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Reality check for realty funds.

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PositionNews Round-Up - Property investment funds (PIFs - Brief Article

The government's proposals for its new property investment funds (PIFs) system could be unworkable, according to a leading law firm. Eversheds believes that the Treasury's plan to require the new vehicles to distribute all of their capital gains and raise fresh capital from the market for each new project would make the supposedly investor-friendly property share too costly to be viable. The law firm argues that the planned requirement would force PIFs to use the most expensive financing method--particularly costly when retail investors get involved. Eversheds also believes that this would restrict the size of the PIFs because they would not be able to store...

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