What Fair Value REIT-AG does

Fair Value REIT-AG is a German real estate investment trust listed on the Frankfurt Stock Exchange (General Standard) and headquartered in Langen near Frankfurt am Main. Founded in 2007 and IPO'd in November 2007, the company operates as a majority-owned subsidiary of DEMIRE Deutsche Mittelstand Real Estate AG, which holds approximately 77.7% of voting rights. The company employs the UPREIT (Umbrella Partnership REIT) structure, which is unique in Germany, combining direct property ownership with an interest in 13 closed real estate funds holding approximately 48 properties.

The company owns and manages a portfolio of 19 commercial real estate properties with a combined market value of €248.5 million (as of year-end 2025) and total leasable area of approximately 170,100 sqm. Properties are concentrated in secondary and regional German locations, with a weighted average lease term (WALT) of 5.7 years and a portfolio rental yield of 7.7%. Key tenants include national retail chains (Toom Baumarkt, Deichmann) and financial services firms (Commerzbank, Sparkasse Südholstein). During 2025, EPRA vacancy improved materially from 14.6% to 9.8%, reflecting active asset management.

Fair Value REIT-AG generates revenue primarily through rental income, recording €19.1 million in FY2025 (down from €19.7 million in FY2024). The regulatory REIT framework requires distribution of at least 90% of taxable income, and the company maintains a REIT equity ratio of 82.1%, well above the 45% statutory threshold. Beyond direct property holdings, the company earns fees from its participation in 13 closed-end real estate funds. FFO I stood at €11.5 million in 2025 (down from €12.6 million), and NAV per share declined to €9.61 from €9.97. Management is led by Tim Brückner (CEO) and Gertraud Kälbli (Board Member), with Frank Hölzle as Chairman of the Supervisory Board.

Name

Fair Value REIT-AG

Legal name

Fair Value REIT-AG

Website

https://fvreit.de

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

1–10 employees

Short description

Fair Value REIT-AG is a Frankfurt-listed German REIT and majority-owned subsidiary of DEMIRE that owns 19 commercial properties valued at €248.5M, operating the unique UPREIT model in Germany with annual rental income of €19.1M (FY2025).

Ownership category

akta.pro rank

Product category

Commercial Real Estate Investment Trust (REIT)

NAICS

Lessors of Real Estate (5311), Other Financial Vehicles (52599)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

akta.pro secondary industry

Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA)

Keywords

• Commercial real estate
• Real estate investment trust
• Property asset management
• German retail office properties
• Closed-end fund participation

Headquarters

HQ city

Gräfelfing

HQ country

Germany

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales, Others

Revenue model

1. Rental Income: Primary revenue stream from rental income generated by commercial properties including retail and office spaces across German secondary locations. Contract rents maintained consistently between 94% and 96% of potential rents over the past five years.
2. Property Sales: Capital gains from strategic property sales as part of portfolio optimization and repositioning activities.
3. Fund Management Fees: Income from management and participation in closed-end real estate funds through equity method accounting.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Fair Value REIT-AG acquires and manages a portfolio of commercial real estate — primarily retail and office properties — located in German secondary and regional markets. As of end-2025, the portfolio comprises 19 properties with a market value of €248.5 million and 170,100 m² of rental space. The company operates under a UPREIT structure, accepting property contributions in exchange for shares and enabling investors in closed-end real estate funds to swap their fund shares for Fair Value listed shares. As a German REIT, it distributes at least 90% of annual surplus as dividends and is exempt from corporate and trade income tax.

Product overview

Fair Value REIT-AG operates as a Real Estate Investment Trust (REIT) focused on commercial real estate investments in Germany. The company offers a unified investment platform combining direct property ownership with indirect fund participations. The core offerings include a commercial real estate portfolio of 19 properties (retail and office) valued at EUR 248.5 million, proactive asset management services, and a unique fund participation program that allows closed real estate fund investors to exchange their shares for Fair Value shares. As a REIT, the company is exempt from corporate and trade taxes, with at least 90% of annual profits distributed as dividends.

Differentiator

Problem solved

Functional benefit

Products and services

• Commercial Real Estate Investment Portfolio Direct and indirect investments in commercial real estate properties in Germany, focused on retail and office assets in secondary and regional locations. The portfolio consists of 19 properties with a market value of €248.5 million and 170,100 m² of rental space as of end-2025. Contract rents have been maintained at 94-96% of potential rents over five consecutive years.
• Asset Management Services
• Fund Participation Program (UPREIT) Investment program allowing closed-end real estate fund investors to exchange their fund shares for Fair Value REIT-AG listed shares (UPREIT model). Provides liquidity for illiquid fund investments and tax optimization through the REIT Exit Tax privilege. The company also holds equity-method participations in 13 closed real estate funds with approximately 48 underlying properties.

Quantifiable outcome

• Contract rents maintained at 94-96% of potential rents over five consecutive years
• +2 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators13 records

Recent moves8 records

Expansion highlights4 records

Broad incumbents

• Vonovia SE: Europe's largest residential real estate company with German heritage. Comparable as a major German-listed real estate company, though focused on residential and operating at vastly larger scale than Fair Value REIT-AG.
• PATRIZIA AG: German real estate investment manager with significant German commercial real estate exposure across both direct holdings and managed funds. Comparable on the asset management angle (closed-end fund participation) but operates at much larger scale.

Direct peers

• alstria office REIT-AG: German office REIT listed on Frankfurt with a portfolio of office properties across German cities. Directly comparable as a German REIT focused on commercial real estate, though larger and office-only.
• Aroundtown SA: European commercial real estate company with significant German office and hotel exposure. Comparable as a listed real estate vehicle active in German commercial markets, though much larger and with hotel exposure.
• DEMIRE Deutsche Mittelstand Real Estate AG: Majority parent of Fair Value REIT-AG and the closest operational peer, also focused on German secondary-market commercial real estate. Both share the same regional investment thesis and have overlapping management through DEMIRE executives holding key supervisory positions at Fair Value.
• TLG Immobilien AG: German office and retail property company (now part of Aroundtown). Previously listed as a German REIT with a comparable mix of office and retail assets in regional German locations.
• Deutsche EuroShop AG: German REIT investing in shopping centers across Europe. Comparable as a listed German REIT focused on retail real estate, though at a much larger scale and with shopping center assets rather than Fachmarktcenter/office.
• Hamborner REIT AG: German retail and office REIT listed on Frankfurt, focused on German metropolitan secondary locations with a similarly sized portfolio. Closely comparable in target geography, asset mix (retail/office), and small-cap REIT structure.
• DIC Asset AG: German commercial real estate company with both direct property investments and fund management activities, similar in geographic focus (Germany) and product mix to Fair Value REIT-AG.

Emerging players

• TAG Immobilien AG: German real estate company focused on residential with growing commercial exposure. Comparable as a German-listed real estate company with similar scale, though primary focus is residential rather than retail/office commercial.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fair Value REIT-AG