The start of the year heralded the adoption of the new U.K. real estate investment trust (REIT) legislation. And with Germany slated to follow suit later in the year, the pace is set toward a better functioning and more global European REIT market.

Holland, Belgium and France have already adopted appropriate legislation to facilitate the growth of the REIT sector. "Now with the U.K. and Germany both joining in, it's a big plus - in property terms you have three of the largest European real estate markets that will be REITs," said Jean-Pierre Husband, a Fitch Ratings analyst.

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