Commentaries: Art. 126u

An L-QIF in the legal form of a contractual fund or SICAV may hold real estate in co-ownership. In the case of ordinary co-ownership, the fund contract or the investment regulations must specify whether:
1. the L-QIF may hold minority interests;
2. the fund management company or the SICAV has reserved the rights, measures and actions provided for in Articles 647a –651 CC in a use and administration regulations pursuant to Article 647 paragraph 1 CC¹, or
3. the pre-emption right pursuant to Article 682 CC is contractually revoked.
In the case of co-ownership interests that correspond to a minority interest, the fund contract or the investment regulations must contain the following information:
1. the minimum percentage shareholding that the L-QIF must hold in the case of minority shareholdings;
2. whether the remaining co-owners must be known to the fund management company or the SICAV;
3. whether any restrictions on the right to sell co-ownership units at any time are possible; and
4. the maximum limit for investments in minority interests in relation to the fund assets.
The fund contract or the investment regulations must, where applicable, indicate the particular risks associated with any of the measures referred to in paragraph 1.

Art. 126u