London-listed investor Matrix European Real Estate Investment Trust (MEREIT) has announced plans to sell off all of its property assets by 2013.

The decision comes after a strategic review of the business carried out earlier this year with advice from Lazard. MEREIT said the sell-off reflects the company's view that 'an orderly disposal programme' is the best option to deliver value to shareholders in view of the current market outlook.

'The board will review the scope for returning disposal proceeds, post-debt paydown, to shareholders on a regular basis and following each disposal,' it said, adding that no further property acquisitions will be undertaken.

The company has given notice to the manager, Matrix Property Fund Management, to terminate the current management contract which will be resolved by end-December 2013. The board is also exploring potential changes to the company's arrangements with the manager to reflect the new strategy, it added.

The disposal strategy is conditional upon the approval of shareholders, which are slated to vote on the issue in early August.

MEREIT's portfolio is valued at around EUR 380 mln and consists of roughly 70% of office and industrial properties, with a 30% exposure to retail and hotel assets. Germany makes up for the bulk of the assets, with a 52% share, with France accounting for another 31%, and the rest being located in Spain and The Netherlands.