ERET European Real E

TIDMERET

RNS Number : 6145P

European Real Estate Inv Tst Ltd

21 November 2016

EUROPEAN REAL ESTATE INVESTMENT TRUST LIMITED (the "Company")

21 November 2016

Strategic Review

As advised in the most recent report and accounts, a strategic review of the Company has taken place between the Manager and the Board. Following the sale of the Panrico assets on 28 July 2016, La Gaude in Nice is the Company's last remaining property and needs to be sold as soon as practicable to ensure the liquidation process can be completed.

The conclusion of the review was to continue with the liquidation of remaining corporate entities, reduce costs as the structure becomes smaller/less complex and begin a formal sales process of La Gaude as soon as possible. Given its specific characteristics La Gaude is not a liquid asset. The Board are therefore considering a range of different options to dispose of the asset. The timing of a sale and the eventual realisation amount remains uncertain.

In the meantime the Investment Manager continues to engage with the local Mayor and development authority in La Gaude/Nice with the objective of achieving as much clarity as possible on the possible future use of the site. It is increasingly clear that any process by which the zoning of the site or local plan might be amended to reflect a change of use e.g. to residential or another viable alternative will be protracted and hence is likely to be beyond the anticipated life span of the Company.

Enquiries:

Praxis Fund Services Limited

   Shona Darling                                                    Phone: +44 (0) 1481 755528 

Cenkos Securities PLC

   Will Rogers                                                         Phone: +44 (0) 20 7397 1920 

Sapna Shah +44 (0) 20 7397 1922

Schroder Property Investment Management Ltd

   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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