17 Apr 2015 15:06
17 April 2015
INVISTA EUROPEAN REAL ESTATE TRUST SICAF
(the "Company")
SALE COMPLETION of OFFICE ASSET in GERMANY
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Invista European Real Estate Trust has completed the sale of its largest property, Campus Heusenstamm located near to Frankfurt, Germany. The sale generated net disposal proceeds of €32 million, representing a discount of 22% compared to the latest valuation of the asset (dated 30 December 2014). An amount of €1.9 million was held back in escrow from the total proceeds, composed of two parts: 1) €1.125 million reserved to cover German tax risks; and 2) €0.792 million reserved to cover any potential adjustments to the closing balance sheet. After escrow and transaction costs, the remaining sale proceeds will be used to repay a portion of the Company's outstanding mezzanine debt.
The sale of this asset, after long and widespread marketing, will represent a significant step towards reaching the Step-Down Event, since it will enable the Company to apply the net proceeds in deleveraging the mezzanine facility.
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For further information, please contact:
 Ludovic Bernard | |
Internos Global Investors | 020 7355 8800 |
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