REITs to stimulate demand from overseas in commercial property – Deloitte
The Minister for Finance has announced today the introduction of legislation to allow for the establishment of Real Estate Investment Trusts (REITS).
The proposal is welcomed as such vehicles are internationally recognised and should facilitate investment from non-resident institutional, private equity and pension groups in Irish commercial property. REITs are an established vehicle in the likes of the UK and the US.
Commenting, Padraic Whelan, Head of Real Estate & Infrastructure, Deloitte, said:
“It has been an open secret that dozens of potential investors are sitting on the sidelines waiting to pounce on Irish property assets. These measures on REITS proposed today will bring Ireland into line with international standards. It will make it easier for those investors who wish to buy into a portfolio of properties to do so and should help stimulate a recovery in the commercial property market.”
For full details of Deloitte’s commentary and analysis on Budget 2013, please visit www.deloitte.com/ie/budget2013.
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The information contained in this press release is correct at the time of going to press.
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