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UK Commercial Property REIT

From Wikipedia, the free encyclopedia

UK Commercial Property REIT
Company typePublic
IndustryFinancial services
Founded2006 (2006)
Headquarters,
Key people
Ken McCullagh (Chairman)
ProductsInvestment trust
Websitewww.ukcpreit.com

UK Commercial Property REIT, formerly UK Commercial Property Trust, is a large British investment trust dedicated to investments in UK commercial properties. Established in 2006, the company is a constituent of the FTSE 250 Index.[1] The chairman is Ken McCullagh. It invests in shopping centres, shops, office buildings and industrial estates and warehousing/distribution centres.

History

UK Commercial Property Trust was established in 2006 in Guernsey, prior to the introduction of REIT legislation in 2007, which made on-shore property investment companies more tax-efficient. It acquired its initial portfolio of properties from Phoenix & London Assurance/Phoenix Life & Pensions Limited in 2007 for £503.6m; the portfolio was then yielding under 5%.[2]

Having launched near the top of the market, following the market downturn in 2007–2008, a merger with F&C Commercial Property Trust, a fellow FTSE 250 property company was proposed in 2010. This was narrowly rejected by 50.07% of shareholders.[3]

The company changed its name from UK Commercial Property Trust to UK Commercial Property REIT in 2022.[4]

In February 2024, the company announced it had reached a merger agreement with Tritax Big Box REIT.[5][6] It was reported that the combined firm would list it in the FTSE 100 Index with a valuation of £4 billion.[5][6]

References

  1. ^ "FTSE 250 Index Factsheet". FTSE Russell. Retrieved 22 August 2022.
  2. ^ UK commercial property trust acquires phoenix portfolio for £503m Property Magazine, 16 February 2007
  3. ^ Knife edge vote ends merger to create UK property giant The Telegraph, 10 August 2010
  4. ^ "UK Commercial Property REIT Limited". UK REIT. Retrieved 18 April 2023.
  5. ^ a b Howard, Tom (12 February 2024). "Warehouse owner Tritax agrees £4bn merger deal". ISSN 0140-0460. Retrieved 12 February 2024.
  6. ^ a b "Tritax Big Box and UKCM agree £900mn takeover deal". www.ft.com. Retrieved 12 February 2024.

External links


This page was last edited on 12 February 2024, at 12:25
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