X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the industrial market, click here.)

LONDON-Slough Estates has become the latest quoted property company to announce its intentions to convert to REIT status next year. All five of the property companies in the FTSE 100 have now signaled their intention to convert.

“The major restructuring of the UK business in 2005 has helped to deliver good results,” says chief executive Ian Coull in a statement. “Our Continental European business has rewarded our investment with a lettings-performance ahead of our expectations. The business is in good shape to maximize its opportunities in a REIT environment.”

According to the company’s website, Slough develops and invests in property located in the UK, Continental Europe and North America. The focus is on edge-of-town, flexible business space providing multi-use facilities for industrial and office.

The company would convert to REIT status on Jan. 1 if the move is approved at a shareholder meeting in the fourth quarter of this year. The statement adds: “We believe that Slough Estates will represent an attractive REIT investment. We have a strong concentration on a specific asset category focused on flexible business space with a high-quality income profile, a diversified customer base, financial strength and good growth prospects.”

In the UK, Slough has started construction on nearly 58,000 sm of new development projects, and officials say the UK portfolio has increased by 6.7% in value. Its operations in Continental Europe have doubled in size since the integration of acquisitions at the end of 2005. Slough officials say they expect increased occupier demand in Europe, adding that they were receiving high levels of enquiries without needing to offer incentives.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.