Chapter IV: Collective investments

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…

Predominantly open-ended real estate investment companies or fund management companies shall provide the external valuation experts they have appointed with all the documents, information and means of investigation required for the performance of their duties.

The provisions of article L. 214-24-28 shall apply to AIFs covered by this paragraph.

On behalf of all unitholders, where applicable, the custodian is responsible for paying tax on capital gains realised directly or indirectly by the real estate investment fund, in accordance with the conditions set out in the General Tax Code.

Undertakings for collective investment in real estate are managed by a portfolio management company referred to in article L. 532-9 and designated in the articles of association or by-laws of the undertaking for collective investment in real estate. The management company of undertakings for collective investment in real estate may be the manager of the companies in which the undertaking for collective investment in real estate it manages holds the…

The articles of association of a société de placement à prépondérance immobilière à capital variable (open-ended real estate investment company) or the regulations of the fonds de placement immobilier (real estate investment fund) may provide for the amount of units or shares subscribed to be paid up in instalments. These units are registered shares. If the units or shares have not been fully paid up, the subscriber and successive transferees…