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REITs
ABOUT REITs
Real Estate Investment Trusts (REITs) are designed to offer investors income and capital appreciation from rented property assets in a tax-efficient way, with a return more closely aligned with direct property investment. This is achieved by taking away the 'double taxation' (corporation tax plus the tax on dividends) of ordinary property funds.
The introduction of UK REITs creates an opportunity for a wide range of investors to invest in property as an asset class by creating a more liquid and tax-efficient vehicle.
REITs are already an established part of the stock market in the US and many other countries including Australia and the Netherlands. Here in the UK, the Government first announced its intention to launch REITs back in 1997 and the long awaited introduction of the UK REIT occurred on 1 January 2007.
REITs has been an issue that has been identified by the firm for some time as an area of interest, it was clear that it would revolutionise the real estate market in the UK. It’s a really big issue for many of our client base and, indirectly, a wide range of others in the industry.
DOWNLOADS
We co-sponsored the Property Week UK REITs Guide (with British Land, Rothschilds and REITA.Org) that was distributed in the 8th December issue. If you would like to view the publication, please click the date link.
We have contributed several chapters to The London Stock Exchange guide to UK REITs, which was distributed on 15th December. If you would like to download a PDF of the publication, please click the date link.
If you would like to download a PDF of our guide to the UK REITs legislation, please click the link.
We have developed a comparative chart that illustrates the differences between UK, US, French and German REITs. To download the PDF please click on link.
EXPERIENCE
The team advised four out of nine of the quoted property companies that converted to UK REITs on 1 January 2007:
- SEGRO;
- Great Portland Estates plc;
- Primary Health Properties plc; and
- Land Securities Group plc (re certain aspects of its REIT conversion, including restructuring work).
This has given the firm huge REIT experience and significant REIT clients, far exceeding any other law firm. This cements the team's reputation as a leader for the real estate industry in the corporate real estate arena.
Acting on these REIT conversions involved multi-disciplinary teams at Nabarro including real estate, tax and corporate partners.
CONTACT POINT
Chris Luck leads on the firm’s REIT work and took a leading role in relation to each of the REIT conversions. He may be contacted as follows:
T: +44 (0)20 7524 6294
Chris is truly an expert in the REIT field. He is part of the BPF/IPF/RICS working REITs group and its discussions with HM Treasury and the UKLA. He was co-contributor (with tax partner Michael Cant) to both the London Stock Exchange’s Guide and the Property Week Guide to UK REITs. Chris is also an expert contributor to the London Stock Exchange’s website on UK REITs.
