Acquisition of the participation; valuation by an auditor

(1) Before the AIF capital management company acquires the participation in a real estate company, the value of the real estate company must be determined by an auditor within the meaning of section 319(1), first and second sentence, of the Commercial Code.
(2) The valuation must be based on the most recent annual financial statements of the real estate company bearing the auditor's certificate. Where the annual financial statements date from more than three months before the valuation date, the valuation must be based on the assets and liabilities of the real estate company as evidenced in a current statement of assets audited by the auditor.
(3) Sections 248 and 250(1), point 2, and (2) apply to the valuation, with the proviso that the properties stated in the annual financial statements or in the statement of assets of the real estate company must be recognised at the value that
1. was previously determined, in the case of a property 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 assets independently of each other, and where
2. the valuer within the meaning of point 1, letter a, or the valuers within the meaning of point 1, letter b,
a) have carried out property inspections,
b) do not, at the same time, carry out the regular valuation under sections 249 and 251(1), and
c) are not, at the same time, the auditor.