UK Commercial Property Trust Ltd. shareholders approved the company's conversion into a real estate investment trust at the company's extraordinary general meeting on May 29.
The company's proposal for REIT conversion, which will be effective July 1, was approved by 100% of the eligible votes.
Following the conversion, which comes on the back of proposed restrictions on interest deductions for non-U.K. resident property companies, the company's name will be changed to UK Commercial Property REIT Ltd.
