Standards, Tax and Regulations Briefings

Michael O’Shea, Senior Public Policy Manager EMEA at Invesco presented the potential impacts of recent FSB and IOSCO proposals for open-end funds on real estate investment.

Jelle Bas Boon (Tax Partner) and Maartje Vaandrager (Tax Manager) of Deloitte in Amsterdam, presented on recently announced Dutch tax rules that impact the qualification of real estate investment funds and partnerships.

Note: The situation described on slide 21 of the presentation would not arise if an amendment to the legislation proposed after the presentation is adopted. The proposal would delay the conditional withholding tax on dividends for hybrid partnerships until 01.01.2025 (i.e. the date on which partnerships would generally become tax transparent by default), unless these partnerships would be located in low-taxing or blacklisted jurisdictions

Heike Schmitz, Partner at Herbert Smith Freehills presented how policymakers’ evolving pragmatic approach is creating opportunities for real estate transition funds with carbon reduction strategies to disclose under SFDR Article 9.

Melville Rodrigues, Head of Advisory Real Assets at Apex Group, explained the proposed UK Reserved Investor Fund (RIF) and the opportunities it presents for real estate investment. Melville was joined by Victoria Wolf, partner in EY’s International Tax and Transaction Services, Real Estate, and Michael Newell, partner in Cadwalader’s Financial Services Group.

During the briefing Alistair Dryer, Head of Europe at LaSalle Global Partner Solutions, Martijn Vlasveld, Managing Director, Head of ESG, Edmond de Rothschild REIM and Jef Holland, Partner, Deloitte Netherlands presented on the main features of the templates.

Matt Huggett and Emma Danforth, partners at Allen & Overy in London, presented considerations related to the extension or roll-over of closed-ended real estate funds and creation of continuation funds for existing portfolios or assets.

Updated Country-by-Country Guide 

Lilian Palliser, Senior Tax Associate at PwC in Amsterdam presented an overview of the most significant changes in the Country-by-Country Tax and Regulations Guide.
 

INREV, PRI and ULI have embarked on a journey to map and compare the most important global ESG regulations, standards and certifications and to assess each of them in relation to the E, S and G components. Join us to find out more about the results of this project, the Mapping ESG Report.

Abigail Dean, Global Head of Strategic Insights, Real Estate at Nuveen presented on recent insights from regulators that can inform our industry’s approach to implementing SFDR.

Tijmen Cabollet, Senior Manager, Real Estate & Investment Fund taxation at PwC presented on the European developments in beneficial ownership court decisions and their impact on the real estate investment.

Francisco Da Cunha, Partner, Real Estate Tax Leader and Benoit Sauvage, Director, RegWatch, Risk Advisory at Deloitte Tax & Consulting in Luxembourg presented the most recent ELTIF updates and how they might affect the non-listed real estate investment industry.

Federica Miano, Public Affairs Manager at INREV, gave an overview of the Public Affairs achievements in 2022 and a preview of next year’s priorities.

A joint INREV-EPRA event that featured academic and investor perspectives on how pension funds’ and insurers’ investments in real estate deliver long-term stable income streams that match their pension liabilities. Real estate’s benefits as long-term investments, the diversification value it adds for better risk-adjusted returns and its contribution to the built environment supporting the needs of older citizens were also discussed.

A joint INREV, AREF, BPF, CREFC Europe and IPF briefing where Louisa Chender, head of the Sustainable Finance team at the UK’s FCA discussed the SDR proposals and their implications for real estate.

Aleksandra Njagulj, Global Head of ESG for Real Estate for DWS in London gave an update on the just released Sustainability Disclosure Regulation proposal in the UK and the expected implications for the non-listed real estate investment industry.

To encourage more sustainable and less risky growth the EU commission issued a proposal to address the disparity in tax treatment between debt and equity financing (DEBRA). Antoine Dupuis, Partner at Atoz presented on the debt-equity bias reduction allowance (DEBRA) consultation and INREV response. The briefing was moderated by Richard van der Linden, Tax Partner Real Estate at PwC.

Jeff Rupp, Public Affairs Director at INREV, gave an update on the EU and UK reviews of Solvency II and the real estate industry’s efforts to introduce more appropriate regulation of insurers’ real estate investments.

Emily Harmsworth, Counsel at Linklaters LLP in London and Claire Prospert, Partner in the firm’s Luxembourg team, presented on the Cross-border marketing package and ESMA’s Marketing Communications Guidelines.

The Country-by-Country Tax and Regulations Guide has been updated and is available on the INREV website. Lilian Palliser, Senior Tax Associate at PWC in Amsterdam presented an overview of the most significant changes in the past year.

