Investors in the Invesco Property Income Trust have been told that it is “virtually certain” that they will get no money when the investment trust winds up.
The trust, which suffered during the financial crisis because of its high level of gearing, yesterday suspended trading of its shares on the London Stock Exchange.
The trust had been in negotiations with its bank about extending the September 2014 deadline for the repayment of its loans.
But in a statement yesterday evening, it said the bank had only agreed to a three-month extension.
In spite of the extension, the statement said the trust did not expect to be able to repay the bank in full even if it managed to sell all of its property assets.
Therefore it concluded that the investors in the fund were “virtually certain” to receive no money when the trust winds up.
