Picton drops Invista trust bid

Picton yesterday dropped its plans to take over the Invista Foundation Property Trust (IFPT) after failing to agree a deal with the Invista Foundation board. The trust, which has around £145m of assets under management, will now be managed by Schroders, having ended its agreement with Invista Real Estate Management. Picton said it would focus on “internalisation and its refinancing initiatives” instead. IFPT said the deal with Picton contained risks including refinancing, and criticised the suitor for not making the terms of its indicative offer available publically.