UK-based property investment manager Invista Real Estate said in a trading update that its assets under management fell by £500 mln (EUR 631mln) to £8.2bn in the five months to end-May, due to continuing investment outflows and the devaluation of the underlying property assets. The company said outflows from open-ended funds totalled £150 mln, with another £350 mln of net outflows and revaluations across all its funds.
UK-based property investment manager Invista Real Estate said in a trading update that its assets under management fell by £500 mln (EUR 631mln) to £8.2bn in the five months to end-May, due to continuing investment outflows and the devaluation of the underlying property assets. The company said outflows from open-ended funds totalled £150 mln, with another £350 mln of net outflows and revaluations across all its funds.
The trading update is ahead of the company’s first-half results on July 28. Invista said the outlook for the UK commercial property market was still bleak and this will continue to have a negative impact on Invista's funds under management with UK exposure. Continental Europe had so far remained more robust, Invista said, adding that it did expect some downward movement in parts of the eight markets in which it invests, with the possible exception of France and Germany.
