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|mangal: Aberdeen Property Fund likely to benefit from PIFs- extracts from Jun04 citywire articles:
Real Estate Investment Trusts (REITs) are the other factor that will drive the sector higher, according to Ross.
He added: 'Whether REITs are introduced will depend on the current consultation by government and how onerous its restrictions are.
'But REITs will generate an attractive lump sum for government through a conversion tax and this is a clear incentive for the administration to make this work.'
"...Alex Ross, who runs Aberdeen's £107m Property Share fund. He produced returns of 49.9% over the year and, like virtually all his peers, generated the strongest quarterly return in the April-June period last year.
Ross says that an increase in consolidation was a boon for the sector over the past 18 months as it helped to highlight valuation gaps: 'Shares in the sector have been trading at a discount to net asset value and, by March 2003, we saw some discounts stretched to 40%.
'However, the pick-up in economic confidence has filtered through and investors are now starting to look at a recovery in the office rental market, which has been weak for the past three years,' he says.
Ross expects a recovery in this sub-sector towards the end of 2005 and is using share price weakness as an opportunity to increase exposure.
The advent of real estate investment trusts (REITs) or property investment funds (PIFs) has also quickened interest and Ross believes they will help to iron out discounts in the sector.
He says: 'When REITs were introduced in the US, Australia and France, they certainly helped narrow valuation gaps. The long-term average in the UK has been in the 15-20% range.'|
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