11/09/2007 | Corporate News
Fair Value Immobilien-Aktiengesellschaft: Successful public offer by Fair Value Immobilien-Aktiengesellschaft
93- Acquisition of units in a total of 14 closed-end IC/BBV real estate funds
- Preparations for IPO and subsequent transition to become a REIT are underway
Munich, September 11, 2007 – Fair Value Immobilien-Aktiengesellschaft (Fair Value) has successfully ended its public offer. After the transaction has been concluded, the company will hold units in a total of 14 closed-end IC/BBV real estate funds. The company will participate in a highly diversified portfolio of real estate in Germany via its interests. Frank Schaich, Fair Value's designated CEO, has drawn a positive conclusion: "We are very pleased that more than 3,000 investors in closed-end funds have decided to exchange their units. This underscores the advantages offered by our bid to convert limited partners' shares in closed-end real estate funds into shares of a company which will be listed on the stock market in future and which can be traded daily.
After the end of the transaction, Fair Value will hold a majority interest in seven of the total of 14 closed-end real-estate funds. As a residential property has not yet been sold for one of the original total of 15 funds included in the offer, Fair Value has not been able to included the units from this company in its portfolio due to REIT legislation.
In order to ensure that shares can be traded and to fulfill one of the major conditions for the transition to become a REIT, Fair Value has already started preparations to go public. The IPO is scheduled for the fourth quarter of 2007.
2007