British Land’s indication that it will “in principle” convert to Reit status in early 2007 is an interesting test case for the impact of traditional CMBS issuers converting to Reits. The property company is expected to redeem its long-dated unsecured debt in order to crystallize this loss before conversion, and the company has also stated that it might consider “the introduction of a fund format to the [Meadowhall Shopping Centre’s] ownership structure” in future. ...
