Subsection 2: Funds open to non-professional investors.

If the quota referred to in 2° of article L. 214-37 is not met at the end of the three-year period referred to in article L. 214-42, the management company of the undertaking for collective real estate investment must regularise the situation as quickly as possible, within a maximum period of one month. However, if the undertaking for collective real estate investment does not have sufficient financial instruments in its…

As from the date of approval of the dissolution of the real estate collective investment undertaking by the Autorité des marchés financiers, the quota mentioned in 2° of article L. 214-37 and the limits and ratios stipulated in articles R. 214-92 to R. 214-101 are no longer applicable.

For the application of article L. 214-39 and independently of the application of 1 of article L. 312-2, the undertaking for collective real estate investment takes out loans with finance companies or credit institutions whose registered office is located in a Member State of the European Union or party to the agreement on the European Economic Area or in a Member State of the Organisation for Economic Co-operation and Development….

To assess the limit referred to in Article L. 214-39, account is taken of : 1° In the denominator, the assets mentioned in 1° to 4° of I of article R. 214-87 ; 2° In the numerator : a) The debt of the real estate investment trust resulting from the loans mentioned in article L. 214-39 which it contracts directly ; b) The debts of the companies mentioned in 2°…

I. – The limit referred to in article L. 214-39 must be complied with on 30 June and 31 December of each financial year, at the end of the three-year period referred to in article L. 214-43. The management company of the undertaking for collective investment in transferable securities shall immediately inform the undertaking’s custodian of any failure to comply with this limit. It shall also inform the Autorité des…

I. – To assess the limit referred to in Article L. 214-40, account is taken of : 1° In the denominator, the assets mentioned in 4° and 6° to 10° of I of article L. 214-36 held by the undertaking ; 2° In the numerator, the debt of the real estate investment trust resulting from cash loans that it directly underwrites, other than those mentioned in article L. 214-39. II….

An undertaking for collective investment in real estate may receive or grant security interests in immovable property or rights in rem referred to in 1° of I of article L. 214-36 or in the units or shares of companies referred to in 2° and 3° of I of the same article, as well as personal security interests relating to these same assets.

In connection with the management of holdings in companies referred to in 2° and 3° of I of article L. 214-36, an undertaking for collective investment in real estate may enter into asset and liability guarantee agreements with third parties, as well as any agreement giving rise to a financial commitment on the part of the undertaking other than a commitment to purchase or sell such holdings, where the following…

An undertaking for collective real estate investment may receive the guarantees mentioned in article L. 211-38 under the conditions defined in that same article, guarantees relating to joint and several sureties or first demand guarantees. The undertaking for collective investment in real estate may only receive guarantees if they are granted by an institution acting as UCITS or AIF custodian, by a credit institution whose registered office is located in…

An undertaking for collective real estate investment may grant the guarantees referred to in article L. 211-38 under the conditions defined in that same article and under the following additional conditions: 1° The guarantees granted by the undertaking relate to the financial instruments referred to in 4° to 7° of I of article L. 214-36 held by the undertaking or to the financial instruments and deposits referred to in 8°…