Publications

Author: Francesco Assegnati

 The 2007 Budget Act, introduced a new type of company vehicle, the Listed Real Estate Investment Companies (so-called SIIQ). These companies, alongside the existing real estate funds, were created with the aim of making the Italian real estate market more dynamic and competitive, benefiting from the high liquidity and greater transparency deriving from the listing on regulated capital markets. Furthermore, quite the same instruments as SIIQs have been adopted in most of the foreign legal systems, with largely positive results. These are the so-called REITS, which, in their modern sense, were created in the United States in 1960 and are currently provided in major European and non-European countries – such as France, The Netherlands, Belgium, United Kingdom, Germany, United States and Australia. This book, which is updated to Decree no. 174 of 7 September 2007 – Regulations containing provisions concerning SIIQ (listed real estate investment company), and implements article 1, paragraph 141, of law no. 296 of 27 December 2006 (GU No. 248 of 24.10.2007), illustrates in a timely and documented manner the regulatory and tax aspects and the potential of the new rules, including through a comparison with the performance of the main foreign reference models and the analysis of macroeconomic scenarios and investment opportunities in the real estate market.