Sub-paragraph 3: Special rules relating to real estate investment funds

I. – The sums distributable by a real estate investment fund in respect of a financial year are made up of : 1° Distributable income relating to income earned by the fund, which is equal to the net income referred to in article L. 214-51, plus retained earnings, plus or minus the balance of accruals as defined by decree; 2° Capital gains from the sale of assets mentioned in 1°…

Notwithstanding the provisions of article L. 214-52, the amounts distributable in respect of the capital gains mentioned in 2° of II of article L. 214-81 must be paid before the last day of the sixth month following the disposal of the aforementioned assets.

Unitholders or their successors may not cause the division of the real estate investment trust. Unitholders are liable for the debts of the co-ownership only up to the amount of the fund’s assets and in proportion to their share.

The terms of liquidation and the methods of asset distribution are determined by the fund rules. The management company acts as liquidator under the supervision of the custodian. Failing this, the liquidator shall be appointed by the courts at the request of any unitholder.