UK Commercial Property REIT, formerly UK Commercial Property Trust, is a large
British investment trust
An investment trust is a form of investment fund found mostly in the United Kingdom and Japan. Investment trusts are constituted as public limited companies and are therefore closed ended since the fund managers cannot redeem or create shares.
...
dedicated to investments in
UK commercial properties. Established in 2006, the company is a constituent of the
FTSE 250 Index
The FTSE 250 Index ( "Footsie") is a capitalisation-weighted index consisting of the 101st to the 350th largest companies listed on the London Stock Exchange. Promotions and demotions to and from the index occur quarterly in March, June, Septemb ...
. The
chairman
The chairperson, also chairman, chairwoman or chair, is the presiding officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office, who is typically elected or appointed by members of the grou ...
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
A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, including office and apartment buildings, warehouses, hospitals, shopping ce ...
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%.
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.
The company changed its name from UK Commercial Property Trust to UK Commercial Property REIT in 2022.
References
External links
Official Site
Investment trusts of the United Kingdom
British companies established in 2006
Real estate companies established in 2006
Financial services companies established in 2006
Companies listed on the London Stock Exchange
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