LONDON (Alliance News) - Invista European Real Estate Trust SICAF Monday said it doesn't expect any "material value" to return to shareholders as it prepares to sell its property portfolio.
The company said that indicative proposals from potential buyers of the portfolio have been at valuations that are unlikely to support such returns.
"There is no certainty that any transaction will take place; but, if one does, the Board does not expect, in the light of the valuations proposed by the potential buyers, that there will be any material value to return to either ordinary or preference shareholders," the company said in a statement.
Earlier in July, Invista European Real Estate Trust SICAF opted for a rapid sale of its assets to maintain the support of its lenders.
It cited a recent tenant default and the unexpected exercise of lease breaks.
Ordinary shares in the company were down 87% at 0.0259 pence on Monday afternoon in London.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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