Inv Perp mulls property trust overhaul after covenant breach

The board of the Invesco Property Income trust is in talks about changing its investment strategy after breaching its borrowing terms.

The trust, managed by Rory Morrison, breached a banking covenant in September after its interest cover fell below permitted levels. In its latest announcement last week the board said the trust remained in breach of its terms. The group says it may now make changes to the investment strategy of the trust. "We have been selling properties and we are agreeing a future strategy with the bank. The future strategy is under discussion," the group says. The company, which reported last week an adjusted NAV of -£11.5m at the end of December 2010, beached its interest cover covenant last ye...