Granting of loans to real estate companies

(1) The AIF capital management company may grant a loan to a real estate company for the account of the real estate collective investment fund only where
1. it is, directly or indirectly, participated in the real estate company for the account of the real estate collective investment fund,
2. the loan terms are in line with the market,
3. the loan is adequately secured, and
4. on disposal of the participation, the loan is to be repaid within six months of the disposal.
(2) The AIF capital management company must ensure that
1. the sum of the loans granted, in total, to a real estate company for the account of the real estate collective investment fund does not exceed 50 percent of the value of the land held by the real estate company, and
2. the sum of the loans granted, in total, to real estate companies for the account of the real estate collective investment fund does not exceed 25 percent of the value of the real estate collective investment fund; in calculating this limit, loans raised are not deducted. The first sentence does not apply to loans granted, for the account of the real estate collective investment fund, to real estate companies in which the AIF capital management company is participated, directly or indirectly, for the account of the real estate collective investment fund, with 100 percent of the capital and voting rights. On a complete disposal of the participation in a real estate company that itself directly holds or acquires land, the loan must, by way of derogation from subsection (1), point 4, be repaid before the disposal. On a reduction of the participation in a real estate company that does not itself directly hold or acquire land, the loan must, by way of derogation from subsection (1), point 4, be repaid before the reduction.
(3) It is equivalent to a granting of a loan under subsections (1) and (2), first sentence, where a third party, acting on the instructions of the AIF capital management company, grants a loan to the real estate company in its own name for the account of the real estate collective investment fund.