Internos agrees takeover of Invista

European private real estate investment manager Internos has reached agreement with Invista on the terms of a recommended £34 mln (EUR 42 mln) takeover offer for the UK-based asset manager.

Internos, which in late 2011 took over the management of two Invista funds and recruited its entire Paris team, said it will finance the purchase with £3 mln in equity investments, a £15 mln loan facility from Invista as well as £16 mln of debt facilities from BAC.

The proposal, which has the backing of all of Invista's directors, is due to be voted by Invista's shareholders and is dependant upon approval by at least 75% of them.

Commenting on the offer, Douglas Ferrans, executive chairman of Invista, said: 'We welcome Internos’ offer, which the Invista directors believe represents the best solution for Invista and its clients and fair value for Invista shareholders, having considered a number of proposals for a sale of Invista.'

Andrew Thornton, CEO of Internos added: 'Our offer provides both good value and an exit for shareholders in Invista following a long period of uncertainty which began in October 2010 when the board decided an orderly realisation of assets was in the best interests of shareholders.'

Invista manages £749 mln of commercial property assets in the UK, Europe and Asia. Its holdings comprise co-investments in IREOF and IREIF, two closed-ended funds coming to maturity in February 2013 and May 2013, respectively. IREOF has a pan-European remit and currently has seven investments in various locations: six in the UK, with one in Switzerland. IREIF is focused on Asia and its single investment is a stake in five self-storage assets across Hong Kong and Singapore.