17 Apr 2015 15:06
17 April 2015
INVISTA EUROPEAN REAL ESTATE TRUST SICAF
(the "Company")
SALE COMPLETION of OFFICE ASSET in GERMANY
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.
For further information, please contact:
Ludovic Bernard | |
Internos Global Investors | 020 7355 8800 |