Invista Real Estate Investment Management has no definitive offers yet for its assets as it prepares to wind up its business. 'The company would like to make clear that no definitive proposals have yet been received for any of Invista's assets and there is currently no certainty as to the value that might be achieved for shareholders arising from any asset realisations,' the UK's largest listed real estate fund management group said on Friday.
Invista Real Estate Investment Management has no definitive offers yet for its assets as it prepares to wind up its business. 'The company would like to make clear that no definitive proposals have yet been received for any of Invista's assets and there is currently no certainty as to the value that might be achieved for shareholders arising from any asset realisations,' the UK's largest listed real estate fund management group said on Friday.
Last week, Invista dropped the bombshell that it is to wind up following the decision by Lloyd Banking Group to transfer a £2.4 bn (EUR 2.7 bn) fund management contract to Scottish Widows Investment Partnership (SWIP).
SWIP is the investment asset manager for Lloyds TSB. Lloyds owns 55% of Invista.
Invista has managed funds on behalf of HBOS, and more recently Lloyds following its acquisition of HBOS, since Invista demerged from HBOS and listed on London's junior AIM market in 2006.
At end-June 2010, Invista had £5.4 bn (EUR 6.2 bn) of assets under management which generated a total annual revenue £13.7 mln. Of this the HBOS Funds contributed £2.4 bn of assets under management and £5.3 mln of revenue.