Corporate News

03/04/2014 | Corporate News

Fair Value REIT-AG continues its portfolio alignment efforts

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Munich, April 3, 2014 – Fair Value REIT-AG (WKN A0MW97) has sold two properties which are no longer part of its core portfolio. The sale proceeds generated totalled EUR 3.0 million. A directly-held office and residential building in Sparrieshoop (Pinneberg county, Schleswig-Holstein) and a doctor’s practice building with supermarket in Weyhe-Leeste (Diepholz county, Lower Saxony) held by a subsidiary were both sold to private investors. The transfer of ownership, risks and benefits will take place on expiry of April 30, 2014 following the respective proof of purchase price.

 

The sale price for the property in Sparrieshoop, Rosenstraße 15, with lettable space of 237 sqm was EUR 0.18 million, which is slightly more than the market value calculated as of December 31, 2013. 

 

The doctor’s practice building with food shop in Weyhe-Leeste, Hauptstraße 51–55, was sold for

EUR 2.86 million and therefore at the carrying amount as of December 31, 2013.

 

As Frank Schaich, CEO of Fair Value REIT-AG, commented on the transactions: “We are systematically continuing our strategic portfolio realignment. After repayment of debt and a distribution to minority interests in subsidiaries, around 50% of the overall proceeds are available to the Group for reinvestment.”

 

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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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