The board of Italian property company Aedes has approved conversion to a SIIQ, the Italian equivalent of the real estate investment vehicle (REIT). The decision follows the approval in late December of legislation to introduce the tax-efficient trusts as part of Italy's 2007 budget law. Although the Italian REIT is expected to come into force on June 30 2007, the board of Aedes has already 'authorised the ceo to take the preliminary steps necessary to convert to REIT status'.
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