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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| European Real E | LSE:ERET | London | Ordinary Share | GG00BF4GC916 | PART PREF SHS NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 190.00 | 180.00 | 200.00 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Jan 2020 to Jan 2025
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
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(END) Dow Jones Newswires
June 27, 2017 09:00 ET (13:00 GMT)
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