Corporate News

26/03/2008 | Corporate News

Fair Value REIT-AG: Additional rental agreement signed for "Airport Office II", Düsseldorf

  • ProLogis Germany Management GmbH has rented 1,460 m² of office space in direct proximity to the airport
  • Occupancy at 42% four months prior to completion


Munich, March 26, 2008 – Fair Value REIT-AG has rented 1,460 m² of office space in "Airport City" in Düsseldorf. Tenant is ProLogis Germany Management GmbH, which is the German subsidiary of the world's largest owner, manager and developer of logistics premises. According to the tenant’s own information, a total of around US$ 36.3 billion is currently under management. It will use these premises as its "Headquarter Northern European Region". With this letting - four months prior to completion of the "Airport Office II" office complex - 42% of the total space has already been let. In addition, Fair Value is also in advanced-stage negotiations with several other parties interested in renting the remaining space.

In October 2007, just three months after construction started, Fair Value acquired the attractive property in the direct proximity of the Düsseldorf International Airport terminal building, and thus took over responsibility for letting the property. The building is scheduled to be completed in July 2008 and will have a total rental area of 4,671 m² with 89 underground parking spaces and 14 outdoor parking spaces.

Frank Schaich, Fair Value REIT-AG's CEO believes that Fair Value REIT-AG's early involvement in this project at Düsseldorf International Airport was the right decision and is looking to the future with optimism: "We are experiencing strong interest in office space at this location, in particular as a result of the property's direct proximity to the airport. This makes us very confident that the property will be fully let by the time it is completed in mid- July of this year."


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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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