Slough Estates has issued an upbeat trading statement and announced a strategic review of its US business.
The group outlined options including “immediate or phased” sales, creating a joint venture or merging the company’s US business with a third party.
The company confirmed it is it is on track to convert to a UK REIT by 1 January 2007, and will establish a new dividend policy post REIT conversion.
It also announced plans to elect in to France’s tax exempt regime for real estate companies – the Sociétés d’Investissements Immobiliers Côtées (SIIC) from 1 January 2007.
This will follow a secondary listing of shares on Euronext, the French stock exchange, where the company has 40% of its European investment portfolio.
Updating on trading, the group said overall performance was in line with expectations.
In the UK the company said the strong momentum of lettings in the first half of the year has continued, with steady occupier demand being maintained in most areas of the business.
References: EGi News 16/11/06
