Update regarding Investment Manager
13 January 2012
Invista Foundation Property Trust Limited
Update regarding the Appointment of new Investment Manager
On 31 October 2011, the Board of Invista Foundation Property Trust (the "Company") announced that the Company had signed an Investment Management Agreement (the "IMA") with Schroder Property Investment Management Limited ("Schroders") to manage the Company's portfolio, with the appointment of Schroders due to take effect upon certain conditions being satisfied. These conditions included: the receipt of all necessary consents from the Company's lenders which have since been secured; 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.
The Company is pleased to confirm that all these conditions have now been satisfied in full and that Schroders will commence the management of the Company's portfolio with immediate effect.
As a result of the termination of the existing contract with IREIM, a termination fee of £317,800 has been paid to IREIM in lieu of fees outstanding under the remainder of the notice period of the contract amounting to £670,000.
The Company also confirms that Schroders has recruited a team of executives from IREIM, including Duncan Owen, Nick Montgomery, Melinda Knatchbull and Andrew Macdonald, who will transfer to Schroders with immediate effect. As previously reported, the new IMA with Schroders is expected to give the Company an annual cost saving in the region of £1,800,000.
Andrew Sykes, Chairman of the Company, commented:
"Following this period of transition, the Board now looks forward to working with the enlarged Schroders team to drive the Company's strategy to deliver long-term value to shareholders."
For further information, please contact:
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Numis Securities Limited Heraclis Economides David Benda Hugh Jonathan
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Tel: 020 7260 1000
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FTI Consulting Stephanie Highett Dido Laurimore Olivia Goodall |
Tel: 020 7831 3113
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Notes to Editors
Schroder Property
Schroders has managed property funds since 1971 and has £9.5 billion (€11.0 billion / US $14.7 billion) of gross property assets under management (at 30 September 2011) and has over 90 property staff located in 9 offices across Europe.
For further information visit www.schroderproperty.com
Schroders
Schroders is a global asset management company with £182.2 billion (EUR 211.65 billion/$283.9 billion) under management as at 30 September 2011. Our clients are major financial institutions including pension funds, banks and insurance companies, local and public authorities, governments, charities, high net worth individuals and retail investors.
For Further information visit www.schroders.com
Schroder Property Investment Management Limited and Schroder Investment Management Limited are authorised and regulated by the Financial Services Authority.
This information is provided by RNS
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