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.
| Company type | Public |
|---|---|
| Industry | Financial services |
| Founded | 2006 |
| Headquarters | , |
Key people | Ken McCullagh (Chairman) |
| Products | Investment trust |
| Website | www |
History edit
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 edit
- ^ "FTSE 250 Index Factsheet". FTSE Russell. Retrieved 22 August 2022.
- ^ UK commercial property trust acquires phoenix portfolio for £503m Property Magazine, 16 February 2007
- ^ Knife edge vote ends merger to create UK property giant The Telegraph, 10 August 2010
- ^ "UK Commercial Property REIT Limited". UK REIT. Retrieved 18 April 2023.
- ^ a b Howard, Tom (12 February 2024). "Warehouse owner Tritax agrees £4bn merger deal". ISSN 0140-0460. Retrieved 12 February 2024.
- ^ a b "Tritax Big Box and UKCM agree £900mn takeover deal". www.ft.com. Retrieved 12 February 2024.
External links edit
 | This article about a financial services company in the United Kingdom is a stub. You can help Wikipedia by expanding it. |