2nd Jan 2007 07:01
British Land Co PLC02 January 2007 1 January 2007 NEW CHAIRMAN AND REITS 'GO LIVE' Chris Gibson-Smith becomes Chairman of British Land today as it enters a new erawith the Real Estate Investment Trust (REIT) regime "going live" in the UK. Hejoined the British Land Board in 2003 and was appointed Deputy Chairman insummer 2006 as Sir John Ritblat announced his retirement. Stephen Hester, Chief Executive, British Land, said: "We are delighted towelcome Chris as our new Chairman and fortunate to have his talent andexperience. The company is well positioned and looking forward to the futurewith confidence." British Land has elected for REIT status and from today becomes a flagship ofthe new regime with the largest REIT portfolio. To give effect to REIT statusthe company will pay a one-off conversion charge in excess of £300 million andsubmit to the accompanying rules on business focus, gearing and dividends.British Land becomes substantially free of UK taxes on both income and capitalgains. The company has already announced a move to quarterly dividend paymentsand that it expects the first full year REIT dividends to be at least 33 penceper share, an increase of 94 per cent on 2005/2006. Stephen Hester said: "This is an important time for UK real estate. The benefitsof REITs are immediate in terms of their boost to investors in the quotedproperty sector and those companies joining the regime. Until today, quotedproperty companies have had to operate at a considerable disadvantage to otherproperty investment vehicles. REITs redress the balance and should make thesector more attractive to investors, old and new. Over time, the potentialexists for property to play a more prominent role in people's savings whistplaying a vital role in the economy - modernising our built environment. "The new REIT regime facilitates British Land's property-led strategy. We remainfocused on providing customers with the modern, efficient premises they desireand investors with the growing, secure cashflows thereby arising." Ends Notes to Editors: Chris Gibson-Smith, aged 61 years, joined the Company as a non-executivedirector in January 2003. He is Chairman of the London Stock Exchange, aTrustee of Arts and Business, Trustee of the London Business School and adirector of Qatar Financial Centre Authority. Formerly he was a Group Managing Director of BP plc and subsequently Chairman ofNational Air Traffic Services Limited, a non-executive director of LloydsTSBGroup PLC and a Trustee of the Institute of Public Policy Research. Media Enquiries: Laura de VereThe British Land Company PLC Tel: +44 20 7467 2920/Mob: 0773 929 2920 Gordon SimpsonFinsbury Tel.: +44 20 7251 3801/Mob: 0777 873 9237 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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