(1) This section applies where a REIT or group REIT disposes of a property of its property rental business.
(2) In this section -
(a) subject to paragraph (b), 'net proceeds', in relation to the disposal of the property of the property rental business, means the full proceeds from such disposal as reduced by any amount used to repay, in whole or in part, specified debt to the extent that the specified debt being repaid was employed in the acquisition, enhancement or development of the property being disposed of;
(b) where the reference to the expression 'net proceeds' (in relation to such disposal) occurs for the purposes of subsection (3)(ii), that reference shall be deemed to be a reference to an amount that is equal to the net proceeds (in relation to such disposal) as that expression is to be construed by virtue of paragraph (a).
(3) Where the net proceeds from the disposal of the property are not -
(a) invested in the acquisition of a new property for use in the REIT's or group RE
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