Timetable for transition to new Investment Manager

RNS Number : 1544T

Invista Foundation Property Tst Ltd

01 December 2011

 



1^st December 2011

Invista Foundation Property Trust Limited

Timetable for transition to new Investment Manager

On 31 October 2011, the Board of Invista Foundation Property Trust (the "Company") announced that it had signed an Investment Management Agreement (the "IMA") with Schroder Property Investment Management Limited ("Schroders"), with the appointment of Schroders to manage the Company's portfolio due to take effect upon certain conditions being satisfied. These include the receipt of all necessary consents from the Company's lenders, the termination of the existing contract with IREIM and the recruitment by Schroders of certain individuals currently employed by IREIM who have been directly involved with the management of the Company's portfolio in the past and who are therefore familiar with the key asset management initiatives which are under way.

The Company has made good progress towards the satisfaction of these conditions, with the process to obtain all necessary consents (including the formal consent required from note-holders at a general meeting) expected to be concluded in late December 2011 or early January 2012.  The final transition from IREIM to Schroders is then expected to take place shortly thereafter.

In the meantime, the Company's portfolio continues to be actively managed by the IREIM team, who are also liaising with Schroders where necessary to ensure the final transition takes place without disruption to the various asset management initiatives which are in hand.

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For further information, please contact:

Numis Securities Limited Heraclis Economides David Benda Hugh Jonathan	Tel: [phone]
FTI Consulting Stephanie Highett Richard Sunderland Olivia Goodall	Tel: [phone]
Schroder Property Investment Management Limited William Hill	Tel: [phone]
Invista Real Estate Investment Management Ltd Duncan Owen	Tel: [phone]

 

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