17th Jan 2013 07:00
17 January 2013
INVISTA EUROPEAN REAL ESTATE TRUST SICAF
(the "Company")
Invista European real estate trust annouces property portfolio Valuation as at 31 december 2012 at €352.8 million
Invista European Real Estate Trust's property portfolio was valued at €352.8 million as at 31 December 2012 by Savills, the newly appointed valuer since 10 December 2012. The value represents a decline on a like for like basis of 7.53% or €28.7 million from 30 September 2012.
The 31 December 2012 valuation will be used for the next loan to value ratio ('LTV') test on the senior loan facility with Lloyds Banking Group ('Lloyds') due on 25 January 2013. Ahead of the LTV test, the Company will execute a debt repayment of €10.24 million to reduce the LTV to a level below 72.5%, the current LTV covenant.
The Company maintains a stable cash position and will continue to review strategic use of cash going forward.
Ludovic Bernard
Internos Global Investors 020 7355 8800
Michael Sandler
Hudson Sandler 020 7796 4133
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