LONDON (Alliance News) - Invista European Real Estate Trust SICAF saw its shares plunge on Monday morning after it said it will offload its assets in order to maintain the support of its lenders.
Invista said it has recently seen a tenant default and has seen the unexpected exercise of lease breaks which, with no new tenants contracted, will result in a material adverse impact on its rental income in the future.
In light of these events, the company has decided a "rapid realisation" of its assets will be required to maintain the support of its lenders. It has identified a number of parties who may be potential buyers of its assets, but said there is no certainty a transaction will take place.
The news sent shares in the trust tumbling 73% to 0.16 pence, comfortably the worst performer on the London Main Market in early trade.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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