MSN Money - Financial Times Business News - September 29, 2005
JPMorgan on Thursday said it was 'almost certain' that a new German government would pass legislation to allow the sale of US-style Reits, or tax-friendly property funds, as it announced the formation of a strategic partnership in such products with Sal Oppenheim, Germany's biggest private bank.
The two banks said they were already engaged in a 'whole string' of beauty parades with German industrial companies, retailers and other groups interested in selling and leasing back their real estate via Reits.
Dieter Pfundt, head of investment banking at Sal Oppenheim, said: 'It may be difficult at the start but this should be a $60bn by 2010.' Bankers are confident that Reits legislation will be passed by the end of next year.
'This is in the interest of Germany as a financial centre. No one is opposed to it,' said Karl Altenburg, head of investment banking in Germany at JPMorgan.
'Reit legislation is almost certain.'
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Thursday, October 20, 2005
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