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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Mill Res | LSE:MRR | London | Ordinary Share | GB00BTDY6Q96 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 81.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
13 February 2015 Mill Residential REIT plc (the "Company") Appointment of Joint Broker Mill Residential REIT plc announces that finnCap Limited has today been appointed as joint broker to the Company. Sanlam Securities UK Limited continues to act as nominated adviser and joint broker to the Company. For further information please contact: Mill Residential REIT plc 020 7930 8600 David Toplas/Simon Phillips Sanlam Securities UK (Nominated Adviser and Joint Broker) 020 7628 2200 Virginia Bull/Max Bascombe finnCap Limited (Joint Broker) 020 7220 0500 Tom Jenkins Positive Profile (Financial PR) 07774 228845 Henry Gewanter About Mill Group Residential Mill Group Residential is an independent specialist residential investment manager with a successful track record of more than 20 years. The group's focus is on long-term income generation through targeted asset acquisition and active management in the residential sector. The private rented sector is a key strategic planned area of growth for the group. Since 1994, Mill Group has demonstrated its expertise in conceiving, building and operating social infrastructure and residential property funds. The team has managed £2.5bn of assets, including £1bn of residential property across a number of successful platforms. What is a UK-REIT? In brief, a UK real estate investment trust (REIT) is a company that owns, and in most cases, manages income-producing real estate. Modelled after mutual funds, REITs provide investors of all types stable income streams, diversification and long-term capital appreciation. Rental income of the REIT will, in most cases, be exempt from UK taxation. REITs are required to pay out 90% of their calculated net exempt income as a special type of dividend (known as a property income distribution or PID) to shareholders. In turn, shareholders will be subject to tax on those dividends (unless falling within certain exemptions such as registered pension schemes or charities). REITs allow anyone to invest in portfolios of properties the same way they invest in other industries i.e. through the purchase of shares in the REIT. In the same way shareholders benefit by owning shares in other corporations, the shareholders of a REIT earn a share of the income produced through real estate investment without actually having to go out and buy or finance property. PIDs are therefore subject to taxation as if they are a separate property income stream. REITs also have the advantage of being exempt from corporation tax on most property capital gains, which brings various benefits such as having a competitive advantage on corporate acquisitions. This benefit can potentially be shared with the vendor to increase their post-tax proceeds and reduce the REITs purchase price. In the UK, REITs own many types of commercial real estate, ranging from office and apartment buildings to warehouses, hospitals, shopping centres and hotels. Mill Residential REIT would be the first REIT focused solely on the mainstream, UK residential property market.
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