Responding to the British Chancellor's pre-budget report (PRB), the education and awareness campaign for Real estate investment trusts (REITs), Reita, has urged the UK government to move on the issues of Residential REITs and the REITs listing rules.
Responding to the British Chancellor's pre-budget report (PRB), the education and awareness campaign for Real estate investment trusts (REITs), Reita, has urged the UK government to move on the issues of Residential REITs and the REITs listing rules.
Chancellor of the Exchequer Alistair Darling announced in his PBR earlier this week that the UK REIT regime, launched in January 2007, had 'been a marked success'. While welcoming the government's comments, Dave Butler, Reita programme coordinator, said that further action is needed. 'Although the regime has certainly been successful in persuading 16 existing property companies to convert - indeed they now represent more than 70% of the market capitalisation of the real estate sector - it has so far failed to promote new REITs. Only one, the Local Shopping REIT, has been launched successfully this year and 17 REITs do not yet make the dynamic market that we are all looking for.'
The reita.org portal provides expert knowledge, education and tools for professional financial advisers, other financial specialists and private investors. It is also the first dedicated educational resource for information on REITs and quoted property investment in the UK.