- Inovalis Real Estate Investment Trust ( OTC:IVREF ) announced the closing of the disposition of the Courbevoie property located in the La Defence area of Paris for €27.2M (C$39.4 million), €6.4M (CAD $9.3M) above the Q3 2022 €20.8M (C$30.1M) fair market value.
- The €17.2M (C$24.9M) net proceeds from the sale are slated for redeployment into other investment opportunities.
- President Stephane Amine commented “Today’s closing marks the achievement of another of the REIT’s 2022 strategic initiatives and frees up capital to deploy next year. We believe 2023 will be a year of transition where capital will be key to secure opportunities. The continued demand for space in office properties in France and Germany still form an enduring foundation for European office real estate investment.”
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Inovalis Real Estate Investment Trust implements strategic plan and closes courbevoie disposition