Senior figures from the UK property industry today opened the markets at the London Stock Exchange to celebrate the commencement of the UK REIT regime and the launch of a new UK REIT index.

Christopher Gibson-Smith, Chairman of the London Stock Exchange, said:

"We are delighted to celebrate the commencement of the UK Reit regime. The Exchange has worked hard with the UK property industry and with government to ensure the best possible conditions for UK REITs, and we are confident that the result will be cheaper capital-raising for companies, and more opportunities for investors."

The event was attended by chairmen and chief executives from six of the nine companies which have already converted, together with British Property Federation (BPF) chief executive Liz Peace and representatives from the Treasury and Inland Revenue.

Liz Peace said the establishment of the REITs market was a testament to the success of the BPF's three year campaign for UK REITs and she thanked those who had instigated the move to get REITs introduced – David Hunter, Nick Ritblat, Stuart Beevor, Ian Marcus and John Gellatly.

Liz Peace said: "I think REITs will lead to a consolidation and steady improvement on the gains made by the quoted sector. Some of the larger firms have enjoyed share booms of around 25 per cent."

For further information, please contact:

David Hunter, Managing Director, Hunter Advisers   0141 204 4041
Andrew Teacher, BPF media manager   020 7802 0113

Note to Editors:

David Hunter was President of the British Property Federation in 2003–04, during which time exceptional progress was made in negotiations with Government on the introduction of UK REITs.