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120-700: CapitaLand is a Singaporean headquartered company focusing on investment, development and management of real estate. It has locations in more than 260 cities in over 40 countries. CapitaLand has six listed real estate investment trusts and business trusts, as well as about 30 private vehicles. Since it pioneered REITs in Singapore with the listing of CapitaLand Mall Trust in 2002, CapitaLand's portfolio of REITs has expanded to include CapitaLand Ascott Trust, CapitaLand China Trust, CapitaLand Ascendas REIT, CapitaLand India Trust and CapitaLand Malaysia Trust. In August 2021, CapitaLand's shareholders voted in favour for

240-687: A 100 percent payout ratio for all income at lower rates. This inhibits the internal growth of the REIT and causes investors to not tolerate low or non-existent yields as the interest rates are more sensitive. Economic climates characterized by rising interest rates can cause a net negative effect on REIT shares. The dividends paid by REITs look less attractive when compared to bonds that have increasing coupon rates. Also, when investors shy away from REITs, it makes it difficult for management to raise additional funds to acquire more property. The first REIT in Kenya

360-544: A collaboration with local authorities, Emirates REIT has been able to establish a platform enabling it to purchase properties anywhere in Dubai given a minimum of 51% of local ownership of its shares. This allows the company to diversify its portfolio with an efficient revenue generating mix of properties in the prime locations of Dubai. Emirates REIT is the first REIT established within the United Arab Emirates. It

480-584: A constant process of industrial land acquisition and the creation of required support infrastructure. Since then, there has been a massive influx of several European companies who continue to be keen on setting up manufacturing facilities in the city. The city serves as headquarters to many companies. Major industrial areas around Pune are Chakan , Chinchwad , Bhosari , Pirangut , Hinjawadi , Talegaon , Talawade , Urse . The Independent referred Chakan as India's "Motor City". The Kirloskar Group , one of India's largest manufacturers and exporters of pumps and

600-581: A distinct asset class in the Global Industry Classification Standard by S&P Dow Jones Indices and MSCI . The key statistics to examine the financial position and operation of a REIT include net asset value (NAV), funds from operations (FFO), and adjusted funds from operations (AFFO). REITs were created in the United States after President Dwight D. Eisenhower signed Public Law 86-779, sometimes called

720-591: A majority(80) were Deshastha Brahmins , 46 were Chitpawan , 15 were Chandraseniya Kayastha Prabhu ( CKP ) whereas Karhade Brahmin and Saraswat accounted for 11 families each. The Third Anglo-Maratha War broke out between the Marathas and the British East India Company in 1817. The Peshwas were defeated at the Battle of Khadki (then spelled Kirkee) on 5   November near Pune and

840-546: A merger to form a company eventually owning about $ 18 billion in assets, making it the largest listed property company in Southeast Asia when completed. Although this followed a new measure imposed by Monetary Authority of Singapore to separate financial and non-financial activities of banking groups on 21 June 2000, DBS Bank had already divested most of its investments in DBSL and was holding 5.4% of DBSL, well below

960-752: A modern metropolis. The Poona Municipal Council was reorganised to form the Pune Municipal Corporation (PMC) in 1950. The education sector in the city continued its growth in the post-independence era with the establishment of the University of Pune (now, Savitribai Phule Pune University ) in 1949, the National Chemical Laboratory in 1950 and the National Defence Academy in 1955. The establishment of Hindustan Antibiotics in 1954 marked

1080-589: A new 15-year lease. On 14 January 2019, the Group announced that it would acquire Ascendas-Singbridge, a real estate group, from Temasek Holdings in an S$ 11B deal, which was completed on 30 June 2019. On 3 July 2019, it announced that Ascott Residence Trust (Ascott Reit) and Ascendas Hospitality Trust would be merged into The Ascott Limited , forming Asia's largest hospitality trust with S$ 7.6b in combined assets. On 29 September 2020, unitholders of CapitaLand Mall Trust and CapitaLand Commercial Trust voted in favour of

1200-406: A number of private hospitals such as Ranka Hospital, Sahyadri , Jahangir Nursing Home, Deenanath Mangeshkar Hospital, Sancheti Hospital, Aditya Birla Memorial Hospital , KEM Hospital , Ruby Hall , Naidu Hospital and Smile Inn Dental Clinic Pune. Pune is a well known manufacturing and industrial center of India. With an estimated nominal GDP of Rs. 3,31,478 crores for year 2019–20, Pune District

1320-611: A parallel system of special purpose companies which can be used for the securitization of particular properties on the private placement basis. REIT shares targeted in 2016 accounted for 7 percent of the United States market, which were subsequently sold for less than half of the initial value at $ 31 billion. The Bursa Malaysia has 18 REIT listed with five Islamic REITS (shariah compliant – according to Islamic investment compliance). Dana Investasi Real Estat Berbentuk Kontrak Investasi Kolektif (DIREs) have lacked popularity because of high sale tax and double taxation. Until 2016, only one DIRE

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1440-578: A portfolio of 27 data centres across Asia and Europe. These include facilities in South Korea, Singapore, China , and India, where it is currently developing data centres in Navi Mumbai , Chennai, Hyderabad, and Bangalore. The company's data centres provide colocation services for various clients, including cloud service providers and large enterprises. Asia Europe Real estate investment trust Most countries' laws on REITs entitle

1560-448: A real estate company to pay less in corporation tax and capital gains tax . REITs have been criticised as enabling speculation on housing, and reducing housing affordability, without increasing finance for building. REITs can be publicly traded on major exchanges, publicly registered but non-listed, or private. The two main types of REITs are equity REITs and mortgage REITs (mREITs). In November 2014, equity REITs were recognized as

1680-544: A result, the city saw a huge influx of people due to opportunities offered by the manufacturing, and lately, the software industries. The breach in the Panshet dam and the resulting flood of 1961 led to severe damage and the destruction of housing close to the river banks. The mishap spurred the development of new suburbs and housing complexes. To integrate urban planning, the Pune Metropolitan Region

1800-613: A total market capitalisation of approximately €15 billion which amounts to almost 2% of the total global REIT market capitalisation. Two out of the nine listed REITs are also included in the EPRA index , an index published by the European Public Real Estate Association (EPRA). The current top five REITs in Hong Kong are The Link REIT with a total market capitalisation of €8 billion, Hui Xian REIT with

