Invista EUR Prf Discussion Threads

[spittingbarrel] 23/6/2015 12:24

I would have thought selling at a discount of only 3.88% was encouraging, very tempted to buy more here. Anyone else tempted?

[gary1966] 23/6/2015 10:00

Invista European Real Estate Trust Sale Completion of Logistics Asset in Spain
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TIDMIERE

RNS Number : 9360Q

Invista European Real Estate Trust

23 June 2015

23 June 2015

INVISTA EUROPEAN REAL ESTATE TRUST SICAF

(the "Company")

SALE COMPLETION of LOGISTICS ASSET in SPAIN

Invista European Real Estate Trust has completed the sale of a logistics asset located near to Girona, Spain. The sale was achieved at a total net price of EUR2.95 million, representing a discount of 3.88% compared to the latest valuation of the property (31 March 2015). After transaction costs, the sale proceeds will be used to repay a portion of the Company's outstanding mezzanine debt.

This asset represented the Company's final remaining investment in Spain, therefore this disposal contributes to the further consolidation of the Company's remaining portfolio of investment properties located mainly in France and Germany.


For further information, please contact: Ludovic Bernard
Internos Global Investors 020 7355 8800



This information is provided by RNS

The company news service from the London Stock Exchange

END

[envirovision] 24/4/2015 11:04

Huge spread and they dont like buying or selling them now.

[rjmahan] 31/3/2015 13:21

Selling out - no longer trust NAV - if all assets sold at 20% discount wont make much after costs...

hxxps://deepvalueinvestments.wordpress.com/2015/03/31/invista-european-real-estate-prefs-closed-32-loss/

[spittingbarrel] 27/3/2015 15:29

Just paid 47 for a small amount, always nervous averaging down.

[glavey] 24/3/2015 00:37

This company is working for somebody and it isn't the shareholders.

[envirovision] 23/3/2015 09:05

I think they are being preyed upon by crooks myself, it looks a shocking deal, these are low risk tennants. If it was due to non renewal they would have said.

Its looking increasingly like the ords will be wiped out now.

[scburbs] 23/3/2015 08:41

The sale of Heusenstamm at a rock bottom valuation of €33.4m represents the white flag moment for any chance of a continuing business (absent a rapid turnaround in values). The gross rent on this asset appears to be a monumental €6m p.a. (the low price presumably reflected a high risk of Deutsche Telekom not renewing).

If they had interest cover issues (absent step down) before hand this will make them completely unsustainable. They appear to have a limited period of time to achieve a consensual sale of the portfolio.

[cookieb] 20/3/2015 19:37

Thanks Muzerewa,

Yes, I understand NAV could go negative. What confused me was that the company publishes NAV per share as well as NAV per pref share. But thinking a bit more about it I assume the NAV per pref share calculation is done on the basis that the ordinary shares are wiped out.

[muzerewa] 20/3/2015 17:33

CookieB, yes I think you are correct. Of course NAV could also go negative, in which case pref holders would also be underwater.

[cookieb] 18/3/2015 12:51

Here it is hxxp://www.ieret.eu/reports-accounts

[sleepy] 14/3/2015 19:42

Hi Cookie - can you give a link to the Annual Report?

[cookieb] 14/3/2015 01:49

A question for any accountants in the house...

In the last annual report the pref shares appear as a liability of about 32m euro. So am I right to assume that means in the NAV calculation that that liability is taken into account. If that's correct would that mean if NAV per ordinary share went to zero there would be enough to pay off the prefs in full (including deferred interest payments)?

[envirovision] 04/3/2015 09:57

and GDP to weaken !

[skyship] 04/3/2015 09:36

Now offered at 48p!

I suppose the reason is that the weak Euro is pulling the rug from under the NAV.

With Group Assets of E285.6:

# 30th Sept - Rate @ 1.284. GA = £222.4m
# Today - Rate @ 1.38. GA = £207.0m

Prefs still have notional cover in excess of par + withheld divi; but that cover is steadily being eroded, even without costs and property valuation cuts.

We need to see some sales in Germany at a Premium...

[envirovision] 27/2/2015 12:48

Indeed, with proper funding the IERE portfolio would probably be a bloody good long term income producing investment given the EU is being put on steriods so to speak.

Lets hope our board do not screw us over with incompetence and self interest !

[spittingbarrel] 27/2/2015 09:50

I joined you enviro, just a punt but got to be worth it down here.

[envirovision] 26/2/2015 18:16

I took a few at 52p

[gary1966] 24/2/2015 07:16

Remaining Belgium Properties sold at 27% discount to NAV. Is this the kind of glimmer you wanted Skyship.

10 more properties to go but pretty much only in Germany and France now and so hopefully the last of the big discount sales.

[skyship] 23/1/2015 14:47

I have just 1% in here; and would add if given a glimmer of an asset sale!!!

[cookieb] 23/1/2015 13:17

I would but I am already quite heavily overweight in this in my portfolio.

[envirovision] 23/1/2015 12:53

Time to think about buying again ? 1.1 Trillion Euro QE to trickle down through the banks into hard assets.

Asset driven inflation = higher selling prices and rental yields across the EU.

[tiltonboy] 17/12/2014 15:58

Doom Bar and Tribute (also St Austell) are current favourites

[skyship] 17/12/2014 15:53

When visiting daughter in Cornwall in June, I had a great pint of "Proper Job". Superb beer.

I can imagine the Head Brewer and the Marketing Director tasting the test brew and saying - "Now that really is the proper job....all that remains now is to give it a name!"

[skinny] 17/12/2014 15:47

Ah - North American hops?

I'm partial to at the moment.