Treasury plans to restrict shareholdings in proposed real estate investment trusts (Reits) to less than 10% for any one group could stifle takeover activity and restrict the operation of capital markets, according to a leading property executive. Francis Salway, chief executive of Land Securities, said: “The rules would affect corporate activity and stakebuilding. How would you get efficient M&A activity, which is critical to efficient capital markets?” Liz Peace, chief executive of the British Property Federation, said: “We do need the property plcs to be behind Reits if we want them to start with a bang rather than a whimper.” The Times