02/03/2016 | Corporate News
Fair Value REIT-AG with successful repositioning of shopping center in Eisenhuettenstadt344
Munich, 2 March 2016 – Fair Value REIT-AG (ISIN DE000A0MW975) is able to report on a number of leasing successes at the Eisenhuettenstadt property named “City Center”, which is owned by Fair Value’s subsidiary BBV 10. Four major leases with a total area of around 7,600 m² and lease terms of at least 10 years have been signed with the retail chains EDEKA, Penny, Rossmann and Woolworth. Following the exits of the DIY retailer Praktiker in 2014 and the long-standing hypermarket anchor tenant real,- by the end of 2015 these leases are the keys to the successful repositioning of this regional shopping center.
The new tenants will occupy their space upon completion of the fit out in the fourth quarter of 2016. This will increase the occupancy rate from its current level of around 60% of the potential retail rent to 80%. Two additional leases with a total of around 4% of potential retail rent are in final negotiations.
Frank Schaich, CEO of Fair Value REIT-AG, is delighted: “These four lease agreements are a clear proof for the sustainability of the property location. We are convinced that the remaining floor space will soon be let and that we also will successfully implement the upcoming lease renewals with the existing tenants.”