Liquidity provisions

(1) The AIF capital management company may hold, for the account of a real estate collective investment fund, an amount corresponding, in total, to 49 percent of the value of the collective investment fund only in
1. bank balances;
2. money market instruments;
3. investment units under section 196, or units in special collective investment funds under section 196(1), second sentence, that may, under the investment conditions, invest exclusively in assets under points 1, 2, and 4, letter a; sections 207 and 210(3) do not apply to special collective investment funds;
4. securities that
a) are admitted to secure the lending operations named in Article 18.1 of the Protocol on the Statute of the European System of Central Banks and of the European Central Bank of 7 February 1992 (Federal Law Gazette 1992 II p. 1299) by the European Central Bank or the Deutsche Bundesbank, or for which admission is applied for under the issue terms, insofar as the admission takes place within one year of their issue,
b) are either admitted to trading on an organised market within the meaning of section 2(11) of the Securities Trading Act, or are fixed-interest securities, insofar as their value does not exceed an amount of 5 percent of the value of the collective investment fund;
5. shares of REIT stock corporations, or comparable units of foreign legal persons, that are admitted to, or included in trading on, one of the markets designated in section 193(1), first sentence, points 1 and 2, insofar as the value of these shares or units does not exceed an amount of 5 percent of the value of the collective investment fund and the criteria named in Article 2(1) of Directive 2007/16/EC are satisfied, and
6. derivatives for hedging purposes. The AIF capital management company must ensure that, of this, a sufficient amount, corresponding to at least 5 percent of the value of the collective investment fund, is available for the redemption of units, in accordance with the verifiable and documented calculations of liquidity management.
(2) In calculating the investment limit under subsection (1), first sentence, the following committed funds of the real estate collective investment fund must be deducted:
1. the funds required to ensure proper ongoing management;
2. the funds provided for the next distribution;
3. the funds required to satisfy liabilities
a) from legally effective concluded land purchase agreements,
b) from loan agreements,
c) for imminent investments in particular properties,
d) for particular construction measures, and
e) from construction contracts, insofar as the liabilities fall due within the following two years.
(3) The AIF capital management company may grant securities loans for the account of a real estate collective investment fund only for an indefinite period.