INVISTA EUROPEAN REAL ESTATE TRST SCF SA 
By
18 February 2014
INVISTA EUROPEAN REAL ESTATE TRUST SICAF
(the "Company")
Invista European real estate trust Completes the sale of A LOGISTICS asset in MODLETICE, CZECH REPUBLIC
Invista European Real Estate Trust has completed the sale of a logistics asset located in Modletice, Czech Republic. The sale was achieved at a 3.9% discount to the latest valuation of the property, at €6.5 million. The proceeds were used to repay approximately €6.2 million in outstanding debt.
As the 17,147 sqm of logistics space is entirely vacant, this disposal reduces the Company's overall void rate from 16.6% as at 31 December 2013 to a figure of 14.8%. This continues the trend in decreasing vacancy that has continued over the last 12 months, falling from its peak of 25.0% as at 31 December 2012. The Modletice asset represented 100% of the Company's investment holdings located in the Czech Republic and so this transaction reduces non recoverable, debt service and associated corporate costs by an estimated €0.6m per year.
The sale exemplifies the Company's active and ongoing commitment to deleveraging its portfolio.
Ludovic Bernard | |
Internos Global Investors | 020 7355 8800 |
Michael Sandler | |
Hudson Sandler | 020 7796 4133 |
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