FINLAND - The Ministry of Finance has pushed back a deadline for its final report on reform to real estate investment in Finland by six months.
A working group set up by the Ministry last year to assess improvements to the Finnish Act on Real Estate Funds was due to produce its final report, preferably in the form of a government bill, by the end of May. The new deadline is November 30.
A statement on the Ministry’s web site gave no explanation for the postponement.
The group was mandated to examine the legal forms, operation and taxation of real estate funds in Europe, assess improvements to the Finnish Act, and come up with a way forward.
In its interim report, published in December last year, the group proposed amending the Act on Investment Funds to allow for real estate funds in the form of investment funds, and changes to the Act on Real Estate Funds so that the operators could undertake regulated real estate investment activity in the form of a limited partnership.
While the pension industry threw its support behind the preliminary proposals, both managers and pension funds argued the introduction of a closed-ended tax transparent Real Estate Investment Trust (REIT) structure was the only real way to broaden the real estate investment market and bring Finland in line with other European countries.
The final report is expected to either incorporate or rule out the introduction of a Finn-REIT as part of any future reform.
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