INOVALIS REAL ESTATE INVESTMENT TRUST /NOT FOR DISTRIBUTION TO
The Property was acquired by the REIT for €78 million (
Net cash proceeds from the sale, following repayment of property level debt and transaction costs, are approximately €46.6 million (
Khalil HANKACH, CFO and CIO of Inovalis REIT commented, "the sale confirms the significant appreciation in value of our assets since the REIT's IPO. Furthermore, we are in the process of deploying the proceeds to purchase existing joint venture investments and into new accretive acquisitions. We expect to conclude these transactions over the next few months."
All amounts have been converted to Canadian dollars ($) using an exchange rate of
ABOUT
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.
SOURCE
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