UK Commercial Property Trust, the £1.4bn listed trust managed by Standard Life Investments, plans to convert to a REIT in July.
The investor said it had receive confirmation that its largest shareholder, Phoenix Life, supports its proposed REIT conversion which it has pencilled in for 1 July, subject to shareholder approval.
It also announced strong returns in its full year results including an NAV total return of 12.2%, up from 3.8% in 2016, driven by above benchmark portfolio total return of 12.2% which was close to three times the 4.4% it delivered in 2016.
The IPD benchmark return for the period was 10.7%.
More soon.
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