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  • REITs: News
    the investment industry has proposed a solution package for parliament to incorporate in the Investment Act as quickly as possible First of all with regard to public mutual funds Publikumsfonds which are open to both private customers and institutional investors a statutory notice period of 12 months should apply for new investments by institutional investors Secondly investment companies KAG should in future be able to stipulate that if 5 of

    Original URL path: http://reits-in-deutschland.de/en/wissen/news/news/2357/1/82.html?no_cache=1 (2016-02-17)
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  • REITs: News
    estate investment trusts in Germany Anything that goes beyond the problem of dual taxation of profit shares for REIT investors isn t on the cards with the current coalition partners explained Dautzenberg The double taxation problem relates to the fact that income generated by a German REIT from property abroad or ancillary activities not directly related to property management are taxed twice under current legislation Rental income generated abroad is subject to withholding tax in the country in which the property is located an otherwise tax exempt REIT has to pay corporation tax and trade tax on income from ancillary activities like other companies The investor must then pay tax on the dividend distributed by the REIT to its shareholders so that pre taxed income is taxed twice This problem was already known when the REIT legislation was adopted in March 2007 and was originally supposed to be remedied by the end of last year This didn t happen as a corresponding clause was deleted from the Annual Tax Act 2008 shortly before it was passed The next logical time would be in the Annual Tax Act 2009 which is just going out to consultation These annual tax acts encompass

    Original URL path: http://reits-in-deutschland.de/en/wissen/news/news/2034/1/82.html?no_cache=1 (2016-02-17)
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  • REITs: News
    enquiry made by REITs in Deutschland to the Federal Agency for Financial Market Supervision Bafin A spokeswoman referred to the grounds for the REIT law in the version that was submitted to the Bundestag for passage On the subject of conditions that could lead to the extension of the period by one year the following is written there The economic conditions in particular as well as the prevailing market environment could hinder an initial public offering or even make it virtually impossible Pre REIT status enables real estate companies to claim the benefit of the so called exit tax when purchasing properties the seller must pay tax on only half of the profits earned Otherwise this benefit is reserved exclusively for German REITs listed on the stock exchange Pre REIT status is granted through an application to the Federal Central Tax Office a listing on the stock exchange is not required However within three years of having been issued with this status the company must apply for a listing If it does not do this the half rate tax exemption is revoked retroactively According to the law an application can be made to have the three year period extended by one year if the company can make a plausible case that it is being prevented from making an initial public offering within the required period by factors for which it cannot be held responsible The Bafin is to decide on the application According to the agency it has not yet received an application for an extension In Germany there are presently about a dozen pre REITs most of which were granted their status in 2007 Accordingly the grace period for the first companies will expire in 2010 Some of the pre REITs have already made use of the exit tax

    Original URL path: http://reits-in-deutschland.de/en/wissen/news/news/1904/1/82.html?no_cache=1 (2016-02-17)
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  • REITs: News archive
    10 2008 REIT legislation mini improvement According to one CDU politician the double taxation of REIT foreign income could be eliminated But nothing else 01 09 2008 REIT IPO Market environment argument may be convincing By citing an unfavourable climate on the stock exchange pre REITs may be granted an extension of the period before their initial public offerings Until now no company has applied 11 07 2008 Stable through wind and rain As the half year reporting season for real estate companies and their shareholders approaches is now the right time to scale back expectations 11 07 2008 A question of value Value reporting for real estate companies the requirement for prompt annual reporting is doubly important as it provides a comprehensive illustration of the assets pooled in the portfolio as well as a meaningful explanation of how the management intends to create additional value for the shareholders 08 07 2008 CDU politician wants to relax REIT criteria Member of the Bundestag Leo Dautzenberg is advocating greater flexibility with regard to gearing and a relaxation of the rules on REITs mergers 16 05 2008 Sensible changes planned for REIT legislation The tax disadvantages known for some time in the REIT legislation of 28 May 2007 are to be eliminated Tax expert Dr Florian Schultz partner at Linklaters LLP explains the key points 07 01 2008 Update on G REITs View on the current status of the German REIT market 04 12 2007 For various reasons the REIT market in Germany is developing a lot more slowly than initially thought But even if the expectations of the new asset category for Germany have been lowered they haven t vanished into thin air 05 10 2007 German and global growth GLENN R MUELLER PH D full professor at the University of

    Original URL path: http://reits-in-deutschland.de/en/wissen/news-archive.html?no_cache=1 (2016-02-17)
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  • REITs: News
    shed their fund investments and you won t have to close the funds again after a few weeks because the liquidity is threatening to run out The fund outflows in autumn were not because of weaknesses in the products or providers but were triggered by the market 2008 was dominated by a global crisis in liquidity and confidence The situation in the markets now is fundamentally different to that in October November 2008 In particular investors have seen that their investments in open ended property funds are holding their value What do you mean by that The general panic among investors is over and the basic confidence in the product remains unchanged Talk of write downs on German property to the tune of 20 or more because of the subprime crisis has proven to be nothing more than horror stories And while autumn last year investors could still park money in call money accounts at interest rates of 5 and more today these rates are down to perhaps only 1 or 2 In contrast open ended property funds are currently delivering a return of over 4 The incentive to shift money out of funds into other forms of investment is

    Original URL path: http://reits-in-deutschland.de/en/meinung/news/news/2356/1/87.html?no_cache=1 (2016-02-17)
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  • REITs: News
    further 15 German REITs by the end of 2009 Provided of course that markets stabilise again In the current environment neither Steinbach nor the other participants in the debate expected an upturn in the REIT market soon Overall however they believed the instrument was well positioned Hans Volker Volckens Managing Director of fund company Hannover Leasing warned of seeing the REIT as a competitor to other indirect forms of investment

    Original URL path: http://reits-in-deutschland.de/en/meinung/news/news/2078/1/87.html?no_cache=1 (2016-02-17)
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  • REITs: News
    crisis and concerns about a collapse were palpable Apart that is from the press spokesman for an initiator of open ended property funds The funds recorded massive inflows in the first half of the year and appeared to be seen by many including institutional investors as a safe haven I asked whether the industry was facing the same fate as in 2005 and 2006 when investors pulled large sums of money out of the vehicles and some funds temporarily refused to redeem the units of investors wishing to exit the funds The press spokesman was gallant in his response He could understand why I was asking the question after all in the run up to the 2006 crisis there had also been massive inflows of funds However the situation he explained is now very different and the industry has learned its lesson Suitable mechanisms are in place to counter large scale investments by institutional investors only looking to park their money for a short period of time and causing problems on exit A repeat of the liquidity crisis of previous years was extremely unlikely I didn t contradict the man But the recent events surrounding KanAm which alongside RREEF predecessor

    Original URL path: http://reits-in-deutschland.de/en/meinung/news/news/2085/1/87.html?no_cache=1 (2016-02-17)
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  • REITs: News
    reason Patt believes there is a risk that the exit tax that gives tax breaks to REITs and pre REITs when purchasing property will come to nothing He considers an extension of the current term which runs until 2009 by two to four years to be desirable However Patt does not expect such a decision to be forthcoming from the present coalition government and believes the chance for an extension

    Original URL path: http://reits-in-deutschland.de/en/meinung/news/news/2020/1/87.html?no_cache=1 (2016-02-17)
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