07 Mar 2024

We very much welcome the government proceeding with tax rules to introduce the RIF and the fact that it will begin legislating through the Spring 2024 Finance Bill.

We share the government’s confidence that “the RIF will be a fund vehicle which serves as a valuable addition to the UK’s fund range” and look forward to our continuing engagement with Government in developing the RIF implementation legislation.

This fund structure has seen particular support amongst our members and in the real estate sector more generally. The RIF is designed to deliver benefits through, for example, attracting pension funds and other productive capital to invest in regenerating town centres and accelerating net zero goals. 

Our sector has needed the RIF solution that, while complementing the available open-ended structures, plugs a gap in the UK fund offering and competes with offshore alternatives: a closed-ended or hybrid fund structure that is effectively tax transparent and unit transfers not inhibited by transaction tax.



Paul Richards

Paul Richards


Paul is the CEO of AREF.  Before joining AREF in 2020, Paul was Head of the European Real Estate Boutique within Mercer’s investment consulting business for almost 10 years, previously he was Head of Indirect Real Estate Investment and Global Managed Accounts at LaSalle Investment Management, where he was responsible for managing global portfolios of unlisted real estate funds for clients from Europe and Asia Pacific.

He has over 25 years of real estate experience in investment, corporate finance and research, and has advised investors, occupiers and venture capital companies on property portfolio strategy and on financial structuring, including PFI, senior and mezzanine debt and joint venture arrangements. His employers have included LaSalle Investment Management, Cushman & Wakefield and Henderson Investors.

Before coming into the world of real estate, Paul worked in marketing and market research. He originally studied Physiological Sciences at Lincoln College, Oxford and has a Master of Science in Real Estate from City University Business School, London, now Cass Business School.