Subsection 2: Funds open to non-professional investors

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…

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.