Corporate | 10 December 2014 07:30

Fair Value REIT-AG sells two properties in Schleswig-Holstein at a profit

Fair Value REIT-AG / Key word(s): Real Estate/Disposal

10.12.2014 / 07:30

Fair Value REIT-AG sells two properties in Schleswig-Holstein at a profit

Munich, December 10, 2014 – Fair Value REIT-AG (WKN A0MW97) has sold two directly-held properties in Schleswig-Holstein which were no longer part of its core portfolio. The sale proceeds totalled EUR 3.5 million, which was higher than the IFRS carrying amounts. As a result, the company’s strategy-driven portfolio alignment efforts are continuing successfully.

The office and residential building in Neumünster, Ehndorfer Str. 153 with lettable building space of 346 square meters was sold to a private investor as of the end of October 31, 2014. The purchase price of EUR 0.28 million was 13% higher than IFRS book value as of December 31, 2013.

The fully rented doctors’ practice and health centre in Pinneberg, Damm 49 with lettable building space of 1,879 square meters was sold to an asset management company from Denmark. The purchase price of EUR 3.25 million is the equivalent of 15.7 contractual rents and 7% higher than the IFRS carrying amount as of December 31, 2013. The transfer of ownership, risks and benefits is expected to take place on December 31, 2014.

Frank Schaich, CEO of Fair Value REIT-AG, comments on the transactions: “We are systematically continuing our strategic portfolio realignment and are making the most of the demand by selling small and medium-sized properties at good prices. In Pinneberg for instance, we have created value by successfully converting the former administrative building into a doctors’ practice and health centre, allowing us to achieve attractive sale proceeds.”

Contact
Fair Value REIT-AG
Frank Schaich
Tel. +49 (0) 89-9292815-10
Fax +49 (0) 89-9292815-15
e-mail: schaich@fvreit.de

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.

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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:	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

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