Schroders poised to run Invista Property Trust

The board of the Invista Foundation Property Trust has confirmed that Schroders is to take over the management of the company.

The board gave notice to terminate its existing agreement with Invista Real Estate Investment Management (IREIM) in March of this year as the manager began to wind up its business.

Schroder Property Investment Management will now take over management of the £145m trust subject to the termination of the existing contract, the receipt of consents by the company's lenders and the recruitment of certain managers who were directly involved with the management of the portfolio while at IREIM.

The deal brings an end to an earlier approach by Picton Property Income to merge the trust with its own assets. That deal will now not go ahead, with Schroders' appointment preferred by the board.

Andrew Sykes, chairman of the trust, said: "The negotiations to appoint Schroders on favourable terms had continued in parallel throughout this process, and provide the company with an attractive and viable option for the future."