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Inovalis REIT Announces the Accretive Acquisition of a Modern Office Building in Germany and an Asset Disposition at Higher than NAV as Part of its Capital Recycling Initiative
Inovalis REIT Announces the Accretive Acquisition of a Modern Office Building in Germany a...
About this update from Inovalis Reit
[{"type":"text","content":"\n\n\n\nInovalis REIT Announces the Accretive Acquisition of a Modern Office Building in Germany and an Asset Disposition at Higher than NAV as Part of its Capital Recycling Initiative\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, March 8, 2018\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n\n\n\nTORONTO, March 8, 2018 /CNW/ - Inovalis Real Estate Investment Trust (\"Inovalis\" or the \"REIT\") (TSX: INO.UN), a leading Canadian-listed REIT focused on managing and owning a portfolio of high-quality assets in Germany and France, announced today that it successfully completed the purchase of an office property (the \"Kösching Property\") in Kösching, Germany, as part of a 50/50 joint-venture arrangement with a global institutional investor. The REIT also announced the sale of an office property in Cologne, Germany (the \"Cologne Property\").\n\nThe REIT's management team will continue to focus its efforts on reducing the significant gap that exists between the current unit price, the underlying market value of the portfolio and consensus NAV.   As part of the ongoing process to deliver unitholder value, the REIT will continue to re-evaluate its current portfolio mix and take advantage of opportunities to crystalize value and recycle capital into assets that offer higher long-term returns for the REIT's unitholders. \n\nAcquisition of the Kösching Property\n\nThe Kösching Property is a recently constructed modern office building and research & development facility with a gross leasable area of approximately 9,900 m² (106,563 sq. ft.). The property is fully occupied with a weighted average lease term of ten years and is anchored by a high-profile tenant, TKI Automotive GmbH, a company which focuses on developing new technologies for use in the automotive industry and is owned by German automobile manufacturer Audi along with Gigatronik.\n\nThe property is strategically located less than 10 km from the global headquarters o...