ERET European Real E

TIDMERET

RNS Number : 2732W

European Real Estate Inv Tst Ltd

23 December 2013

European Real Estate Investment Trust Limited

23 December 2013

Repayment of LBG Facilities

Following notarisation of the sale of the Europort property on 13 December 2013, the Board of European Real Estate Investment Trust ("the Group") is pleased to announce that the purchase price of EUR49.5 million has been paid by the purchaser and economic ownership for the asset has now been transferred to them.

In line with the terms of the new re-finance agreement with the Lloyds Banking Group ("LBG"), the total net sale proceeds of EUR48.9m were applied to reduce debt and Cross Currency Swap ("CCS") liabilities to LBG.

In addition, in order to obtain the maximum early repayment incentive available under the re-finance agreement cash reserves of EUR5.1m were paid to LBG to extinguish all remaining LBG liabilities. As a result, the total repayment reduction and accordingly net benefit received by the Company under the re-finance agreement is EUR17.1m and the Company now has no outstanding debt, or CCS and exit fee liabilities.

Following the payment of cash from within the Group to extinguish LBG liabilities, the Group has cash reserves after provision for liabilities of cEUR4m.

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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