A second wave of conversions has brought the number of UK quoted property companies operating as tax-efficient real estate investment trust vehicles (REITs) to 13. Three listed property investment companies have become the latest to convert. London-based Shaftesbury, Warner Estate, and Reading-based McKay Securities, which has property assets of £ 285 mln (EUR 419 mln), adopted the status as of 1 April.
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.
