R.E.I.C.
Real Estate Investment Companies
A Real Estate Investment Company (R.E.I.C.) is a company formed as a Greek Soci?t? Anonyme with the sole purpose that of acquiring and managing of real estate.
A R.E.I.C. is permitted to invest in:
- real estate property, in a percentage of at least 80% of its total assets,
- cash deposits and money market instruments,
- at least 80% of the shares of an S.A. with the sole purpose of real estate exploitation,
- at least 80% of the shares of a holding company which solely invests in real estate exploitation companies,
- at least 25% of the shares of an affiliated company whose purpose is the acquisition, management and exploitation of real estate property,
- other movable and immovable property serving operational needs of the R.E.I.C., which may not cumulatively exceed (on acquisition) 10% of R.E.I.C.'s assets.
A R.E.I.C. is formed:
- as a Greek specialized S.A. which issues registered shares
- serving as a closed-end collective investment scheme
- with a minimum share capital of 25,000,000 €. The share capital may be formed by contributions of cash, money market instruments, securities and real estate.
- with a license for establishment and supervision by the Hellenic Capital Market Commission (HCMC)
- under the condition that it will get its shares admitted to trading
- on a Regulated Market, within 2 years from establishment, with 24 months possible extension granted by HCMC
- if within this time frame shares are not listed, REIC's license of operation is revoked by HCMC
- safekeeping of investments in transferable securities is delegated to a Custodian
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