REITs, or real estate investment trusts, are companies that own or finance income-producing real estate in a range of property sectors. These companies have to meet certain requirements to qualify as REITs. Most REITs trade on the major stock exchanges and own several kinds of commercial properties in SA, such as warehouses, factories, hospitals, shopping centres, office buildings and, to a lesser extent, residential properties. Some also invest in properties overseas.
Tel: 021 673 4700
Expertise: Corporate And Commercial
Michael Bromley is a director in our Corporate and Commercial practice. Michael has practised as an admitted attorney for 27 years and for the last 15 years has practised commercial law specialising in M&A property transactions and construction, particularly in the property transactions and hospitality and leisure sectors. Michael is the Hospitality and Leisure Sector Head and specialises in law relating to the development and construction of substantial capital intensive facilities, such as convention centres, casinos and hotels which includes advising on and drafting agreements relating to the corporate structuring (consisting of inter alia choice and establishment of special purpose vehicles, shareholder relationships and financing) of the developer, land tenure issues, and structuring relationships with stakeholders during the development (tender and construction) and operational phases (leases, license agreements, franchise and management agreements). Michael is a non-executive director of Cape Consumers, a buying co-operative, and of the property owning and operating companies of the Winchester Estate Group, incorporating the Winchester Mansions Hotel (Sea Point), residential and retail properties. Michael began his career as a candidate attorney at Prisman Wilson Choritz and Goldberg in 1987 and became a partner in 1993. In 1996, he joined Herbsteins as a director and remained a director of Hofmeyr Herbsteins and Gihwala, pursuant to a merger a year later. Michael became a director of Cliffe Dekker Hofmeyr pursuant to a merger in 2008, where he became the Hospitality and Leisure Sector Head for Africa. Michael joined STBB| Smith Tabata Buchanan Boyes on 1 April 2017, where he continues to practice as a property transaction advisor specialising in hospitality.
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The SA REIT (real estate investment trust) Association is currently in talks with government and other interested parties regarding an update to their 2016 Best Practice Recommendations (“BPR”) for financial reporting.