Global Real Estate Alliance Valuable to REITs

As chief executive of the British Property Federation, and member of the Real Estate Equity Securitization Alliance (REESA), Liz Peace discussed the benefits of REITs joining forces to make changes that will benefit the industry.

“We realize that the major REIT countries coming together are actually a lot stronger than anyone trying to do anything individually,” she said.

Peace said that REESA was able to help provide a definition of REITs and a degree of commonality for all countries with REITs.

“That was massively valuable,” she said

The alliance is also taking that same approach when it comes to national accounting standards. Peace explained that the accounting standards are being crafted for world business without looking at individual sectors.

“It’s deeply damaging and disadvantageous to some sectors. You have got to be in there fighting for your sector or you’re going to get trampled over in the move for sort of a global standard,” she said.

Additionally, Peace said that REESA is also looking to move into different gears. The alliance will begin to research and tackle other important subject matters in addition to world tax issues, including the issue of sustainability and environmentally friendly buildings.

“I don’t think we are going to crack this business of trying to make our buildings more resource efficient unless we try and deal with it on a global basis,” said Peace.

Members of the Real Estate Equity Securitization Alliance include the Asian Pacific Real Estate Association, (APREA); the Association for Real Estate Securitization (ARES); the British Property Federation (BPP); the European Public Real Estate Association (EPRA); the National Association of Real Estate Investment Trust (NAREIT); the Property Council of Australia (PCA,) and the Real Property Association of Canada (Realpac).

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Global Real Estate Alliance Valuable to REITs

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