10/12/2014 | Corporate News
Fair Value REIT-AG sells two properties in Schleswig-Holstein at a profit
272Munich, December 10, 2014 – Fair Value REIT-AG (WKN A0MW97) has sold two directly-held properties in Schleswig-Holstein which were no longer part of its core portfolio. The sale proceeds totalled EUR 3.5 million, which was higher than the IFRS carrying amounts. As a result, the company’s strategy-driven portfolio alignment efforts are continuing successfully.
The office and residential building in Neumünster, Ehndorfer Str. 153 with lettable building space of 346 square meters was sold to a private investor as of the end of October 31, 2014. The purchase price of € 0.28 million was 13% higher than IFRS book value as of December 31, 2013.
The fully rented doctors’ practice and health centre in Pinneberg, Damm 49 with lettable building space of 1,879 square meters was sold to an asset management company from Denmark. The purchase price of EUR 3.25 million is the equivalent of 15.7 contractual rents and 7% higher than the IFRS carrying amount as of December 31, 2013. The transfer of ownership, risks and benefits is expected to take place on December 31, 2014.
Frank Schaich, CEO of Fair Value REIT-AG, comments on the transactions: “We are systematically continuing our strategic portfolio realignment and are making the most of the demand by selling small and medium-sized properties at good prices. In Pinneberg for instance, we have created value by successfully converting the former administrative building into a doctors’ practice and health centre, allowing us to achieve attractive sale proceeds.”
2014
