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LONDON, Nov 16 (Reuters) - Invista European Real Estate Trust is aiming to raise money by selling shares to avoid a potential bank foreclosure as it sailed perilously close to breaching a loan covenant. The property fund manager, which suffered a 23.4 percent fall in the value of its assets between December 2007 and September, said its loan-to-value ratio at June 2009 had hit 74.4 percent against a limit of 75 percent. A breach of these terms would allow Bank of Scotland, part of the Lloyds Banking Group, to foreclose on 401 million euros of drawn-down loans and take control of the company to recoup the loan amount, IERET said in a statement. It is proposing to sell about 146 million new ordinary shares at 20 pence each and about 29 million preference shares at 100 pence each to raise 58.3 million pounds ($97.55 million) of new capital. The ordinary shares are priced at a 32.8 percent discount to the company's 29.75 pence closing price on Friday and an 81 percent discount to the company's net asset value at end-June. The company intends to use 40 million euros of the 53.5 million pounds net proceeds to reduce debt under the Bank of Scotland facility and retain any excess proceeds for use as working capital. JP Morgan Cazenove and Liberum Capital are acting as joint sponsor, joint financial adviser and joint bookrunner. (Reporting by Sinead Cruise, editing by Will Waterman) (See www.reutersrealestate.com for the global service for real estate professionals from Reuters) ($1=.5976 Pound) ($1=.6677 Euro) Keywords: INVISTA PLACING/ (sinead.cruise@thomsonreuters.com; +44 (0)207 542 5154; Reuters Messaging: sinead.cruise.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.
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