Plans to introduce real estate investment trusts in Germany have been welcomed by the country’s 16 states, although certain tax issues still need to be resolved, it was reported last week.
According to Reuters, a source familiar with discussions which began on February 4 revealed that the states have “reacted positively” to the proposals. However, the source added that talks relating to tax issues were needed before further progress could be made.
It has been reported that the main stumbling block holding up agreement is the tax treatment of property spun out of companies’ books into REITs.
The federal government is keen to see the introduction of REITS, and Deputy Finance Minister Barbara Hendricks told Reuters last month that the move would be beneficial to the German financial system.
"We have a clear position in the finance ministry. The introduction of REITS would certainly strengthen Germany as a financial centre,” she stated.
However, approval from the states in the opposition-controlled upper house is needed before the new vehicles can be launched.
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