LONDON (Alliance News) - Invista European Real Estate Trust SICAF Monday said its net asset value, adjusted to add back deferred tax, fell by 11% in the final quarter of 2014.
In a statement, Invista European Real Estate Trust reported a NAV, adjusted to add back deferred tax, of EUR0.137 per share at the end of 2014. Its unaudited NAV amounted to EUR0.133 per share at the same stage.
Invista was reporting on the first quarter of its financial year ending September 30, 2015.
In 2014 the company put up 14 assets for sale as part of an effort to reduce debt in its portfolio.
"Since that time, the company has disposed of two assets in the period up to 21 December 2014, and another two Belgian assets post quarter end," the company said.
"The contracted sale of the Heusenstamm asset represents the disposal of a significant income generating property which has been undertaken on the path to consolidating the company's focus around its core portfolio. The consequent loss of income therefore creates transitional pressures on interest coverage and other covenants in the company's mezzanine debt facility. Nevertheless the disposal programme and the overall business plan were agreed at the outset with the company's new lenders and they are supportive of the steps being taken to implement them," the company added.
"It remains, however, a complex and uncertain process to achieve the desired result of a deleveraged core portfolio of German and French properties," Invista said.
Invista shares were untraded on Monday. The stock closed at 0.72 pence on Friday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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