Redefine Int'l Completes Conversion To REIT Status

By Editorial 09 December, 2013

Redefine International completed its conversion to real estate investment trust (REIT) status on December 04, 2013, according to a press release from the company.

The company is expected to have a market capitalization of about GBP580m, based on its December 03 closing share price and including 98m new ordinary shares to be issued on December 06, 2013. This would make it the 13th largest REIT in the UK. As of August 31, 2013 its total assets amounted to GBP1.06bn.

The REIT structure will enable the company to reach a broader investor base and will allow it to enjoy a measure of protection from corporation tax in return for an obligation to distribute 90 percent of its taxable profits to shareholders. As a REIT the company will be exempt from UK direct taxes on the income and capital gains from its qualifying UK property rental business.

The company's portfolio includes offices, retail properties, hotels, and a 13.7 percent stake in Cromwell, a leading Australian REIT.

It is listed on both the London Stock Exchange and the Johannesburg Stock Exchange.

Tags: Tax | Investment | Business | Real-estate Investment | Real-estate | Corporation Tax | United Kingdom | Retail | Expats |


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