It was all going so well, at least in the eyes of Ed Balls, economic secretary to the Treasury, who gave a bullish assessment to the Merrill Lynch Real Estate conference in March.
He spoke of his delight that there had already been 10 converters, and he expected more to follow. “It’s now for the industry to take the opportunities that UK Reits provide,” the minister said. “There is space for innovation in the regime, and I look forward to seeing how the industry responds to that over the coming months and years.
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