A pioneering structure for securitizing UK property has been devised by the Grantchester Group, BZW and London law firm Wilde Sapte in a £100 million ($167 million) issue of debentures launched at the end of last year.
Many attempts have been made to turn UK property into a more liquid market. PINCs and, more recently, APUTs will be remembered by some as attempts to launch unit trusts specializing in commercial property investment. But so far the UK has lagged the US whose REIT structure (real-estate investment trust) is now commonplace.
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