Invesco Property Income has confirmed that its sales of an office building in Rozendal Park, Hoeilaart, Belgium (pictured) and another office building in Gerrards Cross, Buckinghamshire have completed. the sales raised €7.96m and £3.21m for the fund respectively (uplifts of €0.16m and £1.47m over previous valuations). The proceeds have been used to repay borrowings.
IPI has also announced that at the end of December 2013 its portfolio was valued at £160.07m – a fall of 5% on a like-for-like basis over the valuation at the end of September 2013 with the fall being entirely attributable to the valuations of its properties in continental Europe (no explanation was given for the fall). Bank borrowings at the end of the year were £175.45m, resulting in a negative NAV for the company and a breach in the company’s borrowing covenants. The company is in discussions with its lenders.