In this month’s edition of REF News & Views we will be taking a look at the most recent proposed changes to the United Kingdom real estate investment trust (REIT) rules that have been published by the UK Government in the proposed UK Finance Bill 2023-2024. The propose changes have been proposed in response to the concerns of investors and their advisors over the cost and rigidity of converting to REIT status, and the competitiveness of the UK’s REIT regime. Without a doubt, the birth of REITs internationally since the 1960s has had a massive impact on the accessibility of private investors to the real estate market and the constant evolution of REITs is critical to meet the demands of the housing market, investors and financial institutions.

We will also be discussing where further developments are likely this year in the ongoing attempts by the Government and the Real Estate Market to reform REIT accessibility and flexibility so as to encourage growth in the Real Estate Market as a whole.

By Duncan Hubbard

Partner | Real Estate

By William Lo

Associate | Real Estate

Amendments to the UK real estate investment trust (REIT) rules were introduced in the new Finance Bill 2023-2024, which is expected to become law in the summer of 2024. Published on 29 November 2023, the amendments reaffirm a number of measures announced by the UK Government when the first draft of the legislation was published in July 2023, as well as containing a number of further changes to the REIT rules.

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By Steven M. Herman

Senior Counsel | Real Estate

By Krista Gresia

Law Clerk | Real Estate

If you thought you could hide behind your LLC in this new year, think again. Governor Kathy Hochul signed the New York LLC Corporate Transparency Act (the “Act”), which will go into effect in late 2024. The Act provides for disclosure of the ultimate beneficial ownership of limited liability companies (individually, an “LLC” and collectively, “LLCs”), similar to its federal counterpart, the Corporate Transparency Act (the “Federal Statute”). The Act requires the creation of a database of the beneficial owners of limited liability companies, which will allow for members of law enforcement and regulatory authorities to uncover misconduct surrounding disclosure of LLC ownership. Such disclosure will prevent the use of anonymous LLCs for illicit activities, such as fraud, tax evasion, money laundering, and violations of real estate leasing, government contracting laws and campaign financing.

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Kicking off the new year in customary fashion, Cadwalader recently deployed a team of attorneys to the 30th Annual CREFC Conference in Miami. We wanted to share with you the valuable perspectives we heard while there and hope you find them useful as 2024 continues to unfold. We look forward, as always, to answering any questions and providing additional insights tailored to the specific needs of your organization.

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Here is a rundown of some of Cadwalader’s recent work on behalf of clients.

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