(To read more on the debt and equity markets, click here.)
LONDON-In news that has been broadly welcomed by the industry,the government willlegislate for REITs this year by including new laws in the 2006Finance Bill. In addition to the legislation, the government hasset the conversion rate and doubled the borrowing thresholds.
"To attract more capital into house building, we will legislateto introduce for Britain real estate investment trusts that are sosuccessful in the USA," Chancellor Gordon Brown said. However, hecut the interest cover that will be allowed on the capital investedin a REIT to 1.25% and this is expected to affect the debt that canbe used to fund them.
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