IERE.L Regulatory News (IERE)

3 Aug 2007 07:30

Invista European Real Estate Trust03 August 2007 INVISTA EUROPEAN REAL ESTATE TRUST SICAF ANNOUNCEMENT OF NAV 3 August 2007 Invista European Real Estate Trust SICAF (the "Company") is pleased to announcea Net Asset Value, (adjusted to add back deferred taxation) of EUR 3.06 (206p)per share as at 30 June 2007, reflecting an uplift of 2.2% over the quarter and8.6% since the Company's IPO on 20 December 2006 (compared to the proforma NAVat IPO). The Net Asset Value, calculated under International Financial ReportingStandards, was EUR 2.36 per share. The value of the property portfolio as at 30 June 2007 was EUR 680m andconsisted of 43 properties. Outstanding conditional commitments valued at EUR64m increased the value to EUR 744m. The total NAV return, including dividends,from IPO to 30 June 2007 was 10.4%. The Net Asset Value incorporates a number of events during the quarter ended 30June 2007 including: • a EUR33m equity raising at 220p announced on 3 April 2007, being10% of the issued share capital of the Company; • the acquisition of a large French portfolio valued at acquisition at EUR214.0m and a retail warehouse in Pocking, Bavaria, Germany valued at acquisition at EUR18.8m; • an increase in the value of the Company's existing property portfolio including the recently acquired properties of 1.9%, which recouped almost entirely the costs associated with acquisitions in the quarter; • the continuing positive effect of the company's hedging policy and • the payment of the interim dividend of EUR0.049 per share on 25 May 2007. The Company's Net Asset Value figures incorporate the external portfoliovaluation as at 30 June 2007. Figures converted into sterling assume a EUR perSTG exchange rate of 1.4872 as at 30 June 2007. The property portfolio willnext be valued by an external valuer as at 30 September 2007 and the nextquarterly Net Asset Value per share is expected to be published in November2007. Commenting on the results, Tony Smedley, Head of European Funds at Invista RealEstate Investment Management said "These results demonstrate that the strategyset out at IPO is reaping benefits - deploying capital ahead of schedule anddelivering strong NAV performance. Growth of 8.6% since IPO indicates theCompany is positioned well for strong full year results. The portfolio continues to show potential for growth both on an income andcapital basis, particularly as we implement asset management initiatives such asre-gearing leases in a number of properties. Controlling costs associated withpurchases in particular of the large French portfolio has also been important inlessening the impact of writing off acquisition costs. We continue to see strongdeal flow in Continental Europe and have an active pipeline of acquisitionswhich will add further diversity and opportunities for valuation growth." Enquiries: Tony Smedley / Chris Ludlam +44 20 7153 9343Invista Real Estate Investment Management Limited Robert Kimmels +352 47 23 23Citco (Luxembourg) S.A. Ed Orlebar/Louise Hatch +44 20 7153 1523M:Communications This information is provided by RNS The company news service from the London Stock Exchange