IMA unveils new property sector

The new sector will open on 1 January 2009, with monitoring beginning after the first quarter, after a grace period for setting up reporting systems and settling any technical issues. Certain fund styles will be identified as valid sub-groups, including property fund of funds, direct property, property securities, hybrid property - covering all geographical regions. In order to invest predominantly in property – the funds must invest at least 60% of their assets directly in property or at least 80% of their assets in property securities. However, when direct property holdings fall belo...