Invista European Real Estate Trust Sale of Asset in Lutterberg, Germany (6430O)
October 15 2012 - 1:00AM
UK Regulatory
TIDMIERE
RNS Number : 6430O
Invista European Real Estate Trust
15 October 2012
15 October 2012
INVISTA EUROPEAN REAL ESTATE TRUST SICAF
(the "Company")
Invista European real estate trust EXCHANGES CONTRACT FOR the
sale of the Lutterberg LOGISTICS DISTRIBUTION CENTRE in Germany
Invista European Real Estate Trust has exchanged contracts for
the sale of a 53,895 sqm logistics distribution centre in
Lutterberg, Germany to UBS Real Estate Kapitalanlagengesellschaft
gmbH. As at 30 June 2012, Lutterberg represented 6.9% of the
Company's portfolio valuation.
The property, fully let to Deutsche Post Immobilien GmbH
("DPI"), was sold on the basis of a ten year lease with DPI until
2022. The new ten year lease was signed with DPI to be effective on
closing. In exchange for extending the lease terms by five years,
the Company will provide DPI with a cash incentive payment from the
gross sale proceeds. Net sale proceeds will be reduced after taking
into account the cash payment, sale costs, holdbacks and deferred
tax liabilities crystallised by the sale. Completion, which is
subject to certain conditions precedent, is expected to take place
before the end of 2012.
The Company's current strategy is to realise its existing
property portfolio and this disposal of one of the top ten assets
is a further step in implementing the strategy. The proceeds will
be used to reduce the Company's senior loan facility with Bank of
Scotland.
Ludovic Bernard
Internos Real Investors 020 7355 8800
Michael Sandler
Hudson Sandler 020 7796 4133
This information is provided by RNS
The company news service from the London Stock Exchange
END
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