FCR Immobilien

DB: FC9

€87.7m market cap

€9.95 last close

FCR Immobilien is a German real estate investor primarily focussed on small and mid-sized properties in tier two domestic locations. It looks for special situations translating into bargain purchases. Subsequent measures are aimed at improving rental income generation. FCR’s portfolio currently consists of 44 properties with a lettable area of c 200k sqm, of which c 80% represents retail properties.

Investment summary

FCR Immobilien consistently implements its growth strategy of increasing its market penetration in the German retail property market coupled with selective, rental-oriented expansion in other real estate segments. As a result, its portfolio at end-September 2019 reached 71 properties with a leasable floorspace of 324k sqm (vs 58 properties and 248k sqm at end 2018). Consequently, the annualised rental revenue of FCR’s portfolio reached €17.1m (vs €14.8m at end-2018). Further acquisitions have been completed in recent months. FCR’s shares are trading at a price to last reported NAV ratio of 0.98x vs the peer average of 1.12x.

Share price graph
Price performance
%
1m
3m
12m
Actual 7.0 5.3 6.1
Relative* 1.4 (8.2) (8.1)
52-week high/low €10.5/€8.2
*% relative to local index
Key management
Falk Raudies CEO