1920-438: A total market capitalisation of €2.3 billion, Champion REIT with a total market capitalisation of €1.8 billion, Fortune REIT with a total market capitalisation of €1 billion and Real Estate with a total market capitalisation of €700 million. As of August 2014, India approved creation of real estate investment trusts in the country. Indian REITs (country specific/generic version I-REITs) will help individual investors enjoy

2040-482: Is 100 km (62 mi) north of the seismically active zone around Koyna Dam . The India Meteorological Department has assessed this area as being in Zone 3 , on a scale of 2 to 5, with 5 being the most prone to earthquakes. Pune has experienced some moderate – and many low – intensity earthquakes in its history. The city has a population of 3,124,458; while 5,057,709 people reside in

2160-452: Is May. The city often has heavy dusty winds in May, with humidity remaining high. Even during the hottest months, the nights are usually cool due to Pune's high altitude. The highest temperature recorded was 43.3 °C (109.9 °F) on 30   April 1897. The monsoon lasts from June to October, with moderate rainfall and temperatures ranging from 22 to 28 °C (72 to 82 °F). Most of

2280-593: Is also home to the world's largest vaccine manufacturer, Serum Institute of India . Pune is situated at approximately 18° 32" north latitude and 73° 51" east longitude. The city's total area is 15.642 km , and the municipal corporation area covers 518 km . By road Pune is 149 km (93 mi) south-east of Mumbai , 580 km (360 mi) south-west of Indore , 695 km (432 mi) west of Nagpur , 1,173 km (729 mi) south of Delhi , 734 km (456 mi) north of Bangalore , 562 km (349 mi) north-west of Hyderabad . Pune lies on

2400-501: Is also the first REIT listed on NASDAQ Dubai and one of the five Shari'a compliant REIT in the world with a focus on Income-producing assets. Emirates REIT has a portfolio of over US$ 575.3 million consisting of a total of seven properties primarily focused on commercial and office space as of December 2014. It has had substantial growth over the last four years. The REIT concept was launched in Australia in 1971. General Property Trust

2520-564: Is one of the largest IT hubs in India . It is also one of the most important automobile and manufacturing hubs of India. Pune is often referred to as the "Oxford of the East" because of its educational institutions . It has been ranked "the most liveable city in India" several times. Pune at different points in time has been ruled by the Rashtrakuta dynasty , Ahmadnagar Sultanate ,

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2640-617: Is political resistance to these plans, especially from the Social Democratic Party . In June 2006 the ministry of finance announced that they planned to introduce REITs in 2007. The legal details seem to adopt much of the British REIT regulation. Pune Pune ( / ˈ p uː n ə / POO -nə , Marathi: [ˈpuɳe] , ISO : Puṇē ), previously spelled in English as Poona (

2760-656: Is proposing a regulatory framework similar to that of Singapore and Hong Kong. The Securities and Exchange Commission of Pakistan expected that about six REITs would be licensed within the first year, mainly large asset management companies. Pakistan has seen an outflow of investments by foreign real estate development companies, mostly based in Malaysia and Dubai. SECP has issued licenses to four parties namely, Arif Habib REIT Management Company, AKD REIT Management Company, Eden Developers REIT Management Company and SB Global REIT Management Company. The legal framework enabling

2880-538: Is the largest SIIC. Gecina is the second-largest publicly traded property company in France, with the third-highest asset value among European REITs. Germany planned to introduce REITs in order to create a new type of real estate investment vehicle . The Government feared that failing to introduce REITs in Germany would result in a significant loss of investment capital to other countries. Nonetheless, there still

3000-514: Is the official and most-spoken language. Pune, being the cultural capital of Maharashtra, is a centre for Marathi literature and its dialect forms the basis for the written standard of Marathi. As a destination for migrants throughout India, Hindi is also widely-spoken, as is Dakhni Urdu by the Muslim community. Gujarati and Marwari are spoken by the business community. Pune Municipal Corporation and Pimpri-Chinchwad Municipal Corporation are

3120-694: Is the seat of the bishop of the Roman Catholic Diocese of Poona . Pune has Jain temples dating back to the Peshwa era. At present, there are more than one hundred Jain temples in PMR with the one at Katraj being the largest. Pune has over 20 Gurdwaras, with Gurdwara Guru Nanak Darbar in Pune Camp and Gurdwara Shri Guru Singh Sabha in Ganesh Peth being the ones situated in the heart of

3240-575: Is the third largest contributor to the economy of Maharashtra, after Mumbai and Thane. Pune has the fifth largest metropolitan economy and the sixth highest per capita income in the country. As per the Directorate of Economics and Statistics (Government of Maharashtra), the GDP per capita of Pune District in 2019–20 was Rs. 3,16,848. In 2014–15, the manufacturing sector provided employment to over 500,000 people. The formation of MIDC in 1962 resulted in

3360-523: The Paduka (symbolic sandals) of these saints are carried in a pilgrimage , the Pandharpur Vari , to meet Vithoba. The procession makes a stopover in the city on its way to Pandharpur attracting hundreds of thousands of Varkaris and devotees. Other important Hindu pilgrimage sites in PMR or the district include Jejuri , and five of Ashtavinayak Ganesh temples. The Shrutisagar Ashram houses

3480-431: The 2007–2008 financial crisis , after which listed REITs responded by deleveraging (paying off debt) and re-equitizing (selling stock to get cash) their balance sheets. Listed REITs and REOCs raised $ 37.5 billion in 91 secondary equity offerings, nine IPOs and 37 unsecured debt offerings as investors continued to act favorably to companies strengthening their balance sheets following the credit crisis. REIT dividends have

3600-578: The Kasba Ganapati temple. The Ganesha idol consecrated at this temple has been regarded as the presiding deity ( Gramadevata ) of the city. Pune changed hands between the Mughals and the Marathas many times during the rest of the 1600s.Recognizing the military potential of Pune, the Mughal general Shaista Khan and later, the emperor Aurangzeb further developed the areas around the town. Pune

3720-874: The Maratha empire era under the Maratha and Peshwa rule of the city in the 18th century, before the arrival of the British . Pune is home to many distinctive peths, or place names, for various neighbourhoods. The majority of them bore the names of their founders and days of the week. Pune has a tropical wet and dry ( Köppen Aw ) climate, closely bordering upon a hot semi-arid climate (Köppen BSh ) with average temperatures ranging between 20 and 28 °C (68 and 82 °F). Pune experiences three seasons: summer, monsoon , and winter. Typical summer months are from mid-March to mid-June, with maximum temperatures sometimes reaching 42 °C (108 °F). The warmest month in Pune

