Regulatory Filings • Jan 13, 2015
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Corporate | 13 January 2015 07:30
Fair Value REIT-AG continues its portfolio realignment and sells two properties in North Rhine-Westphalia
Fair Value REIT-AG / Key word(s): Disposal
2015-01-13 / 07:30
Fair Value REIT-AG continues its portfolio realignment and sells two properties in North Rhine-Westphalia
Munich, January 13, 2015 – Fair Value REIT-AG (WKN A0MW97) has successfully continued its strategic portfolio realignment efforts and sold properties in Cologne and Ahaus (North Rhine-Westphalia) which are no longer considered part of its core portfolio via two subsidiaries. The sales generated proceeds totalling EUR 10.0 million, some EUR 0.2 million below the IFRS carrying value as of December 31, 2013.
The properties sold include a logistics property in Cologne, Köhlstraße 8, with lettable space of around 23,600 square meters. This was sold to a foreign investor specialising in logistics properties. As of September 30, 2014, the property was fully occupied, with the rental agreements offering a weighted remaining term of 1.2 years. The sale price of EUR 8.35 million was EUR 0.1 million down on the IFRS carrying value as of December 31, 2013.
The second property, an almost fully occupied residential and commercial building in Ahaus, Zum Rotering 5-7 with lettable space of 2,054 square meters, was sold to private investors. The property’s rental agreements had a weighted remaining term of 9.4 years as of September 30, 2014. The sale price of EUR 1.64 million was around EUR 0.1 million below the IFRS carrying value as of December 31, 2013.
Frank Schaich, CEO of Fair Value REIT-AG, comments on the transactions, for which the transfer of risks and benefits are due to take place shortly: “We are systematically continuing our strategic portfolio realignment efforts and are selling properties with uses outside of our core business, such as the logistic property in Cologne, as well as smaller properties, such as in Ahaus. The cash inflows generated by the sales offer the Fair Value Group scope for its intended growth path.”
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.
As of September 30, 2014, Fair Value’s share of the total portfolio of 44 properties amounted to around EUR 289 million. This portfolio had an occupancy rate of 90.1% of the achievable rents at full occupancy of EUR 26.1 million per annum. As of September 30, 2014, the weighted remaining term of the leases was 4.9 years. Around 53% of the potential rent relates to retail floor space, 36% to office space and 11% to other types of use.
2015-01-13 Dissemination of a Corporate News, transmitted by DGAP – a service 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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| 312373 2015-01-13 |
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