FCR Immobilien - Rental income improves on growing portfolio
Between H119 and H120, FCR Immobilien expanded its real estate portfolio from 64 properties to 83, with most properties added in H219. Consequently, its rental income (including hotel revenue) improved by c 30% y o y to €12.5m in H120. Management now guides to a rental and hotel revenue increase of 31% y-o-y to €28.3m in FY20 (not accounting for further property acquisitions). Moreover, it expects a property disposal volume of €30–40m this year, which implies a strong pick-up in activity in H220 vs H120 when FCR sold properties worth €5.1m. Together with successful completion of the current bond offering, portfolio realisations would provide the funds to fuel further property acquisitionsFCR 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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