Corporate News

17/12/2014 | Corporate News

Fair Value REIT-AG welcomes new major shareholder and aims for significant growth

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-          H.F.S. sells to Obotritia Capital

 

Munich, December 17, 2014 - Yesterday H.F.S. secondary market funds (H.F.S.) managed by WealthCap, sold indirectly-held blocks of shares totalling around 29.5% of voting rights in Fair Value REIT-AG.

 

The shares have been acquired by three special-purpose vehicles fully controlled by Obotritia Capital. Obotritia Capital announced on December 16, 2014 that it holds a total of 29.98% of Fair Value REIT-AG’s voting rights. The Potsdam domiciled company has been newly founded by Rolf Elgeti, former CEO and new Supervisory Board Chairman of TAG Immobilien AG.

 

With this step both previous anchor shareholders IC Immobilien Holding AG (“IC”) and H.F.S., as well as the Management Board of Fair Value REIT-AG have achieved their objectives to realign Fair Value’s shareholder structure.

 

IC Immobilien Holding AG had already reduced its participation in Fair Value from 18% to just under 7.5% through continuous trading on the stock market during the course of September 2014. As of November 27, 2014 IC held less than 2% of the voting rights in Fair Value, according to its voting rights declaration.

 

"We welcome Obotritia Capital as new major shareholder in Fair Value REIT-AG, and we are pleased that we have been able to convince Obotritia of Fair Value’s significant value accretion potential. This investment marks the beginning of a new era in our company's history," Frank Schaich (CEO) explained.

 

After several years of portfolio optimization and successful divestments of individual non-strategic properties, Fair Value REIT-AG is now heading towards sustainable growth via acquisitions. "We see our new anchor shareholder as catalyst for our future growth strategy. Obotritia’s participation in Fair Value should allow us to deploy our core competencies and potentials even better in the future. We are looking forward to a successful cooperation with our new shareholder," Frank Schaich added.

 

According to the understanding of the Management Board, Obotritia Capital plans a medium- to long-term investment in Fair Value, and has not stated any intentions to take over the company. Further, Fair Value’s Management Board assumes that the new major shareholder is going to extensively support the company’s future development as an independent listed player in the German commercial real estate market.

 

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A REIT – Higher Return for Investors

REIT stands for Real Estate Investment Trust. The assets of these listed companies in Germany consist mainly of real estate and investments in other real estate companies.

 

At the international level, REITs have been established for many years. On 1 January 2007, they were introduced in Germany as well.

 

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