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Inovalis REIT announces the accretive acquisition of an office building in Germany and the refinancing of two assets from the Paris portfolio
Inovalis REIT announces the accretive acquisition of an office building in Germany and the...
About this update from Inovalis Reit
[{"type":"text","content":"\n\n\n\nInovalis REIT announces the accretive acquisition of an office building in Germany and the refinancing of two assets from the Paris portfolio\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, April 1, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n TORONTO, April 1, 2019 /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 \"Trio Property\") in Neu-Isenburg, Germany, 8 km south of downtown Frankfurt, as part of a 94/6 joint-venture arrangement with Inovalis SA. The REIT also announced the refinancing of the Metropolitain Property (\"Metropolitain Property\") in down town Paris, and the Courbevoie Property (\"Courbevoie  Property\") in Courbevoie.\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.\nAcquisition of the Trio Property\nThe Trio Property is composed of 3 modern office buildings built in 2007 with a gross leasable area of approximately 19,019 m² (204,718 sq. ft.). The property is currently 93% occupied by 6 different tenants with a weighted average lease term of 5.6 years and is anchored by a solid local tenant, Lorenz Snack-World GmbH, a company which produces and exports food products to 80 countries worldwide with over 2,250 employees in Neu-Isenburg, the historic site of the company.\nThe property is strategically located less than 10 minutes by train ...