'Taking into consideration much-anticipated amendments to the implementing rules and regulations of the REIT
law by the SEC and the BBB infrastructure program of the Duterte administration, the issuance of the investment guidelines in REIT
for the insurance and pre-need companies is very timely to ensure that insurers and pre-need industry players are well-prepared,' he said.
The Insurance Commission (IC) has released the rules that will finally allow insurance companies to invest in real estate investment trusts (REITs
), the rollout of which had been put on hold for a decade due to then unresolved tax issues.
Under the new regulation, REIT
must have prior approval of the Securities and Exchange Commission and shall be limited to publicly-listed REIT
only for the investment to be treated as admitted assets of an insurance or pre-need company.
ISE-REIT plans to launch a REIT
scheme in Islamabad in the near future, he added.
borrowing must be restricted to amounts of not more than 50 percent of the UAE REIT
's total asset value.
Upon completion of the merger, current CVMC REIT
I stockholders will own approximately 39% and current CVMC REIT
II stockholders will own approximately 61% of the combined company, on a fully diluted basis.
DFM has published rules on listing and trading REITs
as a precursor to launching its REITs
platform Image Credit: Gulf News Archives
"As the Reit
sector in the Middle East matures we anticipate there will be an emphasis on sector specialisation - with Reits
focusing on a specific asset class within the real estate spectrum such as residential, retail, hospitality or office," said the report.
The Group will act as an advisor and work closely with Equitativa in relation to the REITs
, facilitating the implementation of the REITs
, referring clients for investment and identifying assets to seed the REITs
segregation of documentary requirements for developmental and rental REITs
, permission to borrow against REIT
assets, acquisition of commercially viable properties and permission to raise funds
Larry Portal, Co-Lead of the Executive Compensation & Corporate Governance practice, added, REIT
fundamentals were relatively strong year-over-year, while cash bonus payouts were down, indicating that 2017 hurdles may have been slightly more challenging than the prior year.
There are two types of REITs
namely, Equity REITs
and Mortgage REITs