REIT here, REIT now : should the UK consider the introduction of a REIT-style vehicle
Name
54901556-MIT.pdf
Description
Full printable version
Size
10.58 MB
Format
Adobe PDF
Checksum (MD5)
e0fbfb66a6093c505b36ec11902337c0
Author(s)
Spencer, Nicholas A. (Nicholas Andrew), 1975-
Advisor(s)
David Geltner.
Alternative Title
Real Estate Investment Trust here, Real Estate Investment Trust now : should the United Kingdom consider the introduction of a Real Estate Investment Trust-style vehicle
Date Issued
2003
Publisher
Massachusetts Institute of Technology
Abstract
This thesis investigates a number of the issues currently pertaining to the introduction of a UK Real Estate Investment Trust (REIT) vehicle. It uses a combination of qualitative and quantitative studies to evaluate whether the UK government should investigate and pursue this form of property equity securitisation. The report is split into three parts. The first describes the history of the UK securitisation lobby and investigates the theory and characteristics of the US REIT vehicle. It describes similar vehicles used throughout North America, Europe, Asia and Australia with specific regard to their varying restrictions and regulations. The second section uses Modern Portfolio Theory to examine the benefits of a securitised property vehicle within a mixed asset portfolio. The exercise tests the theory that the UK Public Limited Company is at a disadvantage to the American REIT and the Australian Listed Property Trust. Finally, an American REIT and an American C-Corporation are compared in a valuation exercise to assess the magnitude of the US REIT's tax benefits. The final section draws from the previous analyses to present a qualitative discussion of the key arguments with regard to different participants in the UK property market. In conclusion, it considers the pros and cons of a UK REIT vehicle in light of current UK macro-economic issues.
Description
Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2003.
Includes bibliographical references (leaves 100-103).
Subjects
Urban Studies and Planning.
MIT Department
Massachusetts Institute of Technology. Department of Urban Studies and Planning
Terms of Use
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