Real Estate Investment Trusts (REITs) were introduced in the UK in 2007. Since then, most of the UK’s largest property companies have converted to REIT status, including big names such as British Land and Land Securities. Here we take a look at what REIT status means and why REITs could be of particular interest to income investors. We then take a closer look at two individual REITs, one specialist and one generalist. What is a REIT? A REIT is essentially a company devoted to property investment. This means that, unlike many other property investments, it can be easily traded on the stock exchange – exactly the same as any other share. This can make it an attractive way for retail investors to access property investments at reasonable prices. In order to qualify for REIT status, at least 75% of a company’s profits must come from property rental, and 75% of the company’s assets must be involved in the property rental business. [...]

White & Case has hired tax partner Michael Wistow from Berwin Leighton Paisner (BLP) to co-head the US firm’s Europe and Middle East tax practice. Wistow is currently head of BLP’s tax department, where he provides tax advice across  corporate, finance and real estate transactions such as acquisitions, securitisations, and restructurings. He joined BLP as head of tax in 2007 from Clifford Chance, where he had been a partner since 2000. At BLP he was also a member of the board and executive committee. The UK firm has appointed Elizabeth Bradley as the new managing partner of its tax practice. Bradley trained at the firm and was made up to partner in 2008. White & Case global head of tax Kim Boylan said: “Michael is a leading tax lawyer and his arrival is of clear strategic importance as we look to continue expanding our role advising clients on all aspects of corporate taxation, from both a transactional and a tax advisory [...]

Wealthy individuals in the GCC will continue investing in global real estate this year with London, New York and Singapore the top preferred investment destinations. According to a report by estate consultancy Cluttons, 63 per cent of GCC-based high net worth individuals claim they are likely to invest in their most preferred real estate investment location during 2016. The third instalment of Cluttons’ 2016 Middle East Private Capital Survey, carried out in partnership with YouGov, shows that London, New York and Singapore are the destinations of choice (outside of the Middle East) for the region’s wealthy, with 54 per cent naming residential as their preferred asset class. Sixty per cent of those surveyed identified capital value growth as their main financial investment driver across all asset classes. Steven Morgan, senior partner at Cluttons, said: “For the Gulf states as a whole, the oil price collapse that began in mid-2014 has certainly put government budgets under pressure. This has [...]