/NOT FOR DISTRIBUTION TO
The acquisition and redevelopment of the Property was performed in a partnership between
The mezzanine loan carried an 8.5% interest rate and represented 40% of the equity required for the acquisition and redevelopment of Rueil. Additionally, the REIT is entitled to receive 20% of the profit from the Transaction. The REIT's overall IRR on the committed €17.2 million (
Khalil HANKACH, CFO and CIO of Inovalis REIT commented: "This further evidences Inovalis REIT's ability to execute on unique value-add opportunities that provide both attractive cash flow profiles and upside profit participation. This transaction continues to illustrate management's commitment to simplifying the balance sheet and ownership structure of the REIT's assets"
All amounts have been converted to Canadian dollars ($) using an exchange rate of
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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; and interest and currency rate functions. 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.
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