29th Nov 2007 18:16
Invista European Real Estate Trust29 November 2007 INVISTA EUROPEAN REAL ESTATE TRUST SICAF ANNOUNCEMENT OF UNAUDITED NAV AND SECOND INTERIM DIVIDEND DECLARATION 29 November 2007 Invista European Real Estate Trust SICAF (the "Company") is pleased to announcean unaudited Net Asset Value (adjusted to add back deferred taxation) of EUR3.11(216p) per share as at the Company's year end of 30 September 2007, reflectingan increase of EUR0.042 equating to 1.4 per cent over the quarter. The totalNAV return on a per share basis for shareholders since the Company's IPO on 20December 2006 (using the adjusted pro forma Net Asset Value of EUR2.82 at IPO)to 30 September 2007 was 11.7 per cent. The unaudited Net Asset Value,calculated under International Financial Reporting Standards, was EUR2.83 pershare. The Company also announces a second interim dividend of EUR0.0887 (approximately6.2p) per share in respect of the period from 1 April 2007 to 29 September 2007.The dividend payment will be made on 21 December 2007 to shareholders on theRegister on 14 December 2007. The ex-dividend date will be 12 December 2007.The dividend will be paid in sterling at the prevailing exchange rate. The unaudited Net Asset Value incorporates a number of events and key factorsduring the quarter ended 30 September 2007 including: • the purchase of three logistics assets in Tiel and Amsterdam in The Netherlands and Prague in the Czech Republic valued in total at EUR39.2 million. • the independent valuation of the property portfolio as at 30 September 2007 was EUR724.3 million and consisted of 46 properties. Outstanding conditional commitments in respect of an asset in Girona, Spain, valued at EUR12.0 million, increased the value to EUR736.3 million. The portfolio increased in value on a like-for-like basis by 0.8 per cent. in the quarter, equating to EUR5.1 million or EUR0.045 per share; • a reversal of accrued capitalised costs of EUR1.9 million, equating to EUR0.017 per share; • a downwards adjustment in the mark-to-market valuation of the Company's interest rate swaps of EUR5.2 million, equating to EUR0.046 per share; and • retained earnings in the quarter of EUR3.0 million, equating to EUR0.026 per share. The property portfolio will next be valued by an independent valuer as at 31December 2007 and the next quarterly Net Asset Value per share is expected to bepublished in February 2007. Figures converted into sterling assume a EUR per STGexchange rate of 1.4359 as at 30 September 2007. Commenting on the announcement, Tony Smedley, Head of European Funds at InvistaReal Estate Investment Management said: "Against the background of a challenging capital markets environment, theCompany continues to perform well and we are pleased with yet another set ofpositive performance figures. "The success in executing our active asset management strategy as set out at thetime of IPO is now generating benefits across the portfolio and remains centralto delivering future returns in tightening markets. We will continue to focusupon the largest and most liquid property markets in Continental Europe andactively re-distribute capital around these markets in order to capture value onbehalf of the Company's shareholders. We look forward to continuing to generatethese returns and enhancing the portfolio." Enquiries: Tony Smedley / Chris Ludlam +44 20 7153 9433Invista Real Estate Investment Management Limited Patricia Schon +352 472 323 357 Citco (Luxembourg) S.A. Stephanie Highett / Dido Laurimore / Nicole Marino +44 20 7831 3113 Financial Dynamics This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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