Is this the blueprint of the future for real estate companies?

Real estate

Increased shareholder engagement, demand for stronger corporate governance and an ongoing debate concerning closed or open ended offerings means real estate vehicles will certainly be on the agenda for some time says Michael Morris, chief executive, Picton Capital Limited.

The distinction between unlisted property vehicles, the investment company structure and the relationship with the manager is not always as straightforward as it might appear.  Often the vehicle is perceived as the ‘managers’, when legally this is not the case.  Part of this is by virtue of the branding, but there would appear to be a clearer demarcation in respect of the investment company structure, with the separate corporate entity benefiting from an exchange based pricing mechanism also. Set against a backdrop of a dramatic reversal in fortunes in the UK property market over the las...