In QuotedData’s morning briefing 2 April 2025:
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Value and Indexed Property Income Trust (VIP) has formally entered the UK REIT regime, effective 1 April 2025. The move sees the company transition from investment trust status to that of a real estate investment trust (REIT), a change that brings with it a new tax treatment. The shift had been flagged in earlier announcements, with the board noting the potential benefits of adopting the REIT structure, particularly in aligning with peers and enhancing tax efficiency. As a REIT, VIP will now benefit from an exemption on corporation tax for qualifying property rental income, provided it meets certain distribution and compliance requirements. No changes have been announced to the trust’s investment strategy, which remains focused on delivering income and capital growth through a portfolio of UK commercial property assets.
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Great Portland Estates (GPE) has announced a further nine office lettings across its ‘fully managed’ offering, securing £7.2m of annual rent at an average of £215 per sq ft. This is 14.1% ahead of ERV and generates a 112% premium to an equivalent traditional office lease. The lettings are across 33,500 sq ft of newly refurbished office space in six GPE buildings to customers from a range of corporate sectors including financial services, asset management, and technology. Following the deals, total flex leasing across the GPE portfolio this financial year has risen to 123,300 sq ft, securing £24.5m in annual rent.
- A scheme document has been published for the recommended £448m all-cash offer for Care REIT (CRT) by US company CareTrust. A court meeting and general meeting has been set for 29 April where shareholder will vote on the proposal. It needs more than 75% of votes in favour to be passed.
We also have:
Value and Indexed Property Income outperforms as it enters REIT regime
Stories you may have missed from yesterday
Great year for Pantheon Infrastructure followed by first exit
