Property Trust heads for Bermuda

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The Independent Online
THE PROPERTY Trust, which owns property in Dorking High Street, Surrey, and the Lune industrial estate at Lancaster, is proposing to change domicile from London to Bermuda while acquiring a one-third interest in a joint-venture development project in Guangzhou, China for pounds 12m, writes Terence Wilkinson.

It is buying the China interest from TS Cheng & Sons, a Hong Kong company which controls 45.6 per cent of The Property Trust. Cheng will be issued 'B' shares in the new Bermudan holding company, lifting its stake on full conversion to 76.8 per cent.

The City takeover code does not apply to Bermudan companies and there will be no obligation for Cheng to make a general offer to shareholders. Directors of The Property Trust intend to retain a London listing for the holding company and promise that not less than 25 per cent of its shares will remain in public hands.