Title I: Financial instruments

Undertakings for collective investment in real estate take out an insurance policy covering their civil liability in respect of the buildings they own.

The regulations of a real estate investment trust or the articles of association of a real estate investment company with variable capital set the duration of the accounting periods, which may not exceed twelve months. However, the first financial year may extend over any period not exceeding eighteen months. Within six weeks of the end of each half-year of the financial year, the société de placement à prépondérance immobilière à…

The net income for the financial year of an undertaking for collective real estate investment is equal to the sum of : 1° Income from property assets, including rental income from furnished property, as referred to in 1° to 3° and 5° of I of Article L. 214-36 in the case of a société de placement à prépondérance immobilière à capital variable and in 1°, 2° and 5° of I…

The distributable sums defined in articles L. 214-69 and L. 214-81 are paid out within five months of the end of the financial year.

Under the conditions and at the intervals stipulated in the general regulations of the Autorité des marchés financiers, open-ended investment companies with predominantly real estate assets and the management companies of the real estate investment fund draw up an information document which is brought to the attention of shareholders and unitholders.

I. – The statutory auditor certifies the annual accounts of the real estate investment trust. In accordance with conditions laid down by decree of the Conseil d’Etat, he shall prepare a report for the general meeting of the open-ended real estate investment company or the management company of the real estate investment fund, as the case may be, on the merger, contribution in kind, distribution of interim dividends, demerger, dissolution…

Under the conditions laid down by the General Regulations of the Autorité des marchés financiers, the buildings, real rights and rights held as lessee relating to leasing contracts concerning such property held directly or indirectly by the real estate investment trust and by the companies mentioned in 2° and 3° of I of article L. 214-36 are valued by two external valuation experts who act independently of each other. They…

Prior to their appointment, all external valuation experts shall inform the open-ended real estate investment company or the fund management company whether or not they have taken out an insurance policy covering the financial consequences of their professional civil liability. This information is included in the management report drawn up by the open-ended real estate investment company (société de placement à prépondérance immobilière à capital variable) or by the fund…

The external valuation expert, any member of a management body or any person who, in any capacity whatsoever, participates in the direction or management of an external valuation expert or who is employed by the latter is bound by professional secrecy under the conditions and subject to the penalties set out in articles 226-13 and 226-14 of the French Penal Code. As part of their mission, external valuation experts are…

Under the conditions specified by the general regulations of the Autorité des marchés financiers, each external valuer is appointed by the open-ended real estate investment company or the fund management company for a period of four years. The identity of the appointed external valuers is mentioned in the information document provided for by the general regulations of the Autorité des marchés financiers, for the undertaking for collective investment in real…