Date: Friday 27 May 2011
Invista European Real Estate said it had sold its warehouse in Fos Distriport, France, to an owner-occupier for €15.5m – a 4.9% discount on the property’s March valuation.
The proceeds from the sale of the 31,225 square metres warehouse would be used to cut borrowings and further reduce gearing, Invista said.
The firm added it had also exchanged contracts on €27m of properties and a further €7m worth were under offer.
Tony Smedley, head of continental European funds at Invista, said the sale was part of the company’s strategy to identify local owner-occupiers to realise asset sales in challenging markets.
“While the sale price does reflect a discount to valuation, its disposal meets our strategic objectives of paying down a significant amount of borrowings whilst at the same time reducing portfolio vacancy,” he said.
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