18/06/2008 | Corporate News
Fair Value REIT-AG acquires three further tenants for its office property in Düsseldorf's "Airport City"
76- Contracts for office space totaling around 1,830 m²
- Rental level currently at around 83%
Munich, June 18, 2008 – Fair Value REIT-AG has acquired three additional tenants for office space totaling around 1,830 m² in Düsseldorf's "Airport City", plus storage space and car parking. The rental level has thus increased to more than 83% one month prior to the office property being completed.
Frank Schaich, CEO of the first German "Upstream REIT" is very pleased with the successful conclusion of these rental agreements. "We are once again now a major step closer to full occupancy of the office property at Düsseldorf Airport. The excellent demand also results in an annual rental income at full occupancy of about 950 T€, thus more than 7% higher than our original forecast. This leads to an initial yield of 7.5% p.a. based on the purchase price." As was the case for the agreements already concluded, these rental agreements were also brokered by the real estate specialist Jones Lang LaSalle.
Fair Value secured ownership of the attractive property in direct proximity to the terminal building at Düsseldorf Airport back in October 2007. The property will have 4,454 m² of office space and 288 m² of storage space. There will also be 103 car parking places, of which 89 are in an underground garage.
2008
