The global listed property sector has been characterized by a variety of noteworthy developments in recent times, the proliferation of real estate investment trust-type structures in countries around the world key among them. Despite an uncertain economic environment, REITs have proven their ability to promote institutional real estate investments in global financial markets. This highly practical book features a comprehensive analysis of both the legal and tax underpinnings of REIT-friendly legislation in a variety of the world’s most significant jurisdictions. With regard to the legal framework, the structure and functioning of a REIT are carefully investigated and explained. In terms of tax issues, the book focuses on such key issues as: REIT formation, operation and liquidation; mergers, acquisitions and dispositions; and planning for public and private REIT offerings and re-securitizations. REITs are inherently complex, and their interplay with tax treaties further compounds the complexity. This highly accessible yet authoritative work is the perfect decision-making tool for any professional looking for perspective and guidance on the challenges and opportunities REITs engender.

Although Article 23(5) of EU Regulation 1/2003 provides that competition law fines ‘shall not be of a criminal law nature’, this has not prevented certain criminal law principles from finding their way into European Union (EU) competition law procedures. Even more significantly, the deterrent effect of competition law fines has led courts in the Netherlands and the United Kingdom (UK), as well as the European Court of Human Rights, to conclude that competition law proceedings can lead to a criminal charge. This book offers the first book-length study of whether courts do indeed apply criminal law principles in competition law proceedings and, if so, how these principles are adapted to the needs and characteristics of competition law. Focusing on competition law developments (both legislative and judicial) over a period of twenty years in three jurisdictions – the Netherlands, the UK and the EU – the author compares how each of the following (criminal law) principles has emerged and been interpreted in each jurisdiction’s proceedings: freedom from self-incrimination; non bis in idem; burden and standard of proof; legality and legal certainty; and proportionality of sanctions. The author offers proposals involving both legislative and judicial actions, with examples of judges invoking criminal law principles to develop an appropriate level of safeguards in competition law proceedings. The book shows that criminal law can provide a rich source of inspiration for the judiciary on the appropriate level of legal safeguards in competition law proceedings. As such, it provides an important source of information and guidance for lawyers and judges dealing with competition law matters.

Guide to Global Real Estate Investment Trusts will feature a comprehensive analysis of both the legal and tax underpinnings of REIT-friendly legislation in the world's most significant national jurisdictions. With regard to the legal framework, the structure and functioning of a REIT will be thoroughly investigated. In particular, the issue of whether a REIT is a special vehicle regulated as such by national legislation or, instead, any company vehicle may qualify as a real estate investment fund so long as its activity is limited to effecting and managing real estate investments - whether they are direct or indirect - will be addressed. Issues such as the amount of indebtedness, types of investments permitted, and the like will be carefully examined. In regard to European jurisdictions, the implications of the directives impacting Undertakings for the Collective Investment of Transferable Securities will be accorded particular consideration. In terms of tax issues, the work will focus inter alia on REIT formation, operation and liquidation; mergers, acquisitions and dispositions; as well as planning for public and private REIT offerings and re-securitizations.

Following the US example, many countries have introduced a special set of rules and regulations that apply to vehicles aimed to invest in immovable property (so-called 'Real Estate Investment Trusts' (REIT) regimes). This book is divided into two main parts. The first part is a general report providing a summary of the nineteen selected REIT regimes with a critical outline of the main differences among them and a critical and in-depth analysis of the tax treaties' aspects of REITs including OECD recommendations. The second part comprises country chapters providing a comprehensive analysis of the selected nineteen REIT regimes by focusing on regulatory law and tax law. In terms of tax issues the book focuses on such key issues as REIT formation, operation and liquidation; mergers, acquisitions and dispositions; as well as planning for public and private REIT offerings and re-securitizations.

As real estate investment trusts continue to grow exponentially in Asia and Europe - being already well established in the USA and Australasia - a comprehensive guide to the issues involved in REIT property investment decision making is badly needed. This book draws together the most recent developments in REIT management from academic research and professional practice. It is based on current, original academic research, including structured interviews with the managers of a wide range of different types of REITs as well as the research and publications of others, together with the author's 25 years experience in REIT management. It provides a theoretically robust and practically relevant up to date guide to the property investment decision making process for REITs. Presenting new insights, the author breaks the REIT property investment decision making process down into three phases comprising six stages with 30 sequential steps. Each chapter focuses on one stage of the property investment decision making process and introduces the key people in the REIT management team relevant to the activities in that chapter. The theory and principles are considered and illustrated by application to Super REIT, a $15bn diversified REIT. Global Real Estate Investment Trusts: People, Process and Management fuses not only how REITs should undertake property investment decision making - based on how it is undertaken and the underlying property theory, capital market theory and finance theory - but also why each part of the decision making process is important. This book provides the first sole-authored scholarly work specifically on REITs as a business enterprise and REIT property investment decision making as an holistic and cyclical process. The focus is on principles, making it relevant in each of the four major REIT markets around the world: USA, Europe, Asia and Australasia. An essential book for REIT managers and all those practising professionals involved in the REIT industry - including property practitioners, researchers, lawyers, accountants, bankers and directors around the world.

