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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 : 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
DISEAALSEDAXEFF
(END) Dow Jones Newswires
April 05, 2017 09:00 ET (13:00 GMT)
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