Article 422-127 into force since 27 December 2025

Within a single real estate collective investment undertaking (OPCI) or a single sub-fund, the prospectus may specify different share or unit classes subject to the terms specified in Article 422-23 with the exception of (1).

When the investment management company of an OPCI, its shareholders, senior management, or the natural persons or legal entities responsible for the management of this OPCI hold units or shares giving them different rights over the net assets or proceeds of the undertaking, pursuant to the final paragraph of Article L. 214-61-1 of the Monetary and Financial Code, the prospectus must set out the characteristics of these units or shares, and the risk borne by their holders or shareholders. The latter may only redeem these when the OPCI is liquidated or after the other units or shares issued have been redeemed.