17th Apr 2015 14:33
LONDON (Alliance News) - Invista European Real Estate Trust SICAF Friday said it has sold Campus Heusenstamm in Frankfurt, Germany at a discount to the latest valuation of the asset.
In a statement, the trust said it disposed of what was its largest property in a sale that generated net proceeds of EUR32 million, being a 22% discount to the asset's valuation on December 30, 2014.
The trust said that EUR1.9 million was held back in escrow from the total proceeds. Of that amount, EUR1.1 million has been reserved to cover German tax risks, while the remaining EUR792,000 has been reserved to cover "any potential adjustments to the closing balance sheet".
The remaining proceeds of the sale will be used to pay down part of the trust's outstanding mezzanine debt.
Invista European Real Estate Trust shares were down 23% at 0.600 pence on Friday afternoon.
By Samuel Agini; [email protected]; @samuelagini
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