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(IERE.L) Invista European Real Estate Buy/Sell
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Summary
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| Date/Time | Headline | Source |
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| 17-03-10 | RNS |
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RNS Number : 7217I Invista European Real Estate Trust 17 March 2010 TR-1: NOTIFICATION OF MAJOR INTERESTS IN SHARES 1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: Invista European Real Estate Trust SICAF 2. Reason for the notification (please place an X inside the appropriate bracket/s): An acquisition or disposal of voting rights 3. Full name of person(s) subject to the notification obligation: Spearpoint Limited - acting as investment manager 4. Full name of shareholder(s) (if different from 3.): Secure Nominees Limited Rose Nominees Limited BNY (OCS) Nominees Limited 5. Date of the transaction (and date on which the threshold is crossed or reached if different): 15 March 2010 6. Date on which issuer notified: 15 March 2010 7. Threshold(s) that is/are crossed or reached: 6.58375% 8. Notified details: A: Voting rights attached to shares
possible using the ISIN CODE
(ISIN LU0273211432) Resulting situation after the triggering transaction
possible using the ISIN CODE
(ISIN LU0273211432) B: Qualifying Financial Instruments Resulting situation after the triggering transaction Nil C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction Nil
Total (A+B+C)
Number of voting rights % of voting rights
9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable:
N/A Proxy Voting: 10. Name of the proxy holder:
N/A 11. Number of voting rights proxy holder will cease to hold:
N/A 12. Date on which proxy holder will cease to hold voting rights:
N/A 13. Additional information:
N/A 14. Contact name: Marta Kozinska 15. Contact telephone number: +352 47 23 23 267 17 March 2010 This information is provided by RNS The company news service from the London Stock Exchange END
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| 10-03-10 | RNS |
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RNS Number : 3633I Invista European Real Estate Trust 10 March 2010 10 March 2010 Invista European Real Estate Trust SICAF Result of Annual General Meeting The Annual General Meeting of Invista European Real Estate Trust SICAF was held today, 10 March 2010. Invista European Real Estate Trust SICAF is pleased to announce that all of the resolutions put to the shareholders at its Annual General Meeting held today were passed. Enquiries: Marta Kozinska: + 352 47 23 23 267 Citco REIF Services (Luxembourg) S.A. Carr?onn 20, rue de la Poste L-2346 Luxembourg End. This information is provided by RNS The company news service from the London Stock Exchange END
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| 12-02-10 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 0500H
Invista European Real Estate Trust
12 February 2010
12 February 2010
INVISTA EUROPEAN REAL ESTATE TRUST SICAF
(the "Company"/ "Group")
ANNOUNCEMENT OF NAV AND INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED 31 DECEMBER 2009
Capital Raising
On 30 December 2009, the Company concluded a successful capital raising of £53.5 million (EUR59.7 million) net of expenses by way of a Firm Placing and a Placing and Open Offer.
The capital raising enabled the Company, on 12 January 2010, to pay down EUR40.0 million of senior debt and enter into new debt terms with the Bank of Scotland which, amongst other benefits, extended the loan term by two years to 31 December 2013, relaxed loan covenants and provided the Company with access to debt at a lower cost.
The capital raising resulted in the issue of 145,685,674 ordinary shares, 29,137,134 new sterling preference shares and 29,137,134 new warrants. The preference shares have a semi annual coupon of 9% per annum and a seven year life; the warrants have an exercise price of 29p and a four year life. All the securities are listed on the London Stock Exchange. Further details of the securities are contained in the Prospectus dated 16 November 2009.
Although the capital raising has diluted the unaudited Net Asset Value per share by EUR0.52, it has allowed the Company to access more favourable debt terms through what may continue to be a challenging period in the credit markets. As a result the Company has now stabilised its balance sheet and can move onto the front foot in 2010.
Net Asset Value
As at 31 December 2009, post the capital raise and the issue of the new ordinary shares, the Company's unaudited Net Asset Value (adjusted to add back deferred taxation) was EUR0.595 (53.5p) per share, reflecting a decrease of EUR0.525 (49.1p) equating to 47.3% over the quarter. The unaudited Net Asset Value, calculated under International Financial Reporting Standards, was EUR0.555 per share. Over the 12 months to 31 December 2009, the Company's NAV has decreased by EUR1.235 per share or 67.5%.
