Invesco Property Income Trust increases gearing facility

Invesco Property Income trust has temporarily increased its gearing facility in anticipation of a fal...

Invesco Property Income trust has temporarily increased its gearing facility in anticipation of a fall in value of the underlying assets of the fund. Borrowings are now permitted up to 70%, up from 65%, of gross assets until 30 June 2008 to allow for movements in the value of the assets. Also, for one calendar quarter gearing can go up to 75%. However, the long-term target is to reduce the gearing to 55% by the end of 2008 and the board said significant disposals of assets will occur to achieve this. Richard Barnes, chairman of the trust said: “We are pleased with the results of our ne...