11 Dec 2012 07:00
11 December 2012
INVISTA EUROPEAN REAL ESTATE TRUST SICAF
(the "Company")
Invista European real estate trust Appoints Savills for valuation services
Invista European Real Estate Trust has appointed Savills to undertake both the quarterly valuations for the Company's accounting and results and the bi-annual reporting for Lloyds Banking Group ('Lloyds') to be effective from 10 December 2012. Savills has been appointed following a tender process with several valuation providers who were on a shortlist agreed with Lloyds, the Company's current senior debt provider.
Lloyds receives bi-annual valuation reports on the property portfolio and will require a valuation report based on 31 December 2012 valuation figures ahead of the 25 January 2013 loan to value test.
DTZ, who have undertaken quarterly valuations on the property portfolio since 2006 have been served notice by the Company.
Ludovic Bernard
Internos Global Investors 020 7355 8800
Michael Sandler
Hudson Sandler 020 7796 4133