Elite Commercial Reit unit applies for TISE listing
MAINBOARD-LISTED Elite Commercial Reit has applied for its wholly-owned unit, Elite UK Commercial Holdings Limited (ECHL), to be listed on The International Stock Exchange (TISE) as a UK Reit by the third quarter.
Post-listing, Elite Commercial Reit will continue to hold 100 per cent of the shares in ECHL, said the manager in a regulatory filing on Friday.
It further said that the proposed listing puts the tax treatment of Elite Commercial Reit on par with that of other UK Reits.
Following the admission of ECHL on TISE - and according to the double taxation treaty between the UK and Singapore - it is expected that the principal tax rate applicable to Elite Commercial Reit will be reduced to 15 per cent from the current 19 per cent.
Further, any latent capital gains - and its corresponding deferred tax liabilities - of properties currently held by Elite Commercial Reit will be eliminated, said its manager.
While the listing of ECHL on TISE is expected to be completed by the third quarter, there is "no assurance" that it will be successfully completed, it added.
A NEWSLETTER FOR YOU
Property Insights
Get an exclusive analysis of real estate and property news in Singapore and beyond.
Prior to ECHL's listing, the income and gains of Elite Commercial Reit's subsidiaries in UK would continue to be subjected to the prevailing UK corporation tax.
Elite Commercial Reit, which debuted on the Singapore Exchange mainboard last February, is the first Reit denominated in the British pound to be listed here.
Its units closed unchanged at 66.5 Singapore cents on Friday.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Reits & Property
GuocoLand taps X factor to help tenants pull workers to offices amid hybrid work
ARA H-Trust Q1 net property income up marginally to US$6.4 million
Dasin Retail Trust’s trustee-manager chairman, directors deny allegations of misconduct
Keppel Infrastructure Trust posts 29.1% lower Q1 distributable income
Elite Commercial Reit’s Q1 DPU down 21.2% to £0.0067
CapitaLand India Trust to acquire 2.5 million sq ft of IT buildings in Hyderabad