REITs
We are the second largest market for all listed UK Real Estate Investment Trusts.
Why TISE?
With more than 45% of all listed UK Real Estate Investment Trusts (REITs) admitted to our Official List, we are the second largest market for listed UK REITs.
Our straightforward approach makes us an ideal venue for listing these structures.
TISE fulfils the requirements of being a Recognised Stock Exchange for those vehicles which require a listing to qualify as a UK REIT. Whilst a number of changes to the UK REIT regime has meant certain structures no longer require a listing in order to enter the regime, TISE continues to see a healthy flow of applications from REITs who take comfort from the certainty provided by a listing on TISE.
Comfort is achieved through a proven, efficient, pragmatic and cost-effective admissions process.
This also has the advantage of delivering the wider benefits of listing, such as enhanced corporate governance, which are viewed positively by investors and other market participants, and which can be of significant ongoing benefit.
Innovative
Under our Listing Rules, REITs are exempt from our normal equity free-float rule requiring 25% of the issued share capital to be held in public hands. This is particularly attractive for those REITs where there are a smaller number of institutional investors and especially, where they are likely to be long-term holders and therefore do not require significant levels of liquidity.
We also take a pragmatic approach to disclosure requirements, which aim to provide investors with sufficient information without imposing unnecessarily onerous demands.
Closely held REITs may be eligible for admission under the Specialist Companies Equity Listing Rules and Fees. Designed for Specialist Companies which are issuing equity securities intended to be held by qualified investors and with no expectation of trading or frequent transferring of the securities, the Specialist Company Listing Rules are more streamlined and flexible than the Equity Market Listing Rules focused on trading companies and investment vehicles. Visit our Specialist Companies page here.
Competitive
Initial and annual fees are fixed by product type, rather than varying by market capitalisation, and are not only competitive compared to other similar exchanges but more reasonable than larger exchanges, considerably so in some cases.
Responsive
Initial applications for listing will receive our response within 3 business days from submission and subsequent reviews will be carried out within 1 business day. The Exchange is also able to consider more unusual transactions and is experienced in listing several UK REITs that are incorporated outside of the UK.