It was back in January that the London-based self-storage company Big Yellow Group PLC announced its intention to convert to a REIT. On March 16, that intention became a reality as the company confirmed its new REIT status, bringing the total number of U.K. REITs to 14.
“We believe that becoming a REIT will be a significant benefit to shareholders creating an enhanced level of future dividends in a more tax efficient and transparent structure,” says James Gibson, Big Yellow Group’s chief executive.
Approximately 70 percent of the U.K.’s listed property market, by market capitalization, has converted to REIT status.
