Permitted assets; investment limits

(1) The AIF capital management company may acquire, for a real estate collective investment fund, only the following assets: 1. residential rental properties, commercial properties, and mixed-use properties; 2. properties in the course of construction, where a) the approved building plan provides for use as residential rental properties, commercial properties, or mixed-use properties, b) completion of construction can be expected within a reasonable time, and c) the expenditure for the properties does not, in total, exceed 20 percent of the value of the collective investment fund; 3. undeveloped land designated and suited for prompt development for its own use as residential rental properties, commercial properties, or mixed-use properties, where, at the time of acquisition, its value, together with the value of the undeveloped land already in the collective investment fund, does not exceed 20 percent of the value of the collective investment fund; 4. heritable building rights under the conditions of points 1 to 3; 5. other land and other heritable building rights, as well as rights in the form of condominium ownership, part-ownership, heritable building right condominium, and part heritable building right, where, at the time of acquisition, their value, together with the value of the land and rights of the same type already in the collective investment fund, does not exceed 15 percent of the value of the collective investment fund; 6. usufructuary rights over residential rental properties, commercial properties, and mixed-use properties serving the performance of public tasks, where, at the time the right is created, the expenditure for the usufructuary right, together with the value of the usufructuary rights already in the collective investment fund, does not exceed 10 percent of the value of the collective investment fund; 7. the assets named in sections 234 and 253; 8. participations in infrastructure project companies whose corporate object is limited, in the partnership agreement or the articles of association, to constructing, acquiring, operating, managing, or holding installations designated and suited for the generation of renewable energy within the meaning of section 1(19), point 6a, where, at the time of acquisition of the participation, its value, together with the value of further such participations already in the collective investment fund, does not exceed 15 percent of the value of the collective investment fund. A further condition for the acquisition of the assets named in points 5 and 6 is that their acquisition must be provided for in the investment conditions and that the assets must be expected to yield a permanent income.
(2) An asset named in subsection (1), points 1 to 6, may be acquired only where 1. the asset has previously been valued, in the case of an asset value a) up to and including EUR 50 million, by an external valuer satisfying the requirements of section 216(1), first sentence, point 1, and second sentence, and (2) to (5), or b) exceeding EUR 50 million, by two external valuers independent of each other, satisfying the requirements of section 216(1), first sentence, point 1, and second sentence, and (2) to (5), and valuing the asset independently of each other, 2. the external valuer within the meaning of point 1, letter a, or the external valuers within the meaning of point 1, letter b, have carried out property inspections, 3. the external valuer within the meaning of point 1, letter a, or the external valuers within the meaning of point 1, letter b, do not, at the same time, carry out the regular valuation under sections 249 and 251(1), and 4. the consideration to be given out of the collective investment fund does not exceed the value determined, or does so only immaterially. Section 250(2) applies correspondingly. The same applies to arrangements on the assessment of the ground rent for a heritable building right and on any later amendment of it.
(3) Assets may also be acquired for a real estate collective investment fund that 1. are necessary for the management of the assets of the real estate collective investment fund, 2. serve the generation of renewable energy within the meaning of section 1(19), point 6a, or 3. are necessary for the operation of charging stations for electric mobility.
(4) In calculating the value of the collective investment fund under subsection (1), first sentence, points 2, 3, 5, 6, and 8, section 232(4), and in stating the proportion of the collective investment fund under section 233(1), point 3, loans raised are not deducted.
(5) In the case of section 234, the assets held by the real estate company must be taken into account for the real estate collective investment fund, in proportion to the level of the participation, when applying the investment restrictions named in subsections (1) and (2) and sections 232 and 233, and when calculating the limits named there.
(6) Assets under subsection (3) may also be operated by the capital management company for the real estate collective investment fund.