TIDMERET

RNS Number : 9187R

European Real Estate Inv Tst Ltd

01 November 2013

European Real Estate Investment Trust Limited

1 November 2013

Portfolio Update

Sale of property in Dusseldorf, Germany

Further to the announcement on 17 October 2013, regarding the notarisation of the sale of the Group's property in Dusseldorf, the Board is pleased to announce the completion of the transaction. Gross proceeds are EUR37.5m and in line with the terms of the new re-finance agreement with Lloyds Banking Group, EUR36.8m has been applied to LBG liabilities. Following this disposal and associated de-gearing the Group has senior debt of EUR101.8m. The LTV of the Group is now 54.6%. As a result of the LTV being below 60%, on the next Interest Payment Date, 20 December 2013, the margin on the remaining loan will reduce from 2.75% to 2.25%.

Following the announcement on 30 October 2013 of a re-finance of the LBG debt facility the completion of this sale represents a significant step towards meeting the target senior debt repayment.

For further information, please contact:

Praxis Fund Services Limited

   Shona Darling                                                    Phone: +44(0) 1481 755528

Cenkos Securities plc

   Dion Di Miceli                                                     Phone: +44 (0) 20 7397 1921

Schroder Property Investment Management Ltd

   Duncan Owen / Tony Smedley                          Phone: +44(0) 20 7658 6000

This information is provided by RNS

The company news service from the London Stock Exchange

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