European Real Estate Investment Trust (European REIT) has announced that it will return £6.0 million (equivalent to 77.6 pence per share) on 21 July 2017 by way of a compulsory partial redemption of shares (this the ‘Eighth Redemption’).
The Eighth Redemption
European REIT says that the Eighth Redemption will be conducted at the estimated unaudited liquidation Net Asset Value per share as at 30 June 2017 of 165 pence per share and will be effected pro rata to holdings of shares on the register at the close of business on the Redemption Record Date, being 21 July 2017. It says that, on this basis 47.15 per cent. of its issued share capital will be redeemed.
Board expects to make a further redemption announcement
The Board says that it is currently resolving a number of foreign exchange issues, and certain administrative matters, then expects to make a further redemption announcement within the next 4-6 weeks.
European REIT is not pursuing Quidnet Capital Partners’ proposals
The Eighth Redemption follows European REIT’s announcement, on 30 June 2017, that in light of the current market backdrop and the feedback received from Shareholders and potential new investors, the Board has concluded that the interests of shareholders are best served through the Company continuing its orderly realisation, rather than changing its investment objective and strategy in line with the Quidnet Capital Partners’ proposals. More information on the proposals can be found here.
About European REIT
European Real Estate Investment Trust Limited is a closed ended property investment company domiciled in Guernsey and listed on both the Channel Islands and London Stock Exchanges. The investment management of European Real Estate Investment Trust transferred from the Matrix Group to Schroder Property Investment Management Limited, a wholly owned subsidiary of Schroders plc, with effect from September 2012.
Following shareholder approval on 5 August 2012, Euroepan REIT is pursuing an orderly realisation of its assets.
European REIT announces capital return of 77.6p per share : ERET