Invista European Real Estate Trust (IERET) has terminated the investment management agreement with Invista Real Estate Investment Management's asset management subsidiary after it failed to agree to buy part of the business. The contract will come to an end on 18 September 2012. There were £463m of assets under management under the contract and they generated £1.5m in revenues for Invista in the six months to June 2010. Invista was in exclusive negotiations for the sale of part of its asset management business with a consortium of Invista's management, including chief executive Duncan Owen, Invista Foundation Property Trust (IFPT) and IREIT. However, terms could not be agreed. Invista is considering what to do with the asset management business. Invista has agreed the early termination of its contract with Lloyds. The funds will be transferred to Lloyds on 6 May which will pay £2.6m plus a further £500,000 in June 2011. There were £2.4bn of assets under management at the end of June 2010 and they contributed £5.3m in revenues in the first half of 2010. These assets were managed for Invista's former owner HBOS, which was acquired by Lloyds. Invista had to reassess its future after Lloyds and Northern Trust terminated their contracts with the company at the end of last year. The Lloyds contract was due to be terminated in October.