ERET European Real E

TIDMERET

RNS Number : 3183J

European Real Estate Inv Tst Ltd

27 June 2017

27 June 2017

European Real Estate Investment Trust Limited

Disposal of La Gaude, Nice, France

The Board of European Real Estate Investment Trust ("the Group") is pleased to announce that the sale of La Gaude in France has been completed for a net price of EUR5.8 million. Following receipt of the sale proceeds, the Company will hold cash balances of approximately GBP13.2/EUR15.1 million.

The Group has been in structured realisation since the shareholder vote in August 2011. The property in La Gaude, formerly occupied by IBM as their regional HQ, was the Group's last remaining asset. The Board had explored various options for the future of the La Gaude asset which has been vacant since the departure of IBM in September 2015. Given continuing uncertainty about the potential future use of the site and the material costs of operating the property it was appropriate to execute an early disposal and progress liquidation as soon as possible.

Following the announcement by the Company on 6 June 2017, the Board continues to review the position with regards to both the proposed repayment of capital and redemption of shares and the proposal received from Quidnet Capital Partners LLP for the Company to change its investment objective and strategy and will provide an update to Shareholders in due course.

Enquiries:

Praxis Fund Services Limited

Shona Darling Phone: +44(0) 1481 755528

Cenkos Securities plc

Will Rogers Phone: +44 (0) 20 7397 1920

Alex Collins Phone: +44 (0) 20 7397 1913

Schroder Real Estate Investment Management Ltd

Tony Smedley Phone: +44(0) 20 7658 6000

This information is provided by RNS

The company news service from the London Stock Exchange

END

DISFMGZVZNKGNZM

(END) Dow Jones Newswires

June 27, 2017 09:00 ET (13:00 GMT)

European Real E (LSE:ERET)
Historical Stock Chart
From Mar 2024 to Apr 2024

European Real E (LSE:ERET)
Historical Stock Chart
From Apr 2023 to Apr 2024