Real Estate Investment Trusts (REITs) have been introduced in Spain. Act 11/2009, which came into effect on 28.10.2009, allows listed real estate investment companies to be set up under the name of Sociedades Cotizadas de Inversión en el Mercado Inmobiliario (SOCIMI). The law applies retrospectively for tax assessment periods from 1 January 2009 onwards.
Legal & General Investment Management’s (LGIM’s) managed fund has acquired Tesco Yarrow Road Poole from clients of abrdn for £46.1 mln (€54 mln).
