Land Securities has estimated that it will have to pay a £315 mln (EUR 467 mln) conversion charge to the inland revenue in the UK next July following the company's decision last January to become a real estate investment trust (REIT). The charge represents 2% of the value of its REIT qualifying property assets as of December 31, 2006.
Listed REITs and banks, British Land, Capital & Regional and Wells Fargo, bought and sold four shopping centres and retail parks this week.
