ERET European Real E

TIDMERET

RNS Number : 1063I

European Real Estate Inv Tst Ltd

07 December 2015

7 December 2015

European Real Estate Investment Trust Limited ("the Company")

Return of capital

Further to the approval by the Company's shareholders of the winding down proposals (as described in the Circular to shareholders on 12 July 2011) the Company today announces that it will return approximately GBP18 million (equivalent to 65 pence per share) on 21 December 2015 (the "Redemption Date") by way of a compulsory partial redemption of shares (the "Fifth Redemption").

The Fifth Redemption will be effected at the estimated unaudited Redemption Net Asset Value per share as at 4 December 2015 of 180 pence per share. The estimated unaudited NAV has factored in the receipt of the sale proceeds of the Kaiserslautern property at a 12% premium to its June 2015 valuation, the EUR2.5 million dilapidations received from the tenant at the La Gaude property and the change in the currency exchange rate since the 30 June 2015. The Redemption will be effected pro rata to holdings of shares on the register at the close of business on the Redemption Record Date, being 21 December 2015. On this basis 36.4 per cent. of the Company's issued share capital would be redeemed on the Redemption Date.

Fractions of shares will not be redeemed and so the number of shares to be redeemed for each shareholder will be rounded down to the nearest whole number of shares.

The amount to be applied to the partial redemption of shares comprises monies from the Company's existing cash balances. As at today's date, the Company has 27,513,901 shares in issue of which none are held in treasury.

All shares that are redeemed will be cancelled with effect from the relevant Redemption Date. Accordingly, once redeemed, shares will be incapable of transfer.

The Shares will all be disabled in CREST after close of business on the Redemption Date and the existing ISIN number GG00BWFRB844 (the "Old ISIN") will expire.

The new ISIN number GG00BYXZ6909 (the "New ISIN") in respect of the remaining Shares which have not been redeemed will be enabled and available for transactions from and including 22 December 2015.

Up to and including the Redemption Date, Shares will be traded under the Old ISIN and as such, a purchaser of such Shares would have a market claim for a proportion of the redemption proceeds. CREST will automatically transform any open transactions as at the Redemption Date into the New ISIN.

Expected timetable for redemption:

Record Date, Redemption date and expiry of old ISIN number 21 December 2015

New ISIN number enabled 22 December 2015

Redemption monies paid (expected) uncertificated holdings: week of 21 December 2015

certificated holdings: week of 28 December 2015

Enquiries:

Computershare Investor Services PLC

Shareholder Helpline Phone: +44 (0) 370 7074040

Praxis Fund Services Limited

Shona Darling Phone: +44(0) 1481 755528

Cenkos Securities plc

Dion Di Miceli Phone: +44 (0) 20 7397 1921

Schroder Property Investment Management Ltd

Duncan Owen / Tony Smedley Phone: +44(0) 20 7658 6000

This information is provided by RNS

The company news service from the London Stock Exchange

END

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December 07, 2015 02:00 ET (07:00 GMT)

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