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3840-939: The Mughals , and the Adil Shahi dynasty . In the 18th century, the city was part of the Maratha Empire , and the seat of the Peshwas , the prime ministers of the Maratha Empire. Pune was seized by the British East India Company in the Third Anglo-Maratha War ; it gained municipal status in 1858, the year in which Crown rule began. Many historical landmarks like Shaniwarwada , Shinde Chhatri , and Vishrambaug Wada date to this era. Historical sites from different eras dot

3960-475: The PMC , six townships with up to 15,000 housing units existed in Pune in 2012 and 25 more were in the planning process. The Mercer 2017 Quality of Living Rankings evaluated living conditions in more than 440 cities around the world and ranked Pune at 145, second highest in India after Hyderabad at 144. The same source highlights Pune as being among evolving business centres and as one of nine emerging cities around

4080-963: The Shenzhen Stock Exchange on March 14. According to statistics from the Shanghai Stock Exchange, listing these two consumer infrastructure REITs has increased the total number of listed REITs to 23, with an issuance scale approaching 80 billion yuan. The Shenzhen Stock Exchange has reported that the funds raised by infrastructure REITs successfully listed on their exchange have surpassed 32 billion yuan. These projects encompass various asset types, including industrial parks, toll roads, storage logistics, ecological protection, clean energy, affordable rental housing, and consumer infrastructure. The products have been operating smoothly, with active investor participation, gradually enhancing market functions, thereby creating significant scale and demonstration effects. Japan permitted

4200-460: The "Law on Real Estate Funds" (Kiinteistörahastolaki, 1173–1997) it enables the existence of tax-efficient residential REITs. Qualifications As of 2018 Orava Residential REIT is the only REIT in Finland. The French acronyms for REIT are SIIC (publicly listed), contrary to SCPI and OCPI (which are two other kinds of real-estate trusts not publicly listed). In France , Unibail-Rodamco

4320-498: The 1970s and 1980s. The Osho International Meditation Resort , one of the world's largest spiritual centres, is located in Koregaon Park and attracts visitors from over a hundred countries. The meditation resort organises music and meditation festival every year during monsoon, known as Osho Monsoon Festival . Number of well known artists around the world participates in the event. Languages of Pune M Corp (2011) Marathi

4440-546: The 20% shareholding threshold for non-core banking activities under the new measure. More details of the merged entity were given on 31 July 2000. Named as CapitaLand on 6 September 2000, the merger was approved by shareholders on 18 October 2000 and was thus officially launched on 28 November 2000. In 2002, CapitaLand's portfolio of REITs expanded to include CapitaLand Ascott Trust, CapitaLand China Trust, CapitaLand Ascendas REIT, CapitaLand India Trust and CapitaLand Malaysia Trust. On 13 September 2012, CapitaLand announced that it

4560-594: The 722 mm (28.43 in) of annual rainfall in the city falls between June and September, and July is the wettest month of the year. Hailstorms are not unheard of. For most of December and January the daytime temperature hovers around 29 °C (84.2 °F) while overnight temperatures are below 12 °C (53.6 °F). On 11 May 2023, Koregaon Park recorded a temperature of 44.4 °C (112 °F) Pune has been ranked 23rd best “National Clean Air City” (under Category 1 >10L Population cities) in India according to 'Swachh Vayu Survekshan 2024 Results' Pune

4680-472: The 9th century an agricultural settlement known as Punnaka existed at the location of the modern Pune. The plates indicate that this region was ruled by the Rashtrakuta dynasty . The Pataleshwar rock-cut temple complex was built during this era. Pune was part of the territory ruled by the Seuna Yadavas of Devagiri from the 9th century to 1327. Pune was under control of various Muslim sultanates until

4800-585: The ASX, with market capitalization in excess of A$ 100bn. Australia is also receiving growing recognition as having the world's largest REITs market outside the United States. More than 12 percent of global listed property trusts can be found on the ASX. REITs have been in existence in Hong Kong since 2005, when The Link REIT was launched by the Hong Kong Housing Authority on behalf of

4920-611: The British, and numerous suburbs . There are several Peths in usual localities of the Pune city. The industrial growth in the Pimpri , Chinchwad , Akurdi , Nigdi and nearby areas allowed these areas to incorporate a new governing municipal corporation. The Pune Metropolitan Region (PMR), initially defined in 1967, has grown to 7,256 km made up of the ten talukas of the Pune district . The areas of PMC and PCMC along with

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5040-514: The Cigar Excise Tax Extension of 1960. The law was enacted to allow all investors to invest in large-scale, diversified portfolios of income-producing real estate in the same way they typically invest in other asset classes – through the purchase and sale of liquid securities . The first REIT was American Realty Trust founded by Thomas J. Broyhill, cousin of Virginia U.S. Congressman Joel Broyhill in 1961 who pushed for

5160-683: The DIFC. The first REIT license to be issued will be backed by Dubai Islamic Bank with a REIT named 'Emirates REIT' headed up by the dot com entrepreneur, Sylvain Vieujot. The issue is that DIFC domiciled REITs cannot acquire non-Freezone assets within the Emirate of Dubai. The only federally approved Freezone within the UAE is the DIFC itself so therefore any properties outside this zone are purchasable by local Gulf (GCC) passport holders only. However, through

5280-569: The German Bakery in the upmarket Koregaon Park neighbourhood in eastern Pune, killing 17 and injuring 60. Evidence suggested that the Indian Mujahideen terrorist group carried out the attack. Pune has evolved greatly since Indian Independence, from notable universities, colleges and management schools, earning it the nickname of the 'Oxford Of The East', to being one of the most important automobile manufacturing hub. Pune

5400-615: The Hong Kong Government. Since 2005, there have been seven REIT listings as at July 2007, most of which, including Sunlight REIT have not enjoyed success because of low yield. Except for The Link and Regal Real Estate Investment Trust , share prices of all but one are significantly below the initial public offering (IPO) price. Hong Kong issuers' use of financial engineering ( interest rate swaps ) to improve initial yields has also been cited as having reduced investors' interest As of July 2012 there are nine REITs listed with

5520-694: The Indian state of Pune for 7.73bn Indian rupees (€86m). Also in March 2024, Amsterdam-based Bouwinvest Real Estate Investors invested $ 75 million for the $ 600 million CapitaLand Ascott Residence Asia Fund II (CLARA II). In August 2021, CapitaLand's shareholders voted in favour of the company to restructure its business to form two distinct entities – CapitaLand Investment and CapitaLand Development. CapitaLand's integrated developments include ION Orchard and The Orchard Residences , Ascott Orchard Singapore and Cairnhill Nine, as well as Raffles City. in Singapore with

