01/10/2013 | Corporate News
Fair Value REIT-AG sells two more properties at a profit
203Munich, October 1, 2013 – Fair Value REIT-AG has sold two properties from its directly held portfolio to private investors effective as of the end of October 2013. The two properties in question, located in the town of Uetersen and in Kölln-Reisiek close to the city of Elmshorn (both in the Pinneberg district), are both primarily used as bank branches.
The premises in Uetersen with a floor area of around 1,700 m2 are fully let for use as bank, two apartments and a doctor’s office. The leases have around ten years left to run. The agreed purchase price of EUR 1.9 million is 5% above the book value as of December 31, 2012.
The bank building in Kölln-Reisiek with a floor area of 168 m2 is let for over four years with options to renew. The agreed purchase price of around EUR 0.2 million is 11% above the book value as of December 31, 2012.
Commenting on the disposals, Frank Schaich, CEO of Fair Value REIT-AG, said: "We are systematically tapping the current demand among investors to optimise the real estate in our directly-held and participation portfolios. The latest sales involve the smallest property currently in our portfolio, as well as a property specifically fitted out for use primarily as a bank."
2013
