Announcement re Investment Ma

RNS Number : 8127Z

Invista Foundation Property Tst Ltd

20 January 2011

 



20 January 2011

IFPT

 Announcement re Investment Manager

The Board of Invista Foundation Property Trust Limited (the Company) has been in discussions with Invista Real Estate Investment Management Holdings PLC (Invista) since Invista's announcement on 12 October 2010 that it intended to realise the value of its asset management subsidiary, Invista Real Estate Investment Management Limited (IREIM), which is the Company's manager.

The Company is in exclusive negotiations to acquire, jointly with Invista European Real Estate Trust SICAF and IREIM's management, the business of IREIM from Invista.  The IREIM management team is led by Duncan Owen, who continues to be CEO of IREIM after stepping down from the Board of Invista today, and the other senior team members are Nick Montgomery, Tony Smedley, Chris Ludlam and Melinda Knatchbull. 

While the commercial terms of the transaction have been agreed in principle, legal contracts have not yet been signed and regulatory approvals have not yet been obtained. It is expected that the Company's share of the consideration for the proposed acquisition will be funded from existing cash resources.

Further announcements will be made when developments occur that are material to the Company's shareholders.

All Enquiries:

The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Trafalgar Court

Les Banques

St Peter Port

Guernsey

GY1 3QL

Tel: [phone]

Fax: [phone]

END

 

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