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23 Mar 2009 16:32
23 March 2009
Invista European Real Estate Trust SICAF (the "Company")
INVISTA EUROPEAN REAL ESTATE TRUST ANNOUNCES €6.3 MILLION SALE OF FRENCH LOGISTICS ASSET
Invista European Real Estate Trust has completed the sale of a 10,436 sqm logistics property in Aix-en-Provence, France, for a total of €6.3 million, to a local distribution company CODIP.
The sale price reflects a 5.3% discount to the Company's 31 December 2008 independent property valuation.
The majority of 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:
"We are pleased with our continued success in concluding sales despite challenging market conditions. The disposal is further evidence of Invista's local capabilities in identifying active buyers and securing opportunistic asset sales. We continue to work on the business plan of reducing the Company's borrowings."
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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.
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