21st Feb 2014 10:15
LONDON (Alliance News) - Invista European Real Estate Trust said Friday its net asset value fell 6.9% in the fourth quarter of 2013, as the size of its portfolio decreased.
The trust said its net asset value per share decreased 4.9% to EUR0.234 pence, compared with 0.246 the prior quarter.
It said its net asset value fell 6.9% to EUR58.8 million, from EUR64.2 million the previous quarter, as its portfolio decreased by 2.9% over the quarter to EUR316.1 million, from GBP323.4 million in the prior three months.
During the quarter, the trust said it sold three assets in France, generating EUR1.1 million of net sale proceeds, and since the end of the quarter it said it has sold the Modletice asset in Czech Republic for EUR6.5million, a 3.9% discount to the latest valuation.
As at the end of December 2013, the company's portfolio generated gross income of EUR28.5 million per year, representing a gross income yield of 9.03% and a net income yield of 8.32%.
Shares in the trust fell 8.8% to 1.46 pence per share Friday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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