Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2025-12-31 | 94292000 | eur |
| ifrs-full:Assets | 2024-12-31 | 97718000 | eur |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2025-01-01 | 2025-12-31 | 4976000 | eur |
| ifrs-full:Revenue | 2024-01-01 | 2024-12-31 | 4698000 | eur |
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<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx-1" id="f1__s10__7__22" xml:lang="en">Description of the Business ModelCore ActivitiesThe Group aims to invest in well-located properties in cities with economic and demographic growth in Scandinavia, Germany, Switzerland, and England. The properties, primarily with shops on the ground floor and offices or residential units on the other floors were acquired in the period 2007-2025.Value PropositionThe value proposition of the Group is to offer shareholders a long-term investment opportunity in attractively located rental properties.CustomersOur primary customer segments include both small stock investors and institutional stock investors. Our secondary customer segments include retail chains that are tenants in our properties and ordinary renters. We work closely with our customers to understand their unique needs and tailor our products and services to meet those needs.Revenue Streams: Our revenue streams are generated through rental income from retail chains that are tenants in our properties and from ordinary renters.Key Partners: Through our German property management company and German real estate agents, we collaborate to expand our reach and enhance our offerings. These partnerships are crucial for driving innovation and providing better offers to our customers.Cost Structure: Our primary costs are related to the operation, maintenance, and improvements of our properties. We focus on cost efficiency and scalability to ensure a sustainable business model.Environmental Matters In connection with property renovations, the Group has established an environmental and climate policy to comply with all applicable building regulations and reduce energy and resource consumption where it is economically advantageous.We assess that our property portfolio, which consists of retail, residential, and office properties, does not pose specific climate and environmental risks. The properties are not located in coastal areas or near rivers and are not leased for environmentally harmful or hazardous purposes. They are mainly located in urban areas and have constructions not considered sensitive to climate change in the medium term.More climate-friendly and contemporary materials are generally used when major repairs or improvements are made to properties. These include windows with energy-efficient glass, better-insulated roofs, LED lighting, and more efficient heating systems (typically district heating).Extra insulation is typically added when roofs are replaced, and when heating sources are replaced there is usually a switch to district heating and the integration of new energy efficient pumps and valves.The property managers and caretakers are instructed to focus on saving energy and continuously optimizing energy use. The Group tries to limit its travel activity where possible.CO2 is emitted during the daily operation and use of buildings. The Group's properties are no exception, and this emission and the consequences of ongoing renovation and maintenance are among the most significant environmental risks. Waste from demolitions may also contain hazardous substances. Machinery and/or materials may have environmentally harmful impacts on some of the construction processes of the Group.The Group expects that recycling, and new technologies will support the opportunity to reduce CO2 emissions. To measure results because of the Group's work with the environment and climate, projects have been initiated in 2025 that enable the effect on the environment and climate to be measured in 2026. Examples include monitoring electricity consumption, water usage, and waste sorting.Human RightsThe Group's most significant risks concerning respect for human rights relate to discrimination and lack of diversity.The Group operates solely in Denmark and Germany, both of which have ratified the UN's human rights convention. The Group respects each individual and does not accept that employees, tenants, or other external parties are subjected to discrimination. The Group views diversity as a strength that creates a positive workplace. The diversity here refers to variety in terms of gender, age, religion, ethnic origin, sexuality, education, professional experience, opinions, interests, and much more. The Group operates only in economically and politically stable countries and complies with all applicable regulations, including labour rights, agreements, etc. The Group does not enter into agreements with companies or individuals who do not respect human rights.The goal is to prevent human rights violations. From January 1 to December 31, 2025, there were no human rights violations.During staff replacements, all qualified individuals are encouraged to apply for the positions regardless of gender, age, religion, etc. Management continuously ensures that the policy guidelines are followed. The Group will continue its antidiscrimination efforts in 2026.Social and Employee RelationsPolicy for responsible supplier management and working environment As German High Street Properties A/S is an organization with few direct employees, our most significant social impact is linked to the employees of our administrators, operational partners, and external contractors. The Group has therefore adopted a policy for responsible supplier management. We require our partners to ensure a healthy and safe working environment and to comply with applicable labor market legislation in the countries where we operate (Denmark and Germany).Risk assessment The primary risk in the social area is related to construction and renovation projects, where there is a risk of occupational accidents or non-compliance with collective agreements and labor standards among subcontractors. A secondary risk pertains to the well-being and stress levels of our few direct employees and close partners.Actions and measures In 2025, we focused on the following initiatives:⢠Supplier requirements: When entering into major construction contracts or management agreements, we ensure that the supplier commits to complying with local standards for occupational health and safety.