EANS-News: Fair Value REIT-AG Fair Value REIT-AG is successful in converting a
Pinneberg bank building into a health centre
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Contracts
München (euro adhoc) - Fair Value REIT-AG has converted 60 percent of the total
area of a bank building in Pinneberg to new usage in close cooperation with the
previous tenant Sparkasse Südholstein. Overall, new rental agreements have been
concluded with five doctor's practices, each with a contract term of ten years,
at the property Damm 49 which boasts around 1,900 square meters of floor space.
In addition, a rental agreement for 15 years from October 2012 has been signed
with a pharmacist.
"This means that the majority of the available space is already secured for
health-related usage in the long-term, something which will determine the future
character of the property as a doctor's building and health centre," explains
Frank Schaich, CEO of Fair Value REIT-AG. "With the support of Sparkasse
Südholstein, which is contractually bound to the space which is not re-let until
December 2012, we were able to start marketing the property for the alternative
usage as a health centre in good time. This has allowed us to find some new
tenants ahead of time and therefore achieve a smooth re-letting process,
avoiding loss of rent. We believe the renovation costs are good value
considering the sustained follow-up usage and the future approx. ten percent
higher rental income."
Given the current demand for medical and therapy space in the property located
near the town centre, the Management Board of Fair Value REIT-AG believes that
successful repositioning through complete re-letting of the property is now
tangibly close.
Further inquiry note:
{Fair}[HYPERLINK: mailto:Fair] Value REIT-AG
Frank Schaich
Tel. 089-9292815-10
Fax. 089-9292815-15
e-mail: schaich@fvreit.de
end of announcement euro adhoc
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company: Fair Value REIT-AG
Leopoldstraße 244
D-80807 München
phone: +49 (0) 89 9292815 01
FAX: +49 (0) 89 9292815 15
mail: info@fvreit.de
WWW: http://www.fvreit.de
sector: Real Estate
ISIN: DE000A0MW975
indexes: CDAX, Classic All Share, Prime All Share, RX REIT All Share Index,
RX REIT Index
stockmarkets: free trade: Berlin, München, Düsseldorf, Stuttgart, regulated
dealing/prime standard: Frankfurt
language: English