Section 2: FIA

I. – In accordance with the conditions laid down by decree of the Conseil d’Etat, the assets of an undertaking for collective real estate investment are exclusively made up of : 1° Buildings constructed or acquired with a view to rental, as well as furnishings, equipment or movable property allocated to these buildings and necessary for the operation, use or exploitation of the latter by a third party, rights in…

In accordance with the conditions laid down by decree of the Conseil d’Etat, the assets of an undertaking for collective real estate investment are made up of : 1° At least 60% in property assets. In the case of a société de placement à prépondérance immobilière à capital variable, these real estate assets are those mentioned in 1° to 5° of I of article L. 214-36, and the assets mentioned…

An undertaking for collective real estate investment may, subject to the limits and conditions laid down by decree, enter into financial contracts within the meaning of III of article L. 211-1.

An undertaking for collective real estate investment may take out loans up to a limit of 40% of the value of the real estate assets mentioned in 1° to 3° and 5° of I of article L. 214-36. To determine this limit, account is taken of all loans and debts taken out by the undertaking for collective real estate investment, by the companies mentioned in 2° and 3° of the…

An undertaking for collective real estate investment may borrow cash up to a limit of 10% of the value of its assets other than those mentioned in article L. 214-39. The conditions for application of the limit mentioned in the previous paragraph are set by decree in the Conseil d’Etat.

Subject to the limits and conditions laid down by a decree of the Conseil d’Etat, an undertaking for collective investment in real estate may grant, over its assets, the guarantees necessary for the conclusion of contracts relating to its activity, in particular those relating to the implementation of the loans mentioned in articles L. 214-39 and L. 214-40 and those mentioned in article L. 214-38.

Subject to the limits and conditions laid down by decree of the Conseil d’Etat, a real estate investment trust may grant current account advances to the companies mentioned in 2° and 3° of I of article L. 214-36 in which it directly or indirectly holds at least 5% of the share capital.

The risk spreading and capping rules and the quotas referred to in articles L. 214-36 and L. 214-37 respectively must be complied with no later than three years after the date on which the undertaking for collective investment in transferable securities is set up, under the conditions defined by the general regulations of the Autorité des marchés financiers. A decree of the Conseil d’Etat shall determine the thresholds, cases and…

Under the conditions and in accordance with the procedures laid down by the general regulations of the Autorité des marchés financiers, any unitholder or shareholder shall inform the person mentioned in the information document provided for in III of article L. 214-35 as soon as it crosses the threshold of 10% of the units or shares of the undertaking for collective real estate investment. Article L. 214-24-46 applies to AIFs…

When a unitholder or shareholder who holds more than 20% but less than 99% of the units or shares of an undertaking for collective investment in transferable securities requests the redemption of units or shares, such redemption may be temporarily suspended under the conditions laid down in the General Regulations of the Autorité des marchés financiers if it exceeds a percentage of the number of units or shares of the…