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Article L214-35 of the French Monetary and Financial Code

November 8, 2023

I. – The formation, transformation, merger, demerger or liquidation of an undertaking for collective investment in real estate is subject to approval by the Autorité des marchés financiers. The authorisation file, the content of which is set by the general regulations of the Autorité des marchés financiers, describes in particular the investment policy that the undertaking for collective investment in real estate intends to pursue and its financing options, in…

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Article L214-36 of the French Monetary and Financial Code

November 8, 2023

I. – In accordance with the conditions laid down by decree of the Conseil d’Etat, the assets of an undertaking for collective real estate investment are exclusively made up of : 1° Buildings constructed or acquired with a view to rental, as well as furnishings, equipment or movable property allocated to these buildings and necessary for the operation, use or exploitation of the latter by a third party, rights in…

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Article L214-37 of the French Monetary and Financial Code

November 8, 2023

In accordance with the conditions laid down by decree of the Conseil d’Etat, the assets of an undertaking for collective real estate investment are made up of : 1° At least 60% in property assets. In the case of a société de placement à prépondérance immobilière à capital variable, these real estate assets are those mentioned in 1° to 5° of I of article L. 214-36, and the assets mentioned…

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Article L214-39 of the French Monetary and Financial Code

November 8, 2023

An undertaking for collective real estate investment may take out loans up to a limit of 40% of the value of the real estate assets mentioned in 1° to 3° and 5° of I of article L. 214-36. To determine this limit, account is taken of all loans and debts taken out by the undertaking for collective real estate investment, by the companies mentioned in 2° and 3° of the…

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Article L214-40 of the French Monetary and Financial Code

November 8, 2023

An undertaking for collective real estate investment may borrow cash up to a limit of 10% of the value of its assets other than those mentioned in article L. 214-39. The conditions for application of the limit mentioned in the previous paragraph are set by decree in the Conseil d’Etat.

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Article L214-41 of the French Monetary and Financial Code

November 8, 2023

Subject to the limits and conditions laid down by a decree of the Conseil d’Etat, an undertaking for collective investment in real estate may grant, over its assets, the guarantees necessary for the conclusion of contracts relating to its activity, in particular those relating to the implementation of the loans mentioned in articles L. 214-39 and L. 214-40 and those mentioned in article L. 214-38.

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Article L214-42 of the French Monetary and Financial Code

November 8, 2023

Subject to the limits and conditions laid down by decree of the Conseil d’Etat, a real estate investment trust may grant current account advances to the companies mentioned in 2° and 3° of I of article L. 214-36 in which it directly or indirectly holds at least 5% of the share capital.

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Article L214-43 of the French Monetary and Financial Code

November 8, 2023

The risk spreading and capping rules and the quotas referred to in articles L. 214-36 and L. 214-37 respectively must be complied with no later than three years after the date on which the undertaking for collective investment in transferable securities is set up, under the conditions defined by the general regulations of the Autorité des marchés financiers. A decree of the Conseil d’Etat shall determine the thresholds, cases and…

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Article L214-44 of the French Monetary and Financial Code

November 8, 2023

Under the conditions and in accordance with the procedures laid down by the general regulations of the Autorité des marchés financiers, any unitholder or shareholder shall inform the person mentioned in the information document provided for in III of article L. 214-35 as soon as it crosses the threshold of 10% of the units or shares of the undertaking for collective real estate investment. Article L. 214-24-46 applies to AIFs…

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is a Registered Trademark of
PETROFF LAW FIRM (SELARL LEGASTRAT)
182, rue de Rivoli
75001, Paris France
RCS Paris n°814433470
Paris Bar Registration n° (Toque) C2396

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is a Registered Trademark of
PETROFF LAW FIRM (SELARL LEGASTRAT)
182, rue de Rivoli
75001, Paris France
RCS Paris n°814433470
Paris Bar Registration n° (Toque) C2396

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