Fund manager Internos Real Investors has formally taken over the management of the Luxembourg-registered Invista European Real Estate Trust SICAF (IERET). Luxembourg's financial authorities have approved the mandate which was first signalled in June.
Fund manager Internos Real Investors has formally taken over the management of the Luxembourg-registered Invista European Real Estate Trust SICAF (IERET). Luxembourg's financial authorities have approved the mandate which was first signalled in June.
IERET's board has proposed to change its investment objective and policy to a structured disposal of the fund's EUR 400 mln portfolio. Discussions with the CSSF on this point are still ongoing.
Under the existing investment policy, IERET has been pursuing an accelerated, proactive programme of disposals, with EUR 50 mln of sales in the past 12 months. Internos will maintain this approach to further reduce IERET's borrowings.
