Section 2: FIA

Creditors whose title arises from any transaction relating to the assets of an undertaking for collective investment in real estate can only take action against these assets, with the exception of the assets mentioned in 2° of article L. 214-37. Creditors of the depositary may not pursue payment of their claims against the assets of an undertaking for collective investment in real estate held by it.

The minimum net asset value of an undertaking for collective real estate investment, as defined by the general regulations of the Autorité des marchés financiers, is set by decree. If this obligation is not met within three years of the date on which the real estate collective investment undertaking was set up, it will be dissolved and the unitholders or shareholders will be reimbursed for their rights in the fund…

The General Regulations of the Autorité des marchés financiers set out the conditions for the issue, subscription, transfer and redemption of units or shares issued by property investment funds.

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…