Sirius Real Estate plans to turn its UK business into a real estate investment trust from next month.
Chief executive Andrew Coombs (pictured) described the conversion as “a natural progression” following the London-listed company’s acquisition of UK flexible office operator BizSpace last year.
The move will mean Sirius no longer pays corporation tax on income or gains from its property rental business and must pay 90% or more of its UK property rental business income to shareholders annually.
Sirius plans to make the conversion on 1 April, with new clauses for its articles of incorporation put to shareholders at its July annual general meeting.
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