Invista Real Estate Investment Management has confirmed that it is talking with a potential buyer for part of its asset management business. AIM-quoted Invista is in exclusive negotiations with a consortium of Invista's management, including chief executive Duncan Owen, Invista Foundation Property Trust (IFPT) and Invista European Real Estate Trust (IERET). The two trusts are both managed by the asset management business. Owen is stepping down from the Invista board in order to push forward with the purchase. He remains boss of the asset management division. Non-executive chairman Duncan Ferrans takes on the role of executive chairman of Invista. The commercial terms of the transaction have been agreed in principle. No agreement has been signed and regulatory approval will be required. Invista plans to sell its remaining assets and wind itself up. Management has already warned that the sale of assets is likely to be at a discount to book value. Invista had to reassess its future after Lloyds terminated its contracts with the company. The contracts equated to £2.4bn of Invista's £5.4bn under management at the end of June 2010 and generated £5.3m of revenues of £13.7m in the six months to June 2010.Northern Trust subsequently terminated its contract with Invista. This covered £272m of residential assets which generated £800,000 of income in the six months to June 2010.