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RealTime volume 3, issue 3

May 2010


Welcome to the third edition of our RE-PE news digest

Our news digest provides you with the latest European and Luxembourg regulatory changes, the latest developments in direct and indirect tax that impact the real estate and private equity industries. We have also captured the latest market trends within the industry.


Update on consolidation excemption for Luxembourg companies active in the private equity and venture capital industry

There has been a lot of debate regarding the impact on the audit opinions in case of non-compliance with the requirements for qualifying for the exemption of consolidation based on the 2-1 position paper issued by the CNC. The Institut des Réviseurs d'Entreprises (“IRE”) has issued their own set of recommendations which serves a guideline to qualify for the exemption.

This technical note is a guidance to help auditors in their decision making process when faced with non compliance of one of the 6 criteria that the CNC required the private equity and real estate unregulated companies to comply with to be in a position to benefit from the consolidation exemption. Particular attention should be paid to the guidance given with respect to criteria 5 and 6 which, in case of non compliance, may lead to a qualification in the audit report. The use of the CNC Note 2-1 must also be disclosed in the notes to the accounts.

IFRS LUX GAAP comparison

An increasing number of entities in Luxembourg need to comply with International Financial Reporting Standards (IFRS) as their acceptance is constantly growing worldwide and in Luxembourg. As a result, Deloitte in Luxembourg published the ‘IFRS versus LUX GAAP – A Comprehensive Comparison’ brochure. The document offers a comparison of the requirements of IFRS and LUX GAAP to provide a clear and practical overview of the most frequent differences between the two accounting frameworks’ implementation.

The brochure is available on the Deloitte Luxembourg website ( and upon request at

Market and trends

Private equity – The burning questions

Despite encouraging signs of recovery, private equity stakeholders continue to face many challenges. Our UK colleagues have discussed some key issues with industry experts. Please click on the questions below to find the answers provided by industry experts from Deloitte UK:

Private equity confidence survey

This 3rd annual Northern England private equity confidence survey issued by Deloitte UK which involved a sample of private equity investors (50%), bankers (33%) and lawyers (17%) from the North East and North West of England. Most of the respondents confirmed that confidence has consistently improved over 2009, but there is still caution around the prospects for the economy. To learn more about the other key findings in their survey, please click here.

Hotel market outlook

The Hotel market outlook is a comprehensive summary of the Hotel market outlook which capitalises on Deloitte’s extensive knowledge of the hospitality industry, enabling us to provide commentary and analysis on future trends, as predicted by the e-forecasting model, as well as historic ones. The outlook is produced using data from a consistent sample of hotels collected by STR Global Limited. This data is input into an econometric model developed by the independent economic research firm, e-forecasting Inc, to produce hotel performance outlooks for the London and Regional UK markets. Click here to read the latest version titled Double-digit growth predicted for London hoteliers in 2010.


The annual MIPIM trade show, which is designed for senior-level decision makers within the real estate market who want to develop business within their domestic and international markets, took place in Cannes, France from March 16-19. Luxembourg for Finance presented the real estate fund market in Luxembourg as well as an outline of the real estate investment vehicles available. Please click here to access the presentation.

Read more concerning the European news, and tax updates in the PDF below.



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