A trustee may acquire freehold or leasehold land in the United Kingdom—
as an investment,
for occupation by a beneficiary, or
for any other reason.
"Freehold or leasehold land" means—
in relation to England and Wales, a legal estate in land,
in relation to Scotland—
the estate or interest of the proprietor of the dominium utile or, in the case of land not held on feudal tenure, the estate or interest of the owner, or
a tenancy, and
in relation to Northern Ireland, a legal estate in land, including land held under a fee farm grant.
For the purpose of exercising his functions as a trustee, a trustee who acquires land under this section has all the powers of an absolute owner in relation to the land.