The Board of European Real Estate Investment Trust has announced that, following the extension of the ground lease interest to a 99 year fixed term, the sale of the retail property located in Kaiserslautern, Germany has been notarised at a price of EUR24.0 million. The sale price of EUR24.0 million represents a 12% premium to the Group’s June 2015 valuation. As at 30 June 2015, the property in Kaiserslautern represented 40% of the Group’s portfolio value. Located on the high street the property is fully income producing and is let to Peek & Cloppenberg, H&M and Ernstings Family.
The sale is consistent with the strategy announced by the Group to realise assets at prices in the best interests of shareholders. The sale is expected to complete at the end of the calendar year.
ERET : European Real Estate sells Kaiserslautern property