Requirements for real estate companies

(1) The AIF capital management company may acquire and hold, for the account of the real estate collective investment fund, participations only in real estate companies 1. whose corporate object is limited, in the partnership agreement or the articles of association, to activities that the AIF capital management company may carry out for the real estate collective investment fund, and 2. that, under the partnership agreement or the articles of association, may acquire only assets within the meaning of section 231(1), first sentence, points 1 to 5 and 7, and subsection (3), or participations in other real estate companies that may be acquired directly for the real estate collective investment fund under the investment conditions.
(2) The articles of association or the partnership agreement of the real estate company must ensure that 1. assets to be newly acquired by the real estate company are valued, before their acquisition, correspondingly to section 231(2), 2. the external valuer does not, at the same time, carry out the regular valuation under sections 249 and 251(1), and 3. the real estate company may acquire a property or a participation in another real estate company only where the value of the property or of the participation in the other real estate company, corresponding to the extent of the participation, does not exceed 15 percent of the value of the real estate collective investment fund for whose account a participation in the real estate company is held. Section 243(2) and section 250(2) apply correspondingly.
(3) Where the partnership agreement or the articles of association of the real estate company do not comply with the provisions of subsections (1) and (2), the AIF capital management company may acquire the participation in the real estate company only where it is ensured that the partnership agreement or the articles of association are amended accordingly without delay after acquisition of the participation.
(4) The shareholders or partners of a real estate company in which the AIF capital management company holds a participation for the account of the real estate collective investment fund must have paid in their contributions in full.