Pádraig Mac Lochlainn (Donegal North East, Sinn Fein)
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104. To ask the Minister for Finance the number of real estate investment trusts that will be introduced here by the end of 2013; and if he will make a statement on the matter. [23957/13]

Michael Noonan (Limerick City, Fine Gael)
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The legislation introducing a tax framework for Real Estate Investment Trusts (REITs) was signed into law on 27th March in Finance Bill 2013. The future development of Irish REITs will depend very much on market response to the product, so it is not possible to state the number, if any, of REITs which will be introduced by the end of 2013. REITs by their nature are large collective investment vehicles which take time to form – the time frame for large property transactions is calculated in months rather than weeks, and the public listing of a company is also a significant undertaking.

I have however received feedback from a number of sources indicating that interest is being expressed in the Irish REIT framework.