UK Commercial Property REIT

Last updated

UK Commercial Property REIT
Company type Public
LSE:  UKCM
Industry Financial services
Founded2006 (2006)
Headquarters,
Key people
Ken McCullagh (Chairman)
Products Investment trust
Website www.ukcpreit.com

UK Commercial Property REIT, formerly UK Commercial Property Trust, was a large British investment trust dedicated to investments in UK commercial properties. Established in 2006, the company was listed on the London Stock Exchange until it was merged with Tritax Big Box REIT. The chairman was Ken McCullagh. It invested in shopping centres, shops, office buildings and industrial estates and warehousing/distribution centres.

Contents

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%. [1]

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. [2]

The company changed its name from UK Commercial Property Trust to UK Commercial Property REIT in 2022. [3]

In February 2024, the company announced it had reached a merger agreement with Tritax Big Box REIT. [4] [5] It was reported that the combined business was likely be included in the FTSE 100 Index with a valuation of £4 billion. [4] [5] The transaction received shareholder approval on 2 May 2024, [6] allowing it to proceed to completion. [7]

Related Research Articles

A real estate investment trust 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 centers, hotels and commercial forests. Some REITs engage in financing real estate.

<span class="mw-page-title-main">FTSE 100 Index</span> British stock market index

The Financial Times Stock Exchange 100 Index, also called the FTSE 100 Index, FTSE 100, FTSE, or, informally, the "Footsie", is the United Kingdom's best-known stock market index of the 100 most highly capitalised blue chip companies listed on the London Stock Exchange. Founded in 1984 by Stock Exchange to better reflect activity on the market, it replaced the Financial Times own FT 30. A new index afforded Stock Exchange the opportunity to launch the options contract derived from the FTSE's real-time data while competitors LIFFE launched the futures contract. With Margaret Thatcher's sweeping financial deregulation that culminated in the Big Bang the combination of a new index, LIFFE tradable derivatives and promotion by the Financial Times lead to the FTSE 100 becoming the most widely used barometer of whether the UK stock market was rising or falling.

<span class="mw-page-title-main">Landsec</span> British real estate investment trust

Land Securities Group plc, trading as Landsec, is the largest commercial property development and investment company in the United Kingdom. The firm became a real estate investment trust (REIT) when REITs were introduced in the United Kingdom in January 2007. It is headquartered in London, England, and traded on the London Stock Exchange, and is a constituent of the FTSE 100 Index.

<span class="mw-page-title-main">Hammerson</span> British real estate company

Hammerson plc is a major British property development and investment company. The firm switched to real estate investment trust (REIT) status when they were introduced in the United Kingdom in January 2007. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index; it is also a constituent of the FTSE EPRA/NAREIT Developed Europe index, among others. The majority of Hammerson's portfolio is in the United Kingdom, but it also operates in continental Europe, including operations in France, Ireland, Spain, and Germany. It invests mainly in offices and retail premises.

<span class="mw-page-title-main">Segro</span> British real estate company

SEGRO plc is a British property investment and development company. It develops and invests in property located in the UK and Continental Europe focusing on edge of town flexible business space. The firm switched to Real Estate Investment Trust status when REITs were introduced in the United Kingdom in January 2007. The company is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.

Derwent London is a British-based property investment and development business. It is headquartered in London and is a constituent of the FTSE 250 Index.

<span class="mw-page-title-main">Workspace Group</span>

Workspace Group plc is a real estate investment trust based in London, England. Founded in 1987 by the privatisation of property assets of the former Greater London Council, the company lets office, industrial and workshop space to small and medium-sized enterprises. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

Balanced Commercial Property Trust, formerly BMO Commercial Property Trust, is a large British investment trust dedicated to investments in commercial properties. Established in 2005, the company, which was formerly known as F&C Commercial Property Trust, is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. The chairman is Martin Moore.

<span class="mw-page-title-main">Primary Health Properties</span>

Primary Health Properties plc is a British-based real estate investment trust, specialising in the rental of flexible and modern primary healthcare facilities within the United Kingdom and Ireland. The company is listed on the London Stock Exchange and is also a constituent of the FTSE 250 Index

Shaftesbury Capital, formerly Capital & Counties Properties plc, (Capco) is a United Kingdom-based property investment and development company focused on sites in the West End of London, including Covent Garden, Chinatown London and Carnaby Street, Soho.

LondonMetric Property plc is a British property company. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

<span class="mw-page-title-main">CapitaLand</span> Singaporean real estate organisation

CapitaLand is a real estate investment and management firm headquartered in Singapore. The company holds properties in over 40 countries. It has a stable of six listed real estate investment trusts and business trusts, as well as about 30 private vehicles. It pioneered REITs in Singapore with the listing of CapitaLand Mall Trust in 2002, now merged with CapitaLand Commercial Trust to form CapitaLand Integrated Commercial Trust.

<span class="mw-page-title-main">Prologis</span> American real estate company

Prologis, Inc. is a real estate investment trust headquartered in San Francisco, California that invests in logistics facilities. The company was formed through the merger of AMB Property Corporation and Prologis in June 2011, which made Prologis the largest industrial real estate company in the world. As of December 2022, the company owned 5,495 buildings comprising about 1.2 billion square feet in 19 countries across North America, Latin America, Europe, and Asia. According to The Economist, its business strategy is focused on warehouses that are located close to huge urban areas where land is scarce. It serves about 6,600 tenants. Prologis began to expand its non-real estate business, Essentials, in 2022, offering customers solar power, racking systems, forklifts, generators, EV charging infrastructure, and other logistics tech equipment for purchase.

Safestore is the UK’s largest and Europe’s second largest provider of self-storage. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

Tritax Big Box REIT is a Real estate investment trust investing in "Big Box" distribution centres. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

LXi REIT is a real estate investment trust based in London, England. It was listed on the London Stock Exchange until it was acquired by LondonMetric Property in March 2024.

<span class="mw-page-title-main">Abrdn</span> UK based investment company

Abrdn plc, formerly Standard Life Aberdeen plc, is a United Kingdom-based global investment company headquartered in Edinburgh, Scotland. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

<span class="mw-page-title-main">Supermarket Income REIT</span> Property Holding in London

Supermarket Income REIT is a property company which invests in retail property and holds a large portfolio of supermarkets. The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

Target Healthcare REIT is a property company which invests in healthcare and holds a large portfolio of care homes. The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

<span class="mw-page-title-main">Warehouse REIT</span>

Warehouse REIT is a property company which invests in the provision of warehousing. The company is listed on the London Stock Exchange.

References

  1. UK commercial property trust acquires phoenix portfolio for £503m Property Magazine, 16 February 2007
  2. Knife edge vote ends merger to create UK property giant The Telegraph, 10 August 2010
  3. "UK Commercial Property REIT Limited". UK REIT. Retrieved 18 April 2023.
  4. 1 2 Howard, Tom (12 February 2024). "Warehouse owner Tritax agrees £4bn merger deal". ISSN   0140-0460 . Retrieved 12 February 2024.
  5. 1 2 "Tritax Big Box and UKCM agree £900mn takeover deal". www.ft.com. Retrieved 12 February 2024.
  6. "Tritax Big Box REIT and UKCM merger wins shareholder approval". Property Week. Retrieved 15 May 2024.
  7. "Tritax Big Box REIT (UK): Merger with UK Commercial Property REIT Limited (UK) - Update: Changes in FTSE UK Index Series". 13 May 2024. Retrieved 15 May 2024.