29/10/2007 | Corporate News
Fair Value Immobilien-Aktiengesellschaft: Fair Value acquires attractive office property at Düsseldorf Airport
90- New investment of € 12.6 million will generate an initial rent return of around 7% p.a. upon completion and when fully let in the third quarter of 2008.
Munich, October 29, 2007 – Fair Value Immobilien Aktiengesellschaft has acquired a property in "Airport City" in the direct vicinity of the terminal building at Düsseldorf Airport as part of its expansion strategy. An office property with a rental area of 4,600 m² will be constructed at this very good location, directly opposite the new Maritim Hotel, by the third quarter of 2008. The purchase price of € 12.6 million, payable according to construction process will bring a scheduled initial rental return of around 7% once the property is completed and fully let. At present, 17% of the total rental area has already been let – which exceeds the percentage level of construction.
The property has been sold by Airport Office Beteiligungs GmbH & Co. KG, an affiliate of Frankfurt-based CFI Conzepte für Immobilien GmbH.
Frank Schaich, Fair Value's CEO is very pleased with this successful deal: "This property's location in Airport City Düsseldorf has excellent potential that we will consistently exploit. At the same time, this is implementation of our investment strategy of expanding our portfolio – in particular by adding high-yield office and logistics premises."
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2007
