IERE : Invista European shaves €5m off debt pile with Spanish sale
Invista European Real Estate, managed by Ludovic Berard (pictured), has sold a logistics asset in Alovera, Spain for €12.2m. Their plan is to use €7m of the proceeds from the sale to fund capital expenditure that they have planned elsewhere in their portfolio and use the balance to reduce outstanding debt.
The sale was achieved at a price in line with the latest valuation of the asset. Invista had indicated that this asset was ready for sale in their last Annual Report. They say this demonstrates their commitment to deleveraging their portfolio (repaying their debt).