In an effort to deleverage its portfolio, Invista European Real Estate Trust has completed the sale of a warehouse located in Modletice, Czech Republic. The property sold at €6.5m, 3.9 percent less than what it was last valued at. Invista will use the majority of the proceeds to cover an outstanding debt of €6.2m.
The 17,147 sqm warehouse is entirely vacant. The sale will help reduce Invista’s vacancy from 16.6 percent at the end of 2013 to 14.8 percent. In 2012, Invista’s vacancy rate was 25 percent. The Modletice warehouse was Invista’s only real estate investment in the Czech Republic.
