Update to Timetable

RNS Number : 5258U

Invista Foundation Property Tst Ltd

22 December 2011

 



22 December 2011

Invista Foundation Property Trust Limited

Update to 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 anInvestment 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 included consent from the Company's lenders (i.e. note-holders of the securitised facility), the termination of the existing contract with Invista Real Estate Investment Management ("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.

On 1 December, the Company confirmed that good progress had been achieved towards satisfying the various conditions above and that it expected consent from the lenders to be concluded in late December 2011 or early January 2012.  The company can now confirm that consent has today been received from the note holders with unanimous support for the resolutions and the change of manager to Schroders. The final transition of the contract and key personnel from IREIM to Schroders will now take place early in January 2012.

The Company's portfolio continues to be actively managed by the IREIM team, who are also liaising closely with Schroders where necessary to ensure the final transition takes place smoothly and 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	Tel: [phone]
FTI Consulting Stephanie Highett	Tel: [phone]
Invista Real Estate Investment Management Ltd Duncan Owen	Tel: [phone]
Schroder Property Investment Management Limited William Hill	Tel: [phone]

 

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