2015 saw Fair Value Reit (FVI) moving into a growth phase after several years of focusing on portfolio optimisation. New growth capital was raised early in the year with the proceeds directed towards a majority holding in a new subsidiary, increased participation in existing subsidiaries, and the direct acquisition of properties previously held within subsidiaries. The capital base is sufficient to support further significant growth that is not yet reflected in our base case forecasts. DEMIRE acquired 78% in the voluntary public takeover offer in December 2015 but FVI retains its listing and REIT status.
