Part 12Real Estate Investment Trusts
Chapter 10Joint ventures
Introduction
583Overview of Chapter
1
This Chapter makes provision about how this Part applies in relation to property rental business carried on—
a
by a joint venture company (as defined by section 584), or
b
by one or more members of a joint venture group (as defined by that section).
2
Sections 586 and 587 are about the notice required for this Part to apply in relation to the property rental business; it is the giving of the notice that makes a group UK REIT or company UK REIT a venturing group or venturing company (see section 585).
3
Sections 588 to 590 contain provision about the effect of the notice and its duration.
4
The remainder of the Chapter contains—
a
specific modifications and other provision relevant to the application of this Part (see sections 591 to 594),
F1b
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
c
provision about the interpretation of this Chapter (see section 598).
584Meaning of “joint venture company” and “joint venture group”
1
In this Chapter “joint venture company” means a company carrying on property rental business (“the joint venture”) in circumstances where the condition in subsection (3) is met.
2
In this Chapter “joint venture group” means a group of companies one or more of which is or are carrying on property rental business (“the joint venture”) in circumstances where the condition in subsection (3) is met.
3
The condition is that an interest in the joint venture is held—
a
by one or more members of a group UK REIT, or
b
by a company UK REIT.
585Meaning of “venturing group” and “venturing company”
1
In this Chapter “venturing group” means a group UK REIT the principal company of which has given a notice under section 586(1) or 587(1).
2
In this Chapter “venturing company” means a company UK REIT which has given a notice under section 586(2) or 587(2).