UK pushes ahead with redefinition of REITs as institutional investors

first_img“By allowing overseas REITs to take significant interests in UK REITs,” Fletcher said, “the decision will ultimately increase the availability of capital to the UK market and at the same time promote the transfer of expertise, with widespread benefits for the whole industry.”Rosalind Rowe, real estate partner at PwC, noted that the government was reacting to a decline in debt since the “heady days of 2007”, when REITs were first launched in the UK.“But the market has changed,” Rowe added. “REITs have responded to the lack of bank debt by accessing new sources of capital, including increasing the number of joint ventures in which they participate.”She also said the move would allow the funds to be “more agile and diversify their holdings”.“Treating a REIT as an institutional investor does not place any barriers on the percentage of shares one REIT group can hold in another,” she said. ”This will enable the REIT and its co-investor to choose independently when to exit.” The UK government is to allow REITs to attract investment from rival listed property funds in an effort to increase liquidity in the market.The measure was confirmed as part of the coalition government’s autumn statement, which also saw plans announced to introduce a capital gains tax on property investments by overseas investors, after the coalition government initially announced its intention to change the definition of institutional investor during the 2013 Budget earlier this year.Liz Peace, chief executive of the British Property Federation (BPF), said of the changes: “This will increase the attractiveness of UK investment property by making it easier for REITs to raise funds through joint ventures and co-investment arrangements.”Ion Fletcher, director of finance at the organisation, added that it was very pleased the government had listened to its requests to alter the definition of institutional investor.last_img read more

Simona Halep beats Serena Williams to win first Wimbledon title

first_img Source: BBC Simona Halep won her first Wimbledon title and crushed Serena Williams’ latest bid for a record-equalling 24th Grand Slam title with a devastating 56-minute display of athleticism.The Romanian won 6-2 6-2 in front of an incredulous Centre Court, running after everything the American threw at her.“It was my best match,” the 27-year-old said after her second Grand Slam title following her 2018 French Open success.For 37-year-old Williams, it was a third major final defeat in 12 months.“She played out of her mind, it was a little bit deer in the headlights for me,” Williams said.Halep shows no nerves as expectation weighs on WilliamsWilliams, like in last year’s final defeat by Angelique Kerber, seemed weighed down by public and personal expectations as she quickly fell 4-0 behind in the opening set.Halep had said beforehand that she had no pressure on her and she that is exactly how she played.From the outset she looked relaxed and confident, attacking the Williams serve and keeping the rallies long and deep to force the American into errors.While Williams closed her eyes at changeovers to try to regroup, Halep kept her eyes on the prize and kept her cool to take the victory on her second match point when the American sent a forehand into the net.Halep’s level never dropped in an almost perfect display where she made just three unforced errors to Williams’ 26.Defeat means Williams’ wait for a first Grand Slam title since becoming a mum continues, as does her pursuit of an eighth Wimbledon singles title.last_img read more