The Irish State will make REITS legal in Ireland in April this year. And REITS will make it possible, albeit indirectly, to monetize distressed mortgages and repossessed homes.
Patrick Honohan - cuddly aul Honohan - is pushing for repossessions.
REITS are also seen as a way of ‘winding down’ NAMA. The vulture fund group, Blackstone, got first look at NAMA’s book as far back as 2009.
All of this will be done with tax-free exemptions for the companies and individual investors involved.
The government’s glossy brochure on REITS is available here.