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Fair Value REIT-AG: New Supervisory Board extends Frank Schaich’s tenure as CEO

03-11-2016 10:06 AM CET | Industry, Real Estate & Construction

Press release from: Fair Value REIT-AG

Munich, 11 March 2016 – As of 1 March 2016, the Supervisory Board of Fair Value REIT-AG (ISIN DE000A0MW975) has two new members. Hon.-Prof. Andreas Steyer and Mr. Markus Drews, who were appointed by the Munich local court, are both members of the Management Board of DEMIRE Deutsche Mittelstand Real Estate AG, Frankfurt. They will stand for election by the shareholders at the Annual General Meeting of Fair Value REIT-AG in May 2016.

The court was called upon to appoint the new members after the current members of the Supervisory Board, Dr. Oscar Kienzle and Prof. Dr. Heinz Rehkugler, resigned from their posts at the end of February 2016 following changes to the shareholder structure.

At the constituent meeting of the Supervisory Board, Mr. Rolf Elgeti was appointed chairman and Mr. Markus Drews deputy chairman of the Supervisory Board of Fair Value REIT-AG.

The Supervisory Board also extended Mr. Frank Schaich’s appointment as CEO prematurely until 31 January 2019.

Company profile

Fair Value REIT-AG, based in Munich, focuses on retail and office properties in German secondary locations as well as on real estate holdings with a special emphasis on closed end funds.

As of 30 September 2015, Fair Value’s total portfolio of 44 properties had a market value of EUR 305.6 million. This portfolio had an occupancy rate of 91.8% of potential rent on full occupancy of EUR 27.4 million per year. As of 30 September 2015 the weighted remaining term of the leases was 4.6 years. Around 57% of the potential rent relates to retail space, 33% to office space and 10% to other types of use.

Fair Value REIT-AG
Frank Schaich
Leopoldstraße 244
80807 München
Tel. 089-9292815-10
Fax. 089-9292815-15

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