Subsection 2: Funds open to non-professional investors

Subject to the provisions of articles L. 214-45 and L. 214-77, a real estate investment trust (fonds de placement immobilier), which does not have legal personality, is a co-ownership vehicle made up of real estate assets, financial instruments and other assets as defined in article L. 214-36, the units of which are issued and redeemed at the request of unitholders at the net asset value plus or minus fees and…

In all cases where provisions relating to property ownership or to companies and financial instruments require the name, first name and domicile of the holder of the assets or securities to be indicated, and for all transactions carried out on behalf of the co-owners, the name of the real estate investment trust or, where applicable, of a sub-fund of the trust may be validly substituted for that of all the…

In accordance with the conditions set out in the General Regulations of the Autorité des marchés financiers, a property investment fund is set up by a portfolio management company responsible for its management. The management company draws up the fund rules. These regulations provide for the establishment of a supervisory board made up solely of representatives of unit-holders. The Supervisory Board has a minimum of two members and a maximum…

The real estate investment trust is represented vis-à-vis third parties by the company responsible for its management. This company may take legal action to defend or assert the rights or interests of unitholders. The central administration of the real estate investment trust is located in France.

The management company is liable to third parties or unitholders either for breaches of the legislative or regulatory provisions applicable to real estate investment funds, or for breaches of the fund rules, or for its own misconduct.

A real estate investment fund may be formed by cash contributions, contributions in kind of real estate assets mentioned in article L. 214-36, mergers or demergers. It may also be formed through mergers, demergers or conversions of non-trading property investment companies. Contributions in kind may be made to a real estate investment trust after it has been set up, in particular in the event of a merger with a société…

The redemption by the real estate investment trust of its units may be temporarily suspended by the management company when exceptional circumstances so require and if the interests of all unitholders so dictate, under conditions laid down in the general regulations of the Autorité des marchés financiers. The general regulations of the Autorité des marchés financiers shall in particular determine the cases in which and the conditions under which the…

The provisions of article L. 214-24-40 are applicable to real estate investment funds.