Invesco property trust agrees refinancing deal

The Invesco Property Income trust is proposing to change its investment objective as it seeks to dispose of assets prior to a planned winding up of the company.

The change comes as the trust confirms the proposed restructuring of its bank facility with RBS, originally announced in March 2011, after three years of negotiations. The trust, managed by Rory Morrison, ran into difficulty at the end of last year after breaching a banking covenant. The restructuring will not alter the term of the bank facility but will mean the trust is not obliged to pay debt or sell properties prior to maturity on 28 September 2014. The trust is also proposing to replace its current objective of providing shareholders with an "attractive level of income", and t...