Art. 96

(Art. 65 CISA)

1. In relation to pledging land and ceding the rights of lien as collateral pursuant to Article 65 paragraph 2 CISA, the encumbrance may not exceed on average one third of the market value of all real estate assets.¹ 1bis. To safeguard liquidity, the charge may be temporarily and exceptionally increased to half the market value where: a. provision is made in the fund regulations; and b. the interests of the investors are safeguarded.² 1ter. As part of its audit of the real estate fund, the audit company expresses its opinion on the conditions pursuant to paragraph 1^bis.³
2. Where the fund management company and the SICAV commission the construction of buildings or carry out the refurbishment of buildings, they may during the period of preparation, construction or refurbishment credit the income statement of the real estate fund for building land and buildings under construction at the prevailing market rate, provided the costs do not exceed the estimated market value as a result.