5640-467: The Mula-Mutha river into a dead river. The Pune municipal corporation has undertaken plans to restore life into the rivers. PMC is also responsible for collecting solid waste. Around 1,600 tons of solid waste is generated in Pune each day. The waste consists of 53% organic, compostable material; and 47% inorganic material, of which around half is recyclable. The unrecovered solid waste is transported to

5760-529: The PMC elected in February 2017 has 162 corporators representing 41 multi-member wards (39 with 4 corporators each and 2 with 3 each). The general body, in turn, elects the mayor and the deputy mayor. The mayor has a ceremonial role as the first citizen and ambassador of the city while the actual executive power lies with the municipal commissioner. For policy deliberations, corporators form several committees. Perhaps

5880-489: The PMR is provided by private and public facilities. Primary care is provided by practitioners of Allopathic medicine as well as traditional and alternative medicine (i.e. Ayurved , Homeopathy and Unani ). For minor and chronic ailments, people in the region often rely on practitioners of traditional medicine. The PMR is served by three government hospitals: Sassoon Hospital , Budhrani and Dr Ambedkar Hospital. There are also

6000-495: The Pune Urban Agglomeration as of the 2011 census . The latter was c. 4,485,000 in 2005. According to the Pune Municipal Corporation (PMC), 40% of the population lived in slums in 2001. Since Pune is a major industrial metropolis, it has attracted migrants from all parts of India. The number of people migrating to Pune rose from 43,900 in 2001 to 88,200 in 2005. The sharp increase in population during

6120-543: The Rashtrakuta dynasty, the city was referred to as Punnaka and Punyapur. The copper plates of 758 and 768 CE show that the Yadava dynasty had renamed the city Punakavishaya and Punya Vishaya. 'Vishaya' means land, and 'Punaka' and 'Punya' mean holy. The city was known as Kasbe Pune when under the command of Maratha king Shivaji 's father, Shahaji . Mughal emperor Aurangzeb renamed a small neighbourhood in central part of

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6240-629: The Saudi Capital Market Authority, The regulation did not allow the funds to be traded in the stock market and forced all funds to be structured by a licensed Investment companies by CMA with a presence of a real estate developer and some other key persons. The REIT legislation was introduced by Dubai International Financial Centre (DIFC) to promote the development of REIT's in the UAE by passing The Investment Trust Law No.5 that went into effect on August 6, 2006. This restricts all 'true' REIT structures to be domiciled within

6360-553: The Singapore Exchange has grown to overtake those traditional listing with local assets. S-REITs are regulated as Collective Investment Schemes under the Monetary Authority of Singapore's Code on Collective Investment Schemes, or alternatively as Business Trusts. Some of the regulations that S-REITs have to adhere to includes: S-REITs benefit from tax advantaged status where the tax is payable only at

6480-581: The Special Purpose Investment Companies Act. They are pass-through entities for corporate income tax purposes (i.e., they are not subject to corporate income-tax), but are subject to numerous restrictions. Finnish REITs were established in 2010, when the Finnish parliament passed "the tax exemption law" (Laki eräiden asuntojen vuokraustoimintaa harjoittavien osakeyhtiöiden verohuojennuksesta, 299/2009). Together with

6600-718: The Vedanta Research Centre and a unique temple of Dakshinamurthy . Prominent mosques include Roshan Masjid, Chand Tara Masjid, Jama Masjid, and Azam Campus Masjid, Manusha Masjid. Chand Tara Masjid, located in Nana Peth , is one of the biggest and most important mosques in Pune as it is the city headquarters ( markaz ) for the Tablighi Jamaat . Pune is also the birthplace of Meher Baba , although his followers usually travel to Meherabad to visit his tomb. Hazrat Babajan , identified by Meher Baba as one of

6720-463: The area that supply water to the city and the greater metropolitan area. The city lacks the capacity to treat all the sewage it generates, which leads to the Mutha river containing only sewage outside the monsoon months. In 2009 only 65% of sewage generated was treated before being discharged into the rivers. According to Anwesha Borthakur and Pardeep Singh, unplanned and haphazard development has turned

6840-635: The beginning of industrial development in the Hadapsar , Bhosari , and Pimpri areas. MIDC provided the necessary infrastructure for new businesses to set up operations. In the 1970s, several engineering companies were set up in the city, allowing it to vie with Chennai . In the 1990s, Pune began to attract foreign capital, particularly in the information technology and engineering industries. IT parks were established in Aundh , Viman Nagar , Hinjawadi , Wagholi , Kharadi and Balewadi - Baner region. As

6960-512: The benefits of owning an interest in the securitised real estate market. The greatest benefit will be that of fast and easy liquidation of investments in the real estate market unlike the traditional way of disposing of real estate. The government and Securities and Exchange Board of India through various notifications is in the process of making it easier to invest in real estate in India directly and indirectly through foreign direct investment, through listed real estate companies and mutual funds. In

7080-574: The budget of 2014, finance minister Arun Jaitley has introduced a law for setting up of REITs. As in 2021, there are three REITs listed in National Stock Exchange of India. These are Embassy, Mindspace and Brookfields. Overall, the shareholding of Indian REITs is skewed towards institutional investors (mostly FPIs), with very minimal contribution from retail investors. CSRC (China Securities Regulatory Commission) and NDRC ( National Development and Reform Commission ) jointly announced

7200-415: The city was a centre of agitation led by Gopal Krishna Gokhale and Bal Gangadhar Tilak . The city was also a centre for social reform led by Gopal Ganesh Agarkar , Mahatma Jyotirao Phule , feminist Tarabai Shinde , Dhondo Keshav Karve and Pandita Ramabai . They demanded the abolition of caste prejudice, equal rights for women, harmony between the Hindu and Muslim communities, and better schools for

7320-493: The city was seized by the British. It was placed under the administration of the Bombay Presidency and the British built a large military cantonment to the east of the city (now used by the Indian Army ).The old city and the cantonment areas followed different patterns of development, with the latter being developed more on European lines to cater for the needs of the British military class. The old city had narrow lanes and areas segregated by caste and religion. The settlement of