⢠Monitoring: We maintain an ongoing dialogue with our German property managers regarding their safety procedures on the properties, including fire safety and technical maintenance, to protect both workers and tenants.⢠Working environment: For our own employees, we prioritize flexibility and a healthy psychological working environment to prevent sickness absence.Results and KPIs During the 2025 financial year, no serious occupational accidents were reported on the Group's properties in connection with operations or renovations. Sickness absence among the Group's own employees was below 1.0%, which is considered very satisfactory. In 2026, the Group will continue to specify requirements for subcontractors as contracts are renewed.Anti-corruptionThe Group has a policy against corruption. The property and company administrators or their partners may not receive unusual gifts from suppliers or give gifts beyond minor occasional gifts.There is a risk that subcontractors could engage in corruption/bribery of, for example, authorities by paying them âout of their pocketâ. Additionally, there is a risk that local property administrators in Germany could receive money from subcontractors in the form of kickbacks. In tenders, there is also a risk of cartel formation. In the ongoing controlling of local property administrators in Germany by the manager, there is a focus on ensuring that the Group only pays bills after normal vouchers with documented expenses and that prices are benchmarked against usual costs. No corruption was detected from January 1 to December 31, 2025, during the control and review of contracts.The Group will ensure that all suppliers and employees contribute to anti-corruption in the coming years.Statement on Management IssuesGood Corporate GovernanceThe Board of German High Street Properties A/S considers safeguarding the Group's - and thereby the shareholders' - long-term interests as its most important task. The Group's overall management guidelines are described in its statutes, objectives, and strategy. They are based on values that stem from generally recognized principles of good corporate governance.The Board and the executive team are responsible for the Group's risk management and internal controls in relation to financial reporting, including compliance with relevant legislation and other regulations concerning financial reporting. The Group has established risk management and internal control systems to ensure that the internal and external financial reporting is accurate and free from significant misinformation. The executive team has established a reporting process that includes budget and periodic reporting, including explanations for variances and periodic updates of the year's estimates. In addition to the comprehensive income statement, balance sheet, and liquidity forecast, the reporting also includes supplementary information.</mrv:StatementOfCorporateSocialResponsibility>
<mrv:LinkToCorporateGovernanceReport contextRef="ctx-1" id="f1__s10__7__23">https://www.germanhighstreet.com/corporate-governance</mrv:LinkToCorporateGovernanceReport>
<mrv:StatementOfTheDiversityPolicies contextRef="ctx-1" id="f1__s10__7__24" xml:lang="en">Diversity PolicyThe Group embraces diversity and inclusion in its operation and management. PurposeThe Group embraces diversity and inclusion in its operation and management. PurposeThis diversity policy aims to outline the framework and principles for the Group's view on and inclusion of diversity in the Group's business operations and management.PolicyThe Group considers diversity an essential factor and opportunity that can improve the Group's competitiveness in both the short and long term. The Group is against any form of discrimination and aims to treat applicants and employees equally, regardless of differences in, among others:⢠Gender, age, sexuality, ethnic origin, disability, and life situation⢠Attitudes and opinions, religion, interests, ambitions, life philosophy, personal causes⢠The Group expects that respect for these differences will also apply to employee relations.Efforts and ResultsThe Group informs all new employees about the Group's policy and ensures that no discrimination has taken place in the appointment of positions in daily management. In 2025, the Group's management was not aware of or informed about any cases of discrimination, either in the appointment of management positions or generally in connection with the Group's activities.Statement on Social ConditionsObjectives and Policies for the Underrepresented Gender in Accordance with Danish Company Act § 139cThe Board of Directors The Board of Directors has a target for the underrepresented gender to account for at least 25% of the Board members elected by the general meeting. As of December 31, 2025, the Board consisted of 3 members, of which zero was female (0%). Other Management Levels The Group has a very lean organization. Due to the limited number of employees, the Group's management layers consist solely of the Executive Management (1 person). As the Group has below 50 FTEâs, the Group has not set out any target ratios for Other Management