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Company Invista European Real Estate Trust
TIDM IERE
Headline

Sale Completion of Lutterberg, Germany

Released 07:00 07-Dec-2012
Number 9673S07

RNS Number : 9673S
Invista European Real Estate Trust
07 December 2012
 



                                                                                                                                7 December 2012

 

 

INVISTA EUROPEAN REAL ESTATE TRUST SICAF

(the "Company")

Invista European real estate trust Completes the sale of the Lutterberg LOGISTICS DISTRIBUTION CENTRE in Germany for gross sale price of €31,775,000

 

Invista European Real Estate Trust completed the sale of a 53,895 sqm logistics distribution centre in Lutterberg, Germany to an institutional investor on 30 November 2012. As previously announced on 15 October 2012, the Company exchanged contracts for the sale of Lutterberg on 28 September 2012. Completion was subject to certain conditions precedent which have now been finalised.

The asset sale price of €29.5 million reflects a 3.6% discount to 30 June 2012 valuation and is net of a cash incentive payment that was provided to the tenant Deutsche Post Immobilien GmbH ("DPI") to extend the lease for an additional five years. The sale is a further step forward in implementing the Company's realisation strategy and with net proceeds of €1.3 million, the Company will be able to further deleverage the portfolio.

 

 

 

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
 
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Sale Completion of Lutterberg, Germany - RNS