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Norwich Union announces global property opportunities

07 November 2006
Norwich Union has announced the launch of a global property fund enabling investors to invest in commercial properties in the US, Europe, Australia, Asia, and Canada.

The fund, to be launched on November 27th, will focus an initial 80 per cent of its investment capital on 50 to 75 real estate investment trusts (REITs) in 13 countries.

These REITs are property investment vehicles – listed companies which own income-producing property-based assets such as office buildings and shopping centres.

The investment advantages of REITS derive from their tax-efficiency – they are frequently subject to reduced corporation tax, or even fully exempt.

After consultation surrounding the potential contribution of REITs to ameliorating the range of investment options available in the UK, the Treasury introduced draft REIT legislation in December 2005.

REITs will be introduced from the start of 2007.

The Norwich Union global property fund will be managed by European property fund managers Morley, which handles over £25 billion of property assets.

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