Highcroft Investments joins REITA campaign

Highcroft Investments has joined Reita, the educational and awareness campaign for real estate investment trusts (REITs) and property investment.

Oxford-based Highcroft achieved REIT status in April of this year and is currently the smallest UK listed REIT, with properties ranging from office blocks and high-street retail stores to out-of-town distribution centres. The company performed well as a REIT to date and has virtually no debt. Its top 10 properties account for some 65% of the portfolio, which is valued at over GBP32 mln (EUR39.7 mln).

'We have joined Reita to enable us to keep fully abreast of the issues affecting REITs and in order for us to have a more effective voice, within Reita, for making our views known,' said David Bowman, company secretary and finance director at Highcroft. 'We believe that working with Reita will improve awareness of our own REIT, as well as promoting greater understanding of the benefits of REITs as a whole, both for private investors and the broader industry.'

Bowman said his company was 'very well placed' to take advantage of an eventual recovery in the property market or of any distressed selling in the meantime. 'With a sound current portfolio, liquid assets in equities, significant ability to borrow and REIT status, the next two years might give the opportunity to lay the foundations for the next 10-15 years growth.'

'We are delighted to welcome Highcroft as our latest member,' said Dave Butler, head of external affairs at Reita. ' Although the company is currently the smallest listed UK REIT, with such a robust financial position, they are in an excellent situation to take advantage of the current and future market - as indeed are many low-geared REITs. Highcroft are a great example of the type of focussed and forward -ooking company which can help develop the REIT market of the future.'