IERE.L Share News (IERE)

(ShareCast News) - Shares in Invista European Real Estate plunged on Monday, after the western Europe property investor said it was seeking a rapid sale of its assets in order to retain support from its lenders.The London-listed closed ended investment company, which is managed by Internos Global Investors, had been conducting a strategic review before it recently suffered a tenant default and the unexpected exercise of lease breaks, which could have led to a negative impact on its future rental income.As a result, the group has decided the sale of its assets will be necessary to retain support from its lenders, adding it had already identified a number of potential buyers.A 30 June valuation of the portfolio of investment properties stood at €226.15m, reflecting a €5.9m or 2.54% decline since the last quarterly valuation on 31 March.Invista shares were down 75.08% to 0.149p at 09:50 on Monday.