Art. 92

(Art. 64 CISA)

1. Real estate which the fund management company or SICAV wish to purchase must be valued in advance.¹
2. The valuation expert shall physically inspect the property when performing the valuation.
3. In the event of a sale, a new valuation may be waived if:
   1. the existing valuation is no older than three months; and
   2. there has not been any material change in the situation.²
4. The fund management company and the SICAV must explain to the audit company for the reason for any sale price which is below the estimated valuation or purchase price which is above such valuation.