LONDON (Alliance News) - Invista European Real Estate Trust SICAF Thursday said it is has used EUR5.5 million from its existing cash balances to pay off some of its senior debt facility.
The real estate investment company said it has now reduced its bank loan facility loan-to-value rate to below 70%.
Invista said the decision follows the latest valuation of its property portfolio, which attributed a total value of EUR316.1 million to the company's real estate assets at December 31, 2013.
The company said it will continue to review the strategic use of cash with reference to its investment objectives.
Invista European Real Estate Trust SICAF shares were up 24% to 1.70 pence Thursday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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