Fair Value REIT-AG
Fair Value REIT-AG continues its portfolio alignment efforts
Fair Value REIT-AG / Key word(s): Real Estate/Disposal Fair Value REIT-AG continues its portfolio alignment efforts Munich, April 3, 2014 – Fair Value REIT-AG (WKN A0MW97) has sold two properties which are no longer part of its core portfolio. The sale proceeds generated totalled EUR 3.0 million. A directly-held office and residential building in Sparrieshoop (Pinneberg county, Schleswig-Holstein) and a doctor’s practice building with supermarket in Weyhe-Leeste (Diepholz county, Lower Saxony) held by a subsidiary were both sold to private investors. The transfer of ownership, risks and benefits will take place on expiry of April 30, 2014 following the respective proof of purchase price. The sale price for the property in Sparrieshoop, Rosenstraße 15, with lettable space of 237 sqm was EUR 0.18 million, which is slightly more than the market value calculated as of December 31, 2013. The doctor’s practice building with food shop in Weyhe-Leeste, Hauptstraße 51-55, was sold for As Frank Schaich, CEO of Fair Value REIT-AG, commented on the transactions: “We are systematically continuing our strategic portfolio realignment. After repayment of debt and a distribution to minority interests in subsidiaries, around 50% of the overall proceeds are available to the Group for reinvestment.” Contact Fair Value REIT-AG Corporate Profile Fair Value REIT-AG, based in Munich, focuses on the acquisition, leasing, property management and sale of commercial properties in Germany. At the core of its investment activities are retail and office properties in German regional centres. As of December 31, 2013, Fair Value’s share of the total portfolio of 49 properties amounted to around EUR 312 million. This portfolio had an occupancy rate of 93.3% of the achievable rents at full occupancy of EUR 28.4 million per annum. As of December 31, 2013, the weighted remaining term of the leases was 5.0 years. Around 50% of the potential rent relates to retail floor space, 34% to office space and 16% to other types of use. End of Corporate News 03.04.2014 Dissemination of a Corporate News, transmitted by DGAP – a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
Language: | English | |
Company: | Fair Value REIT-AG | |
Leopoldstraße 244 | ||
80807 München | ||
Germany | ||
Phone: | +49 (0)89 9292 815-01 | |
Fax: | +49 (0)89 9292 815-15 | |
E-mail: | info@fvreit.de | |
Internet: | www.fvreit.de | |
ISIN: | DE000A0MW975 | |
WKN: | A0MW97 | |
Indices: | RX REIT All Share Index, RX REIT Index | |
Listed: | Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, München, Stuttgart | |
End of News | DGAP News-Service |
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