UK listed real estate fund manager Invista REIM said it has acquired the 50% stake it didn't already own in residential property company Invista Capital Limited from its joint venture partner, Bank of America, for £26mln (EUR 32.5mln) in cash.
UK listed real estate fund manager Invista REIM said it has acquired the 50% stake it didn't already own in residential property company Invista Capital Limited from its joint venture partner, Bank of America, for £26mln (EUR 32.5mln) in cash.
Castle owns a portfolio of 317 freehold houses in five separate locations in the southwest of England, comprising parts of larger estates and built between 2001 and 2003 to provide housing for senior Ministry of Defence personnel. The portfolio has a long-term lease with the ministry and a gross yield of 6.7% based on Castle’s assets under management of £127.5mln.
The consideration paid was for Bank of America's 50% equity interest in the joint venture along with repayment of Bank of America shareholder loans to Castle. nvista said it will now fully consolidate Castle on its balance sheet, including Castle's assets under management and its existing £73mln of senior debt due 2028 together with a new three-year acquisition loan facility of £15mln.
