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FCR Immobilien has demonstrated rapid portfolio expansion over the last several years. It has been able to monetise attractive buying opportunities, as illustrated by both the high average rental income yield (11.7% as at end-September 2018) and a solid average return on disposals in 2017 and 2018 ytd at c 28% pa (our estimate excludes rental income). High leverage has been part of this strategy, with net debt to total assets at 72% at end-June 2018 (and likely to increase further) vs the peer average of c 50%. FCR is conducting a technical listing, which should be followed by an IPO.

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