Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

LR 6.12 Specialist companies: property companies

LR 6.12.1RRP

1Where a property company applies for the admission of its equity shares to a premium listing and cannot comply with LR 6.3.1R because it does not have a revenue earning track record:

  1. (1)

    the property company must demonstrate that it has three years of development of its real estate assets represented by increases of the gross asset value of its real estate assets:

    1. (a)

      evidenced by the historical financial information required by LR 6.2.1R; and

    2. (b)

      supported by a published property valuation report; or

  2. (2)

    the property company must demonstrate that 75% of the gross asset value of an applicant’s real estate assets, as supported by a published property valuation report, are revenue generating at the point in time when the application for admission of the equity shares to a premium listing is made.

LR 6.12.2GRP

1For the purposes of LR 6.12.1R, the property valuation report should be published in the applicant’s prospectus.

LR 6.12.3RRP

1Where a property company is relying on LR 6.12.1R(2) and cannot comply with LR 6.2.1R(1) because it has been operating for a shorter period:

  1. (1)

    the property company must have published or filed historical financial information since the inception of its business; and

  2. (2)

    the following apply to the property company only with regard to the period for which it has published or filed historical financial information under (1):

    1. (a)

      LR 6.2.1R(2), LR 6.2.1R(3) and LR 6.2.1R(4) (content of historical financial information); and

    2. (b)

      LR 6.2.4R and LR 6.2.6R (audit requirements for historical financial information).