A listed European property fund with assets of £463m has cancelled its management contract with Invista Real Estate after Invista cancelled management buyout talks.
Invista European Real Estate Trust said today that it had served notice to terminate Invista Real Estate’s management contract because it had cancelled talks with chief executive Duncan Owen about a management buyout of Invista Real Estate Investment Management, Invista Real Estate’s fund management business.
The termination will happen in September 2012. “[The decision] follows the announcement made on 10 March 2011 that the Company had terminated discussions with Invista Real Estate Investment Management Holdings about the possible acquisition of some of the business of IREIM,” the European trust said.
“The board is reviewing how its assets can best be managed for the longer term.”
Invista European Real Estate Trust was set up by Invista Real Estate, and alongside a similar UK-focused company, Invista Foundation Property Trust, was funding Owen’s MBO.