Real Estate Investment Trusts and Major Corporates
The Real Estate Investment Trusts (REITs) and Major Corporates sector encompasses property investors and developers who are currently, or are hoping to become, REITs or listed on the London Stock Exchange (or whose parent is listed on an equivalent overseas exchange).
We expect significant growth in the sector in the short to medium term, largely as a result of changes to the REIT regime anticipated to take effect from July 2012.
We have a large multi-disciplinary team of dedicated REITs and Major Corporates specialists, headed by Phil Nicklin who is one of the Government’s key advisers on property tax and was one of the main architects of the REIT regime Phil is frequently quoted in the national and property press as the UK’s pre-eminent expert on REITs.
The majority of UK REITs are Deloitte clients, including eighteen of the twenty-two largest REITs.
Some of the services that our REITs and Major Corporates team offer include:
- Audit and assurance services, including property related accounting, company law and corporate governance matters;
- Tax compliance and consulting services, including structuring considerations for property and corporate acquisitions and disposals as well as specialist tax areas such as Tax Depreciation, Stamp Tax and Real Estate VAT;
- Transactions advisory services to help clients capture value from their transaction activity, including deal advisory, transaction support, mergers and acquisitions, structuring considerations, due diligence and modelling;
- Capital raisings, including fund advisory and placement services, joint venture arrangements, capital market strategies, sale and leasebacks, rights issues and IPOs;
- Real estate solutions and advisory services, including acquisitions, construction, investment, leasing, planning, property management and valuation services.
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Issues, trends & solutions within the REITs industry
Proposed changes to the REIT regime
Major changes to the REIT regime are expected to take effect from late July 2012, which will significantly increase the attractiveness of the regime to a wider investor pool.
Mortgage REITs and Social housing REITs
HM Treasury is currently looking into proposals to introduce mortgage REITs and social housing REITs. Extension of the REIT regime to these forms of investment would be a positive move for both property lenders and investors.
Entry into the REIT regime
Entry into the REIT regime will impact every area of a company’s operations. Companies will therefore need to consider a number of issues before deciding whether to become a REIT.
Refinancing & debt advisory
Refinancing continues to be a major issue for all our real estate clients, with up to £600bn of commercial property loans requiring refinancing within the next two years across Europe.
Distressed real estate opportunities
In this challenging economic environment, recognising and capitalising on the next opportunity is crucial. The growth of distressed real estate situations may offer valuable investment opportunities in real property or real estate backed debt.
Subsidiary deregulation
The Government’s consultation on widening the range of audit exemptions available under Companies Act 2006 was published on 6 October 2011.
Development of regulatory requirements for property companies
In the global economy, continued harmonisation of accounting and regulatory requirements continues, impacting property companies.
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