The F&C UK Real Estate Investments trust is to convert to a REIT after shareholders approved the proposed move at an extraordinary general meeting today.
The £317m portfolio, which aims to deliver income as well as the potential for capital growth, expects to enter the UK REIT regime with effect from 1 January 2015.
Commenting on the upcoming switch McBryde says: “It’s good for shareholders as it improves the dividend cover and the company’s tax position. It allows us to move the company on to the next phase of growth. As previously announced the company is considering further share issuance in 2015.”
Launched in June 2004, the Guernsey-registered investment trust is managed by Ian McBryde. Since inception he has delivered a total return of 103 per cent since versus a Property peer group mean average performance of 32 per cent to 18 December.
In the past 12 months it has returned 20 per cent against a sector average of 16 per cent.
The trust was previously named IRP Property Investments. On 11 April last year it was merged with ISIS Property Trust and renamed.