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German president signs off Reits

The German president has approved the G-Reit law, a move welcomed by the UK industry.

Reita, the UK promotional body for Reits, says the news follows ratification from the German parliament in March this year.

It says as this last hurdle has been taken and the law will be effective retro-actively from January 1, 2007.

Reita programme coordinator Dave Butler says: “The final hurdle in the way for G-Reits to come to market in Germany has been cleared. Reit legislation was approved by the upper and lower houses of the German parliament in March but was not binding until signed by the Federal President, which happened last week, allowing the legislation to come into force with retrospective effect from 1 January 2007.”

“Germany is Europe’s largest economy and is the 3rd largest real estate market in the world but it is under-represented in the listed arena with only 0.5% of it’s commercial real estate being available to investors via the stock market.”

Reita says this will improve the liquidity and transparency of the market, bringing a more entrepreneurial approach to property ownership which will, in turn, improve the efficiency of the broader economy.

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