TIDMERET

RNS Number : 6052V

European Real Estate Inv Tst Ltd

16 December 2013

European Real Estate Investment Trust Limited

16 December 2013

Portfolio Update

Notarisation of sale of property in Frankfurt, Germany

The Board of European Real Estate Investment Trust ("the Group") is pleased to announce notarisation of the sale of its largest property Europort, an industrial park located in Frankfurt, Germany.

Europort is one of the established commercial zones in Kelsterbach and close to the Frankfurt International Airport. The park consists of 10 individual properties totalling 81,000 sqm that have been constructed between 1964 and 1991. The park is leased to 44 tenants at a weighted average unexpired lease term of 2.1 years.

The sale price of the property will be between EUR49.5 million and EUR51.0 million depending on when received; if received prior to 30th December then the sales price will be EUR49.5 million, which is approximately 11% below the Group's June 2013 valuation. In the event full settlement of the price is made prior to 30 December 2013 the Group will be in a position to repay the Lloyds Banking Group ("LBG") facilities in full by 31 December 2013 and secure an early repayment discount.

In line with the terms of the new re-finance agreement with LBG, the total net sale proceeds will be applied to reduce debt and Cross Currency Swap ("CCS") liabilities to LBG. A further announcement in this respect will be made once funds have been received.

This sale is consistent with the strategy announced by the Group to realise assets at the best value.

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

END

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