Corporate News

29/10/2007 | Corporate News

Fair Value Immobilien-Aktiengesellschaft: Fair Value acquires attractive office property at Düsseldorf Airport

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  • 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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A REIT – Higher Return for Investors

REIT stands for Real Estate Investment Trust. The assets of these listed companies in Germany consist mainly of real estate and investments in other real estate companies.

 

At the international level, REITs have been established for many years. On 1 January 2007, they were introduced in Germany as well.

 

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