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European REIT mulls change in investment strategy

European REIT Ltd. is reviewing a proposal to shift its investment objective and strategy as it looks to close the sale of the final property from its portfolio in Nice, France.

The asset from the La Gaude portfolio will be sold for approximately €5.8 million, or 0.74 euro cents per share.

Quidnet Capital Partners LLP forwarded the proposal, which includes a strategy to target and manage high-yielding commercial property to increase investment returns. The strategy aims to deliver an attractive total return to the real estate investment trust's shareholders, with a target of a more than 6% dividend yield.

Under the proposal, European REIT would appoint Quidnet as its investment manager and carry out a capital raise to fund its new investment strategy. Additionally, Quidnet will focus on high-yielding industrial and office real estate in England and Wales.

European REIT's board and Quidnet have signed a heads of terms agreement, and will consult with shareholders and potential new investors regarding the viability of the proposals. The consultation is expected to be wrapped up by early July.