DGAP-News: Fair Value REIT-AG: Fair Value REIT-AG: Sale of a commercial property in Neuss
(firmenpresse) - DGAP-News: Fair Value REIT-AG / Key word(s): Real Estate/Disposal
Fair Value REIT-AG: Fair Value REIT-AG: Sale of a commercial property
in Neuss
17.12.2013 / 07:30
---------------------------------------------------------------------
Munich, December 17, 2013 - A property located in the Neuss-Grimlinghausen
business park and owned by a subsidiary of Fair Value REIT-AG has been sold
to local private investors.
The building, which features office, service and storage areas, has a
rentable space totalling around 12,100 sqm and was built in 1990. The
contractual annual rent of around EUR 0.5 million corresponds with an
occupancy rate of around 91% of the achievable rent in the case of full
occupancy. The remaining term of the lease agreements is around 2 years.
The agreed sale price of EUR 5.5 million is 8% down on the carrying amount
as of December 31, 2012. Fair Value REIT-AG holds an interest of around 72%
in the selling subsidiary, which is to be dissolved after the transaction
is completed.
Frank Schaich, CEO of Fair Value REIT-AG, comments on the sale of the Neuss
property: 'The sale price is below the market value determined by experts
at the end of last year due to the vacancy within the building and the
short remaining term of the lease agreements. However, by selling this
property, we are reducing the proportion of non-strategic properties in our
portfolio and are also able to dissolve this property company. This brings
us one step closer to our stated aim of reducing the complexity of the Fair
Value Group. Viewing the property sales during the current financial year
as a whole, we have achieved an average IFRS sale profit before costs of
1.3% compared to the market value determined by experts at the end of the
previous year. This proves that the value of our real estate portfolio has
been realistically estimated overall.'
Contact
Fair Value REIT-AG
Frank Schaich
Tel. +49 (0) 89-9292815-10
Fax. +49 (0) 89-9292815-15
e-mail: schaich(at)fvreit.de
Corporate Profile
Fair Value REIT-AG, based in Munich, focuses on the acquisition, leasing,
property management and sale of commercial properties in Germany. At the
core of its investment activities are retail and office properties in
German regional centres. Because of its REIT status, Fair Value is exempt
from corporation and trade tax. In addition to investing in real estate
directly, Fair Value also acquires participations in real estate
partnerships.
As of September 30, 2013, Fair Value's share of the total portfolio
amounted to around EUR 211 million. This portfolio had an occupancy rate of
95.0% of the achievable rents at full occupancy of EUR 18.9 million per
annum. As of September 30, 2013, the weighted remaining term of the leases
was 5.5 years. Around 43% of the potential rent relates to retail floor
space, 42% to office space and 15% to other types of use.
End of Corporate News
---------------------------------------------------------------------
17.12.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
Language: EnglishCompany: Fair Value REIT-AG
Leopoldstraße 244
80807 München
Germany
Phone: +49 (0)89 9292 815-01
Fax: +49 (0)89 9292 815-15
E-mail: info(at)fvreit.de
Internet: www.fvreit.de
ISIN: DE000A0MW975
WKN: A0MW97
Indices: RX REIT All Share Index, RX REIT Index
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
---------------------------------------------------------------------
245050 17.12.2013
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 17.12.2013 - 07:30 Uhr
Sprache: Deutsch
News-ID 324827
Anzahl Zeichen: 10495
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 455 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: Fair Value REIT-AG: Fair Value REIT-AG: Sale of a commercial property in Neuss"
steht unter der journalistisch-redaktionellen Verantwortung von
Fair Value REIT-AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
