Special transitional provisions for real estate collective investment funds

(1) For investors who, on 21 July 2013, have units of real estate collective investment funds deposited in a securities account in their own name, the minimum holding period under section 255(3) and the redemption period for unit redemptions under section 255(4) do not apply in respect of these units, insofar as the unit redemptions do not exceed 30,000 euros per calendar half-year for an investor. Investors may require that the redemption of units under the first sentence continues to take place in accordance with the contractual terms in force on 21 July 2013.
(2) For investors who have acquired units of a real estate collective investment fund after 21 July 2013, section 255(3) and (4) applies regardless of whether the AIF capital management company has already adapted the investment conditions of the real estate collective investment fund to the provisions of this Act under section 345. The sales prospectus must contain an explicit notice, typographically highlighted, that section 255(3) and (4) applies, by way of derogation from the contractual terms in force on 21 July 2013, to units acquired after 21 July 2013.
(3) For units under subsection (1), first sentence, it must be laid down in the investment conditions of the real estate collective investment fund that the redemption of these units continues to take place in accordance with the rule of the contractual terms in force on 21 July 2013.
(4) For units under subsection (1), first sentence, the particulars in the sales prospectus under section 256(1), point 1, must contain an explicit notice, typographically highlighted, that the investor may require the redemption of these units and the payment of the unit value in accordance with the rule of the contractual terms in force on 21 July 2013.
(5) Insofar as investors have acquired units before the amendment of the contractual terms for the purpose of adaptation to the Investment Act in the version in force from 8 April 2011, the period of section 255(3) is deemed complied with. Suspensions after which the capital management company resumes unit redemption on the first stock exchange trading day after 1 January 2013 or earlier are not deemed suspensions for the purposes of section 257(4), first sentence. For real estate collective investment funds existing on 8 April 2011 for which the redemption of units under section 37(2) or section 81 of the Investment Act in the version in force until 21 July 2013 is suspended on 31 December 2012, sections 37, 78, 80, 80c, 80d, and 81 of the Investment Act in the version in force until 7 April 2011 may continue to be applied until the day falling six months after the resumption of unit redemption, and sections 258 and 259 need only be applied from the day following the day falling six months after the resumption of unit redemption.
(6) For real estate collective investment funds existing on 8 April 2011, sections 80a, 91(3), point 3, and (4), fourth sentence, of the Investment Act in the version in force until 7 April 2011 may continue to be applied until 31 December 2014. For real estate collective investment funds existing on 1 July 2011, section 82(3), second sentence, and section 91(3), point 3, of the Investment Act in the version in force before 1 July 2011 may continue to be applied until 31 December 2014.
(7) In order to satisfy the conditions for a partial real estate exemption under section 20(3), first sentence, point 2, of the Investment Tax Act for the real estate collective investment fund, real estate collective investment funds that, in compliance with their investment conditions in force at the point in time of the application under the second sentence, are invested with 51 per cent or more of the value of the collective investment fund in foreign real estate and foreign real estate companies may, with the approval of the Federal Institute, amend their investment conditions so that they must invest at least 51 per cent of the value of the collective investment fund in foreign real estate and foreign real estate companies. Applications under the first sentence must be received by the Federal Institute by 1 January 2018. Section 163(3), fourth sentence, and the provision in the investment conditions of the real estate collective investment fund corresponding to section 163(3), fourth sentence, do not apply in this case. Subsections (1) to (5) and section 255(2) to (4) also apply, in the case of amendments to the investment conditions under the first sentence, to the redemption rights under section 163(3), first sentence, point 1, and second sentence. In other respects, section 163 applies with the proviso that subsection (2), fifth and sixth sentences, does not apply, that the period named in subsection (2), first sentence, is three months from receipt of the application for approval, and does not begin before the Federal Institute additionally holds the following documents:
1. the most recent audited annual or half-yearly report, which must contain a particular on the share of foreign real estate and foreign real estate companies within the meaning of section 20(3), second sentence, of the Investment Tax Act in the value of the collective investment fund, and
2. a written assurance by the managers that, at the point in time of the application, the real estate collective investment fund is invested to the extent of at least 51 per cent of the value of the investment fund in foreign real estate and foreign real estate companies within the meaning of section 20(3), second sentence, of the Investment Tax Act, including a statement of assets evidencing this.
(8) For the approval of the amendment of the investment conditions in order to satisfy the conditions for a partial real estate exemption under section 20(3), first sentence, point 1, of the Investment Tax Act for the real estate collective investment fund, section 163 applies with the proviso that subsection (2), fifth and sixth sentences, does not apply, and the period named in subsection (2), first sentence, is three months from receipt of the application for approval. Applications under the first sentence must be received by the Federal Institute by 1 January 2018.