The period for responses to the latest government paper on UK REITs has expired. The government had expressed a desire to receive shorter and fewer responses than it did to the first consultation document, and accordingly the property industry has in general left it to the BPF, IPF, RICS and other representative organisations to pursue the debate with the Treasury.
Whilst CMS Cameron McKenna continues to discuss the UK REIT regime and its possible shape with clients, we did not submit a paper generally on the proposal.
However, because CMS Cameron McKenna has taken the lead on protecting and promoting the interests of the hotel sector in relation to REITs, we, in conjunction with Jones Lang LaSalle Hotels and Hotel Analyst, have undertaken a further consultation within this sector and put together a limited response dealing with hotel related issues. Some of the points raised may, however, be of more general importance, in particular for owners of shopping centres and other high value assets, given the proposed rules on diversification. You are welcome to review our submission by using the following link:
http://www.law-now.com/media/pdfs/en/secured/REITsresponse2005.pdf
This article was written for Law-Now, CMS Cameron McKenna's free online information service. To register for Law-Now, please go to www.law-now.com/law-now/mondaq
Law-Now information is for general purposes and guidance only. The information and opinions expressed in all Law-Now articles are not necessarily comprehensive and do not purport to give professional or legal advice. All Law-Now information relates to circumstances prevailing at the date of its original publication and may not have been updated to reflect subsequent developments.
The original publication date for this article was 10/06/2005.
