COLL 12.6.8 Investments by REITs in immovables under development

(1) Subject to subrule (2), the operator of a REIT must ensure that any investment in an immovable that is in the course of development (whether by the REIT on its own or in joint venture) is undertaken only if the REIT intends to hold the immovable on completion.
(2) The total contract value of the immovable under development or redevelopment must not exceed 30% of the gross asset value of the REIT.
(3) For this rule, development includes redevelopment but does not include refurbishment, retrofitting and renovation.
Inserted by QFCRA RM/2016-1 (as from 19th September 2016)