This book provides a clear outline of the key principles underlying property valuation and the current techniques and issues in the practice of valuation for the major sectors of the Australian real estate market. Formerly titled Valuation Principles and Practice, this entirely new third edition comprises Australia's leading advanced valuation textbook. The first part of the book, Principles of valuation, comprises chapters written by globally recognised academics and specialists on the principles of law, economics, planning, policy and finance, all in the context of property valuation. The second part of the book, Practice of valuation, comprises chapters written by acknowledged expert valuers on the practice of valuation for key property sectors including residential, retail, commercial, industrial, leisure and rural. Further, chapters also cover valuations for purposes including lending, insurance, rating, taxation and financial reporting. The most up to date valuation text for the Australian market, this book will appeal to both valuation practitioners and undergraduate/postgraduate students as well as to accountants, lawyers and professionals dealing with property valuation issues.

Real estate represents an increasingly significant global asset class and its distinctive characteristics must be understood by investors and researchers. The Routledge Companion to Real Estate Investment provides an authoritative overview of the real estate asset class. The Companion focuses on the current academic research and its relevance for practical applications. The book is divided into four parts, each containing specially written chapters by international experts in the relevant field. The contributors cover the institutional context for real estate investment, the main players in real estate investment, real estate appraisal and performance measurement, and real estate portfolios and risk management. This Companion provides a comprehensive reference for students, academics and professionals studying, researching and working in real estate investment, finance and economics.

Invest responsibly and generate long-term value with the definitive guide to U.S. real estate investing written specifically for non-U.S. investors Whether you’re an institutional investor already active or you’re seeking to enter U.S. commercial real estate markets, The AFIRE Guide to U.S. Real Estate Investing serves as both an invaluable general overview and as an evergreen reference that you’ll return to again and again. From the Association of Foreign Investors in Real Estate (AFIRE), this new edition has been revised and expanded to bring you fully up to date on the issues and practices they need to build a solid real estate portfolio. It includes a brand-new forward, introduction, and glossary, as well as 35 new or updated chapters divided into four sections: •Section 1: Preparing for Investment into the U.S. covers investment strategy, real estate and tax law, corporate responsibility, industry resources, and professional roles. •Section 2: The Commercial Real Estate Lifecycle explores property due diligence, acquisition, operational management, and disposition of U.S. real estate assets. •Section 3: Finance and Partnerships explains important financial topics, including information for lenders and borrowers, joint ventures, loans and debt, commingled funds, bankruptcy, and Islamic finance. •Section 4: Tax and Regulatory Issues discusses securities laws, the Bank Secrecy Act, the Patriot Act, Office of Foreign Assets Control, taxation, real estate investment trusts (REITs), estates and gifts, agreements, and litigation. Other commercial real estate guides cover individual investors, property flipping, or the technical aspects of taxation and finance. Written just for you, The AFIRE Guide to U.S. Real Estate Investing takes the unique approach of focusing on international business, finance, and real estate as well as institutional long-term, multi-generational investment.

M. A. Hines presents a comprehensive survey of the myriad factors involved in international real estate investing. Written specifically for practicing real estate professionals, portfolio managers, and students of finance and investing, Guide to International Real Estate Investment examines six principal types of property investment on a worldwide basis: housing and apartment buildings, hotels and motels, new towns, shopping centers and other retail buildings, office buildings and parks, and industrial properties. In addition, the author fully addresses such issues as financing, taxation, development trends, investment strategies, and outside influences on the real estate investment climate.

Derived from the renowned multi-volume International Encyclopaedia of Laws, this convenient volume provides comprehensive analysis of the legislation and rules that determine civil procedure and practice in Singapore. Lawyers who handle transnational matters will appreciate the book’s clear explanation of distinct terminology and application of rules. The structure follows the classical chapters of a handbook on civil procedure: beginning with the judicial organization of the courts, jurisdiction issues, a discussion of the various actions and claims, and then moving to a review of the proceedings as such. These general chapters are followed by a discussion of the incidents during proceedings, the legal aid and legal costs, and the regulation of evidence. There are chapters on seizure for security and enforcement of judgments, and a final section on alternative dispute resolution. Facts are presented in such a way that readers who are unfamiliar with specific terms and concepts in varying contexts will fully grasp their meaning and significance. Succinct, scholarly, and practical, this book will prove a valuable time-saving tool for business and legal professionals alike. Lawyers representing parties with interests in Singapore will welcome this very useful guide, and academics and researchers will appreciate its comparative value as a contribution to the study of civil procedure in the international context.