London-based property specialists Invista Real Estate Investment Management more than doubled its profits last year despite a 6% fall in assets under management, as UK property returns plummeted and investors fled from the asset class.

Profits before tax last year reached £48.6m (€64.6m), compared to £22.5m the previous year. At the end of the year Invista managed £8.7bn, compared to £9.2bn at the beginning of the year.