Commentaries: Art. 126x

In the case of an L-QIF in the legal form of a contractual fund or SICAV with real estate investments, transactions with closely connected persons in accordance with Article 63 paragraphs 2 and 3 CISA are permitted if:
1. this possibility is provided for in the fund contract or the investment regulations;
2. the number of investors stipulated in the fund contract or the investment regulations, with at least half of the investors or the votes represented at the general meeting, approve the transaction;
3. in addition to the valuation report of the L-QIF's regular valuation experts, a valuation expert independent of them or their employer and of the fund management company or SICAV and the custodian bank of the L-QIF confirms the market conformity of the purchase and sale price of the real estate value and the transaction costs in accordance with Article 64 paragraph 1 CISA.
Following conclusion of the transaction, the fund management company must prepare a report containing the following:
1. information on the individual properties acquired or transferred and their value on the date of acquisition or transfer;
2. the valuation reports by the regular valuation experts;
3. the report on the market conformity of the purchase or sales price by the valuation experts pursuant to paragraph 1 letter c.
As part of its audit of the fund management company, the audit company must confirm adherence to the special duty of loyalty in relation to real estate investments.
The approved transactions with closely connected persons must be mentioned in the annual report of the L-QIF.
In the case of properties where the fund management company, SICAV or persons closely connected thereto have construction projects carried out, no exemptions from the prohibition of transactions with closely connected persons are possible.
The term ‘closely connected persons’ is defined in Article 91a .