Keep a close eye on this one it's starting to catch the eye of specialist propery/land investors.

From last trading update.....

"As at 30 June 2009, the Company's unaudited Net Asset Value (adjusted to add back deferred taxation) was EUR 1.25 per share (106p)".

The present SP being 33.5p.

From Evil Knevil (Simon Cawkwell) one of his rare longs....

uk-analyst.com 21 Sep had Invista Euro Real (IERE), now around 35p, updated on 11th August 2009 to current values and advises a tangible net asset value of E1.25. The cause is the share price's fearful climb back from its low of 6p in the opening weeks of 2009 where market conditions and a very high gearing compelled such a rating. It is reasonable to expect the climb back to continue to the point where it is a widows and orphans stock. Best prepare to be a widow (at least as regards investor categorisation) right now and buy.

Further to my screener post on the 'hot land/propery sector' earlier this week Ive dug out what I think will be an interesting stock to follow.

Invista Euro iere which with its diverse portfolio of assets takes a little of the risk out of investing in this sector.

This is the latest NAV from a trading update...

"As at 30 June 2009, the Company's unaudited Net Asset Value (adjusted to add back deferred taxation) was EUR 1.25 per share (106p)
The present SP being 33.5p.

The chart looks rather bullish...

"
Long term chart which shows nothing much at all in the way of resistance up to 90p/95p

Excellent RNS this morning - I hold the pref shares.

Refinancing of Debt Facility

Top riser today.

Half Yearly Report

Invista European Real Estate Trust SICAF today announces its results for the six month period ending 31 March 2014, including its unaudited Net Asset Value ("NAV") for the last quarter, calculated using International Financial Reporting Standards as adopted by the European Union and adjusted to add back the deferred taxation liability position at the period end.

Highlights

· Unaudited NAV per share decreased by 13% over the quarter and 20% over the six month period to €0.20 or £0.17 (30 September 2013: €0.25; 31 December 2013: €0.23) principally from the reduction in valuation of the Company's property portfolio by €16.9 million (5.34%) in the first six months of the financial year on a like for like basis.

· Property portfolio valued at €299.7 million on 31 March 2014 (30 September 2013: €316.6 million; 31 December 2013: €309.3 million on a like-for-like basis) comprises 31 properties.

· Successfully executed the sales of four assets for total gross proceeds of €7.6 million, at a weighted average discount to valuation of 15.6%. Thirteen other properties being actively marketed as part of a disposal programme, with encouraging levels of buyer interest.

· A number of active management initiatives over the last six months have resulted in the signing of new leases on 21,546 sqm of space, representing 4.21% of total portfolio area, contributing to the reduction of rental vacancy across the portfolio from 19.8% as at 30 September 2013 to 15.6% as at 31 March 2014.

· Debt repayment of €14.7 million during the six month period (€7.3 million of outstanding debt was repaid through sales proceeds and a further €7.4 million was repaid from cash reserves.

· Agreed an extension of the maturity of the Company's credit facility with Bank of Scotland Plc ("BoS") for four months from 31 December 2013 to 30 April 2014. Post quarter-end the Company successfully refinanced this loan.

Debt Refinancing

The Company announced on 1 May 2014 that it had entered into a new credit facility (the "New Loan") with Blackstone Real Estate Debt Strategies ("BREDS"), an affiliate of the Blackstone Group LP ("Blackstone"). As a result, it has repaid all outstanding amounts due to BoS, the economic interest of whose loans to IERET had been sold in November 2013 to funds affiliated to Cerberus Capital Management, LP. The New Loan is structured so as to be closely aligned with the disposal programme underway and the Company is exploring additional means of raising capital to cover, inter alia, capital expenditure requirements related to certain properties in the portfolio.

Tom Chandos, Chairman, commented:

"The Company has made progress during the first half of the current financial year as the continued pursuit of its disposal strategy has contributed towards further reductions in vacancy, enhanced also by letting activity. This was particularly helpful in the refinancing of the portfolio, and the terms of the new credit facility are closely aligned with our ongoing disposal plans."

