Great Portland to pay EUR 43 mln to become REIT

UK-based Great Portland Estates (GPE) will pay EUR 43.2 mln to convert to one of the first real estate investment trusts (REIT) in the UK. GPE estimates that the switch would eliminate tax liabilities of almost EUR 193.4 mln. The group also announced on Wednesday that the valuation of its properties, as on December 31, 2006, was EUR 2.159 bn including the share of its joint venture assets, which amounts to an increase in value of about EUR 124 mln or 6.1%.

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