FINANCE: Standard Life Investments is proposing to convert its £238m Property Income Trust into a REIT.
The decision, which is based on a review of the fund’s tax efficiency carried out last year, is subject to shareholder approval.
The REIT conversion is expected to become effective from 1 January 2015 if investors give the go-ahead.
The balanced fund launched in 2003 and has gearing of around 34%. South East offices account for 30% of the fund’s assets under management.
