FCR Immobilien

DB: FC9

€85.5m market cap

€9.7 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 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-June 2019 reached 64 properties with a leasable floorspace of 306k sqm (vs 58 and 248k sqm, respectively, at end-2018). A further seven retail properties were acquired post reporting date. Consequently, FCR’s portfolio is now generating a rental income of more than €16m pa (vs €14.8m at end-2018). FCR’s shares are currently traded at a price to last reported NAV ratio of 0.94x vs the peer median of 1.07x.

Share price graph
Price performance
%
1m
3m
12m
Actual (0.5) (3.0) N/A
Relative* (2.7) (6.7) N/A
52-week high/low €10.5/€8.2
*% relative to local index
Key management
Falk Raudies CEO