Burges Salmon advises on first two PAIFs
06 May 2010
PAIFs are a new form of tax transparent real estate investment vehicle which benefit from many of the tax efficiencies that Real Estate Investment Trusts enjoy but without the requirement to list on the main stock exchange. Many institutional funds are considering whether to use the structure for new or existing funds.
The first PAIF, The Piccadilly UK Commercial Property Income Fund, received its FSA authorisation in February 2010 and Burges Salmon played a leading role in the set up of the fund, acting for the authorised corporate director Premier Asset Management on the structure and on negotiations with HMRC and the FSA.
Mahrie Webb, head of Fund Structuring at Burges Salmon, said:
“We have worked with Premier for many years on the set up of FSA regulated funds – the challenge here was finding a structure which met the commercial objectives of the parties whilst satisfying the applicable tax rules and FSA requirements. Constructive engagement with the FSA and HMRC together with the positive and constructive approach taken by all parties helped ensure the successful launch of this innovative fund”.
Just weeks after FSA authorisation of the first PAIF, the CB Richard Ellis UK Property Fund received its FSA authorisation and Burges Salmon is pleased to announce that they have been appointed sole property advisors to this fund.
Richard Clark, head of Real Estate at Burges Salmon, said:
"This appointment, combined with the work we have done on the fund structure for Premier, demonstrates that we really are at the cutting edge of UK Real Estate Investment work. We are delighted to be involved in both projects and look forward to contributing to their success.”
If you would like more information about fund structuring, please contact Mahrie Webb on 0117 902 6675 or email@example.com.
If you would like more information about our real estate investment and asset management services please contact Richard Clark on 0117 902 2735 or firstname.lastname@example.org or Richard Read on 0117 902 2797 or email@example.com.