Extent of the participation; investment limits

(1) The value of all assets belonging to the assets of the real estate companies in which the AIF capital management company is participated for the account of the real estate collective investment fund may not exceed 49 percent of the value of the real estate collective investment fund.
(2) The value of assets belonging to the assets of a real estate company in which the AIF capital management company is participated, for the account of the real estate collective investment fund, with 100 percent of the capital and voting rights, is not counted towards the investment limit under subsection (1).
(3) Without prejudice to the investment limit under subsection (1), the value of the assets belonging to the assets of real estate companies in which the AIF capital management company is not participated for the account of the real estate collective investment fund with a majority of capital may not exceed 30 percent of the value of the real estate collective investment fund.
(4) In calculating the value of the collective investment fund under subsections (1) and (3), loans raised are not deducted.
(5) A capital participation of less than 50 percent of the value of the real estate company, held by an AIF capital management company for the account of a single real estate collective investment fund, is not counted towards the investment limits of subsections (3) and (4) where the participation of the AIF capital management company, as a result of additional capital participations, satisfies the requirements of section 234, first sentence, point 4.
(6) Participations in the same real estate company may not be held both for the account of one or more retail AIF and for the account of one or more special AIF.
(7) Where, after the acquisition of a minority participation, the conditions for the acquisition and holding of the participation are no longer satisfied, the AIF capital management company must seek to dispose of the participation while safeguarding the interests of investors.