Inovalis Real Estate Investment Trust Announces the Closing of the Sale of the Sabliere Property for €18.2 Million
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TORONTO — Inovalis Real Estate Investment Trust (the 'REIT') (TSX: INO.UN) today announced the closing of the sale of the Sablière property to a third party for €18.2 million ($28.3 million). The property was sold at a modest 2% premium over its original purchase price, despite a markedly softer market environment and the asset being largely vacant at the time of sale, in contrast to its fully leased condition at acquisition in 2014. The transaction generated net proceeds of approximately $13 million (€8.4 million), which the REIT intends to deploy towards debt reduction and to support value-enhancing initiatives across its portfolio, including leasing and redevelopment opportunities.
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'This transaction reflects our ongoing efforts to recycle the REIT's asset base and strengthen the balance sheet,' said Stephane Amine, President and Chief Executive Officer of Inovalis REIT. 'The proceeds will provide us with increased financial flexibility as we continue to execute on our strategic priorities.'
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This press release may contain forward-looking information within the meaning of applicable securities laws, which reflects the REIT's current expectations regarding future events, including with respect to the sale of the Sablière Property. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward looking terminology such as 'plans', 'targets', 'expects' or 'does not expect', 'is expected', 'an opportunity exists', 'is positioned', 'estimates', 'intends', 'assumes', 'anticipates' or 'does not anticipate' or 'believes', or variations of such words and phrases or state that certain actions, events or results 'may', 'could', 'would', 'might', 'will' or 'will be taken', 'occur' or 'be achieved'. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements.
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Forward-looking statements are not historical facts, nor guarantees or assurances of future performance but instead represent management's current beliefs, expectations, estimates and projections regarding future events and operating performance. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under 'Risk Factors' in the REIT's most recent annual information form. The REIT does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
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All amounts have been converted to Canadian dollars (CAD$) using an exchange rate of 1.5562 CAD$ per €
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About Inovalis REIT
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Inovalis REIT is a real estate investment trust listed on the Toronto Stock Exchange in Canada. It was founded in 2013 by Inovalis and invests in office properties in primary markets of France, Germany and Spain. It holds 12 assets. Inovalis REIT acquires (indirectly) real estate properties via CanCorpEurope, authorized Alternative Investment Fund (AIF) by the CSSF in Luxemburg, and managed by Inovalis S.A.
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About Inovalis Group
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Inovalis S.A. is a French Alternative Investment fund manager, authorized by the French Securities and Markets Authority (AMF) under AIFM laws. Inovalis S.A. and its subsidiaries (Advenis S.A., Advenis REIM) invest in and manage Real Estate Investment Trusts such as Inovalis REIT, open ended funds (SCPI) with stable real estate focus such as Eurovalys (for Germany) and Elialys (Southern Europe), Private Thematic Funds raised with Inovalis partners to invest in defined real estate strategies and direct Co-investments on specific assets.
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Inovalis Group ( www.inovalis.com), founded in 1998 by Inovalis SA, is an established pan European real estate investment player with EUR 7 billion of AuM and with offices in all the world's major financial and economic centers in Paris, Luxembourg, Madrid, Frankfurt, Toronto and Dubai. The group is comprised of 300 professionals, providing Advisory, Fund, Asset and Property Management services in Real Estate as well as Wealth Management services.
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