Transfer of asset
05 February 2010 - 3:11AM
UK Regulatory
TIDMIERE
RNS Number : 7120G
Invista European Real Estate Trust
04 February 2010
Invista European Real Estate Trust SICAF (the "Company")
Invista European Real Estate Trust Announces
EUR15.7 million Transfer of BELGIAN office
Invista European Real Estate Trust has today completed the transfer of an office
asset located on Campus Remy in the outskirts of Leuven, Belgium to its main
tenant, KVLV group, a Belgian non-profit organisation associated with the
Flemish Farmers' Union.
The asset comprises 10,230 sqm of office space and is currently fully income
producing. The transfer was realised at a price 6% above the 9 October 2009
valuation.
Net proceeds from the transfer will be used to pay down debt and further
de-leverage the Company.
Tony Smedley, Head of Continental European Funds at Invista Real Estate
Investment Management, commented:
"This asset has been transferred after having maximised its asset management
potential and was realised at a premium to the last valuation. This is a good
result for the Company in such challenging markets. Our ability to identify the
purchaser is a reflection of our pro-active asset management approach. We
continue to look for similar opportunities across the rest of the portfolio as
we work to maximise total returns from the property portfolio and reduce the
Company's borrowings."
Contacts:
Invista Real Estate
Tony Smedley/Chris Ludlam
+44 20 7153 9369
Financial Dynamics
Dido Laurimore/Olivia Goodall
+44 20 7831 3113
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 9 October 2009
IERET had real estate assets valued at EUR541.6 million in seven countries.
IERET's investment objective is to provide shareholders with an attractive level
of income return together with the potential for income and capital growth
through investing in diversified commercial real estate in Continental Europe.
The investment strategy has been predominantly focused on the Western European
countries 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,
Exchequer Court, 33 St Mary Axe, London, EC3A 8AA. Registered in England and
Wales. Registered number 04459443. Authorised and regulated by the Financial
Services Authority.
Ref: INV-507
This information is provided by RNS
The company news service from the London Stock Exchange
END
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