UK Commercial Property REIT

Last updated

UK Commercial Property REIT
Company type Public
Industry Financial services
Founded2006 (2006)
Headquarters
London
,
United Kingdom
Key people
Ken McCullagh (Chairman)
Products Investment trust
Website www.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.

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%. [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]

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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. 1 2 Howard, Tom (12 February 2024). "Warehouse owner Tritax agrees £4bn merger deal". ISSN   0140-0460 . Retrieved 12 February 2024.
  6. 1 2 "Tritax Big Box and UKCM agree £900mn takeover deal". www.ft.com. Retrieved 12 February 2024.


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