Participation in real estate companies

The AIF capital management company may acquire and hold participations in real estate companies for the account of the real estate collective investment fund only where 1. the investment conditions provide for this, 2. the participation may be expected to yield a permanent income, 3. an agreement between the AIF capital management company and the real estate company ensures the powers of the depositary under section 84(1), point 5, 4. the AIF capital management company holds, in the real estate company, the majority of votes and capital required for an amendment of the articles of association, 5. the legal form of the real estate company excludes any obligation to make additional contributions beyond the contribution made, and 6. the AIF capital management company is, directly or indirectly, participated with 100 percent of the capital and voting rights in the real estate company for the account of the real estate collective investment fund, unless the real estate company is participated with 100 percent of the capital and voting rights in all real estate companies held by it directly or indirectly. By way of derogation from the first sentence, point 4, the AIF capital management company may also acquire and hold participations in a real estate company where it does not hold the majority of votes and capital required for an amendment of the articles of association (minority participation). In this case, the investment limit under section 237(3) must be observed.