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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 : 6145P
European Real Estate Inv Tst Ltd
21 November 2016
EUROPEAN REAL ESTATE INVESTMENT TRUST LIMITED (the "Company")
21 November 2016
Strategic Review
As advised in the most recent report and accounts, a strategic review of the Company has taken place between the Manager and the Board. Following the sale of the Panrico assets on 28 July 2016, La Gaude in Nice is the Company's last remaining property and needs to be sold as soon as practicable to ensure the liquidation process can be completed.
The conclusion of the review was to continue with the liquidation of remaining corporate entities, reduce costs as the structure becomes smaller/less complex and begin a formal sales process of La Gaude as soon as possible. Given its specific characteristics La Gaude is not a liquid asset. The Board are therefore considering a range of different options to dispose of the asset. The timing of a sale and the eventual realisation amount remains uncertain.
In the meantime the Investment Manager continues to engage with the local Mayor and development authority in La Gaude/Nice with the objective of achieving as much clarity as possible on the possible future use of the site. It is increasingly clear that any process by which the zoning of the site or local plan might be amended to reflect a change of use e.g. to residential or another viable alternative will be protracted and hence is likely to be beyond the anticipated life span of the Company.
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 +44 (0) 20 7397 1922
Schroder Property 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
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(END) Dow Jones Newswires
November 21, 2016 02:00 ET (07:00 GMT)
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