Antoine Badot, Partner at KPMG Luxembourg presented on the evolving tax landscape for real estate investment in Europe.

A joint INREV/AREF/IPF briefing where we looked at the UK government's progress with significant legislative improvements for the real estate funds sector that includes LTAF, QAHC, REIT and the PIF contractual scheme.

Richard van der Linden, Tax Partner Real Estate at PwC in Amsterdam, presented on the European Commission’s legislative proposal adopting the OECD agreement on minimum tax along with measures for fighting the use of shell entities for tax avoidance explained in the August briefing. Referred to as ‘ATAD 3’, the proposal if adopted could impact tax-related aspects of fund structuring and operation.

Melville Rodrigues, Head – Real Estate Advisory for Apex Group in London, presented on recent developments related to the LTAF.

Jennifer Burton, Managing Associate in Addleshaw Goddard's Global Investigations team in London provided an update on Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) requirements for real estate investments.

Claire Prospert from Linklaters’ Luxembourg office and Richard Cole from the firm’s London office present on navigating the practical challenges of cross-border distribution of real estate funds under EU Cross-Border Distribution rules and evolving NPPR and MiFID practices.  

Richard van der Linden, Tax Partner at PwC in Amsterdam, presented on the current European Commission consultation on fighting the use of shell entities and arrangements for tax purposes.

Matt Evans, Partner at DLA Piper and John Went, General Counsel at CBRE Global Investment Partners, present on the current Commission review of procedural rules for obtaining clearance and the opportunity it presents for some relief.

Greg Brown and Paul Sampson, partners in Allen & Overy’s London office, presents on trends and considerations in fund financing.

The Country-by-Country Tax and Regulations Guide has just been updated and is available on the INREV website. Anne-Jet Klaver, Senior Associate Tax at PwC in Amsterdam presents an overview of the most significant changes in the past year.

A joint INREV/AREF/IPF briefing where we looked at the details of the proposed new PIF (CS) and LTAF fund structures and the implications they could have for the real estate funds sector, as well other aspects of the call for important input on this consultation.

Richard Cole from Linklaters’ London office and Claire Prospert from the firm’s Luxembourg office present on the cross-border distribution of collective investment undertakings directive and regulation (CBDF) which apply from 2 August, and also discuss post-Brexit distribution options.

Jeff Rupp, INREV Public Affairs Director, presented on the recent INREV responses to European Commission consultations on AIFMD and ELTIF. 

Jeff Rupp, INREV Public Affairs Director, presented on the recently launched European Commission consultation on AIFMD.

Kate Binedell and Matthew Baker, Partners at Bryan Cave Leighton Paisner in London, who presented an update on recent ESG-related regulatory requirements impacting non-listed real estate investment. They were joined by Abigail Dean, Head of Sustainability, Real Estate at Nuveen in London, who discussed some of the practical issues implementing the new regulations present for fund managers.

Francisco Da Cuhna (Deloitte) and Keith O’Donnell (Atoz) discussed the structure and substance of the proposed code, and the contribution recommendations and best practices on tax-related matters.

Rodrigo Delcourt from Arendt & Medernach and Michael Daemgen from Arendt Regulatory & Consulting in Luxembourg present on host AIFMs, including their operating models, services provided to the real estate industry and regulatory parameters.

Jan Gruter, Legal Director and Jonathan Powling, Partner (Investment Management Team) and Zoe Connor, Partner at (Banking Team) Addleshaw Goddard present on emerging trends in real estate fund terms.

Constantin Sorlescu, Director of Professional Standards at INREV joined by Renaud Breyer, Partner at EY Luxembourg, and Andrew Muscat, COO/CFO at LaSalle Global Partner Solutions, shows you how to calculate TGER, including treatment and allocation of its main components, and how to make the transition from TER to TGER to ensure compliance with the INREV Guidelines.

During the briefing, Constantin Sorlescu, INREV together with Thomas Kallenbrunnen, PGIM Real Estate, Nick Brown, M&G Real Estate, John Ravoisin, PwC and Robert White, EY discuss:

• Liquidity requirements and secondary markets
• Terms and rights of redemptions
• Transparency and disclosures regarding pricing policy

Constantin Sorlescu, INREV will be joined by John Ravoisin, PwC and Renaud Breyer, EY provide guidance and considerations that may be appropriate for investment managers when reporting to investors in these uncertain times. Also read a short paper filled with reporting considerations related to COVID-19 and which are based on the INREV Guidelines.