LONDON (Alliance News) - Invista European Real Estate SICAF said Friday that the Financial Conduct Authority has agreed to suspend trading of its shares, as it is now of the view that it is unlikely there will be any value for distribution to shareholders.
The company had announced earlier Friday that its standstill agreement on its mezzanine loan facility from Blackstone Real Estate Debt Strategies has been extended again. The standstill has been extended to Friday, having last week been extended for the eighth time to Thursday. This is the ninth extension.
Invista is in the process of selling off its property portfolio, having said back in July that it does not expect to return any "material value" to shareholders. The group kicked off the asset sale earlier in July, citing a recent tenant default and the unexpected exercise of lease breaks
Shares in the fund were up 39.4% at 0.350 pence Friday afternoon.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.