Schroders is on track to take over the management of the Invista Foundation Property Trust early in the new year.
A statement from the listed fund, managed at present by Invista Real Estate Investment Management, said that a number of conditions have been satisfied, paving the way for the transfer.
Conditions included consent from the vehicle’s lenders – that is, note-holders of the securitised facility, and the termination of the existing contract with IREIM and the recruitment by Schroders of certain individuals employed by IREIM.
The fund confirmed 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 take place early in January.
It added that “the company’s portfolio continues to be actively managed by the IREIM team, which is 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.”
Bridget.oconnell@estatesgazette.com
