An evaluation of impact on the U.K. commercial real estate market following the introduction of U.S.-style Real Estate Investment Trusts (REIT).
Written in 2004; 11,808 words; 19 sources; MLA; $ 229.95
Paper Summary:
This paper analyzes the impact of the proposed REIT on the U.K. commercial real estate market and the benefits that they can provide the investing community. In view of its dynamic nature and complicated taxation and legal issues, it is necessary to make a thorough investigation of all pros and cons of REIT before the U.K. authorities go ahead with implementation. The U.S. is perhaps the most advanced market for REIT in terms of size, growth, and sophistication. A few countries, such as Germany, the Netherlands, Australia, Japan, Singapore, and Korea have REIT structures, and many of them are quite successful. The paper examines the impact of REIT on the U.K. market by analyzing the REIT mechanisms in the U.S. and other nations, such as Australia and Japan. The successful evolution of REIT in the U.S. is traced from its early years, and the impact of favorable legislation to the success of investment vehicles is highlighted. The paper explores the taxation and legal implications for REIT under the present taxation regime in the United Kingdom. The paper considers the different forms and structures of REIT and highlights the advantages and disadvantages from the viewpoint of returns for the investors. The paper also stresses the importance of tax-efficient and investor-friendly policies in determining the success of the REIT. The paper concludes that the U.S.-styled REIT will have a favorable impact on the commercial real estate market in the U.K., and the paper recommends that REIT be introduced as soon as possible due to growing investor interest in real estate. The paper makes specific recommendations as to the manner in which REIT should be introduced in the U.K..
Table of Contents
1. Introduction
2. Hypothesis
3. Theoretical Framework for REIT
4. Research & Hypothesis Testing
- REIT in the US
- Proposed REIT Structure in the UK
- Critical Success Factors for REIT in the UK
- Taxation Issues in REIT
- REIT in Japan
- REIT in Australia
5. Conclusions and Recommendations
6. Appendix
7. Bibliography
From the Paper:
"A Real Estate Investment Trust (REIT) is defined as a corporation or a trust that accumulates capital from multiple investors to acquire and manage income property, called equity REIT and or mortgage loans, referred to as mortgage REIT. In many a sense, REITs are similar to equities as they are traded on major stock exchanges. REITs are eligible for several fiscal benefits compared to real ownership of properties. They are highly liquid and can be converted to cash in quick time, unlike the conventional real estate deals, where significant time elapses before a deal is completed. More importantly, REITs provide attractive opportunities to investors as they can share ownership in non-residential properties such as hotels, malls and industrial complexes. From the perspective of individuals, REITs are interesting because they have no minimum investment levels and hence affordability is not a major issue. In terms of returns on investment, they offer the comfort that they need not arise or fall in line with the overall market."
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