This compares, on a like-for-like basis (following the sale of the property at St Etienne on 28 June ), to a 31 December value of â‚¬227.7m, a decrease of 1.4%.
The company said the valuations were provided by the independent valuer CBRE in accordance with the Royal Institution of Chartered Surveyors' appraisal and valuation standards and show the 'market value' assuming an asset sale of each property and allow for acquisition costs incurred by purchasers.
The company said that following the recent disposal and associated de-gearing, it has debt of â‚¬138.6m (31 December: â‚¬201.0m).
The loan-to-value at 30 June was 61.7% (31 December: 68.7%). The company says this is below the 65% threshold over which the cash sweep operates and below the maximum LTV covenant of 75%. Below an LTV of 60%, the bank loan margin would reduce from 275bps to 225bps. As at 30 June the all-in cost of debt financing is 542bps, representing a bank loan margin of 275bps and a weighted average swap rate of 267bps.
At 8:13am: [LON:ERET] share price was +0.25p at 62.5p
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