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7440-576: The city, including the Lakdi Pul and the temples on Parvati Hill and many Maruti , Vithoba , Vishnu , Mahadeo , Rama , Krishna , and Ganesh temples. The building of temples led to religion being responsible for about 15% of the city's economy during this period. Pune prospered as a city during the reign of Nanasaheb Peshwa. He developed Saras Baug , Heera Baug, Parvati Hill and new commercial, trading , and residential localities. Sadashiv Peth , Narayan Peth , Rasta Peth and Nana Peth were developed. The Peshwa's influence in India declined after

7560-474: The city. Pune has historically been a major cultural centre, with important figures like Dnyaneshwar , Shivaji , Tukaram , Baji Rao I , Balaji Baji Rao , Madhavrao I , Nana Fadnavis , Mahadev Govind Ranade , Gopal Krishna Gokhale , Mahatma Jyotirao Phule , Savitribai Phule , Gopal Ganesh Agarkar , Tarabai Shinde , Dhondo Keshav Karve , and Pandita Ramabai doing their life's work in Pune City or in an area that falls in Pune Metropolitan Region . Pune

7680-469: The city. As agriculture has dwindled in recent decades, immigration of the erstwhile rural peoples now accounts for 70 per cent of the population growth. The average literacy rate of Pune was 86.15% in 2011 compared to 80.45% in 2001. Hinduism is the major religion, practised by a little under 80% of people in Pune. Other religions with a significant presence include Islam , Buddhism , Jainism , Christianity , Sikhism and Zoroastrianism . Of

7800-408: The city. The 19th-century Ohel David Synagogue , known locally as Lal Deval, is said to be one of the largest synagogues in Asia outside Israel. The Sir Jamsetjee Jejeebhoy Agiary is a prominent Zoroastrian temple. Pune has been associated with several significant recent spiritual teachers. The controversial Guru Osho , formerly the self-styled Bhagwan Rajneesh, lived and taught in Pune for much of

7920-443: The civic bodies responsible for local government . It comprises two branches, the executive branch headed by the Municipal Commissioner, an IAS officer appointed by the Government of Maharashtra , and an elected deliberative branch, the general body, headed by the Mayor of Pune . Municipal elections are held every five years to elect councillors, commonly known as "corporators", who form the general body. The current general body of

8040-678: The company to restructure its business to form two distinct entities; CapitaLand Investment (CLI), its real estate investment management business; and CapitaLand Development, its privately held property development arm. Later on 20 September, CLI debuted on the Singapore Stock Exchange under the trading name CapitaLandInvest and stock code, 9CI. In 2005, CapitaLand established CapitaLand Hope Foundation. In 2011, CapitaLand set up CapitaLand Hope Foundation (China) to spearhead new initiatives in China. In 2019, it further expanded its community support by establishing CapitaLand Hope Foundation (India). On 12 July 2000, DBS Land (DBSL) and Pidemco Land announced

8160-766: The company's serviced residence brands include Ascott, Citadines, Oakwood, lyf, Quest, Somerset and The Crest Collection. It possesses approximately 790 properties. CapitaLand's commercial spaces include offices and integrated developments across Singapore, China, Germany, Japan and Vietnam. Commercial office buildings in CapitaLand's portfolio include Asia Square Tower 2, Capital Tower , CapitaGreen , CapitaSpring, Six Battery Road , One George Street and Raffles City Tower in Singapore; Capital Square and Innov Center in Shanghai, China, as well as Main Airport Center and Gallileo in Frankfurt, Germany. CapitaLand's portfolio of residential developments includes The Interlace, d’Leedon, Sky Vue and Sky Habitat. Recent redevelopments include

8280-406: The confluence of the Mula and Mutha rivers. The Pavana , a tributary of Mula river and Indrayani river , a tributary of the Bhima river , traverse the northwest Neighbourhoods of Pune. The modern city of Pune has many distinct neighbourhoods . These include the numerous peths of the old city on the eastern bank of the Mutha river, the cantonment areas of Khadki and Camp established by

8400-406: The creation under Eisenhower. As of 2021, at least 39 countries around the world have established REITs. A comprehensive index for the REIT and the global listed property market is the FTSE EPRA/Nareit Global Real Estate Index Series, which was created jointly in October 2001 by the index provider FTSE Group, Nareit and the European Public Real Estate Association (EPRA). As of 29 January 2021,

8520-477: The decade 1991–2001 led to the absorption of 38 fringe villages into the city. The top five source areas of migrants are Karnataka , Uttar Pradesh , Andhra Pradesh , Gujarat , and Rajasthan . The Sindhis in the city are mostly refugees and their descendants, who came to the area after the partition of India in 1947. Initially they settled in the Pimpri area, which is still home to a large number of Sindhi people . However, they are also present in other parts of

8640-617: The defeat of Maratha forces at the Battle of Panipat but Pune remained the seat of power. In 1802 Pune was captured by Yashwantrao Holkar in the Battle of Poona , directly precipitating the Second Anglo-Maratha War of 1803–1805. The Peshwa rule ended with the defeat of Peshwa Bajirao II by the British East India Company in 1818. Historian Govind Sakharam Sardesai lists 163 prominent families that held high ranks and played significant roles in politics, military, and finance in 18th century Pune. Of these 163 families,

8760-459: The dumping grounds in Urali devachi. The state owned Maharashtra State Electricity Distribution Company Limited supplies electricity to the city. Bharat Sanchar Nigam Limited (BSNL), owned by the central government , as well as private enterprises such as Reliance Jio , Bharti Airtel and Vodafone Idea are the leading telephone and cell phone service providers in the city. Healthcare in

8880-679: The establishment of REITs in December 2001. J-REIT securities are traded on the Tokyo Stock Exchange among other exchanges in Japan. A J-REIT (a listed real estate investment trust) is strictly regulated under the Law concerning Investment Trusts and Investment Companies (LITIC) and established as an investment company under the LITIC. In addition to REITs, Japanese law also provides for

9000-618: The establishment of REITs in the Philippines have been in place after the Real Estate Investment Trust Act of 2009 (Republic Act No. 9856) passed into law on December 17, 2009. Its Implementing Rules and Regulations were approved by the Securities and Exchange Commission in May 2010. However, it failed to attract investors due to its restrictive tax policies and high friction cost. Regulations on REITs

9120-591: The first REIT in Ghana in August 1994. HFC Bank has been at the forefront of mortgage financing in Ghana since 1993. It has used various collective investment schemes as well as corporate bonds to finance its mortgage lending activities. Collective Investment Schemes, of which REITs are a part, are regulated by the Securities and Exchange Commission of Ghana. In 2007, the Securities and Exchange Commission (SEC) issued

