The British Treasury is to earn a £1 bn-plus 'windfall' in 2007 from the conversion charge that property companies must pay when they opt for tax-efficient real estate investment trust (REIT) status, according to a report in a British newspaper.
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.
