Stenprop Ltd has voluntarily delisted from the Bermuda Stock Exchange, three months after it moved its jurisdiction of incorporation from Bermuda to Guernsey.

The company is now listed on the London Stock Exchange, and has kept its primary listing on the Johannesburg Stock Exchange.

Stenprop was founded in 2012 and had a registered office on Reid Street until it moved its incorporation to Guernsey in March. The company has converted to a UK REIT [real estate investment trust], gaining that status on May 1 when it became a UK tax resident.

It its annual report, Stenprop stated: “The decision to convert was driven by the changing tax environment in the UK, the fact that REITs are recognised as tax-efficient structures for investment in real estate and have a proven track record of attracting international capital, and that it will potentially improve after-tax returns for some shareholders.”

The company is establishing itself as a multi-let industrial business in the UK, and last year bought the portfolio and management platform of industrials.co.uk for £130.5 million ($172.3 million).

As of March 31, Stenprop had a real estate portfolio valued at £733.6 million ($968 million), with properties in the UK, Germany and Switzerland. Its full year earnings attributable to ordinary shareholders was £39.4 million ($52 million), up from £14.7 million the previous year.