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Book IV - Collective investment products
Title II - AIFS
Chapter II - Funds open to retail investors
Section 4 - Real estate investment companies and forestry investment companies
Paragraph 2 - Special provisions for real estate investment companies
Article 422-224 from 21/12/2013 to 21/02/2019

Article 422-224 into force from to

  • Version into force from to
ELI : /en/eli/fr/aai/amf/rg/article/422-224/20131221/notes

The real estate investment company's management company shall be compensated by means of the following fees:

  1. A subscription fee calculated on the basis of monies received at the time of capital increases;

  2. A transfer fee, calculated on the basis of the amount of the transaction if the transfer is from the register specified in Article 422-205, or a flat fee;

  3. A management fee based on rental income banked, before tax: the assessment basis for this fee may extend to include net financial income if the public is informed thereof.

    The articles of association of the real estate investment company or, failing this, the offer document shall clearly specify the assessment base and rate of fees paid to the management company.

  4. A real estate asset acquisition and/or transfer fee calculated on the basis of the amount of the real estate acquisition or transfer;

  5. A monitoring and coordination fee for the performance of works on the real estate assets, calculated on the basis of the total cost of works performed.