Article 422-234 into force since 01 January 2026

The market value and the replacement value of the real estate investment company (SCPI) shall be determined by the investment management company at the closing of each financial period, as well as for variable-capital SCPIs or fixed-capital SCPIs that are the object of a capital increase, using the interim accounting position for each first-half of a financial year, on the basis of a valuation of the properties, carried out by an independent external valuation expert or several experts acting jointly.

Each property shall be the subject of at least one expert appraisal every three years. However, for fixed-capital SCPIs that are not subject to a capital increase, each property shall be valued every five years. This expert appraisal shall be updated each year by the external valuation expert for fixed-capital SCPIs that are not subject to a capital increase and every six months for variable-capital SCPIs or for fixed-capital SCPIs that are subject to a capital increase.

The mission of the valuation expert shall cover all the real estate investment company's rental assets.

Any newly appointed external valuation expert may update appraisals carried out less than three years previously.

The expert property appraisal shall be conducted pursuant to methods appropriate for real estate investment companies.