French Monetary and Financial Code
In forceThe properties referred to in 1° of I of article L. 214-36 eligible for inclusion in the assets of an undertaking for collective real estate investment are :
1° Buildings let or offered for letting on the date of their acquisition by the undertaking or by any legal entity that has entered into a usufruct agreement in accordance with Chapter III of Title V of Book II of the French Construction and Housing Code;
2° Buildings that the organisation has built, renovated or refurbished with a view to their rental by itself or by any legal entity that has entered into a usufruct agreement in accordance with Chapter III of Title V of Book II of the French Construction and Housing Code;
3° Bare land located in an urban area or an area to be developed as defined by a town planning document.
The properties referred to in 2° may be acquired under forward sales contracts, sales in the future state of completion or sales of properties to be renovated or rehabilitated.
When the properties referred to in 1° are subject to a usufruct agreement in accordance with Chapter III of Title V of Book II of the French Construction and Housing Code, they may not have been acquired from one of the bodies referred to in articles L. 365-2, L. 411-2 or L. 481-1 of the same code.
The real estate investment trust (organisme de placement collectif immobilier) may enter into property development contracts with a view to building the properties referred to in 2°.
