27/11/2012 | Corporate News
Fair Value REIT-AG sells two further bank buildings in Schleswig-Holstein at a profit
185Munich, November 27, 2012 – Fair Value REIT-AG has agreed to sell two bank buildings to the north of Hamburg in Bönningstedt (Pinneberg county) and Ellerau (Segeberg county) as of the transfer date December 31, 2012. Sparkasse Südholstein is the only tenant of the two fully-rented properties. The agreed purchase prices of EUR 0.25 million for Bönningstedt and EUR 0.48 million for Ellerau respectively are in total around 8% higher than the market values determined by valuation experts as of December 31, 2011.
Frank Schaich, CEO of Fair Value REIT-AG, commented on the sales: "As we declared at the start of 2012, we are making the most of the tangible increase in demand from investors by selling smaller properties as part of our portfolio management efforts. Since then we have already sold six directly held bank and business properties in Schleswig-Holstein, including the two transactions in Bönningstedt and Ellerau, with a total volume of EUR 3.25 million. The fact that the sale proceeds were in total eight percent higher than the market values determined by valuation experts on the last balance sheet date underlines the ability of our property portfolio to retain its value."
2012