9240-760: The first set of guidelines for the registration and issuance of requirements for the operation of REITs in Nigeria as detailed in the Investment and Securities Act (ISA). The first REIT, the N50 billion Union Homes Hybrid Real Estate Investment Trust, was launched in September 2008. In November 2015 there were three listed REITS on the Nigerian Stock Exchange : Skye Shelter Fund, Union Home and UPDC. A Haldane McCall REIT did not list after failing to reach

9360-516: The five perfect masters , has a shrine ( Dargah ) erected in her honour under a neem tree in Pune Camp . Pune has a distinct Christian community comprising Roman Catholic , Pentecostals , CNI , Methodist , Presbyterians , Christian Missionaries helped in setting up schools and colleges all over and also spread the message of faith. The city has several churches dedicated to different Christian denominations such as St. Anthony's Shrine and Dapodi Church. St. Patrick's Cathedral built in 1850

9480-818: The global index included 490 stock exchange listed real estate companies from 39 countries representing an equity market capitalization of about $ 1.7 trillion. Around the time of their creation in 1960, the first REITs primarily consisted of mortgage companies. The industry experienced significant expansion in the late 1960s and early 1970s. The growth primarily resulted from the increased use of mREITs in land development and construction deals. The Tax Reform Act of 1976 authorized REITs to be established as corporations in addition to business trusts . The Tax Reform Act of 1986 also impacted REITs. The legislation included new rules designed to prevent taxpayers from using partnerships to shelter their earnings from other sources. Three years later, REITs witnessed significant losses in

9600-654: The guardian deities of the city. Dagadusheth Halwai Ganapati Temple is the richest Ganesh temple in Pune. Pune district has two of the most important pilgrimage centres of the Varkari sect of the Bhakti movement in Maharashtra, namely Alandi where the samadhi of 13th century Saint Dnyaneshwar is located and Dehu where the 17th century Saint Tukaram lived. Every year in the Hindu month of Ashadh (June/July),

9720-455: The investor level and not at the REITs level. In addition to REITs, there are ten Business Trusts ("BTs") (similar to REITs but may hold assets that are not conventional and are not subjected to stringent rules as compared to SREITs), and six Stapled Instruments (composed of a stapled Business Trust Unit and a REIT unit), which are listed on the Singapore Exchange. The total market capitalisation of

9840-519: The late 1600s. Pune was part of the Jagir (fiefdom) granted by the Nizamshahi (Ahmadnagar Sultanate) to Maloji Bhosale in 1599. Maloji Bhosale passed on Jagir of Pune to his son Shahaji Bhosale . The town was destroyed by Murar Jagdeo, a general from the rival Adil Shahi dynasty in 1636.Soon Shahaji himself joined Adilshahi and got his Pune jagir back.At that time he selected the town for

9960-472: The latest REIT, Cromwell European REIT, listed on 30 November 2017. The first one to be set up being CapitaMall Trust in July 2002. They represent a range of property sectors including retail, office, industrial, hospitality and residential. S-REITs hold a variety of properties in countries including Japan, China, Indonesia and Hong Kong, in addition to local properties. In recent years, foreign assets listing on

10080-834: The law enforcement agency for the city of Pune. It is a division of the Maharashtra Police and is headed by the Police Commissioner , an officer of the Indian Police Service . The Pune Police Department reports to the State Ministry of Home Affairs. A separate police commissionerate was announced for PCMC, Pune in April 2018 to be carved out of the historic Pune Police Department. The new commissionerate took charge on 15 August 2018. Pune Metropolitan Region Development Authority (PMRDA)

10200-488: The listed Trust on Singapore Exchange approximate SGD 100 billion (as at 30 Nov 17). The Securities and Exchange Commission created regulations to establish REITs as an investment vehicle in late 2012, opening the doors for the first REITs to be listed in 2013. There are at least two tens of REITS. Introduced in 2014 to replace the Property Funds for Public Offering (PFPO) scheme, REITs have gained popularity, and

10320-463: The mall with CDL, CapitaLand, via Ascott Residence Trust, owned and managed Somerset Liang Court Singapore, attached to Liang Court mall. In November that same year, CapitaLand sold The Star Vista to co-owner Rock Productions for US$ 217 million. The Ascott Limited , a wholly owned subsidiary of CapitaLand, opened The Ascott Singapore in 1984. In 2006, it established the world's first Pan-Asian serviced residence REIT, Ascott Residence Trust. Today,

10440-540: The many Hindu temples in the city, the Parvati temple complex on Parvati Hill and at least 250 others date back to the 18th century. These temples were commissioned by the Peshwas , who ruled the city at the time, and are dedicated to various deities including Maruti , Vithoba , Vishnu , Mahadeo , Rama , Krishna and Ganesh . The historic temples of Kasba Ganapati , the Tambadi (Red) Jogeshwari are considered

10560-500: The merger of both REITs to form CapitaLand Integrated Commercial Trust, which would become the largest Singapore REIT and one of the largest REITs in the Asia Pacific with an asset base of S$ 22.4 billion. On 22 March 2021, CapitaLand Group announced the proposed restructuring of its business. With the restructuring, the Group formed two entities – CapitaLand Investment (CLI), the real estate investment management business which

10680-579: The minimum 50% subscription in a January 2015 initial public offer amid poor market prospects. By October 2015 there were 33 South African REITS and three non-South African REITs listed on the Johannesburg Stock Exchange , according to the SA REIT Association, which said market capitalization was more than R455 billion. Commonly referred to as Real Estate Investment Fund, the regulations were launched in July 2006 by

10800-401: The most important of these is the 16-member Standing Committee, half of whose members retire every year. The Standing Committee and the 15 ward committees are in charge of financial approvals. PMC was ranked 8th out of 21 Indian cities for best governance and administrative practices in 2014. It scored 3.5 out of 10 compared to the national average of 3.3. The Pune City Police Department is

10920-548: The official name until 1978 ), is a city in the state of Maharashtra in the Deccan plateau in Western India . It is the administrative headquarters of the Pune district , and of Pune division . According to the 2011 Census of India , Pune has 7.2 million residents in the metropolitan region , making it the seventh-most populous metropolitan area in India . The city of Pune is part of Pune Metropolitan Region . Pune

