Senior figures from the UK property industry today opened the markets at the London Stock Exchange to celebrate the commencement of the UK REIT regime and the launch of a new UK REIT index.
Christopher Gibson-Smith, Chairman of the London Stock Exchange, said:
“We are delighted to celebrate the commencement of the UK REIT regime. The Exchange has worked hard with the UK property industry and with government to ensure the best possible conditions for UK REITS, and we are confident that the result will be cheaper capital-raising for companies, and more opportunities for investors.
“With a total of 16 companies having already converted to REITs or confirmed their intention to convert, and a dedicated new index, UK REITs have got off to a good start as an asset class.”
Attending today’s event were: Francis Salway, Group Chief Executive of Land Securities Group plc; Stephen Hester, Chief Executive of British Land Company plc; John Nelson, Chairman of Hammerson plc; Nigel Rich CBE, Chairman of Slough Estates plc; David Fischel, Chief Executive of Liberty International plc; and Tony Hales, Chairman of Workspace Group plc, whose companies all became REITs at the start of January and are constituents of the new FTSE EPRA / NAREIT UK index.
The new index forms part of the FTSE EPRA/NAREIT Global REITs and Non-REITs Index Series. The index is currently composed of the nine companies that have already converted to REITs. Calculation commenced on 2 January.
