Corporate | 24 November 2015 07:30
Fair Value REIT-AG sells four properties in Schleswig-Holstein above book
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DGAP-News: Fair Value REIT-AG / Key word(s): Disposal/Real Estate
Fair Value REIT-AG sells four properties in Schleswig-Holstein above book value Munich, 24 November 2015 – Fair Value REIT-AG (WKN A0MW97) continues its portfolio concentration and sold four properties at a profit, which no longer fitted into the core portfolio. The properties are located in Ellerbek, Leezen, Norderstedt and Quickborn and have been acquired by different private investors. The disposals generated total sales proceeds of approx. 3.78m EUR, which is 6% above the IFRS book values. The transactions are expected to close in December 2015. Frank Schaich, CEO of Fair Value REIT-AG, comments on the transactions: “We continue our strategic portfolio adjustment and, in this regard, benefit from the demand for disposals of small to medium sized properties at prices that are noticeably above the book value. In line with the corporate strategy, we will use the sales proceeds to turn indirectly held properties into direct ownership.”
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Additional information of sold properties:
1) Partial ownership Company profile Fair Value REIT-AG, based in Munich, focuses on retail and office properties in German secondary locations as well as on real estate holdings with a special emphasis on closed end funds. As of 30 September 2015, Fair Value’s total portfolio of 44 properties had a market value of EUR 305.6 million. This portfolio had an occupancy rate of 91.8% of potential rent on full occupancy of EUR 27.4 million per year. As of 30 September 2015 the weighted remaining term of the leases was 4.6 years. Around 57% of the potential rent relates to retail space, 33% to office space and 10% to other types of use. 2015-11-24 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP 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: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart | |
| End of News | DGAP News Service |
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415425 2015-11-24
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