Invista European Real Estate Trust (LSE:IERE) is one of the biggest movers this morning, falling 37.5% after releasing a trading update and results of a strategic review.
It was disclosed that the company’s investment portfolio has dropped 2.54% on its last quarter, with a valuation of 226.15 million euros. The company cites a tenant default as well as an absence of new tenants being contracted as reasons for the fall, and say that this will continue to have material adverse effect on rental income in the future.
The company’s Board has concluded that a rapid realisation of the Company’s assets is necessary to maintain the support of the Company’s lenders. A number of potential buyers have been identified by the strategic review.
