The government plans to introduce new tax efficient property vehicles. The new structures are to be called UK-Reits (real estate investment trusts). They will be allowed to invest in any type of property, anywhere in the world, and there will be no minimum holding period. Reits will be allowed to develop buildings and will not have to include an element of residential property. Companies will also be able to run both internal and external Reit funds. Most listed UK property companies, and some private groups and institutional funds are expected to turn themselves into Reits. Phil Nicklin, a real estate partner at Deloitte, said: “Their approach is very welcome; they seem to be producing a very flexible vehicle.” (FT)