IERET investors welcome new director

Shares in Invista European Real Estate Trust (IERET) jumped almost 10 per cent after the company said it had found a new director for its board.

William Scott will replace Jaap Meijer, who has been a director on the IERET board since November 2007.

Scott is the chairman of PSource Structured Debt and a director of Acencia Debt Strategies, both London-listed investment companies, as well as chairman or director of a number of other public and private companies.

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He is a chartered accountant and has also had extensive executive experience in the investment management industry.

Tom Chandos, the chairman of IERET, said: "We are delighted to be able to appoint Mr. William Scott to the board, in the light of both his broad experience of investment management and specifically of a number of other structured realisations similar to that which we are committed to".

Scott will be formally put forward for formal election by the shareholders at the next general meeting of Shareholders.

The firm's shares were up 9.6% at 1100 on Monday morning following the announcement.