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UK Commercial Property gets shareholder OK for REIT conversion

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.