Become a Member

Track your favourite stocks
Create & monitor portfolios
Daily portfolio value

Company	Chg	Chg %
Quickpicks
£	%
Add shares to your quickpicks to display them here!

Disposals

22nd Oct 2008 07:00

RNS Number : 3904G

Invista European Real Estate Trust

22 October 2008

Invista European Real Estate Trust SICAF

INVISTA EUROPEAN REAL ESTATE TRUST ANNOUNCES

€56 MILLION SALE OF FRENCH ASSETS

Invista European Real Estate Trust (the "Company") has today completed the sale of two office properties in Lyon, France to Pramerica for a total consideration of €56 million.

The first property, located at Ecully, Lyon, in France, comprises 11,448 sqm of office space and is let to IBM, BASF Agro and Scotts France. The second property, located at Villeurbanne, Lyon, in France, comprises 6,372 sqm of office space and is let in its entirety to Merial SAS.

The combined consideration is 0.18% above the 30 June 2008 quarterly valuation.

Net proceeds from sale will be retained by the Company pending the finalisation of the refinancing of the Company's debt facility.

Tony Smedley, Head of European Funds at Invista Real Estate Investment Management, commented:

"These disposals have been made in line with our ongoing strategy to realise value from the portfolio where asset management plans for the properties have been satisfied and the letting potential optimised. Against the background of difficult market conditions it is pleasing to be able to achieve disposals close to recent market valuation".

For further information, please contact:

Invista Real Estate Investment Management

Tony Smedley/Chris Ludlam Tel: +44 20 7153 9471

Financial Dynamics

Stephanie Highett/Rachel Drysdale/Olivia Goodall Tel: + 44 20 7831 3113

This information is provided by RNS

The company news service from the London Stock Exchange

END

DISBRBDGLBDGGIB

Related Shares:

FTSE 100 Latest

Value8,417.34

Change2.09