We are the second largest market for all listed UK Real Estate Investment Trusts.
We are the second largest market for all listed UK REITs (Real Estate Investment Trusts). This is because we fulfil the requirements of being a Recognised Stock Exchange in order to meet UK REIT requirements, whilst also providing a pragmatic and cost-effective admissions process.
REITs are exempt from our normal equity free-float rule requiring 25% of the issued share capital to be held in public hands. This has proved 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. There has also been a recent trend towards TISE also proving attractive to more widely held REITs and this interest is expected to increase with use of our bespoke auction system, NOVA.
We are recognised for the purposes of investment by Self-Invested Personal Pensions (SIPPs) and UK Individual Savings Accounts (ISAs) and we are well known to institutional investor groups.
Initial and annual fees vary according to product type, rather than market capitalisation, and are competitive compared to other similar exchanges and more reasonable than larger exchanges, considerably so in some cases.
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 works with a number of UK REITs that are incorporated outside of the UK.