Lords: U.K.'s high hopes for REITs were not fulfilled

The British government must accept its share of the blame for the fact that real estate investments trusts in the U.K. failed to deliver the benefits that they promised, the Lords' Select Committee on Economic Affairs said in a report. The committee said that no residential REITs were ever launched and that all of the existing REITs were merely converted from ordinary property companies to take advantage of REIT tax benefits.

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