Invista European Real Estate : IERE – Annual Report

IERE’s Annual Report as at 30 September 2013 shows a fall in NAV from €0.38 to €0.246. They have €100m of property on the block and are working on renegotiating their bank debt. Disposals and new lettings have reduced the vacancy rate on the portfolio from 24% to less than 20%. The debt was reduced by €57m using the proceeds of property sales but the debt was sold to funds affiliated with Cerberus at the end of 2013. The company has until 30 April 2014 to renegotiate the debt with its new owner.

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