Inovalis REIT to acquire half-ownership in German office building for $67.5M

The Canadian Press 0

TORONTO – Inovalis Real Estate Investment Trust (TSX:INO.UN) has conditionally agreed to pay the equivalent of $67.5 million to acquire a 50 per cent interest in a German office building.

The REIT says the eight-storey building is fully occupied by Mitsubishi Hitachi Power Systems Europe GmbH under a lease expiring on Dec. 31, 2020.

The real estate trust has been listed on the Toronto Stock Exchange for less than a year, following an initial public offering in April that sold $113.7 million worth of its units including overallotments.

Inovalis units closed Friday at $8.95 on the Toronto Stock Exchange, down from the IPO price of $10.

It had four office properties at the time of the IPO, acquired from Inovalis, a private real estate management company based in Paris that owns a minority stake in the REIT and manages the trust.

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