German government adopts REITs legislation

The German Coalition Cabinet has backed draft legislation for the introduction of real estate investment trusts (German REITS or G-Reits). As expected, properties that are 50% or more residential and built before 2007 have been excluded from the REITs. This is a bid by Finance minister Peer Steinbrueck (SPD) to placate the left of his party over fears of higher rents for tenants. The government has also forecast the new law will generate EUR 235 mln in tax revenues for regional authorities.

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