The unaudited Net Asset Value movement incorporates a number of events and key factors which occurred during the quarter ended 31 December 2009 including:
§ The portfolio decreased in value on a like-for-like basis by 1.0% in the quarter equating to EUR5.1 million or (EUR0.02) per share (compared with a fall of 1.1% in the previous quarter to September 2009);
§ An increase in the mark-to-market valuation of the Company's interest rate swaps and currency hedging of EUR2.0 million, equating to EUR0.01 per share;
§ The successful capital raise of EUR59.7 million (net of expenses) on 30 December 2009 consisting of 145,685,674 new ordinary shares and 29,137,134 new preference shares with warrants attached had a combined impact of (EUR0.52) per share.
A breakdown of the unaudited Net Asset Value for the ordinary shares is set out below:
In EUR million 31 Dec 09 30 Sep 09 3 month change 3 month change (%)
Direct property independent 526.7 532.9 -6.2 -1.2%
valuation
Valuation of assets sold - 1.1 -1.1 -
Like for like direct 526.7 531.8 -5.1 -1.0%
property
Net current assets 72.4 9.6 +62.8 +654.2%
Market value of swaps (27.1) (29.1) +2.0 +6.9%
Senior debt (384.8) (385.3) +0.5 -0.1%
Preference shares (32.6) - -32.6 -
Net deferred tax liabilities (10.4) (10.2) -0.2 -2.0%
Net Asset Value 144.2 117.9 +26.3 +22.31%
Adjusted Net Asset Value 154.6 128.1 +26.5 +20.7%
Adjusted Net Asset Value per 0.595 1.120 -0.525 -46.9%
ordinary share (EUR)¹
Adjusted Net Asset Value per 0.567 - - -
ordinary share on a fully
diluted basis (EUR)¹ ²
¹Net Asset Value adjusted to add back deferred tax (both current and non-current liabilities)
²Assumes all warrants are exercised at 29p per ordinary share
Luxembourg regulations require companies to disclose the net asset value for each class of shares, accordingly the unaudited unit value for the preference shares is shown below:
In EUR million 31 Dec 09 30 Sep 09 3 month change 3 month change (%)
Value of the preferences 32.6 - +32.6 -
shares
Accrued coupon 0.002 - +0.002 -
Total value of the preferences 32.602 - +32.6 -
shares
Unit value per preference 1.12 - - -
share (EUR)
The Company's unaudited Net Asset Value figure incorporates the external property portfolio valuation as at 31 December 2009. The property portfolio will next be valued by an external valuer as at 31 March 2010 and the next quarterly Net Asset Value per share is expected to be published in May 2010.
Figures converted into sterling assume a EUR per STG exchange rate of 1.1112 as at 31 December 2009.
Property Portfolio
As at 31 December 2009, the property portfolio owned by the Company was valued at EUR526.7 million comprising 45 assets (excluding one asset conditionally committed to acquire in Girona, Spain). This compares with the property portfolio as at 30 September 2009 which was valued at EUR532.9 million. The like-for-like decrease in property valuations excluding the committed asset and disposals over the three month period to 31 December 2009 was 1.0%, a fall of EUR5.1 million which demonstrates a slowing of valuation decline. The Company sold one logistics asset in Aix en Provence, France and a plot of surplus land in Entraigues, France, generating EUR1.3 million in sales proceeds, 14.3% above the September 2009 valuation.
As at 31 December 2009, the Group's portfolio generated a gross income of EUR43.8 million per annum, representing a Gross Income Yield of 8.18% (7.50% Net Initial Yield). The portfolio had a vacancy level of 7.73% by income and the Net Initial Yield on Estimated Rental Value was 7.68%.
The portfolio credit rating as measured by Experian in July 2009 was 69 out of 100 or "normal creditworthiness".
