9th Dec 2019 13:04
(Alliance News) - Capital & Counties Properties PLC on Monday confirmed it has joined the UK real estate investment trust regime.
As a result, the FTSE 250-listed property investment & development company will no longer pay UK direct tax on profits and gains from qualifying rental business, provided that legal conditions are met.
Last Monday, the company said trading performance on its property estate remains "encouraging", with footfall growth and average tenant sales continuing to trend upwards.
Meanwhile, the demand for office and residential space continued to be "strong", with high occupancy and rates of renewal.
Looking ahead, Capital & Counties said its "strong" balance sheet and "significant" financial flexibility positions it to capitalise on further investment opportunities.
Also on Monday last week, Capital & Counties said it completed the sale of its interest in Earls Court, west London for GBP425 million.
The stock was trading 0.9% higher in Johannesburg on Monday at ZAR49.82 a share, while in London, the shares were 0.2% lower at 259.40 pence each.
By Paul McGowan; [email protected]
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