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20 June 2012
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LSE's Matrix makes E212m Vienna deleveraging sale
The Guernsey-registered, LSE-listed Matrix European Real Estate Investment Trust has completed the disposal, for E212m, of Vienna's IZD Tower to a joint venture between Signa Recap Development Fund I and a large German insurance group. The sale releases E64.4m of cash, of which E35m will be used to pay down debt and reduce other liabilities. Following this procedure, total outstanding debt amounts to E263m, giving an LTV of 64.6%. Matrix said its portfolio, post-transaction, is valued at E400m. (See upcoming PIE Editions for full story)