11040-508: The old Pearl Bank Apartments into the One Pearl Bank, which is slated for completion in 2023; as well as CanningHill Piers on the site of the former Liang Court, scheduled for completion in 2025. CapitaLand's homes can be found in Singapore, China, Indonesia, Malaysia and Vietnam. The latest project is the redevelopment of JCube shopping mall into a mixed development with a residential component called J'Den. CapitaLand has developed

11160-564: The old city as Muhiyabad (the only divergent naming) some time between 1703 and 1705 in memory of his great-grandson Muhi-ul-Milan, who died there. The name Muhiyabad was reverted soon after Aurangzeb's death. Anglicized to Poona in 1857 by the English during British rule, the city's name was changed to Pune in 1978. [REDACTED] Maratha Empire 1674–1818 [REDACTED] Bombay Presidency 1818–1947 [REDACTED] Bombay State 1947–1960 [REDACTED] Maharashtra 1960–Present Copper plates dated 858 and 868   CE show that by

11280-1686: The opening of Raffles City Singapore in 1986, there are now 10 other Raffles City developments in seven gateway cities in China, including the latest Raffles City The Bund and Raffles City Chongqing . One of CapitaLand's most recently completed developments is CapitaSpring (comprising an office tower and serviced residence), a 280m tall skyscraper in Raffles Place. CapitaLand holds retail investments in Singapore, China, Malaysia, Japan, Cambodia and Vietnam. In Singapore, its 20 malls include Bedok Mall , Bugis Junction , Bugis+ , Funan , IMM , ION Orchard , JCube (defunct), Plaza Singapura , Raffles City Singapore , Westgate , Jewel Changi Airport and Junction 8 . It owns 46 malls in China, including CapitaMall Xizhimen in Beijing, CapitaMall Hongkou in Shanghai and Raffles City Shanghai , CapitaMall SKY+ in Guangzhou, Suzhou Center, and Raffles City Chongqing . In Malaysia and Japan, it holds investments in Gurney Plaza and Queensbay Mall in Penang, Malaysia; and Olinas Mall in Tokyo . In June 2019, CapitaLand, partnering with City Developments Limited (CDL), acquired Liang Court from mall operator AsiaMalls, an entity linked to PGIM Real Estate, for S$ 400 million. Before co-owning

11400-655: The poor. Mahatma Gandhi was imprisoned at the Yerwada Central Jail several times and placed under house arrest at the Aga Khan Palace between 1942 and 1944, where both his wife Kasturba Gandhi and aide Mahadev Desai died. Savarkar used to study in Fergusson College and performed the "Holi" of foreign items near Mutha river bank . After Indian independence from the British in 1947, Pune saw enormous growth, transforming it into

11520-779: The regiments of the 17 Poona Horse cavalry, the Lancashire Fusiliers , the Maratha Light Infantry , and others, led to an increase in the population. Due to its milder weather, the city became the "Monsoon capital" of the Governor of Bombay, thus making it one of the most important cities of the Bombay Presidency . The Southern Command of the Indian Army , established in 1895, is headquartered in Pune cantonment . The city of Pune

11640-513: The residence of his wife Jijabai , and young son Shivaji, the future founder of the Maratha empire. Shahaji appointed Dadoji Konddeo to help Jijabai in the administration of Jagir and in the reconstruction of the town.The Lal Mahal residence of Jiajabai and Shivaji was completed in 1640 AD. Shivaji spent his young years at the Lal Mahal. Jijabai is said to have commissioned the building of

11760-410: The setting up of and the conduct of a Sri Lankan REITs. Specific provisions have been included for the verification of title and valuation of property that will form part of the assets of the REIT. Amongst the requirements is the mandatory distribution of approximately 90% of income to the unit holders, which is currently not a requirement for any of the listed entities. Further, due to the availability of

11880-594: The slums are on mixed ownership land. The living conditions in slums varies considerably, depending on their status (formal/informal) and in how far non-governmental organisations (NGOs), community organisations (CBOs) and government agencies are involved and committed to improving local living conditions. Since the 1990s a number of landmark integrated townships and gated communities have been developed in Pune such as Magarpatta , Nanded city , Amanora , Blue Ridge , Life Republic and Lavasa . They also offer business opportunities and access to infrastructure. According to

12000-541: The start of pilot projects in REITs on April 30, 2020. This official announcement represents the beginning of REITs in mainland China. As of March 14, 2024, the landscape of China's Real Estate Investment Trusts (REITs) saw a significant advancement with the listing of Huaxia Jinmao Commercial REITs (508017) and Jiashi Wumei Consumer REITs (508011) on the Shanghai Stock Exchange on March 12, followed by Huaxia China Resources Commercial REITs (180601) on

12120-554: The stock market. Retail REIT Taubman Centers Inc. launched the modern era of REITs in 1992 with its creation of the UPREIT. In an UPREIT, the parties of an existing partnership and a REIT become partners in a new "operating partnership". The REIT typically is the general partner and the majority owner of the operating partnership units, and the partners who contributed properties have the right to exchange their operating partnership units for REIT shares or cash. The industry struggled during

12240-547: The tax pass through mechanism to Unit Trusts, REITs also could benefit to be a viable business concept to Sri Lanka that will open new horizons for entrepreneurs to take the real estate industry to greater heights. Bernheim Comofi (now AG Real Estate ) introduced Belgian REITs in 1995 with the constitution of Befimmo . Others REITs in Belgium include Cofinimmo and Ascensio. REITs were introduced in Bulgaria in 2004 with

12360-523: The three cantonment areas of Camp, Khadki, and Dehu Road form the urban core of the PMR, which also includes seven municipal councils and 842 villages. Rapid industrialisation since the 1960s has led to large influx of people into the city. Housing supply has not kept pace with demand, causing the number of slum dwellings to increase. Approximately 36% of the population lives in 486 slum areas. Of these, 45% slum households do not have in-house toilet facilities and 10% do not have electricity. One third of

12480-489: The total market capitalisation has reached THB 85 billion across two million square metres of assets. On 1 August 2020, the Securities and Exchange Commission of Sri Lanka (SEC) announced that REITS will be introduced as an extension of the current Unit Trust Code and the new Rules, which came into effect from 31 July 2020 is in the form of a Gazette Notification published by the SEC. These Rules which are comprehensive, will govern

12600-518: The western margin of the Deccan plateau , at an altitude of 560 m (1,840 ft) above sea level. It is on the leeward side of the Sahyadri mountain range, which forms a barrier from the Arabian Sea . It is a hilly city, with Vetal Hill rising to 800 m (2,600 ft) above sea level. The Sinhagad fort is at an altitude of 1,300 metres (4,300 feet). The old city of Pune is at

