IERE.L Share News (IERE)

AIM-quoted Invista Real Estate Investment Management Holdings says that it believes it is best to liquidate its assets following the termination of its contract with Lloyds, which account for more than two-fifths of the business. Invista Real Estate was demerged from HBoS in September 2006, when it joined AIM at a placing price of 90p a share. At that time, five year agreements were put in place for the management of funds for HBoS, which was subsequently bought by Lloyds. These will be terminated in October 2011. The contracts equated to £2.4bn of Invista Real Estate'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.Invista Real Estate believes the best course of action is selling off its asset management business and other assets. The proceeds would be returned to shareholders. Invista Foundation Property Trust is discussing its relationship with Invista Real Estate in order to ensure that its portfolio is managed in an orderly manner while the changes take place.