The West Midlands-based industrial developer announced today it would work towards REIT conversion on 1 July 2007

A&J Mucklow will be the 14th quoted property company to convert.

The cost of conversion will be based on the company's year-end valuation in June, but it is likely to be between £5m-£6m.

A&J Mucklow chairman Rupert Mucklow said: ‘The one-off payment will wipe out in excess of £25m.

‘It makes sense for both our shareholders and the company. Our business model fits nicely into a REIT now we are focusing more on development.’