13/01/2015 | Corporate News
Fair Value REIT-AG continues its portfolio realignment and sells two properties in North Rhine-Westphalia
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Munich, January 13, 2015 – Fair Value REIT-AG (WKN A0MW97) has successfully continued its strategic portfolio realignment efforts and sold properties in Cologne and Ahaus (North Rhine-Westphalia) which are no longer considered part of its core portfolio via two subsidiaries. The sales generated proceeds totalling EUR 10.0 million, some EUR 0.2 million below the IFRS carrying value as of December 31, 2013.
The properties sold include a logistics property in Cologne, Köhlstraße 8, with lettable space of around 23,600 square meters. This was sold to a foreign investor specialising in logistics properties. As of September 30, 2014, the property was fully occupied, with the rental agreements offering a weighted remaining term of 1.2 years. The sale price of EUR 8.35 million was EUR 0.1 million down on the IFRS carrying value as of December 31, 2013.
The second property, an almost fully occupied residential and commercial building in Ahaus, Zum Rotering 5-7 with lettable space of 2,054 square meters, was sold to private investors. The property’s rental agreements had a weighted remaining term of 9.4 years as of September 30, 2014. The sale price of EUR 1.64 million was around EUR 0.1 million below the IFRS carrying value as of December 31, 2013.
Frank Schaich, CEO of Fair Value REIT-AG, comments on the transactions, for which the transfer of risks and benefits are due to take place shortly: “We are systematically continuing our strategic portfolio realignment efforts and are selling properties with uses outside of our core business, such as the logistic property in Cologne, as well as smaller properties, such as in Ahaus. The cash inflows generated by the sales offer the Fair Value Group scope for its intended growth path.”
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