FCR Immobilien - Maintaining good momentum
FCR Immobilien (FCR) maintained its growth path in FY19, with EPRA NAV per share (based on preliminary numbers) up by c 22% y-o-y and annualised net rental revenue generated by its portfolio of €19.5m (up 32% y-o-y). Consequently, we estimate that it was able to deliver a NAV total return (TR) per share of around 24% despite the dilutive impact of last year’s share issue. Management remains committed to further portfolio expansion, with a 2020 target of €500m asset value, which may require additional external funding, eg through a new bond issue.FCR Immobilien AG. FCR Immobilien AG is a Germany-based company engaged in the real estate sector. The Company operates as a commercial real estate company which buys and operates retail parks and shopping centers. Its objective is to acquire properties at 50% of their market value, notably those in liquidation and insolvency, and in renting its properties to long-term tenants. In addition to its retail properties portfolio, the Company invests in student housing in Bamberg, Germany.
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