Shareholders of British Land have voted by a landslide in favour of converting the UK property major to a tax-efficient real estate investment trust (REIT) on January 1 next year. Some 307,858,857 votes, 99.98% of the total, were cast in favour of the board's proposal, while only 67,972 votes, or 0.02%, opposed REIT conversion.
Shareholders of British Land have voted by a landslide in favour of converting the UK property major to a tax-efficient real estate investment trust (REIT) on January 1 next year. Some 307,858,857 votes, 99.98% of the total, were cast in favour of the board's proposal, while only 67,972 votes, or 0.02%, opposed REIT conversion.
Forbes news wire reported in mid December that British Land's share price closed up 32 pence to 1,662 pence on reports that a Russian billionaire is looking to buy the company once it becomes a REIT. While the identity of the potential buyer was not revealed, Forbes said Roman Abramovich would be top of the list of candidates.
Abramovich lives in London and is thought to be worth $18.2 bn (EUR 13.8 bn). He is best known in western Europe as the owner of English soccer club Chelsea. On Thursday the Russian media reported Abramovich, the richest man in Russia, has resigned from his hobby job as as governor of the Russian Far Eastern region of Chuhotka. Abramovich's businesses include significant real estate interests in Moscow.
Meanwhile, British Land confirmed on December 12 that it has exchanged contracts to sell two retail parks in the UK to Invista Fund Management for a total of £30.3 mln (EUR 45.1 mln).
The 4,900 m2 Queens Road Retail Park in Sheffield was sold for £16.8 mln, reflecting an initial yield of 4.95%. The Great Bridge Retail Park in west Bromwich, with more than 3,000 m2 of lettable space, was purchased by Invista for £13.5 mln. This transaction reflected an initial yield of 3.5%.
Wilkinson Williams acted for British land and Morgan Williams advised Invista.
