UK - Law firm Clifford Chance says it has set up a group to focus on UK real estate investment trusts, or REITS.

It said the group, part of its international REIT practice, brings together US and European legal experts "to help clients understand the impact of a REIT vehicle on the real estate market".

The government is set to issue a consultation document on REITS alongside next week's budget announcement.

"With consultation to be underway shortly, it is important that we do what we can to keep clients informed of the direction the consultation is going in and the implication of a REIT vehicle on the market generally," said Cliff McAuley, Clifford Chance's global head of real estate.

The firm said that in the last three years it has represented issuers and underwriters in the US in more than 70 REIT and other real estate equity and debt offerings - raising more than 13.5 billion dollars.

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