Business
Inovalis Real Estate Investment Trust announces it has committed to fund an acquisition and redevelopment loan related to an office property located in Paris Western periphery
Inovalis Real Estate Investment Trust announces it has committed to fund an acquisition an...
About this update from Inovalis Reit
[{"type":"text","content":"\n\n\n\nInovalis Real Estate Investment Trust announces it has committed to fund an acquisition and redevelopment loan related to an office property located in Paris Western periphery\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nInovalis Real Estate Investment Trust announces it has committed to fund an acquisition and redevelopment loan related to an office property located in Paris Western periphery\nCanada NewsWire\nTORONTO, Nov. 11, 2016\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n\n\n\nTORONTO, Nov. 11, 2016 /CNW/ - Inovalis Real Estate Investment Trust (the \"REIT\") (TSX: INO.UN) announced today that it has committed to fund a €21.7 million ($32.1 million acquisition and redevelopment loan related to an office property (the \"Property\") located in Rueil, in Paris Western periphery.\n\nToday, the Property is owned 1/3rd by Inovalis SA and 2/3rd by a large institutional French investor (\"the Seller\"). The price of the Inovalis portion was determined on the same basis as the one for the sale price imposed by the Seller.\n\nThe acquisition and redevelopment of the Property will be performed in a partnership between Inovalis SA (80%) and a tier-one French real estate developer (20%).  \n\nThe Property in its current state will be completely demolished and a new building complex will be built with a total lettable area of approximately 260,000 sq.ft. The new building complex will be dedicated mainly to office use (91% of total areas). Other areas will be used as intercompany restaurant, retail and storage areas. The Property will also accommodate 334 parking spaces.\n\nThe building permit is expected to be obtained within 12 months post acquisition and the total redevelopment duration is expected to be 36 months (including building permit). Total project costs are estimated at €116 million ($171 million), of which €33 million ($49 million) for the purchase price, €78 million ($115 million) for development costs and the balance for acquisition and miscellaneous costs.\n\n...