Industry criticises UK Reit structure

The attempts by the UK government to create an equivalent to the successful US Real Estate Investment Trust structure will end in failure if current proposals are adopted, according to industry commentators. Law firm Berwin Leighton Paisner said the recent consultation paper, which outlines the structure of what will be called a Property Investment Fund (PIF), asks more questions than it answers, and sets the scene for a long, tough negotiation between the government and the property industry. The British government wants the PIF to be a very safe investment and, therefore, is takin...