Sector Weightings
Sector %*
Office 29.96%
Logistics 54.54%
Retail 15.50%
Total 100.00%
*Percentage of aggregate asset value (including committed asset) as at 31 December 2009
Country Weightings
Country %*
France 44.65%
Germany 36.32%
Belgium 7.12%
Spain 5.47%
Netherlands 3.48%
Czech Republic 1.77%
Poland 1.19%
Total 100.00%
*Percentage of aggregate asset value (including committed asset) as at 31 December 2009
Top 10 Properties
Property Location Sector %*
Heusenstamm, Frankfurt, Germany Office 11.28%
Riesa, Germany Retail 8.13%
Lutterberg, Germany Logistics 4.60%
Cergy, Paris, France Office 4.24%
Madrid, Spain Logistics 3.35%
Grenoble, France Office 2.84%
Monteux, France Logistics 2.83%
Roth, Germany Retail 2.80%
Marseille, France Logistics 2.74%
Trappes, Paris, France Logistics 2.58%
Total 45.39%
*Percentage of aggregate asset value plus cash (including committed asset) as at 31 December 2009
Top 10 Tenants
Tenant Name %*
NorbertDentressangle** 19.99%
Deutsche Telekom 12.77%
DHL 8.37%
Valeo 4.12%
Schenker Logistics 3.88%
Carrefour 3.53%
AVA Marktkauf 2.79%
Real SB-Warenhaus 2.40%
Tech Data 2.22%
Strauss Innovation 2.14%
Total 62.21%
* Percentage of aggregate gross rent (including committed asset) as at 31 December 2009
** As of 1 January 2010, the weighting to Norbert Dentressangle reduced to 16.25%
Market Context
The Eurozone economy formally moved out of recession in Q3 2009, led by its largest constituents Germany, France and Italy. We expect this recovery to have continued in the fourth quarter. One-off fiscal stimulus programmes such as the 'car scrappage' schemes have been central to boosting industrial production in Europe, while accommodative monetary policy has, to an extent, eased the burden of debt servicing for individuals and corporates. The threat of long-term deflation in the Eurozone abated in the final months of 2009, reflecting an acceleration of oil price inflation, however the short-term outlook for inflation remains subdued.
As the Continental European economy began to recover from a deep recession in 2H 2009, investor sentiment and activity in the real estate sector also improved, largely driven by the wide margin between property yields and government bonds. According to CB Richard Ellis, investment turnover in 2H 2009 (at EUR44 billion) was 70% higher than in 1H 2009, with activity initially focusing on prime sub-markets (Source: CB Richard Ellis MarketView European Investment Quarterly Q4 2009). We believe that 2009 will prove to be the low point in the current cycle for property capital growth in Continental Europe, with performance improving as investment activity continues to grow.
To an extent, however, capital performance is forecast to be tempered by the leasing market which is expected to remain challenging during 2010. According to CB Richard Ellis, take-up volumes in 2009 were lower across Continental Europe and rents were generally under downward pressure throughout the year, particularly in Eurozone periphery countries such as Ireland, Portugal, Spain and Central & Eastern Europe (Source: CB Richard Ellis MarketView EMEA Rents and Yields Q4 2009). By contrast, rents in the core Eurozone have held up somewhat better and indeed we believe the larger Western European markets such as France and Germany, where the Company is most substantially invested, are likely to benefit from more stable leasing markets.
Active Asset Management
Asset sales are being undertaken where business plan initiatives have been achieved to reduce outstanding debt and return equity to the balance sheet. During the quarter, the Company completed two disposals in France for a total consideration of EUR1.3 million. Following the quarter end, the Company completed the transfer of an office building in Leuven, Belgium at a price 6.2% above the December valuation, generating total sales proceeds of EUR15.7 million. Also, post the quarter end, an additional asset was committed to be sold in Belgium and a further asset is under offer in France.
A number of lease re-negotiations are being undertaken to preserve the quality and duration of rental revenue. Such lease negotiations have also mitigated some of the potential impact of negative lease indexation in France. The Company is in active discussions with tenants representing 13.4% of portfolio income.
Active management has also reduced the portfolio weighting of our largest tenant, Norbert Dentressangle. Post 31 December 2009, the weighting has reduced from 19.99% to 16.25%. In parallel the Company has contracted lease terms with sub-tenants occupying these properties to maintain future income streams and ongoing occupancy. Upon signing these new lease terms, the portfolio weighted average lease length to expiry will increase from 5.99 years to 6.25 years (4.02 years to 4.20 years to break).
