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Real estate industry

Inovalis Real Estate Investment Trust Announces Sale of Property in Paris, France

Strategic Insights

— 1 min read

Inovalis Real Estate Investment Trust has announced plans to sell a property in Paris, France, located in the District 14, as part of a special meeting scheduled for September 4, 2024. The REIT is recommending that unitholders vote in favor of the sale, which is expected to generate a net sale price of €17,500,000. The sale price represents a superior return compared to alternative offers received by the REIT, and the trustees have unanimously determined that the sale is in the best interests of the REIT.

Key Takeaways:

  • Inovalis Real Estate Investment Trust has announced a special meeting to consider the sale of a property in Paris, France, which will be held on September 4, 2024.
  • The REIT is recommending that unitholders vote in favor of the sale, which is expected to generate a net sale price of €17,500,000.
  • The sale price is superior to alternative offers received by the REIT, taking into account market conditions, sales costs, and the uncertainty of the political situation in France.
  • The REIT has engaged a broker to solicit offers for the property, resulting in the receipt of four alternative offers prior to entering into a letter of intent with the Purchaser.
  • The Prior Offers were all expired non-binding offers from third parties, and the REIT has determined that the net proceeds from the sale to the Purchaser are superior to those from the Prior Offers.
  • The Sabliere Sale Resolution must receive the affirmative vote of not less than a majority of the votes cast thereon by unitholders at the Special Meeting, excluding certain Excluded Unitholders.
  • The Excluded Unitholders include the President and CEO of the REIT, employees of the Purchaser, and all outstanding special voting units held by Excluded Unitholders.

Statistics:

  • Property location: Paris, France, District 14
  • Sale price: €17,500,000
  • Alternative offers received: 4
  • Prior Offers were all expired non-binding offers from third parties
  • REIT's net proceeds from sale: €17,500,000
  • Excluded Unitholders: 11.3% of the outstanding units and special voting units
  • Excluded Unitholders include:

+ Mr. Stéphane Amine, President and CEO of the REIT

+ Mr. David Giraud, an employee of the Purchaser

+ Ms. Anne Smolen, an employee of the Purchaser

Sources:

  • Inovalis Real Estate Investment Trust (August 27, 2024)
  • https://www.inovalisreit.com/inovalis-2024-sabliere-special-meeting-press-release-re-prior-offers/

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