Update regarding Investment Manager (5634V)
14 1월 2012 - 1:00AM
UK Regulatory
TIDMIFD
RNS Number : 5634V
Invista Foundation Property Tst Ltd
13 January 2012
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 GBP317,800 has been paid to IREIM in
lieu of fees outstanding under the remainder of the notice period
of the contract amounting to GBP670,000.
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 GBP1,800,000.
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:
Numis Securities Limited Tel: 020 7260 1000
Heraclis Economides
David Benda
Hugh Jonathan
FTI Consulting Tel: 020 7831 3113
Stephanie Highett
Dido Laurimore
Olivia Goodall
Notes to Editors
Schroder Property
Schroders has managed property funds since 1971 and has GBP9.5
billion (EUR11.0 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 GBP182.2
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
The company news service from the London Stock Exchange
END
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