7 Nov 2013 16:36
07 November 2013
INVISTA EUROPEAN REAL ESTATE TRUST SICAF
(the "Company")
Invista European real estate trust Completes the sale of THREE LOGISTICS assetS in FRANCE
Invista European Real Estate Trust has completed the sale of three logistics assets located in Amiens, France. The sale was achieved at a net sale price of €1.1 million which represents a 50% discount to 30 September 2013 valuation. The proceeds were used to repay €1.1 million in outstanding debt and close the associated swap contract.
As the 9,626 sqm of logistics space was mostly vacant, this disposal reduces the Fund's overall void rate, calculated as vacant ERV expressed as a percentage of total potential rent, from 19.8% (as at 30 September 2013) to a figure of 18.9%. It also reduces non recoverable and debt service costs by €0.18m per year.
The sale exemplifies the Company's active commitment to improving the quality of its portfolio by selling vacant assets and maximising net operating income.
Ludovic Bernard | |
Internos Global Investors | 020 7355 8800 |
Michael Sandler | |
Hudson Sandler | 020 7796 4133 |