Chapter IV: Collective investments.

Undertakings for collective investment in real estate must invest at least 20% of their real estate assets in buildings constructed, rented or offered for rent. The conditions for assessing this 20% ratio are those set out in I and III of article R. 214-87.

I. – For the purposes of determining the 20% limit referred to in article R. 214-85 and the 20% ratio referred to in article R. 214-86, the denominator shall include : 1° The assets referred to in 1° of the I of Article L. 214-36 held directly by the undertaking for collective real estate investment ; 2° Buildings, real rights referred to in article R. 214-82 and, where applicable, lessee…

The 20% limit referred to in article R. 214-85 and the 20% ratio referred to in article R. 214-86 are complied with on 30 June and 31 December of each financial year, at the end of the three-year period referred to in article L. 214-43. The management company of the undertaking for collective investment in real estate immediately informs the undertaking’s custodian of any failure to comply with this limit…

I. – To assess the 60% and 51% quotas mentioned in 1° of article L. 214-37 , the denominator takes into account : 1° The assets mentioned in 1°, 4° and 6° to 9° of I of article L. 214-36 held directly by the real estate collective investment undertaking ; 2° Assets held directly by the companies referred to in 2° or 3° of I of Article L. 214-36 in…

The 60% and 51% quotas mentioned in 1° of article L. 214-37 are met on 30 June and 31 December of each financial year, at the end of the three-year period mentioned in article L. 214-42. In the event of non-compliance with one of these quotas, the management company of the real estate collective investment undertaking must rectify the situation within a reasonable timeframe and in such a way that…

From the date of approval of the dissolution of the real estate collective investment undertaking by the Autorité des marchés financiers, the 20% limit mentioned in article R. 214-85 , the 20% ratio mentioned in article R. 214-86 and the 60% and 51% quotas mentioned in 1° of article L. 214-37 are no longer applicable.

The deposits referred to in 8° of I of Article L. 214-36 are term deposits that meet the following four conditions: 1° They are made with a credit institution with which a written agreement has been signed. The registered office of this institution is established in a Member State of the European Union or a State party to the Agreement on the European Economic Area, or in another State, insofar…

The liquid financial instruments referred to in 8° of I of Article L. 214-36 are : 1° Treasury bills ; 2° Money market instruments referred to in 2° of I of article L. 214-24-55 whose remuneration does not depend, directly or indirectly, on the value of one or more financial contracts; 3° Bonds traded on a market referred to in Articles L. 421-1, L. 422-1 and L. 423-1 which are…

The liquid assets referred to in 9° of I of article L. 214-36 are : 1° Demand deposits made with the custodian of the real estate investment trust, which satisfy conditions 3° and 4° of article R. 214-92 and whose remuneration does not depend, directly or indirectly, on the value of one or more forward financial instruments. These sight deposits are made by the undertaking strictly within the limits of…

The units or shares of undertakings referred to in 5° of the I of article L. 214-36 may represent more than 10% of the assets of the undertaking for collective investment in real estate, subject to compliance with the conditions set out in article R. 214-120. The conditions for assessing the 20% ratio referred to in article R. 214-86 are those set out in I of article R. 214-87 and…