The REITs revolution

The REITs revolution
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The REITs revolution
- Habitat - L'accès au logement - Rights but REITs : opposing the global introduction and consequences of Real Estate Investment Trust -
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The REITs revolution
It is since about 2000 that the international market for tax-privileged publicly listed real estate companies started to
explode. More and more countries since then have introduced vehicles which orientate on the US-model. Meanwhile
some speak about the "REITs revolution".
In June 2006 the "REIT week", an annual conference organized by the US umbrella NAREIT focused on the growth
of REIT industries outside the USA. The property market capitalisation of REITs today is 700 bn $US, speakers at
the NYC meeting reported, - more than half outside US. Australia, Belgium, Canada, Australia, Turkey, Thailand,
Malaysia have shown strong growth. "The aim is to create free flow of capital throughout the world", a speaker
stated. "We are only at the beginning." [1]
Later in the year NAREIT published : "For U.S. investors in particular, investing outside of their domestic market now
means they can gain exposure to emerging REIT markets in Europe and Asia. Based on the historic growth,
performance and diversification benefits of the U.S. REIT market, this could offer some very interesting opportunities
going forward."
In the first seven months of 2006 private investors spent more on Real Estate Investment Trusts than in any period
before. From January to July the transaction volume amounted to 47 billion US Dollar.
The return from REITs worldwide has more than doubled since the beginning of 2003.
Pension funds and insurers are among the biggest investors in REITs. The California State Teachers' Retirement
System, the second-largest US pension fund, plans to almost double the proportion of its assets invested in real
estate to 11 percent in the next six years from 6 percent in 2006. Its investments last year included REITs in the US
and France [2].
National REITs and similar structures around the
world
According to national law REITS have diverse names in the various countries.
CountryNameAcronymIntroduction inUSAReal Estate Investment TrustREIT1961NetherlandsFiscale
BelegginstinstellingFBI1969AustraliaListed Property Trusts1971TurkeyGayrimenkul Yat *'r*'m
OrtakligiREIT1989CanadaReal Estate Investment TrustREIT1994BrazilFundos de Investimento
ImobiliárioFII1993BelgiumSociété d'Investissement à capital fixe en immobilièreSICAFI1995GreeceReal Estate
Investment CompanyREIC1999TaiwanReal Estate Investment TrustREIT2003JapanReal Estate Investment
TrustJ-REIT2001KoreaKorean Real Estate Investment TrustK-REIT2001Corporate Restructuring
REITCR-REIT2001SingaporeSingapore Real Estate Investment TrustS-REIT2002FranceSociétés d'Investissements
immobiliers cotéesSIIC2003HongkongHongkong Real Estate Investment
TrustH-REIT2003Russia2003Bulgaria2004IsraelKeren2006MalaysiaIslamic REIT2006U.K.Property Investment Fund
(Project)PIFplanned 2007GermanyDeutsche REITs (Project)G-REITplanned 2007IndiaplannedPakistanIslamic
REITplannedDubaiIslamic REITplanned
Post-scriptum :
Date d'écriture : 2006
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The REITs revolution
[1] www.reitcafe.com/REITcafe.html
[2] Shanghai Daily 2006-10-27
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