UK Commercial Property REIT

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.

UK Commercial Property REIT
TypePublic
IndustryFinancial services
Founded2006 (2006)
Headquarters
London
,
United Kingdom
Key people
Ken McCullagh (Chairman)
ProductsInvestment trust
Websitewww.ukcpreit.com

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]

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.


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