Interim Preference Share Dividend

As previously announced in the Company's RNS dated 01 May 2014, the Directors of Invista European Real Estate Trust SICAF declare that the Interim dividend of £0.04488 per Preference Share (ninth semi-annual Preference Share dividend) in respect of the period from 21 December 2013 to the payment date of 20 June 2014 will not be paid. This dividend will instead be accrued on the balance sheet of the Company.

SENIOR LOAN REFINANCING OF IERET'S DEBT FACILITY


The Board of IERET is pleased to announce that, as provided for in the €222 million credit facility agreement entered into on 30 April 2014 with Blackstone Real Estate Debt Strategies ("BREDS"), an affiliate of the Blackstone Group LP ("Blackstone"), the facility has been refinanced, with €100 million of senior debt provided by Bank of America Merrill Lynch International Limited and €122 million of mezzanine debt provided by BREDS.

The initial blended cost of debt to the Company remains 770bp over three month EURIBOR, with a similar provision as existed in the earlier facility for the blended cost to be reduced to 470bp over three month EURIBOR once the mezzanine debt has been reduced to €35 million, subject to the overall LTV being below 70% (the "Step Down Event").

The proceeds of the agreed targeted asset disposals will be applied to the repayment of the mezzanine debt, with the blended cost of debt to the Company remaining at 770bp over three month EURIBOR until the Step Down Event has been achieved. The maturity and other terms of the facilities are similar to those applying to the original facility.

The Company expects to release its Interim Management Statement towards the end of August.

Brooks Macdonald Asset Management < 3%

Nice chart.

ANNOUNCEMENT OF NAV AND INTERIM MANAGEMENT STATEMENT

Announcement of Unaudited NAV and Sale Update

UPDATE ON STRATEGIC REVIEW

Further to the announcement by the Company on 13 July 2015, which gave an update on the current trading and Strategic Review of the business, the Company has now received indicative proposals from potential buyers of its property portfolio.

There is no certainty that any transaction will take place; but, if one does, the Board does not expect, in the light of the valuations proposed by the potential buyers, that there will be any material value to return to either ordinary or preference shareholders.

The Company will continue to make announcements as appropriate.

EXTENSION OF STANDSTILL AGREEMENT

Following the Company's announcements on 29 June, 13 July, 20 July and 28 July, and in relation to certain ongoing events of Default with regard to the Mezzanine Loan Facility provided by Blackstone Real Estate Debt Strategies, the Company can now report that the Standstill letter has been extended for an additional period to 18 August 2015.

Ironsides Partners Opportunity Master Fund L.P. Crossing from above 23% to below 16% of outstanding ordinary shares.

I'm in as of last week just to see how it goes.. GLA

Announcement of Suspension of Shares



The Board of the Company announced earlier today that the standstill agreement in relation to certain ongoing events of default with regard to the mezzanine loan facility provided by Islay Investment S.à r.l., an affiliate of Blackstone Real Estate Debt Strategies, ("Islay") had been extended for an additional period to 11 September 2015.

However, notwithstanding the extension of the standstill agreement the Board is now of the view that it is unlikely that there will be any value for distribution to holders of Ordinary Shares or Preference Shares.

The Company has therefore submitted a request to the Financial Conduct Authority ("FCA"), pursuant to Listing Rule 5.3.1, for the suspension of the listings of both the Ordinary Shares and the Preference Shares (the "Suspension"). The FCA has approved the requested Suspension which will take effect immediately.

********

END

ANNOUNCEMENT OF ENFORCEMENT OF SECURITY

"Following the Enforcement, although the Company has been released from any further liability under its guarantee and will remain solvent, it expects that there will be no value for distribution to either ordinary or preference shareholders. The Company therefore intends, in due course, to publish a shareholder circular convening an extraordinary general meeting at which shareholder approval will be sought for the de-listing and voluntary liquidation of the Company."