A majority (99.8%) of shareholders has approved the conversion of listed German property company Hamborner into a real estate investment trust (REIT), clearing the way for the creation of the third G-REITafter Alstria Office REIT and Fair Value REIT.
A majority (99.8%) of shareholders has approved the conversion of listed German property company Hamborner into a real estate investment trust (REIT), clearing the way for the creation of the third G-REITafter Alstria Office REIT and Fair Value REIT.
Duisburg-based Hamborner, whose principal activity is the acquisition and management of land and property, said it will first register as a pre-REIT before full conversion takes place on 1 January 2010. Conversion to REIT status was approved at a shareholders' meeting on 9 June.
Hamborner said REIT status offered only advantages. 'As a REITwe will become more attractive for shareholders, in particular for private shareholders and institutional invesors who are themselves tax-free,' company directors Rüdiger Mrotzek and Hans Richard Schmitz said in a press release.
