Picton Property Income Trust has been given a 17 October deadline for the proposed takeover of the Invista Foundation Property Trust.
The deadline comes after an announcement on 19 August that the £209m Picton listed trust, formerly the ING UK Real Estate Income Trust, had made a non-binding, indicative proposal of a merger with the £426m Invista vehicle.
A stock market announcement released this morning said that, under the takeover code, Picton must “by no later than 5pm on 17 October 2011, either announce a firm intention to make an offer for the company or announce that it does not intend to make an offer”.
It added that the notice is not an announcement of a firm intention to make an offer under the takeover code and there can be no certainty that an offer will be made, nor as to the terms on which any offer will be made.
Last month, Invista agreed to appoint Schroder Property Investment Management to manage its portfolio as the merger talks with the Picton Property Income Fund continued.
Finalising the deal with Schroders has been delayed due to the potential offer from Picton Property Income Fund.
bridget.o’connell@estatesgazette.com
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