Inovalis Real Estate Investment Trust Announces Sale of Jeuneurs Asset for $104.5 (€71.2) Million
08 Dezembro 2021 - 6:55PM
Business Wire
Not for distribution to U.S. news wire services or
dissemination in the United States
Inovalis Real Estate Investment Trust (the “REIT”) (TSX:
INO.UN) today reported the closing of the previously announced sale
of the Jeuneurs asset for gross proceeds of $104.5 million (€71.2)
million.
Mr. Stéphane Amine, President of the REIT, announced today, “We
have closed the sale of Jeuneurs in Paris, France, which the REIT
has held since its initial public offering in 2013. Jeuneurs is a
seven story 50,400 square foot, fully occupied office building
located in the central business district of Paris, originally
constructed in 1890 and whose single tenant lease is maturing on
August 31, 2023. The $104.5 million (€71.2) million gross sale
price represents a $64.9 million (€44.2) million increase over the
acquisition price (excluding acquisition costs) and a $35.5 million
(€24.2) million premium to fair market value at December 31, 2020.
We are very pleased to crystallize the exceptional value gain,
confirming once again the REIT's strategy to partially capitalize
on the sale of existing older assets in order to renew the
portfolio with more modern and accretive assets. The REIT is
currently considering different acquisition opportunities,
including but not limited to the remaining joint ventures, with the
objective of deploying all the available capital in the near
future.”
Inovalis REIT provides access to investors to unique quality
real estate in strategic locations. In November 2021 the recently
appointed Board of Trustees and management toured the Paris and
Madrid main office markets in advance of finalizing the
implementation of the REIT’s capital redeployment plan. In that
regard, the Board of Trustees has decided to postpone the decision
to distribute 50% of all incremental profit to unitholders until
mid-2022. By such time, the Board would have assessed all the
available investment opportunities and will have a clear idea on
the necessary capital required for such investment.
Forward-Looking information
This news release contains forward-looking information within
the meaning of applicable securities legislation. Forward-looking
information generally can be identified by the use of
forward-looking terminology such as "outlook", "objective", "may",
"will", "expect", "intend", "estimate", "anticipate", "believe",
"should", "plans", or "continue", or similar expressions suggesting
future outcomes or events. Forward looking information is based on
a number of assumptions and is subject to a number of risks and
uncertainties, many of which are beyond Inovalis REIT’s control
that could cause actual results to differ materially from those
that are disclosed in or implied by such forward-looking
information. These risks and uncertainties include, but are not
limited to, global and local economic and business conditions; the
financial condition of tenants; our ability to refinance maturing
debt; leasing risks, including those associated with the ability to
lease vacant space; interest and currency rate functions and the
completion of our asset recycling plan. The REIT's objectives and
forward-looking statements are based on certain assumptions,
including that the Canadian and European economies remain stable,
interest rates remain stable, conditions within the real estate
market remain consistent, competition for acquisitions remains
consistent with the current climate and that the capital markets
continue to provide ready access to equity and/or debt. All
forward-looking information in this news release speaks as of the
date of this news release. Inovalis REIT does not undertake to
update any such forward-looking information whether as a result of
new information, future events or otherwise except as required by
law. Additional information about these assumptions and risks and
uncertainties is contained in the REIT's filings with securities
regulators, including its latest annual information form and
MD&A.
The forward-looking information contained herein represents the
REIT’s expectations as of the date hereof and is subject to change
after such date. The REIT assumes no obligation to update or revise
any forward-looking information whether as a result of new
information, future events or otherwise, except as required by
applicable law.
All amounts have been converted to Canadian dollars (CAD$) using
an exchange rate of 1.4682 CAD$ per €.
ABOUT INOVALIS REAL ESTATE INVESTMENT TRUST
Inovalis Real Estate Investment Trust is an unincorporated,
open-ended real estate investment trust established pursuant to a
declaration of trust under the laws of the Province of Ontario. The
REIT has been created for the purpose of acquiring and owning
office properties primarily located in France and Germany but also
opportunistically in other European countries where assets meet the
REIT's investment criteria.
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version on businesswire.com: https://www.businesswire.com/news/home/20211208006076/en/
David Giraud, Chief Executive Officer Inovalis Real
Estate Investment Trust Tel: +33 1 5643 3323
david.giraud@inovalis.com
Khalil Hankach, Chief Financial Officer Inovalis Real
Estate Investment Trust Tel:+33 1 5643 3313
khalil.hankach@inovalis.com
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