The International Stock Exchange (TISE) is now the listing venue for more than 40% of all UK Real Estate Investment Trusts (REITs).
TISE has seen its proportion of the UK REIT market grow from around 25% in 2016, to more than a third in 2019 and now it has reached more than 40%.
Cees Vermaas (pictured), CEO at TISE, commented: “While the UK REIT market has continued to grow during recent years, we have also seen increased recognition of TISE’s attractiveness as a listing venue for these vehicles.
"Our recognised stock exchange status, combined with our proportionate requirements and fees as well as our efficient application review process, has made us the listing venue of choice for REITs, especially where they are backed by institutional investors.”
Key figures
Publicly available information shows that there are approximately 90 UK REITs. Nearly all are admitted to markets of the London Stock Exchange or TISE, with 37 listed on TISE.
There is one REIT admitted to trading on the Aquis Stock Exchange (AQSE) Growth Market and recently, the International Property Stock Exchange (IPSX) admitted its first REIT to trading on IPSX Wholesale.
There have been eight newly listed REITs on TISE so far during 2021.
Starwood Capital Group has been behind two of the REITs to list on TISE this year. These were a master REIT and RDI REIT PLC, a REIT ultimately owned by two Starwood Capital Group funds and which was delisted from the LSE and the Johannesburg Stock Exchange (JSE) and listed on TISE.
It invests into the distribution and industrial sector, as well as its hotel and London serviced office operating platforms.
Jurisdiction spread
RDI REIT PLC has become the first Isle of Man-domiciled REIT to be listed on TISE.
While all entities wishing to use the HMRC-approved REIT regime must be UK tax resident, they can be incorporated in a range of jurisdictions.
The majority listed on TISE are either incorporated in England & Wales or Jersey, but RDI REIT PLC has become the first from the Isle of Man and the Man Group-backed GPM CH REIT Limited has become the first from Guernsey to be listed on TISE.
Another REIT to list on TISE is advised by a global investment manager headquartered in London and will invest predominantly in residential property in the UK that is structured as shared ownership units.
TISE-listed REITs this year have included investor groups from the UK, Europe, Asia and North America.