European Real Estate Inv Tst Ltd Disposal of La Gaude, Nice (6878B)
05 Abril 2017 - 8:00AM
UK Regulatory
TIDMERET
RNS Number : 6878B
European Real Estate Inv Tst Ltd
05 April 2017
5 April 2017
European Real Estate Investment Trust Limited
Disposal of La Gaude, Nice
The Board of European Real Estate Investment Trust ("the Group")
announces that terms have been agreed for the sale of its last real
estate asset, located in La Gaude, Nice, France and formerly
occupied by IBM. The completion of the sale is subject to a waiver
of statutory pre-emption rights from the city of La Gaude. Subject
to this the transaction is expected to complete before end of June
2017.
The net sale proceeds to EREIT will be EUR5.75 million. This
represents a 38% discount to the last reported valuation of the
property in June 2016.
As previously announced the Board has explored various options
for the future of the La Gaude asset which has been vacant since
the departure of IBM in September 2015. EREIT has been in
structured realisation since 2011 and the disposal of La Gaude is a
key step in completing this process. La Gaude was not liquid due to
the continuing uncertainty about the potential future use of the
site and the annual running costs of the property of in excess of
EUR700,000. Given the mandate of the Company to sell and the
material costs of operating the property, it was appropriate to
execute an early disposal and progress liquidation as soon as
possible.
The Board will continue to review the position with regards to
repayment of capital and redemption of shares 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
Sapna Shah Phone: +44 (0) 20 7397 1922
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
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