KPMG - IERE

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Property Sector Description, Age & Tenure 1 Chemin de la Sauvegarde, 69130 Ecully, Rhone, France Fos-Distriport Logistics Park, Fos sur Mer, 13270 Marseille, France Offices The Property comprises three office buildings constructed in 1999, 2004 and 2005 providing a total net lettable area of 11,448 sq m. These are known as the SCOTTS building, the BASF building and the IBM building. In addition, there is a fourth building located at the north of the site which currently stands vacant. This building is outside the ownership of the subject Property. We have been informed that this building is due to be demolished. There are changing rooms, a sick room and a post room located on the ground floor. In addition there is a restaurant and a small room used for private lunches (which seats approximately 10 people), which are operated by an external subcontractor. This area is utilised as a central canteen for employees working in all three of the buildings. There is a basement car park which provides 135 spaces. The Property is held freehold. Logistics The Property comprises a high specification distribution warehouse facility completed in August 2005. The warehouse is arranged over ground floor only with ancillary office accommodation arranged over both ground and one upper floor and provides a total of 28,279 sq m of accommodation. The Property is of steel frame construction with the majority of the elevations being metal clad with additional concrete plinths to the lower parts of the elevations. The Property is set beneath a flat roof and benefits from double glazed aluminium framed windows. The warehouse has currently been subdivided to produce five separate units each of approximately 5,000 square metres, allowing separate occupation of the Property. The warehousing has an eaves height of approximately ten metres height and benefits from 29 roller shutter loading docks. Externally, the property provides a large yard area with allocations for 65 car parking spaces, 7 trucks spaces and 42 container spaces. The Property is held freehold. Terms of Existing Tenancies The Property is fully let under 4 leases expiring between 2008 and 2014. 2 of the leases contain break clauses. The main tenancy at the Property is a lease to Compagnie IBM France who lease 3,676 sq m of accommodation on a lease expiring in November 2014. The lease also contains a break option exercisable in November 2011. The current gross rent passing under the lease is A770,217 per annum. The Property is let on 3 separate leases that expire between 2014 and 2015. Two of the leases contain break options that are exercisable in 2008 and one in 2009. In addition there is currently 5,240 sq m of vacant accommodation over which there is a vendor rental guarantee. The main lease at the Property is to SDV. The lease expires in February 2014, although the tenant also benefits from an option to break in February 2008. The current gross passing rent under this lease is A533,347 per annum. 69 Estimated Net Annual Rent Net Annual Rent Net Initial Yield Market Value 2,377,100 2,204,889 6.48% 32,100,000 1,272,942 1,245,376 5.95% 19,700,000
Property Sector Description, Age & Tenure Nissin, Allée des Primevéres, ZAC du Ferrier, 60440 Nanteuil Le Haudoin, France Logistics The Property comprises a modern two-storey office building and single storey attached warehouse constructed in 2005. The Property is rectangular shaped and is arranged as two separate units providing a total of 10,740 sq m of accommodation. Externally the Property benefits from 20 car parking spaces and 3 truck spaces. In addition, there is a tower to store specially treated water for the sprinkler system and a small reservoir to hold normal water in case of a fire. Logistics facilities occupied by Houzeau and GEB are located to the east of the site with the other site boundaries adjoining agricultural land. The Property is held freehold. Terms of Existing Tenancies The Property is single let to Nissin on a lease expiring in April 2014. The lease contains a break clause exercisable in December 2011. 70 Estimated Net Annual Rent Net Annual Rent Net Initial Yield Market Value 590,700 585,920 6.25% 8,840,000
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Invista European Real Estate Trust
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JPMorgan Cazenove and Citigroup, ea
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Summary This summary should be read
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The Group currently owns, and inten
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Risk Factors Investing in the Share
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If actual financial data differ fro
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assumptions or flawed assessments u
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loss of revenue, which could materi
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The Group’s performance is depend
Page 19 and 20: less than the costs of the leverage
Page 21 and 22: Future Share issues could dilute th
Page 23 and 24: The holding company structure for t
Page 25 and 26: Important Information Investment in
Page 27 and 28: investors in Germany are urged to c
Page 29 and 30: made by broker-dealers who are regi
Page 31 and 32: * the tax treatment of the Group an
Page 33 and 34: Directors and Advisers Directors To
Page 35 and 36: Part I Information on the Company I
Page 37 and 38: and expanding analysis of property
Page 39 and 40: Where properties have achieved thei
Page 41 and 42: payable. To the extent that the Net
Page 43 and 44: The Company will also publish semi-
Page 45 and 46: Part II Directors, Management & Adm
Page 47 and 48: Mark Long* - Director, Strategy, Re
Page 49 and 50: The Custodian may entrust the safek
Page 51 and 52: Part III The Offer The Offer A tota
Page 53 and 54: period of 180 days from Admission,
Page 55 and 56: Part IV Background to the Continent
Page 57 and 58: Continental European Listed Propert
Page 59 and 60: The 5 largest properties account fo
Page 61 and 62: 10 Largest Tenants Tenant Net Annua
Page 63 and 64: 4 Purpose of the valuation report W
Page 65 and 66: 7.3 Environmental matters We have r
Page 67 and 68: German Properties C104,700,000: Pro
Page 69: Property Sector Description, Age &
Page 73 and 74: Belgian Properties C18,500,00: Prop
Page 75 and 76: Property Sector Description, Age &
Page 77 and 78: French Properties C22,100,000: Prop
Page 79 and 80: Czech Republic Properties C12,900,0
Page 81 and 82: Polish Properties A8,750,000: Prope
Page 83 and 84: INVISTA EUROPEAN REAL ESTATE TRUST
Page 93 and 94: ecognised in the financial statemen
Page 97 and 98: 16. Finance expenses 2006 B Amortis
Page 101 and 102: We planned and performed our work s
Page 103 and 104: (2) No account has been taken of th
Page 105 and 106: * a logistics property in Nanteuil,
Page 107 and 108: important to an understanding of th
Page 109 and 110: Availability of financing During th
Page 111 and 112: The Group’s diversification by ma
Page 113 and 114: higher immediately following Admiss
Page 115 and 116: At 30 September 2006 the Group had
Page 117 and 118: temporary difference is controlled
Page 119 and 120: currency swaps and foreign exchange
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(q) where voids currently exist or
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in the Group carries on a trade in
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taxable as a corporation) organised
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PFIC - Default Excess Distribution
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these proposed Treasury Regulations
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Part XII General Information 1. Inc
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2.11 All of the Shares will be in r
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Name Current Directorships and Part
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Name Current Directorships and Part
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The general meeting of Shareholders
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(a) Shares of the Company to be red
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The Company will be bound towards t
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Every Shareholder may take part in
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which fall within the scope of the
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The Bank Facility also provides for
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performance by the Depositary of it
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The primary tasks of the Company’
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In relation to the investment restr
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doubt as to whether courts outside
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Part XIII Definitions The following
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‘‘Invista Group’’ Invista a
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‘‘uncertificated’’ or ‘
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1.6 1.5.2 pending investigation of
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transfer or other taxes due in conn
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contravention of any registration o
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Notes On How To Complete The Applic
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I I I I I I I I I I I I I I I I I I
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I I I I I I I I I I I I I I I I I I
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KPMG - IERE

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