Sub-paragraph 2: Professional undertakings for collective real estate investment.

Unless otherwise stipulated, professional undertakings for collective real estate investment are subject to articles R. 214-81 to R. 214-129.

Professional undertakings for collective real estate investment may change their currency unit from one financial year to another. This change may only be made on the opening date of a financial year. The information document for subscribers provided for in III of article L. 214-35 specifies the cases and conditions in which such a change of currency unit may be made.

Professional undertakings for collective real estate investment may derogate from the debt limits provided for in articles L. 214-39 and L. 214-40.

The quota for investment in liquid assets provided for in 2° of article L. 214-37 does not apply to professional undertakings for collective real estate investment.

The limit stipulated in article R. 214-85 and the 20% ratio mentioned in article R. 214-86 do not apply to professional undertakings for collective real estate investment.

The rules set out in articles R. 214-92 to R. 214-117 do not apply to professional undertakings for collective real estate investment.

The regulations or articles of association of a professional undertaking for collective real estate investment set out the rules for the constitution and composition of the undertaking’s assets and the rules for borrowing, the use of the financial futures instruments referred to in article L. 214-38 , the temporary purchase and sale of securities and the guarantees referred to in article L. 214-41.

The summary report on the performance of the mission of the external valuation expert, mentioned in article L. 214-149, is made available to unitholders or shareholders who request it, within forty-five days of the publication of the annual report of the professional undertaking for collective real estate investment. Where a unit-holder or shareholder requests to receive the report on paper, the cost of sending it by post may be charged…