/2/2020 71.40 52.63

10/5/2020 71.58 52.94

10/6/2020 71.56 52.92

10/7/2020 71.53 52.90

10/8/2020 71.48 52.85

10/9/2020 71.46 52.84

10/12/2020 71.43 52.82

10/13/2020 71.44 52.84

10/14/2020 71.48 52.89

10/15/2020 71.32 52.74

10/16/2020 71.43 52.86

10/19/2020 71.38 52.81

10/20/2020 71.39 52.82

10/21/2020 71.30 52.73

10/22/2020 71.32 52.76

10/23/2020 71.93 53.24

10/26/2020 71.91 53.22

10/27/2020 71.84 53.15

10/28/2020 71.88 53.17

10/29/2020 71.59 52.97

10/30/2020 71.63 52.98

11/2/2020 71.62 52.98

11/3/2020 71.60 52.95

11/4/2020 71.62 52.99

11/5/2020 71.55 52.92

11/6/2020 71.49 52.88

11/9/2020 71.65 53.15

11/10/2020 71.62 53.12

11/11/2020 71.71 53.22

11/12/2020 71.87 53.39

11/13/2020 71.79 53.29

11/16/2020 71.72 53.22

11/17/2020 71.70 53.21

11/18/2020 71.69 53.19

11/19/2020 71.73 53.25

11/20/2020 71.70 53.22

11/23/2020 71.69 53.21

11/24/2020 71.78 53.32

11/25/2020 71.77 53.31

11/26/2020 71.63 53.15

11/27/2020 71.60 53.12

11/30/2020 71.59 53.12

12/1/2020 71.50 53.02

12/2/2020 71.61 53.12

12/3/2020 71.47 52.97

12/4/2020 71.49 52.98

12/7/2020 71.35 52.87

12/8/2020 71.25 52.76

12/9/2020 71.30 52.82

12/10/2020 71.35 52.89

12/11/2020 71.31 52.83

12/14/2020 71.60 53.00

12/15/2020 71.75 53.17

12/16/2020 72.76 53.89



allocation in %

12/17/2020 72.49 53.38

12/18/2020 72.53 53.43

12/21/2020 72.46 53.40

12/22/2020 72.17 53.11

12/23/2020 72.39 53.31

12/28/2020 72.39 53.32

12/29/2020 72.79 53.96

12/30/2020 73.11 54.51

1/4/2021 73.13 54.54

1/5/2021 73.22 54.65

1/6/2021 73.09 54.51

1/7/2021 73.09 54.52

1/8/2021 73.09 54.52

1/11/2021 73.11 54.55

1/12/2021 73.05 54.50

1/13/2021 73.13 54.59

1/14/2021 73.27 54.72

1/15/2021 73.23 54.69

1/18/2021 73.21 54.68

1/19/2021 73.16 54.62

1/20/2021 73.20 54.67

1/21/2021 73.22 54.70

1/22/2021 73.26 54.74

1/25/2021 73.15 54.63

1/26/.2021 73.16 54.64

1/27/2021 73.17 54.66

1/28/2021 73.26 54.78

1/29/2021 73.25 54.61

2/1/2021 73.24 54.61

2/2/2021 73.31 54.69

2/3/2021 73.29 54.66

02/4/2021 73.29 54.67

2/5/2021 73.24 54.63

2/8/2021 73.34 54.75

2/9/2021 73.29 54.69

2/10/2021 73.27 54.67

2/11/2021 73.75 55.04

2/12/2021 73.91 55.33

2/15/2021 73.94 55.35

2/16/2021 74.01 55.43

2/17/2021 74.06 55.48

2/18/2021 74.11 55.53

2/19/2021 74.14 55.56

2/22/2021 74.16 55.58

2/23/2021 74.19 55.61

2/24/2021 74.23 55.68

2/25/2021 74.53 55.94

2/26/2021 74.47 55.87

3/1/2021 74.31 55.70

3/2/2021 74.45 55.84

3/3/2021 74.41 55.80

3/4/2021 74.40 55.79

3/5/2021 74.42 55.81

3/8/2021 74.43 55.83

3/9/2021 74.45 55.86

grundbesitz europa real estate allocations (October 1, 2020, through September 30, 2021)




