Word on the Street: The first in the raft of Reits to come

In what is expected to be the first in raft of Real Estate Investment Trust launches starting in Jan...

In what is expected to be the first in raft of Real Estate Investment Trust launches starting in January, property investment and management company Land Securities has said it expects to have converted to a Reit by mid next year. Martin Greenslade, group finance director of Land Securities, said the financial reasons for such a move are compelling. “We expect our conversion charge to be roughly £270m but the tax saving will be in the region of £75m per year,” he added. While the conversion will be possible from 1 January, the group said it may wait until the end of its tax year depending...