EU sets up real estate expert group
The European Commission has decided to set up an expert group to advise it on open-ended real estate funds. The group will advise the EC on how to improve the European market for these funds and on whether EU-level action in this area would deliver benefits for industry and investors, the EC said in a statement.
The group "will also explore cost-effective ways to achieve those benefits".
The final composition of the group is due to be named shortly. "Open-ended real estate funds are widely available to retail investors in several member states," says internal markets commissioner Charlie McCreevy: "But they are locked up in their national markets – they cannot be sold across borders. I am creating this expert group to look at this situation and to advise on whether there is any clear-cut case for EU action in this area." The group is expected to produce a report in early 2008 which will serve as a starting point for debate and discussion with member state authorities and other stakeholders.