29/04/2013 | Corporate News
Fair Value REIT-AG announces profitable sale of three properties
191Munich, April 29, 2013 – Fair Value REIT-AG has sold two bank buildings from its direct holdings in Boostedt (Segeberg district) and on the island of Helgoland (Pinneberg district) to private investors. A Fair Value Group subsidiary has also sold a retail property located in Emmerich on the river Rhine (Kleve district) to a developer that plans to construct a new building once the current rental agreement expires in October 2013.
The purchase prices that have been agreed for the three properties, which have a total rentable area of around 2,000 m², total EUR 1.5 million, 11% above their surveyed market values as of December 31, 2012.
Frank Schaich, CEO of Fair Value REIT-AG, commented on the disposals as follows: "Part of our strategy is to sell smaller portfolio properties as part of portfolio management. The fact that we again achieved proceeds significantly above book values with these most recent property sales reflects our real estate portfolio's value-retention. It also shows that regional locations are interesting for a number of investors if the micro-location is right, and the properties carry corresponding potential."
2013