Levels Gender diversity:Target Status Status Target yearfemale20252024Board of Directors:Total number: 25.0% 2025 0% (0 of 3) 33% (1 of 3)In the Company, the Board has set a goal to have at least 25% female members in 2025. December 31, 2025, the Board was represented with 0% female members. The Board aims to ensure a diverse management composition and equal opportunities for both genders. The target for the proportion of female Board members was set at 25% in 2017, but by the end of 2025, the Company has not met this target. The Board's composition is carried out so the Group can develop steadily and satisfactorily, considering general and specific legal requirements and recommendations for good corporate governance. Furthermore, as Board members are replaced, the Board will work towards rejuvenating the ages of Board members.The Board will assess the status of meeting the objectives at least once a year and, as far as possible, nominate suitable female candidates for the Board at upcoming general meetings to maintain the goal.</mrv:StatementOfTheDiversityPolicies>
<mrv:StatementOfPolicyForDataEthics contextRef="ctx-1" id="f1__s10__7__25" xml:lang="en">Statement of Data EthicsStatement of Data Ethics in Accordance with the Annual Accounts Act § 99d The Group does not currently have a formalized, standalone policy for data ethics, as the Groupâs business model primarily involves traditional property investment and rental activities.Data Usage: The Group only processes data necessary for business operations, such as tenant information and financial data. We do not utilize artificial intelligence, complex automated algorithms, or large-scale surveillance for decision-making or behavioral profiling.Ethical Principles: Despite not having a formal policy, the Group follows ethical principles regarding data. Data is never sold to third parties. Access to sensitive information is restricted to top management and essential partners. When choosing partners, such as our property administrator STRABAG, we ensure they maintain high standards for data integrity.Evaluation: The Board of Directors evaluates the need for a formal data ethics policy annually. Should the Group implement new technologies or change its data processing practices, a formal policy will be developed to ensure transparency and accountability beyond mere legal compliance.</mrv:StatementOfPolicyForDataEthics>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-1" id="f1__s10__7__33" xml:lang="en">Managementâs StatementToday, the Board of directors and the management of German High Street Properties A/S considered and adopted the annual report for the financial year January 1 - December 31, 2025.The annual report is prepared in accordance with the IFRS accounting Standards adopted by the EU and with the requirements of the Danish Financial Statement Act and the rules for listed companies.In our opinion, the consolidated financial statements of the Group and the Parent Companyâs financial statements give an accurate and fair view of the Group and the Parent Companyâs financial position as of December 31, 2025, the results of the Group's and the Parent Companyâs operations and cash flow for 2025. It is also our opinion that the directors' report contains an accurate and fair account of the development of the Group's and the Parent Companyâs activities and financial conditions, the profit for the period, and the Group's and the Parent Companyâs financial position, and a description of the significant risks and uncertainty factors that the Group and the Parent Company face.In our opinion, the annual report of German High Street Properties A/S for the financial year January 1 - December 31, 2025, with the file name 529900BT3M81VV58P678-2025-12-31-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation.We recommend that the Annual Report be adopted at the Annual General Meeting.</sob:StatementByExecutiveAndSupervisoryBoards>
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<sob:DateOfApprovalOfAnnualReport contextRef="ctx-1" id="f1__s10__7__35">2026-03-31</sob:DateOfApprovalOfAnnualReport>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-42" id="f1__s10__7__36" xml:lang="en">Martin Ernst</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-43" id="f1__s10__7__37" xml:lang="en">Hans Thygesen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-44" id="f1__s10__7__39" xml:lang="en">Nikolaj Claude Olof Zethraeus</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-43" id="f1__s10__7__38" xml:lang="en">Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-44" id="f1__s10__7__40" xml:lang="en">Vice-Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-45" id="f1__s10__7__41" xml:lang="en">René Angenend</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="f1__s10__7__43" xml:lang="en">To the shareholders of German High Street Properties A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx-1" id="f1__s10__7__44" xml:lang="en">our opinion, the accompanying consolidated financial statements and the financial statements give a true and fair view of the Groupâs and Parent Companyâs financial position at 31 December 2025 and of the results of the Groupâs and Parent Companyâs operations and cash flows for the financial year 1 January 2025 - 31 December 2025 in accordance with IFRS Accounting Standards as adopted by the EU and Danish disclosure requirements for listed companies.Our opinion is consistent with our long-form audit report for the board of directors.</arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-1" id="f1__s10__7__45" xml:lang="en">BASIS FOR OPINIONWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the âAuditorâs responsibilities for the audit of the consolidated financial statements and the financial statementsâ section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.IndependenceWe are independent of the Group and the Company in accordance with the International Ethics Standards Board for Accountantsâ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. According to the best of our knowledge, no prohibited non-audit services, as referred to in Article 5(1) of Regulation (EU) No 537/2014, have been provided. AppointmentWe were appointed as auditors of German High Street Properties A/S for the first time on 30 April 2025 for the financial year 1 January 2025 - 31 December 2025.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx-1" id="f1__s10__7__46" xml:lang="en">KEY AUDIT MATTERSKey audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements and the financial statements of the financial year 1 January 2025 - 31 December 2025. These matters were addressed in the context of our audit of the consolidated financial statements and the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Valuation of investment propertiesThe Group owns a portfolio of investment properties in Germany and a single property in Denmark acquired at year end, all measured at fair value. The carrying amount of investment properties as at 31 December 2025 amounts to EUR 88,082 thousands, corresponding to 93% of total assets.Valuation of investment properties at fair value contains significant estimates based on significant assumptions, where even minor changes in the assumptions can have a significant effect on the fair value of the properties.The principal risks relate to Managementâs assessment of the achievable gross rental income and the gross capitalization factor for each property, as these are the key inputs in determining the fair value. This includes Managementâ view of actual market conditions and property specific circumstances, including risks and development opportunities. To support the fair values determined by Management, an external expert has prepared a valuation report covering all German properties.The key assumptions and accounting estimates are described in note 2 and 12.How our audit addressed the key audit matterOur audit procedures included risk assessment procedures to obtain an understanding of internal procedures and controls related to the valuation of investment properties. We obtained an understanding of Managementâs method for measuring the fair value of investment properties and performed procedures to ensure that the methodology was consistent with prior years and appropriate under IFRS Accounting Standards. We obtained documentation from Management regarding the applied gross capitalization factors for each German property. This included reviewing the valuation report for the German investment properties prepared by the external expert, which was prepared using the same methodology as applied by Management. We compared the achievable gross rental income with actual rental income and obtained supporting documentation from Management bridging these levels. On a sample basis, we performed substantive testing of actual rental income against lease agreements and other supporting documentation. We assessed and challenged the assumptions applied by Management and the external expert, using available market data and our professional scepticism, and we evaluated the competencies and objectivity of the external expert. Additionally, we tested the mathematical accuracy of the calculations prepared by Management in determining the fair values of investment properties.Finally, we assessed the appropriateness of the disclosures in the consolidated financial statements, including the sensitivity analyses prepared for the significant assumptions.</arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="f1__s10__7__47" xml:lang="en">STATEMENT ON MANAGEMENTâS REVIEWManagement is responsible for the managementâs review.Our opinion on the consolidated financial statements and the financial statements does not cover the managementâs review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the consolidated financial statements and the financial statements, it is our responsibility to read the managementâs review and in doing so consider whether the managementâs review is materially inconsistent with the consolidated financial statements or the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the managementâs review provides the information required by law and regulations.Based on the work we have performed, we conclude that the managementâs review is in accordance with the consolidated financial statements and the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in the managementâs review..</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-1" id="f1__s10__7__48" xml:lang="en">MANAGEMENTâS RESPONSIBILITIES FOR THE CONSOLIDATED FINANCIAL STATEMENTS AND THE FINANCIAL STATEMENTSManagement is responsible for the preparation of the consolidated financial statements and financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU and Danish disclosure requirements for listed companies. Moreover, management is responsible for such internal control as management determines is necessary to enable the preparation of consolidated financial statements and financial statements that are free from material misstatement, whether due to fraud or error.In preparing the consolidated financial statements and the financial statements, management is responsible for assessing the Groupâs and the Companyâs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the consolidated financial statements and the financial statements unless management either intends to liquidate the Group and the Company or to cease operations, or has no realistic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-1" id="f1__s10__7__49" xml:lang="en">AUDITORâS RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS AND THE FINANCIAL STATEMENTSOur objectives are to obtain reasonable assurance about whether the consolidated financial statements and the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements and financial statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: ⢠Identify and assess the risks of material misstatement of the consolidated financial statements and the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Groupâs and the Companyâs internal control.⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.⢠Conclude on the appropriateness of managementâs use of the going concern basis of accounting in preparing the consolidated financial statements and financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companyâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related disclosures in the consolidated financial statements and the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorâs report. However, future events or conditions may cause the Group and the Company to cease to continue as a going concern.⢠Evaluate the overall presentation, structure and content of the consolidated financial statements and the financial statements, including the disclosures, and whether the consolidated financial statements and the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.⢠Plan and perform the Group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Group as a basis for expressing an opinion on the consolidated financial statements and the financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the Group audit. We remain solely responsible for our audit opinionWe communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards or actions taken to eliminate threats.From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements and the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditorâs report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:AuditorsReportOnXbrlTagging contextRef="ctx-1" id="f1__s10__7__50" xml:lang="en">Report on compliance with the ESEF RegulationAs part of our audit of the consolidated financial statements and the financial statements for German High Street Properties A/S we performed procedures to express an opinion on whether the annual report for the financial year 1 January 2025 to 31 December 2025 with the filename 529900BT3M81VV58P678-2025-12-31-en.zip is prepared, in all material aspects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the Consolidated Financial Statements including notes.Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes:⢠The preparing of the annual report in XHTML format;⢠The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof to elements in the taxonomy, for all financial information required to be tagged using judgement where necessary;⢠Ensuring consistency between iXBRL tagged data and the Consolidated Financial Statements presented in human-readable format; and⢠For such internal control as Management determines necessary to enable the preparation of an annual report that is compliant with the ESEF Regulation.Our responsibility is, based on the evidence we have obtained, to obtain reasonable assurance on whether the annual report is prepared, in all material respects, in compliance with the ESEF Regulation, and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditorâs judgement, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The procedures include:⢠Testing whether the annual report is prepared in XHTML format;⢠Obtaining an understanding of the Companyâs iXBRL tagging process and of internal control over the tagging process;⢠Evaluating the completeness of the iXBRL tagging of the Consolidated Financial Statements including notes;⢠Evaluating the appropriateness of the Companyâs use of iXBRL elements selected from the ESEF taxonomy and the creation of extension elements where no suitable element in the ESEF taxonomy has been identified; ⢠Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and⢠Reconciling the iXBRL tagged data with the audited Consolidated Financial Statements.In our opinion, the annual report of German High Street Properties A/S for the financial year 1 January to 31 December 2025 with the file name 529900BT3M81VV58P678-2025-12-31-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
<arr:SupplementaryInformationOnAudit contextRef="ctx-1" id="f1__s10__7__51" xml:lang="en">Violation of the Danish Withholding Tax ActIn connection with the payment of fees to certain members the Board of Directors, the Company has failed to comply with the Danish Withholding Tax Act, and Management may therefore incur liability.After the balance sheet date, Management has initiated corrective actions to ensure future compliance, including adjustments to the method of payment and the handling of withholding tax.</arr:SupplementaryInformationOnAudit>
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<arr:SignatureOfAuditorsDate contextRef="ctx-1" id="f1__s10__7__53">2026-03-31</arr:SignatureOfAuditorsDate>
<cmn:NameOfAuditFirm contextRef="ctx-47" id="f1__s10__7__55" xml:lang="en">BeierholmGodkendt Revisionspartnerselskab</cmn:NameOfAuditFirm>
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<cmn:NameAndSurnameOfAuditor contextRef="ctx-47" id="f1__s10__7__61" xml:lang="en">Frederik Søndergaard Kjelkvist</cmn:NameAndSurnameOfAuditor>
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<cmn:NameAndSurnameOfAuditor contextRef="ctx-46" id="f1__s10__7__58" xml:lang="en">Christian Buchwald Nielsen</cmn:NameAndSurnameOfAuditor>
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<gsd:ReportingPeriodStartDate contextRef="ctx-1" id="f1__s2__72__20">2025-01-01</gsd:ReportingPeriodStartDate>
<gsd:ReportingPeriodEndDate contextRef="ctx-1" id="f1__s2__72__21">2025-12-31</gsd:ReportingPeriodEndDate>
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