5 Feb 2009 11:07
5 February 2009
Invista European Real Estate Investment Trust SICAF (the "Company")
Invista European Real Estate Investment Trust Announces
€5.8 million SALE of Brussels office
Invista European Real Estate Trust has today completed the sale of an office asset located on Boulevard d'Anvers in the north of Brussels city centre, Belgium to Regie Fonciere, a department of the Belgian Government for a sale price of €5.83 million.
The asset comprises 2,638 sqm of office space and was realised at a price 37% above the 30 September 2008 valuation.
Net proceeds from the sale will be used to pay down debt and further de-leverage the Company.
Tony Smedley, Head of Continental European Funds at Invista Real Estate Investment Management, commented:
"This asset has been disposed of at a substantial premium to the last valuation which is a pleasing result in such challenging markets. Our ability to identify a special purchaser is a reflection of our pro-active asset management style and strong market access. We continue to look for similar opportunities across the rest of the portfolio as we work to reduce the Company's borrowings."
Contacts:
Invista Real Estate
Tony Smedley/Chris Ludlam +44 20 7153 9369
Financial Dynamics
Dido Laurimore/Rachel Drysdale +44 20 7831 3113
About Invista European Real Estate Trust
Invista European Real Estate Trust ("IERET") is domiciled in Luxembourg and listed on the main market of the London Stock Exchange. As at 30 September 2008 IERET had real estate assets valued at €687.4 million* in seven countries.
IERET's investment objective is to provide shareholders with an attractive level of income return together with the potential for income and capital growth through investing in diversified commercial real estate in Continental Europe. The investment strategy has been predominantly focused on the Western European countries due to the relative stability, transparency and liquidity of these markets.
For more information on IERET please visit www.ieret.eu
* Direct Property valuation includes €55.8 million in respect of two assets in Lyon, France sold in October 2008.
Issued by Invista Real Estate Investment Management Limited. Registered office, Exchequer Court, 33 St Mary Axe, London, EC3A 8AA. Registered in England and Wales. Registered number 04459443. Authorised and regulated by the Financial Services Authority. Ref: INV-215