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14 February 2012
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Unibail-Rodamco to leave the Dutch FBI/REIT regime
In a move that is a wake-up call to the Dutch government to clarify real estate legislation, the giant shopping centre group Unibail-Rodamco is to exit from the Dutch FBI/REIT fiscal regime at the start of 2010, and retain only its French SIIC/REIT status. The Franco-Dutch anticipates this will have no material impact on results due to significant Dutch tax-loss carry forwards, resulting from the decline in real estate values since the merger between Unibail and Rodamco Europe, and the implementation of other measures. The Dutch portfolio represents 13% of total. "If the Dutch FBI structure were to evolve in line with most other international REIT regimes, Unibail-Rodamco SE might reconsider re-entry," it said in a statement. (See upcoming PIE/PFE editions for full story)