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.