Industrials REIT plans to enter the premium segment of the London Stock Exchange’s main market early next year.
The £543m REIT, which changed its name from Stenprop last month, is currently in the standard segment. A promotion would require it to prove that 75% of the business is supported by a revenue earning record of three years and would allow it access to the FTSE indices.
Paul Arenson, chief executive of Industrials REIT, confirmed the plans in a trading update this morning. “Following the rebrand of the company to Industrials REIT in September, we now enter the second half of the financial year during which we expect to move to the premium segment of the main market of the London Stock Exchange in early 2022.”
The REIT has been steadily increasing its multi-let industrial assets, which now account for 92% of its holdings. In the next quarter it plans to finalise the sale of its two remaining non-MLI properties, completing the REIT’s four-year transition into a 100% MLI company.
Arenson added: “Going forward, our focus will be on scaling the business and enhancing returns through our Industrials Hive operating platform.”
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