Disposal (8956I)
June 22 2011 - 5:14AM
UK Regulatory
TIDMIERE
RNS Number : 8956I
Invista European Real Estate Trust
22 June 2011
22 June 2011
Invista European Real Estate Trust SICAF
(the "Company")
INVISTA EUROPEAN REAL ESTATE TRUST SELLS WAREHOUSE ASSET
IN POLAND FOR EUR7.0 MILLION
Invista European Real Estate Trust has completed the sale of a
16,010 sqm warehouse property in Grodzisk, Poland to NGBI Private
Equity Limited for a total consideration of EUR7.0 million. The
price reflects a 2.9% premium to the Company's 31 March 2011
independent property valuation.
Further to this transaction and as referred to in the Company's
Half Year results on 26 May 2011, the Company has also exchanged
contracts to sell EUR27 million of properties.
The net proceeds from the sale will be used to reduce borrowings
and debt service costs, further de-leveraging the Company.
Tony Smedley, Head of Continental European Funds at Invista Real
Estate Investment Management, commented:
"This disposal is in line with our strategy to realise non-core
investments and increase the Company's focus on core Western
European markets, particularly France and Germany where the
portfolio is mainly located. The completion of asset management
initiatives enabled the sale to be completed at a premium to the
prevailing valuation and facilitates further de-leveraging of the
Company."
- ends -
For further information, please contact:
Invista Real Estate
Tony Smedley/Chris Ludlam +44 2071539369
Financial Dynamics
Dido Laurimore/Olivia Goodall +44 207831 3113
Notes to Editors:
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 March 2011 IERET had real estate assets valued
at EUR509.5 million in seven countries.
The long-term investment objective of IERET is to provide
shareholder returns through investing in diversified commercial
real estate in Continental Europe with the potential for income and
capital growth. The geographical focus is France and Germany 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, 107, Cheapside, London, EC2V 6DN. Registered in
England and Wales. Registered number 04459443. Authorised and
regulated by the Financial Services Authority. Ref: INV-768
This information is provided by RNS
The company news service from the London Stock Exchange
END
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