The UK’s biggest quoted property company today revealed it would have to pay £315m for the privilege of converting to a REIT.

Land Securites, the world’s fourth largest REIT announced the findings of a valuation of its entire investment holdings, including Land Securities Trillium, to establish its REIT conversion charge.

The value of Land Securities investment portfolio was pegged at £14.8bn. The figure represents growth of 1.6% since the company posted interim results on 30 September and appreciation of 8.7% since the end of LandSecs last financial year end of 31 March.

The qualifying assets owned by LandSecs Trillium were valued at £931.9m – more than £365m higher than their total book value on 31 December. The huge increase in the value of Trillium’s assets represents 78p to each LandSecs share.

Francis Salway, group chief executive said: ‘We have successfully converted to REIT status, a change which triggers a revaluation of our qualifying property assets outside our normal reporting timetable. We have provided clear differentiation in terms of our ability to generate future value for shareholders.’