Non-profit real estate advocacy body Asia Pacific Real Estate Association (APREA) has said that it welcomes the formation of local Singapore REIT organisation - REITAS.
“The launch of REITAS signals the growing importance of REITs in local markets,” said APREA chief executive, Peter Verwer.
Noting the existence of representative REIT bodies in Japan, Malaysia, Australia, Canada, the UK, South Africa and the United States, Mr Verwer said REITs were carving out a clearer identity and stronger engagement with national governments, all of which administered unique REIT legislation.
“APREA’s role as a regional advocate is to boost business opportunities across AsiaPac and better connect the region to global markets”, said the body, emphasising its role as a regional advocate instead of a country specific organisation.
“It's important to zoom into local circumstances, but in a fast-globalising marketplace APREA’s critical task is to zoom across national boundaries to improve the ground rules for cross border investment.”
Mr Verwer noted that there is a huge job to be done to improve regional investment rules and tax frameworks, which is why APREA works very closely with local bodies and powerful global partners, such as the European Public Real Estate Association (EPRA) and the North American-based NAREIT.
“APREA and its allies are well advanced in deepening a ‘one world’ alliance of REIT organisations that connect to national governments and a growing network of regional trading blocs.”
“As recent ASEAN and APEC summits demonstrate, funds management and capital markets liberalisation are hot topics, which underlines the need for real estate advocates to speak with a powerful and persuasive voice.”
“APREA looks forward to collaborating closely with REITAS to ensure Asia develops into an even more powerful magnet for the world’s real estate capital.”