Earnings Release • Jan 8, 2014
Earnings Release
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Corporate | 8 January 2014 18:04
Fair Value REIT-AG has sold two properties in Schleswig-Holstein and Bavaria at a profit at the back end of 2013
Fair Value REIT-AG / Key word(s): Real Estate/Disposal
08.01.2014 / 18:04
Fair Value REIT-AG has sold two properties in Schleswig-Holstein and Bavaria at a profit at the back end of 2013
– Sale of both properties at prices above their carrying amounts confirms valuation approach
– Cash inflow can be used for new investments
Munich, January 8, 2014 – Fair Value REIT-AG (WKN A0MW97) has sold two properties effective as of the end of 2013. These are a directly-held bank building in Kaltenkirchen (Segeberg county) and a partially-owned retail property held by a participation in Erlangen. The buyers are both regional institutional investors.
The sale price of the property in Kaltenkirchen, Holstenstraße 32, which is around 1,580 sqm in size, was EUR 1.95 million.
The partially-owned property in Erlangen, Henkestraße 5, has a leasable area totalling approx. 2,770 sqm and was sold for EUR 1.49 million. Fair Value REIT-AG holds an interest of around 41% in the selling associated company, which is to be dissolved after the transaction is completed.
Both sales were made at prices higher than the balance sheet values as of September 30, 2013.
Frank Schaich, CEO of Fair Value REIT-AG, comments on the transactions: ‘We have once again sold two non-strategic properties and are also able to dissolve a further participation. As a result, we are continuing with our desired reduction in the complexity of the Fair Value Group. The cash inflows also provide scope for reinvestment, e.g. in increasing our interests in the existing participation portfolio.’
Contact
Fair Value REIT-AG
Frank Schaich
Tel. +49 (0) 89-9292815-10
Fax. +49 (0) 89-9292815-15
e-mail: [email protected]
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. Because of its REIT status, Fair Value is exempt from corporation and trade tax. In addition to investing in real estate directly, Fair Value also acquires participations in real estate partnerships.
As of September 30, 2013, Fair Value’s share of the total portfolio amounted to around EUR 211 million. This portfolio had an occupancy rate of 95.0% of the achievable rents at full occupancy of EUR 18.9 million per annum. As of September 30, 2013, the weighted remaining term of the leases was 5.5 years. Around 43% of the potential rent relates to retail floor space, 42% to office space and 15% to other types of use.
End of Corporate News
08.01.2014 Dissemination of a Corporate News, transmitted by DGAP – a company of EQS Group AG.
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| 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: | [email protected] |
| 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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| 247312 08.01.2014 |
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