Germany's lower chamber, the Bundestag, approved the introduction of the German real estate investment trust (G-REIT) on Friday. Now the final hurdle for the G-REIT will be in the upper house, the Bundesrat, on March 30. At this stage, however, no further changes are expected to the legislation, which will be effective retroactively as of January 1, 2007.
The Grand Hotel Imperiale in Forte dei Marmi, Italy has been sold to UAE-based real estate company Emaar Properties, owner of renowned buildings such as the Burj Khalifa and the Dubai Mall.
