Industry attacks plans to bring in Property Investment Funds

24 June 2004
Industry attacks plans to bring in Property Investment Funds

The Government's proposals to introduce Property Investment Funds (PIFs) that may exclude hotel and leisure facilities have been slammed by the industry.

According to the interim results of a survey by CMS Cameron McKenna and Jones Lang LaSalle Hotels, 80% of respondents want hotels to be included in the plans.

Charles Romney, a partner at law firm CMS Cameron McKenna, said: "We know that the possible exclusion of hotels and leisure facilities from PIFs is already causing considerable concern as it could affect investment in the sector seriously."

He added: "Hotels need to be able to take advantage of the same potential benefits as other real estate investments."

PIFs are designed to increase the efficiency and liquidity of the UK property investment market and to improve access to real estate as an asset class for long-term savings.

CMS Cameron McKenna said that the interim results of its survey showed that the hotel industry was at odds with several elements of the PIF proposals. The results of the survey, which closes on 2 July, will be submitted to the Government for consideration.

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