allocation in %

3/10/2021 74.49 55.90

3/11/2021 74.47 55.89

3/12/2021 74.43 55.85

3/15/2021 74.44 55.87

3/16/2021 74.41 55.84

3/17/2021 74.30 55.73

3/18/2021 74.96 56.26

3/19/2021 74.77 56.11

3/22/2021 74.76 56.12

3/23/2021 74.70 56.05

3/24/2021 74.66 56.00

3/25/2021 74.83 56.32

3/26/2021 74.84 56.34

3/29/2021 74.95 56.46

3/30/2021 74.96 56.45

3/31/2021 75.64 57.06

4/1/2021 75.59 57.02

4/6/2021 75.63 57.06

4/7/2021 75.70 57.11

4/8/2021 75.88 57.28

4/9/2021 75.83 57.22

4/12/2021 75.75 57.14

4/13/2021 75.79 57.19

4/14/2021 75.78 57.18

4/15/2021 75.75 57.14

4/16/2021 75.73 57.13

4/19/2021 75.67 57.07

4/20/2021 75.72 57.13

4/21/2021 75.76 57.18

4/22/2021 75.79 57.21

4/23/2021 75.76 57.17

4/26/2021 75.70 57.11

4/27/2021 75.86 57.40

4/28/2021 75.85 57.40

4/29/2021 75.69 57.12

4/30/2021 75.75 57.14

5/3/2021 75.69 57.08

5/4/2021 75.73 57.11

5/5/2021 75.77 57.16

5/6/2021 75.81 57.21

5/7/2021 75.79 57.18

5/10/2021 76.98 58.06

5/11/2021 77.03 58.13

5/12/2021 77.07 58.17

5/14/2021 77.67 56.68

5/17/2021 77.62 56.62

5/18/2021 77.62 56.63

5/19/2021 77.66 56.67

5/20/2021 77.61 56.61

5/21/2021 77.58 56.59

5/25/2021 77.58 56.60

5/26/2021 77.51 56.54

5/27/2021 77.40 56.40

5/28/2021 77.42 56.41

5/31/2021 77.47 56.47

6/1/2021 77.43 56.44

6/2/2021 78.18 56.98



allocation in %

6/4/2021 78.14 56.94

6/7/2021 78.19 57.00

6/8/2021 78.13 56.95

6/9/2021 78.14 56.95

6/10/2021 78.14 56.96

6/11/2021 78.09 56.90

6/14/2021 78.13 56.93

6/15/2021 78.11 56.92

6/16/2021 78.10 56.90

6/17/2021 78.10 56.91

6/18/2021 78.17 56.98

6/21/2021 78.18 56.97

6/22/2021 78.17 56.96

6/23/2021 78.18 56.98

6/24/2021 78.22 57.03

6/25/2021 78.19 57.00

6/28/2021 78.15 56.96

6/29/2021 78.16 56.93

6/30/2021 78.40 56.74

7/1/2021 78.40 56.76

7/2/2021 78.43 56.80

7/5/2021 78.37 56.75

7/6/2021 78.39 56.77

7/7/2021 78.40 56.79

7/8/2021 78.38 56.77

7/9/2021 78.37 56.75

7/12/2021 78.33 56.72

7/13/2021 78.35 56.73

7/14/2021 78.39 56.79

7/15/2021 78.44 56.84

7/16/2021 78.40 56.79

7/19/2021 78.41 56.81

7/20/2021 78.36 56.74

7/21/2021 78.29 56.66

7/22/2021 78.27 56.64

7/23/2021 77.48 55.81

7/26/2021 77.47 55.81

7/27/2021 77.67 55.96

7/28/2021 77.81 56.13

7/29/2021 77.90 56.24

7/30/2021 77.55 55.70

8/2/2021 77.53 55.68

8/3/2021 77.54 55.68

8/4/2021 77.49 55.57

8/5/2021 77.50 55.55

8/6/2021 77.51 55.56

8/9/2021 77.54 55.59

8/10/2021 77.55 55.61

8/11/2021 77.56 55.62

8/12/2021 77.55 55.61

8/13/2021 77.57 55.63

8/16/2021 77.50 55.56

8/17/2021 77.49 55.55

8/18/2021 77.46 55.51

8/19/2021 77.45 55.50

8/20/2021 77.44 55.49

8/23/2021 77.36 55.40




allocation in %

8/24/2021 77.33 55.37

8/25/2021 77.58 55.57

8/26/2021 77.57 55.57

8/27/2021 77.54 55.53

8/30/2021 77.50 55.47

8/31/2021 76.72 54.88

9/1/2021 76.68 54.85

9/2/2021 76.71 54.87

9/3/2021 76.69 54.85

9/6/2021 76.68 54.84

9/7/2021 76.69 54.86

9/8/2021 76.84 55.18

9/9/2021 76.83 55.17

9/10/2021 76.85 55.19

9/13/2021 76.88 55.24

9/14/2021 76.87 55.23

9/15/2021 76.89 55.25

9/16/2021 76.86 55.22

9/17/2021 76.87 55.24

9/20/2021 76.85 55.22

9/21/2021 76.81 55.17

9/22/2021 76.81 55.16

9/23/2021 76.76 55.11

9/24/2021 76.77 55.14

9/27/2021 76.77 55.14

9/28/2021 76.83 55.21

9/29/2021 76.82 55.19

9/30/2021 77.22 55.55


Information on: Asset Management Company, Auditor, Depositary and Committees

Asset Management Company

DWS Grundbesitz GmbHMainzer Landstraße 11-17

60329 Frankfurt/Main, Germany

Local court of registration (“Amtsgericht”):

Frankfurt/Main HRB 25 668

Established on May 5, 1970

Subscribed and paid-in capital: EUR 6.0 million

Liable equity capital (German Banking Act): EUR 23.031 million

As of: December 31, 2020

Shareholder

DWS Real Estate GmbH (99.9%)Bestra Gesellschaft für Vermögensverwaltung mbH (0.1%)

