FCR Immobilien - Seeking new debt funding to grow portfolio
FCR Immobilien (FCR) reported positive funds from operations (FFO1) in Q120 on the back of portfolio expansion (driving rental income) and lower debt costs. Its EBITDA growth was further supported by gains from a few property disposals. According to the company, rental deferrals as a result of the COVID-19 lockdown for April and May reached €250k and we expect further deferrals to be relatively limited given the easing of restrictions and gradual rebound in retail customer traffic in Germany. The current distressed market environment might present buying opportunities for FCR, which would however require sizeable portfolio exits or (if these prove difficult to execute) external funding to fuel portfolio expansion.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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