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European Real Estate keen to proceed with liquidation

A strategic review of European Real Estate Investment Trust has taken place between the manager and the board. Following the sale of the Panrico assets on 28 July 2016, La Gaude in Nice is their last remaining property and needs to be sold as soon as practicable to ensure the liquidation process can be completed.

The conclusion of the review was to continue with the liquidation of remaining corporate entities, reduce costs as the structure becomes smaller/less complex and begin a formal sales process of La Gaude as soon as possible. Given its specific characteristics La Gaude is not a liquid asset. The board are therefore considering a range of different options to dispose of the asset. The timing of a sale and the eventual realisation amount remains uncertain.

In the meantime the investment manager continues to engage with the local Mayor and development authority in La Gaude/Nice with the objective of achieving as much clarity as possible on the possible future use of the site. It is increasingly clear that any process by which the zoning of the site or local plan might be amended to reflect a change of use e.g. to residential or another viable alternative will be protracted and hence is likely to be beyond the anticipated life span of the company.

ERET : European Real Estate keen to proceed with liquidation

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