08/01/2014 | Corporate News
Fair Value REIT-AG has sold two properties in Schleswig-Holstein and Bavaria at a profit at the back end of 2013
234- Sale of both properties at prices above their carrying amounts confirms valuation approach
- Cash inflow can be used for new investments
Munich, January 8, 2014 – Fair Value REIT-AG (WKN A0MW97) has sold two properties effective as of the end of 2013. These are a directly-held bank building in Kaltenkirchen (Segeberg county) and a partially-owned retail property held by a participation in Erlangen. The buyers are both regional institutional investors.
The sale price of the property in Kaltenkirchen, Holstenstraße 32, which is around 1,580 sqm in size, was EUR 1.95 million.
The partially-owned property in Erlangen, Henkestraße 5, has a leasable area totalling approx. 2,770 sqm and was sold for EUR 1.49 million. Fair Value REIT-AG holds an interest of around 41% in the selling associated company, which is to be dissolved after the transaction is completed.
Both sales were made at prices higher than the balance sheet values as of September 30, 2013.
Frank Schaich, CEO of Fair Value REIT-AG, comments on the transactions: “We have once again sold two non-strategic properties and are also able to dissolve a further participation. As a result, we are continuing with our desired reduction in the complexity of the Fair Value Group. The cash inflows also provide scope for reinvestment, e.g. in increasing our interests in the existing participation portfolio.”
2014
