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2 Apr 2009 11:00
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2Β AprilΒ 2009
Invista European Real Estate Trust SICAF ("IERET" /Β the "Company")
INVISTA EUROPEAN REAL ESTATE TRUST ANNOUNCESΒ SALEΒ OFΒ SECONDΒ AIX-EN-PROVENCEΒ LOGISTICS ASSET
Invista European Real Estate Trust hasΒ completedΒ the sale of aΒ secondΒ logisticsΒ assetΒ inΒ Aix-en-Provence,Β France,Β toΒ anΒ owner-occupier,Β for aΒ totalΒ considerationΒ of β¬950,000,Β reflecting a sale price 18% above the December 2008 valuation.Β
The property comprises aΒ 902 sqm free-standing industrial warehouse unit.Β
ThisΒ latestΒ sale followsΒ the successful disposal of a 10,436 sqm logistics assetΒ also locatedΒ inΒ Aix-en-ProvenceΒ for a total of β¬6.3 million, only two weeks ago, and aΒ city centre office locatedΒ inΒ Brussels, in February, forΒ β¬5.83 million.
Tony Smedley, Head of Continental European Funds at Invista Real Estate Investment Management, commented:
"These recentΒ disposalsΒ demonstrateΒ Invista's ability to identifyΒ purchasersΒ at attractive pricing levels despite challenging market conditions.Β We continue to assess the portfolio and lookΒ forΒ similar opportunitiesΒ which will allow us to furtherΒ strengthenΒ the Company's balance sheet."
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For further information, please contact:
Invista Real EstateΒ
Tony Smedley/Chris Ludlam +44 20 7153Β 9369
Financial Dynamics
Dido Laurimore/Olivia Goodall +44Β 20 7831Β 3113
Notes to Editor:
About Invista European Real Estate Trust
Invista European Real Estate Trust ("IERET")Β isΒ domiciled inΒ LuxembourgΒ andΒ listed on the main market of the London Stock Exchange. AsΒ atΒ 31Β DecemberΒ 2008Β IERETΒ hadΒ real estateΒ assets valued at β¬601Β millionΒ in sevenΒ 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.Β 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 onΒ IERET please visitΒ www.ieret.eu
Issued by Invista Real Estate Investment Management Limited. Registered office,Β Exchequer Court, 33 St Mary Axe,Β London,Β EC3A 8AA. Registered inΒ EnglandΒ andΒ Wales.Β Β Β Registered number 04459443. Authorised and regulated by the Financial Services Authority. INV-264
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