12720-556: The world with the citation "Hosts IT and automotive companies". The 2017 Annual Survey of India's City-Systems (ASICS) report, released by the Janaagraha Centre for Citizenship and Democracy, adjudged Pune as the best governed of 23 major cities. Peth is a general term in the Marathi language for a locality in Pune. Seventeen peths are located in Pune, which today constitute the old city of Pune. Most were established during

12840-428: Was a major centre of resistance to British Raj, with people like Gopal Krishna Gokhale , Bal Gangadhar Tilak playing leading roles in struggle for Indian independence in their times. The earliest reference to Pune is an inscription on a Rashtrakuta Dynasty copper plate dated 937 CE, which refers to the town as Punya-Vishaya, meaning 'sacred news'. By the 13th century, it had come to be known as Punawadi. During

12960-535: Was appointed Peshwa (prime minister) of the Maratha Empire by Shahu I , the fifth Chhatrapati of the Maratha Empire . As the Peshwa, Bajirao moved his base from Saswad to Pune in 1728, marking the beginning of the transformation of what was a kasbah into a city. He also commissioned the construction of the Shaniwar Wada on the high grounds of right bank of the Mutha River . The construction

13080-736: Was approved by the Capital Markets Authority in October 2015. The REIT is issued by Stanlib Kenya under the name Fahari I-Reit scheme. The REIT scheme will provide unit holders stable cash inflows from the income generating real estate properties. The unrestricted IPO will be listed on the main investment market segment of the Nairobi Securities Exchange. REITs have been in existence in Ghana since 1994. The Home Finance Company , now HFC Bank , established

13200-513: Was completed in 1730, ushering in the era of Peshwa control of the city. Bajirao's son and successor, Nanasaheb constructed a lake at Katraj on the outskirts of the city and an underground aqueduct to bring water from the lake to Shaniwar Wada and the city. The aqueduct was still in working order in 2004. The patronage of the Maratha Peshwas resulted in a great expansion of Pune, with the construction of around 250 temples and bridges in

13320-578: Was defined in 1967 covering the area under PMC, the Pimpri-Chinchwad Municipal Corporation , the three cantonments, and the surrounding villages. In 1998 work on the six-lane Mumbai-Pune expressway began; it was completed in 2001. In 2008, the Commonwealth Youth Games took place in Pune, which encouraged development in the northwest region of the city. On 13 February 2010, a bomb exploded at

13440-681: Was established, which was in 2012. However, tax incentives plans demonstrate an intention of policymakers and lawmakers to boost the competitiveness of the market, and to encourage DIREs to be listed domestically. The Securities and Exchange Commission of Pakistan is in the process of implementing a REIT regulatory framework that will allow full foreign ownership, free movement of capital and unrestricted repatriation of profits. It will curb speculation in Pakistani real estate markets and gives access to small investors who want to diversify into real estate. The Securities and Exchange Commission of Pakistan

13560-515: Was formed on 31   March 2015 and is responsible for the integrated development of the PMR. Currently its jurisdiction extends over 7,256.46 km (2,802 sq mi) and includes two municipal corporations , three cantonment boards, seven municipal councils, 13 census towns and 842 villages. The PMC supplies the city with potable water that is sourced from the Khadakwasla Reservoir. There are five other reservoirs in

13680-553: Was known as Poona during British rule. Poona Municipality was established in 1858. A railway line from Bombay to the city opened in 1858, run by the Great Indian Peninsula Railway (GIPR). Navi Peth , Ganj Peth (now renamed Mahatma Phule Peth ) were developed during the British Raj . Pune was prominently associated with the struggle for Indian independence . In the period between 1875 and 1910,

13800-561: Was listed on SGX-ST on 20 September 2021 and CapitaLand Development (CLD), the privatised property development arm. On the 20th of September 2021, CLI debuted on the Singapore Stock Exchange under the trading name CapitaLandInvest and stock code, 9CI. On 27 September 2021, CapitaLand announced the change of names of Ascendas Real Estate Investment Trust, Ascott Residence Trust and Ascendas India Trust under one unified CapitaLand brand. Ascendas Real Estate Investment Trust

13920-953: Was listed on the Dow Jones Sustainability Asia Pacific Index in recognition of its sustainability efforts. It has been listed on the Index since then. In 2017, CapitaLand came into controversy when the company attempted to evict the Franses Art Gallery from the Cavendish Hotel in London . CapitaLand acquired the property in August 2012. The case would go to the Supreme Court of the United Kingdom , which ruled against CapitaLand and upheld Franses Art Gallery's request for

14040-466: Was occupied again by Marathas in June 1670, four months to the battle of Sinhagad and remained in the hands of Marathas. From 1703 to 1705, towards the end of the 27-year-long Mughal–Maratha Wars , the town was occupied by Mughal emperor Aurangzeb and its name was changed temporarily to Muhiyabad. This name was abandoned and reverted to its original name soon after Aurangzib's death. In 1720, Baji Rao I

14160-546: Was relaxed in January 2020 which led to the establishment of the first REIT in the country, AREIT Inc. of Ayala Land which had its public offering in August of the same year. However foreign investors still have poor reception towards REITs during that year when there was also a prevailing COVID-19 pandemic . Commonly referred to as S-REITs, there are more than 40 REITs listed on the Singapore Exchange , with

14280-448: Was renamed to CapitaLand Ascendas REIT. Ascott Residence Trust was renamed to CapitaLand Ascott Trust. Ascendas India Trust was renamed to CapitaLand India Trust. CapitaLand Ascendas REIT brought its London data centre footprint to five in 2023 by buying the 31MW Chess Building data centre from Digital Realty for £125.1m ($ 159m). In March 2024, CapitaLand India Trust acquired an industrial property from developer Nalanda Shelter Private in

14400-755: Was the first Australian real estate investment trust (LPT) on the Australian stock exchanges (now the Australian Securities Exchange ). REITs which are listed on an exchange were known as Listed Property Trusts (LPTs) until March 2008, distinguishing them from private REITs which are known in Australia as Unlisted Property Trusts. They have since been renamed Australian Real Estate Investment Trusts (A-REITs) in line with international practice. REITs have shown numerous benefits over direct investment including lower tax rates and increased liquidity. There are now more than 70 A-REITs listed on

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