French Monetary and Financial Code
In forceI. - To assess the 60% and 51% quotas mentioned in 1° of article L. 214-37 , the denominator takes into account :
1° The assets mentioned in 1°, 4° and 6° to 9° of I of article L. 214-36 held directly by the real estate collective investment undertaking ;
2° Assets held directly by the companies referred to in 2° or 3° of I of Article L. 214-36 in which the undertaking holds equity interests meeting the conditions set out in Article R. 214-83, in proportion to the undertaking's direct and indirect equity interests in these companies;
3° Direct holdings covered by article R. 214-85 ;
4° Direct holdings in bodies mentioned in 5° of the I of article L. 214-36.
II. - For the purposes of calculating the 60% quota mentioned in 1° of article L. 214-37 applying to the société de placement à prépondérance immobilière à capital variable (open-ended real estate investment company), the numerator takes into account :
1° The assets mentioned in 1° of I of article L. 214-36 held directly by the open-ended investment company with predominantly real estate capital;
2° Buildings, real rights referred to in article R. 214-82 and, where applicable, lessee's rights, held directly by the companies referred to in 2° or 3° of I of article L. 214-36 in which the open-ended real estate investment trust has holdings meeting the conditions set out in article R. 214-83, in proportion to the open-ended real estate investment trust's direct and indirect holdings in these companies;
3° Direct holdings covered by article R. 214-85 as well as direct holdings held by the companies mentioned in 2° in companies mentioned in article R. 214-85, in proportion to the direct and indirect holdings of the real estate investment trust in the said companies mentioned in 2° ;
4° Shares referred to in 4° of the I of article L. 214-36 held directly by the open-ended real estate investment company;
5° Direct holdings in undertakings referred to in 5° of the I of article L. 214-36 as well as direct holdings held by the companies referred to in 2° of this article in the undertakings referred to in this 5°, in proportion to the direct and indirect holdings of the real estate investment trust in these companies referred to in 2° of this article.
For the purposes of calculating the 51% quota mentioned in 1° of article L. 214-37, the assets mentioned in 1° to 3° and 5° of this II are taken into account in the numerator.
III. - To assess the 60% quota mentioned in 1° of article L. 214-37 applying to real estate investment funds, the numerator takes into account :
1° The assets mentioned in 1° of I of article L. 214-36 held directly by the real estate investment trust ;
2° The properties and real rights referred to in Article R. 214-82 held directly by the companies referred to in 2° of I of Article L. 214-36 in which the real estate investment trust has holdings that meet the conditions set out in Article R. 214-83, in proportion to the real estate investment trust's direct and indirect holdings in these companies;
3° Buildings and real rights referred to in article R. 214-82 held directly by the bodies referred to in 5° of I of article L. 214-36 in which the real estate investment trust has holdings meeting the conditions set out in the last sentence of 1° of article L. 214-37, in proportion to the real estate investment trust's direct and indirect holdings in these bodies.
