Chapter IV: Collective investments.

The rights in rem referred to in 1° of I of article L. 214-36 are : 1° Ownership, bare ownership and usufruct ; 2° emphyteusis ; 3° easements; 4° The rights of the lessee under a construction lease or a rehabilitation lease; 5° Any real right conferred by a title or by an emphyteutic lease by reason of the occupation of a public domain property belonging to the State, a…

I. – direct or indirect holdings in the companies referred to in 2° of the I of article L. 214-115 may represent up to 100% of the assets of a société civile de placement immobilier, if the following three conditions are met: 1° These companies draw up annual accounts and interim accounts at least every six months; 2° The properties and real rights held by these companies meet the conditions…

I.-The financial futures instruments referred to in 6° of the I of article L. 214-115 are those referred to in 1 of the I of article D. 211-1 A. II.-A société civile de placement immobilier may enter into contracts constituting the financial futures instruments mentioned in I, with a view to protecting its assets, under the conditions defined in article R. 214-156-2 and the following additional conditions: 1° The contracts…

I.-The counterparty risk on a single counterparty is the risk that the counterparty will default on one of its obligations, resulting in a financial loss for the société civile de placement immobilier. The amount of this risk is equal to the market value of the contracts less any guarantees provided to the société civile de placement immobilier. II-The exposure of a non-trading property investment company to counterparty risk on a…

Expansion or reconstruction work and sales of property assets by non-trading property investment companies must comply with the following conditions: 1° In the case of extensions : The cost, including all taxes, of expansion work on a built property, carried out during a twelve-month financial year, must not exceed 15% of the market value of the property assets of the non-trading property investment company as shown in the balance sheet…

The realisable value and reconstitution value of the société civile de placement immobilier are determined each year by the management company. The market value of the buildings and property rights held directly or indirectly by the non-trading property investment company and by the companies referred to in 2° of I of article L. 214-36 is assessed by an external valuer. Each property is appraised every five years. The market value…

Companies may only merge if the majority of their assets are made up of properties used primarily for residential purposes or primarily for commercial purposes. To determine whether a property is used for residential or commercial purposes, the market value of the buildings in the portfolio is taken into account.

The draft terms of merger are drawn up by the management company of each of the companies involved in the transaction. It shall contain the following information 1° An inventory of the property assets, names and registered offices of all the participating companies; 2° The reasons, aims and conditions of the merger; 3° The dates on which the accounts of the companies involved were closed in order to establish the…

A société civile de placement immobilier may transfer its assets and liabilities by means of the demerger referred to in the first paragraph of article L. 214-118 to several undertakings for collective real estate investment or professional undertakings for collective real estate investment in the form of a real estate investment fund, a professional real estate investment fund, a société de placement à prépondérance immobilière à capital variable or a…