ERET European Real E

TIDMERET

RNS Number : 2876V

European Real Estate Inv Tst Ltd

11 December 2013

European Real Estate Investment Trust Limited

11 December 2013

Portfolio Update

Sale of property in Duren, Germany

Following notarisation of the sale of the retail property in Duren on 30 September 2013, the Board of European Real Estate Investment Trust ("the Group") is pleased to announce that the transaction has now completed and that gross proceeds of EUR57.0m were received.

In line with the terms of the new re-finance agreement with Lloyds Banking Group ("LBG"), the total net sale proceeds of EUR50.1m have been applied to reduce debt and Cross Currency Swap ("CCS") liabilities to LBG.

As a result, senior debt has reduced from EUR101.8m to EUR52.7m and the loan to value (LTV) is now 40.3%. The Group has valuation headroom of circa 46.2% based on 30 June 2013 values before the 75% LTV covenant is breached. On the next Interest Payment Date, 20 December 2013, the margin on the remaining loan will reduce from 2.75% to 2.25% as a result of the LTV being below 60%.

Net proceeds amounting to EUR1.0m have been applied to reduce the CCS liability to EUR15.3m.

Total LBG liabilities now therefore stand at EUR68.0m meaning the Group has met the pay-down hurdle set by LBG for 31 December 2013. The LBG facilities are therefore extended until 30 June 2014.

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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