27 May 2011 07:00
27 May 2011
Invista European Real Estate Trust SICAF
(the "Company")
INVISTA EUROPEAN REAL ESTATE TRUST ANNOUNCES €15.5 MILLION SALE OF FRENCH WAREHOUSE ASSET
Invista European Real Estate Trust has completed the sale of a 31,225 sqm warehouse property in Fos Distriport, France, to an owner-occupier for a total consideration of €15.5 million.
The total sale price reflects a 4.9% discount to the Company's 31 March 2011 independent property valuation.
As referred to in the Company's interim results, announced yesterday, the Company has also exchanged contracts on €27 million of properties and a further €7 million are currently under offer.
The net proceeds from the sale will be used to reduce borrowings and further de-leverage the Company.
Tony Smedley, Head of Continental European Funds at Invista Real Estate Investment Management, commented:
"This sale is further evidence of Invista's proactive approach to identify local owner-occupiers to realise asset sales in challenging markets. While the sale price does reflect a discount to valuation, its disposal meets our strategic objectives of paying down a significant amount of borrowings whilst at the same time reducing portfolio vacancy."
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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 Editors:
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 March 2011 IERET had real estate assets valued at €509.5 million in seven countries.
The long-term investment objective of IERET is to provide shareholder returns through investing in diversified commercial real estate in Continental Europe with the potential for income and capital growth. The geographical focus is France and Germany 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, 107, Cheapside, London, EC2V 6DN. Registered in England and Wales. Registered number 04459443. Authorised and regulated by the Financial Services Authority. Ref: INV-768