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2 Apr 2009 11:00
2 April 2009
Invista European Real Estate Trust SICAF ("IERET" / the "Company")
INVISTA EUROPEAN REAL ESTATE TRUST ANNOUNCES SALE OF SECOND AIX-EN-PROVENCE LOGISTICS ASSET
Invista European Real Estate Trust has completed the sale of a second logistics asset in Aix-en-Provence, France, to an owner-occupier, for a total consideration of €950,000, reflecting a sale price 18% above the December 2008 valuation.
The property comprises a 902 sqm free-standing industrial warehouse unit.
This latest sale follows the successful disposal of a 10,436 sqm logistics asset also located in Aix-en-Provence for a total of €6.3 million, only two weeks ago, and a city centre office located in Brussels, in February, for €5.83 million.
Tony Smedley, Head of Continental European Funds at Invista Real Estate Investment Management, commented:
"These recent disposals demonstrate Invista's ability to identify purchasers at attractive pricing levels despite challenging market conditions. We continue to assess the portfolio and look for similar opportunities which will allow us to further strengthen the Company's balance sheet."
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For further information, please contact:
Invista Real Estate
Tony Smedley/Chris Ludlam +44 20 7153 9369
Financial Dynamics
Dido Laurimore/Olivia Goodall +44 20 7831 3113
Notes to Editor:
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 31 December 2008 IERET had real estate assets valued at €601 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
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. INV-264
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