Here is our UK property news roundup.
In U.K., Property Prices Weakest Close to London
U.K. property market prices are growing most in regions furthest from London, as the capital city’s downturn seeps into nearby regions, according to a report Monday from Rightmove. Prices of new-to-the-market properties rose by 0.4% in April compared to last month, not a staggering statistic, but enough to push […]
U.K. to Dig Into Who Owns London Property
“Current overseas investors will have to go through an audit and self-report exercise to make sure they comply with the new rules,” said David Seymour, a partner in the real-estate investments and transactions group at Ropes & Gray LLP in London. “If they don’t, it’s potentially a criminal offense and it will restrict transactions down the line,” he said.
The U.K. is trying to free its real-estate market of those who use it as a vehicle to launder proceeds of corruption. Property has a “particular appeal to high-end money launderers” who wish to conceal large amounts of money using only a few transactions, according to a national risk assessment of money laundering and terrorism financing released last year.
New head of UK real estate for Aviva Investors
Aviva Investors has completed a shake-up of its top team for real estate with the appointments of Daniel McHugh as head of UK real estate and Melanie Collett as head of real estate asset management. Based in London, McHugh will report directly to Aviva Investors Real Estate chief executive Ed Casal and be responsible for all direct real estate activity in the UK; leading the firm’s specialist fund management, asset management and transaction teams.
Real Estate Finance Guernsey Property Unit Trusts
As a politically stable and tax neutral jurisdiction with over 40 years accumulated experience as an international finance centre, Guernsey has gained a strong reputation as a prime location in which to establish investment structures of all descriptions including a large number of property funds and property holding vehicles.
This brief guide has been prepared by the finance team at Carey Olsen for the purpose of giving clients and professional intermediaries a general overview of Guernsey property unit trusts, now commonly referred to as “GPUTs“. GPUTs are used for a variety of property acquisitions, including as joint venture vehicles and as regulated funds.