The period for responses to the latest government paper on UK REITs expired 27 May 2005. The government had expressed a desire to receive shorter and fewer responses than it did to the first consultation document, and accordingly the property industry has in general left it to the BPF, IPF, RICS and other representative organisations to pursue the debate with the Treasury.
Whilst CMS Cameron McKenna continues to discuss the UK REIT regime and its possible shape with clients, we did not submit a paper generally on the proposal.
However, because CMS Cameron McKenna has taken the lead on protecting and promoting the interests of the hotel sector in relation to REITs, we, in conjunction with Jones Lang LaSalle Hotels and Hotel Analyst, have undertaken a further consultation within this sector and put together a limited response dealing with hotel-related issues. Some of the points raised may, however, be of more general importance, in particular for owners of shopping centres and other high value assets, given the proposed rules on diversification.
You are welcome to review our submission by clicking here. This will open a PDF in a new window.
We remain of course delighted to advise in relation to both hotel and other sector specific issues as well as on general real estate aspects of the introduction and operation of the new UK REIT.
