Ernst & Young has confirmed it has become the latest member of the Reits and Quoted Property Group, the organisation behind the reita.org website and educational campaign.
The group, which was established to raise awareness and understanding of real estate investment trusts, now comprises 31 member companies.
Reits will be introduced to the UK on January 1, 2007.
The group includes eight of the biggest quoted property companies – some of which have announced that they intend to convert into Reits and others that are likely to maintain their current structure – nine of the leading fund managers, the LSE, 10 merchant banks and advisers, the British Property Federation and the Investment Property Forum.
E&Y’s UK real estate, hospitality and construction group consists of over 300 professionals serving the whole real estate market from construction to owners to owner-occupiers and investors, funds and private equity in asset classes ranging from traditional property investment through to PFI and infrastructure.
Reits and Quoted Property Group chairman Patrick Sumner says: “We are delighted to have Ernst & Young join the Group and will really value their input and support for the campaign. As one of the world’s leading consultancy groups to professional advisers in the property industry, they are already a core influencer in this very important market. Their support for the Reits and quoted property sector will be invaluable.”
E&Y partner, real estate, hospitality & construction Craig Hughes says: “We provide a full range of business, financial and advisory services both to those in the industry and to all those organisations which occupy and invest in property. By joining The Reits and Quoted Property Group, we aim to help lead the thinking on what lies ahead as the property sector evolves and opportunities arise for the sector to grow and prosper.”