Termination of Investment Management Agreements (5560V)

TIDMINRE TIDMIFD

RNS Number : 5560V

Invista Real Est Inv. Mgt Hldgs PLC

13 January 2012

 
 
 
 
 
 
 13 JANUARY 2012 
 
 INVISTA REAL ESTATE INVESTMENT MANAGEMENT HOLDINGS PLC ("INVISTA" 
  OR THE "COMPANY") 
 
 EARLY TERMINATION OF INVESTMENT MANAGEMENT AGREEMENTS 
 
 Invista today announces that Invista Real Estate Investment 
  Management Limited ("IREIM"), a wholly owned subsidiary of 
  Invista, has entered into early termination agreements with 
  each of Invista Foundation Property Trust Limited ("IFPT" 
  and the "IFPT ETA") and The Equitable Life Assurance Society 
  ("ELAS" and the "ELAS ETA") in respect of assets managed by 
  IREIM on behalf of IFPT and ELAS, respectively. 
 Pursuant to the IFPT ETA, the investment management by IREIM 
  of IFPT will terminate and will be transferred to Schroder 
  Property Investment Management Limited ("Schroders") with 
  effect from 13 January 2012. Under the terms of the IFPT ETA, 
  IREIM will receive a cash compensation payment of GBP0.3 million 
  from IFPT and several of IREIM's employees are expected to 
  join Schroders. 
 Under the ELAS ETA, the investment management of ELAS will 
  terminate with effect from 13 January 2012. 
 As at 30 June 2011, the Company managed GBP376 million of 
  assets under the investment management agreement with IFPT 
  and GBP284m of assets under the investment management agreement 
  with ELAS, generating revenues of GBP1.9 million and GBP0.7 
  million respectively for the six months to 30 June 2011. 
 As a result of the agreements and other contracts having concluded 
  since 30 June 2011, Invista now has estimated pro forma assets 
  under management as at 31 December 2011 of GBP185 million. 
 
 
 Hawkpoint Partners Limited            Tel: +44 (0)20 7665 4500 
  (Nominated adviser to the Company) 
  Edward Arkus 
  Sunil Duggal 
 Collins Stewart Europe Limited        Tel: +44 (0)20 7523 8350 
  Roger Lambert 
  Bruce Garrow 
 FTI Consulting                        Tel: + 44 (0)20 7269 7132 
  Ed Gascoigne-Pees 
  Georgina Turner

This information is provided by RNS

The company news service from the London Stock Exchange

END

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