Management

Clemens Schäfer Global Head of Real Estate, APAC & EMEA

also Managing Director of

DWS Real Estate GmbH

DWS Alternatives GmbH

Dr. Ulrich von CreytzHead of Coverage Segment Private & Real Assets, Real Estate,

at the same time Managing Director of



Ulrich SteinmetzRegional Head of Portfolio Management

Real Estate Retail

Dr. Grit FrankeGlobal Head of Fund Finance

also Managing Director of



Auditor

KPMG AGWirtschaftsprüfungsgesellschaft

THE SQUAIRE

Am Flughafen


Depositary

State Street Bank International GmbH Brienner Straße 59

80333 Munich, Germany

Local court of registration (“Amtsgericht”): Munich HRB 42 872

Subscribed and paid-in capital: EUR 109.4 million

Own funds (as defined by Article 72 of Regulation (EU)

No. 575/2013 (CRRI): EUR 2,302.0 million

As of: December 31, 2020

Supervisory Board

Dr. Asoka WöhrmannMember of the Executive Board CEO

DWS Group GmbH & Co. KGaA, Frankfurt/Main, Germany

Chairman of the Supervisory Board

Daniel F. JustChairman of the Management Board

Bayerische Versorgungskammer, Munich, Germany

First Vice-Chairman of the Supervisory Board

Dirk GörgenMember of the Executive Board

Head of Client Coverage Division


Second Vice-Chairman of the Supervisory Board

Nicole BehrensHead of DWS Control Office


Prof. Dr. Kerstin HennigHead of the EBS Real Estate Management Institute

EBS Universität (University of Business and Law), Wiesbaden,

Germany

Stefan KnollSpokesman of the Regional Management (North)

Head of Private Clients for the North Region, Hamburg

Deutsche Bank AG


The Company has appointed the following external appraisers

under the terms of article 216 KAGB to value the fund real estate.

Regular appraisers:

Carsten Fritsch, Graduate appraiser Officially appointed and sworn appraiser for the valuation

of developed and undeveloped real estate,

Frankfurt/Main, Germany

Clemens Gehri, Business studies graduate Officially appointed and sworn appraiser for the valuation

of developed and undeveloped real estate, Munich, Germany

Tobias Gilich, Graduate in Business Administration and EngineeringOfficially appointed and sworn appraiser for the valuation

of developed and undeveloped real estate and of rents and leases,

Hanover, Germany

Heiko Glatz, Graduate appraiser Officially appointed and sworn appraiser for the valuation

of developed and undeveloped real estate,

Frankfurt/Main, Germany

Hartmut Nuxoll, Graduate engineerOfficially appointed and sworn appraiser for the valuation

of developed and undeveloped real estate and of rents and

leases, Düsseldorf, Germany

Markus Obermeier, Graduate engineer Officially appointed and sworn appraiser for the valuation


Michael Post Graduate in business administration Officially appointed and sworn appraiser for the valuation


Anke Stoll, Business studies graduate Officially appointed and sworn appraiser for the valuation

of developed and undeveloped real estate, Hamburg, Germany

Martin von Rönne, Graduate engineer Officially appointed and sworn appraiser for the valuation

of developed and undeveloped real estate and the determination

of rental values, Hamburg, Germany

Stefan Wicht, Graduate engineer Officially appointed and sworn appraiser for the valuation

of developed and undeveloped real estate, Mainz, Germany

Purchase appraisers:

Florian Dietrich, Graduate civil engineer Officially appointed and sworn appraiser for the valuation

of developed and undeveloped real estate, Riedstadt, Germany

Karsten Hering, Graduate engineer Officially appointed and sworn appraiser for the valuation


Prof. Dr. Gerrit LeopoldsbergerAppraiser for the valuation of developed and

undeveloped real estate, Frankfurt/Main, Germany

Andreas Weinberger, Graduate engineer Officially appointed and sworn appraiser for the valuation

of developed and undeveloped real estate, Düsseldorf, Germany

CBRE GmbH, Hausvogteiplatz 10, 10117 Berlin

Meike Opfermann, RICS Registered Valuer, CIS HypZert (F)

Jones Lang LaSalle SEBockenheimer Landstraße 55, 60325 Frankfurt/Main, Germany

Andreas B. Röhr, FRICS

Doreen Süssemilch, MRICS

Joseph Miller, MRICS

Appraisers for the special purpose vehicles (pursuant to article 250 (1), no. 2, KAGB)

Deloitte & Touche GmbHWirtschaftsprüfungsgesellschaft

Franklinstraße 50


External appraisers


Manchester, First Street

Asset management company: DWS Grundbesitz GmbH Mainzer Landstraße 11-17 60329 Frankfurt/Main, Germany Internet: realestate.dws.com

Further information is available from: DWS Investment GmbH*60612 Frankfurt/Main, Germany Tel.: +49 (0) 69-910-12389 Fax: +49 (0) 69-910-19090 Internet: www.dws.deE-mail: [email protected]

* Provides sales support services for DWS Grundbesitz GmbH.

grundbesitz europa - DWS

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