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TORONTO, October 08, 2024--(BUSINESS WIRE)--Inovalis Real Estate Investment Trust (the "REIT") (TSX: INO.UN) announced today that, further to its press releases dated July 15, 2024, August 27, 2024, and September 4, 2024 and the special meeting of unitholders of the REIT that was held on September 4, 2024, the non-binding letter of intent with Inovalis S.A. dated May 31, 2024 (the "Letter of Intent"), pursuant to which the REIT would have sold a single asset located at 24-26, Rue Bénard – 25, Rue Hyppolite Maindron – 27-29, Rue de la Sablière, Paris, District 14, France (the "Sabliere Property") to Inovalis S.A., has been mutually terminated.
The Letter of Intent, which was previously filed as a material contract on SEDAR+ and is available to view at www.sedarplus.ca, was subject to Inovalis S.A. obtaining bank financing for the purchase of the Sabliere Property, which Inovalis S.A. has confirmed it has been unable to obtain on terms acceptable to it. As such, the sale of the Sabliere Property to Inovalis S.A. will not proceed at this time. There was no penalty or termination fee payable by either the REIT or Inovalis S.A. in connection with the termination of the Letter of Intent.
The REIT will continue to evaluate other opportunities for a potential sale of the Sabliere Property and is committed to evaluating a range of options available for the Sabliere Property to maximize value for its unitholders. There can, however, be no assurance that this process will result in the REIT pursuing or consummating any transaction in respect of the Sabliere Property, nor can any assurance be provided as to its outcome or timing. The REIT does not intend to comment further on the sale process for the Sabliere Property until it determines that additional disclosure is appropriate or required by applicable securities laws.
About Inovalis REIT
Inovalis REIT is a real estate investment trust listed on the Toronto Stock Exchange in Canada. It was founded in 2013 by Inovalis and invests in office properties in primary markets of France, Germany and Spain. It holds 13 assets. Inovalis REIT acquires (indirectly) real estate properties via CanCorpEurope, authorized Alternative Investment Fund (AIF) by the CSSF in Luxemburg, and managed by Inovalis S.A.
About Inovalis Group
Inovalis S.A. is a French Alternative Investment fund manager, authorized by the French Securities and Markets Authority (AMF) under AIFM laws. Inovalis S.A. and its subsidiaries (Advenis S.A., Advenis REIM) invest in and manage Real Estate Investment Trusts such as Inovalis REIT, open ended funds (SCPI) with stable real estate focus such as Eurovalys (for Germany) and Elialys (Southern Europe), Private Thematic Funds raised with Inovalis partners to invest in defined real estate strategies and direct Co-investments on specific assets.