15/10/2013 | Corporate News
Fair Value REIT-AG: Profitable sale of a Berlin office property from the participation portfolio
205- Transaction volume in 2013 totals 6% of the portfolio
- Average IFRS capital gain before costs of 5%
Munich, October 15, 2013 – Fair Value REIT-AG reports the successful sale of a Berlin office building from its participation portfolio to a Spanish investor.
The building located in Berlin-Charlottenburg with lettable space of approximately 9,800 sqm and around 180 parking spaces is fully let. The remaining terms of the lease agreements are around 2.5 years. The agreed purchase price of EUR 15.6 million is 3% higher than the carrying amount as of December 31, 2012. The property is being sold by the associated company “BBV 14”, in which Fair Value REIT-AG holds an interest of around 45%.
Frank Schaich, CEO of Fair Value REIT-AG, comments on the transaction and the property sales realised up to now in the current financial year: "With the sale reported today, the transaction volume in the current financial year attributable to Fair Value totals EUR 12.7 million or 6% of our proportional portfolio as of December 31, 2012. As part of this, we have achieved an average IFRS capital gain before costs of around 5%. The sales volume up to this point has been in line with our corporate planning and stems 30% from directly-held properties and 70% from properties held by participations."
2013
