Update: Demire approach adds growth option
Underlying interim results were effectively looking backwards to a period of portfolio rationalisation and declining rental income. Meanwhile, Fair Value REIT (FVI) has been making considerable progress with its growth strategy, investing directly in properties previously owned by subsidiaries, increasing its investment in existing subsidiaries, and adding the new closed-end real estate fund subsidiary (BBV08). Management guidance anticipates further investments over 2015 and 2016 that have the potential to significantly increase our estimates further (based on the current structure). Meanwhile, a voluntary public takeover offer for FVI by Demire has been proposed. The move is welcomed by management and would see the creation of a larger, more diversified player, with c €1bn in gross assets.Fair Value Reit AG is a Germany-based real estate investment trust. The Company specializes in the acquisition, management and sale of commercially used property, including retail and office retail properties at secondary locations across Germany. The Company's wholly owned subsidiaries are GP Value Management GmbH, BBV 3 Geschaeftsfuhrungs-GmbH & Co KG, BBV 6 Geschaeftsfuhrungs-GmbH & Co KG, BBV 9 Geschaeftsfuhrungs-GmbH & Co KG, BBV 10 Geschaeftsfuhrungs-GmbH & Co KG and BBV 14 Geschaftsfuhrungs-GmbH & Co KG. Other subsidiaries include IC Fonds & Co Bueropark Teltow KG, IC Fonds & Co Forum Neuss KG, IC Fonds & Co Gewerbeportfolio Deutschland 13. KG and IC Fonds & Co SchmidtBank-Passage KG, among others.
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