Invista Real Estate Investment Management Holdings is in exclusive talks with a management-led consortium to sell off its asset management business, an Invista spokeswoman confirmed.
Duncan Owen, who is leading the buyout of asset management subsidiary Invista Real Estate Investment Management, stepped down as CEO of parent Invista and as a board member Thursday, the company said in a news release. Mr. Owen remains CEO of the asset management unit. Douglas Ferrans, formerly non-executive chairman, took over as executive chairman.
The consortium comprises management and two publicly traded trusts, the Invista European Real Estate Trust SICAF and the Invista Foundation Property Trust.
Invista announced Oct. 12 it would sell its asset management business after losing £2.4 billion ($3.8 billion), or 44% of its assets under management at the time, when Lloyds Banking Group terminated the manager.