Derwent London has confirmed it is planning to convert to tax-efficient real estate investment trust (REIT) status on July 1, 2007. The group will be required to pay a one-off charge calculated. Set at 2% of the group's gross qualifying assets, this comes to £46 mln (EUR 71 mln). Derwent London was formed by the merger of Derwent Valley Holdings with London Merchant Securities last February.
The Grand Hotel Imperiale in Forte dei Marmi, Italy has been sold to UAE-based real estate company Emaar Properties, owner of renowned buildings such as the Burj Khalifa and the Dubai Mall.
