Invesco fails to find buyer for stricken Property Income trust

Invesco has been unable to find a buyer for its stricken Property Income trust, which remains in breach of its banking covenants.

The company was in talks with third parties and its lending bank regarding proposals for the trust, which included the possibility of an offer for its shares. However, the company says it was not possible to negotiate mutually agreeable terms for the parties involved and discussions have now been terminated. The trust's portfolio was valued at £221.9m in sterling terms at 30 September, but the company had bank borrowings of £217.2m. Its loan to value ratio of 97.9% remains considerably above the maximum 65%. "The company remains in bilateral discussions with its lending bank regard...