IRELAND: Irish Stock Exchange Publishes Draft Listing Rules for REITs

Tuesday April 23 2013

The Finance Bill 2013 introduced a tax regime for Real Estate Investment Trusts (REITs). One of the conditions to qualify for the REIT tax regime is that the REIT must have its shares listed on the main market of a recognised stock exchange in an EU Member State.

In light of the above development, the Irish Stock Exchange has created a listing regime for REITs. In particular, they have developed a new Chapter 16 in their Listing Rules specifically for REITs.

The new chapter will apply to a property investment company that qualifies as a REIT under the Finance Act 2013. The Stock Exchange has aligned their new requirements with those of the FCA Listing Rules in the UK so as to facilitate REITs that may seek a dual listing in Ireland and the UK.

At this time, the Irish Stock Exchange is running a short consultation on the proposed listing rules in Chapter 16. Any comments or feedback on the proposed new listing rules for REITs should be submitted by close of business on Friday, 26 April 2013.

Please see the above link for more details.