Finance
As at 31 December 2009, the Company had drawn down EUR400.2 million of senior debt in respect of its EUR416.5 million facility with the Bank of Scotland and its EUR12.0 million facility with Credit Foncier; in addition, the Company had cash balances of EUR94.8 million (before the pay down of EUR40.0 million of debt and excluding tenant deposits of EUR4.7 million) at that date, giving a net debt position of EUR310.1 million.
As at 12 January 2010 (after the pay down of EUR40.0 million of debt and the sale of the Leuven asset in Belgium), the Company's gross LTV (gross debt divided by market value of properties) based on the 31 December 2009 valuation was 68.0%.
As a result of the capital raising, disposals and the reduction of debt as described above, the Company has terminated a number of interest rate swaps. The associated break costs have mainly been cash settled however in some cases the rates of the remaining swaps have been adjusted so as to conserve existing cash resources. All debt is fully hedged against changes in European interest rates until December 2013 at a weighted average swap rate of 4.10%.
For further information, please contact:
Invista Real Estate
Tony Smedley/Chris Ludlam +44 20 7153 9369
Financial Dynamics
Dido Laurimore/Rachel Drysdale/Olivia Goodall + 44 20 7831 3113
This information is provided by RNS
The company news service from the London Stock Exchange
END
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| 04-02-10 | RNS |
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RNS Number : 7120G Invista European Real Estate Trust 04 February 2010 4 February 2010 Invista European Real Estate Trust SICAF (the "Company") Invista European Real Estate Trust Announces EUR15.7 million Transfer of BELGIAN office Invista European Real Estate Trust has today completed the transfer of an office asset located on Campus Remy in the outskirts of Leuven, Belgium to its main tenant, KVLV group, a Belgian non-profit organisation associated with the Flemish Farmers' Union. The asset comprises 10,230 sqm of office space and is currently fully income producing. The transfer was realised at a price 6% above the 9 October 2009 valuation. Net proceeds from the transfer will be used to pay down debt and further de-leverage the Company. Tony Smedley, Head of Continental European Funds at Invista Real Estate Investment Management, commented: "This asset has been transferred after having maximised its asset management potential and was realised at a premium to the last valuation. This is a good result for the Company in such challenging markets. Our ability to identify the purchaser is a reflection of our pro-active asset management approach. We continue to look for similar opportunities across the rest of the portfolio as we work to maximise total returns from the property portfolio and reduce the Company's borrowings." Contacts: Invista Real Estate
Financial Dynamics
About Invista European Real Estate Trust Invista European Real Estate Trust ("IERET") is domiciled in Luxembourg and listed on the main market of the London Stock Exchange. As at 9 October 2009 IERET had real estate assets valued at EUR541.6 million in seven countries. IERET's investment objective is to provide shareholders with an attractive level of income return together with the potential for income and capital growth through investing in diversified commercial real estate in Continental Europe. The investment strategy has been predominantly focused on the Western European countries due to the relative stability, transparency and liquidity of these markets. For more information on IERET please visit www.ieret.eu
This information is provided by RNS The company news service from the London Stock Exchange END
MSCLLFIRFAISIII More |
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| Date/Time | Subject | Author | ||
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| 10:42 | ||||
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Can anyone speculate on the value of this share when we are carrying our sterling around in wheel-barrows?
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| Sat 20:35 | ||||
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We have had a 60% rise since the RI so there is bound to be some profit taking & shorting going on. Lots of stop losses have been triggered and now new investors will see this as a chance to get in.
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| Sat 09:17 | ||||
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You can only buy back in at 29p if you still have the warrants. With the warrants trading at 10p or so you would effectively be paying 39p for each ordinary share.
On the assumption that over the next 3+ years we are going to get a good improvement then it will pay to hold onto the warrants for a good while yet, I think. The only caveat to that will be if the ordinaries start paying good dividends in which case the NAV won't increase as quickly. Of course I'm going to have some preference income (within my ISA) which I can use to buy more ordinaries if I see fit. Best wishes CN |
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| Fri 22:03 | ||||
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I sold a lot at 32p in the knowledge that as a preference shareholder I could buy back in at 29p (or lower of course). Who's to say others didn't do the same?
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They have not been approved or issued by Interactive Investor Trading Limited.
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