Luxembourg Real Estate Investment Vehicles 2012

AUDIT - TAX - ADVISORY Luxembourg Real Estate Investment Vehicles 2012 kpmg.lu Luxembourg Real Estate Investment Vehicles 2012 | 1 Table of contents Luxembourg Real Estate Investment Vehicles 2 Introduction 2 Overview 3 Undertakings for Collective Investments (UCIs) 8 Specialised Investment Funds (SIFs) 11 Luxembourg Risk Capital Companies (SICARs) 16 Securitization Vehicles (SVs) 21 SOPARFIs 26 Appendix 1 - Comparison of Real Estate Vehicles 34 Appendix 2 - The most popular forms of legal entities 50 Appendix 3 - Glossary of terms 54 2 | Luxembourg Real Estate Investment Vehicles 2012 Luxembourg Real Estate Investment Vehicles Introduction KPMG is pleased to present its new edition of the Luxembourg Real Estate Investment Vehicles. Over the years, Luxembourg has developed a strong reputation as a centre of excellence for a large variety of investment vehicles and with fund assets under management over EUR 2 trillion, Luxembourg is the largest fund center in the European Union and second worldwide. Luxembourg has also been a pioneer in the structuring of real estate investments and it has emerged as the leading domicile in Europe for vehicles investing directly or indirectly in internationally diversified real estate portfolios. Next to offering fund vehicles which are supervised by the Commission de Surveillance du Secteur Financier (CSSF), Luxembourg also offers unregulated vehicles using a wide variety of legal forms. It has developed a flexible, predictable and efficient legal and tax system to offer tax neutral & tailor-made solutions to investors. Luxembourg is a sound market place with a longstanding experience which benefits from strong investor recognition, efficient investment products, a qualified multi-lingual workforce and dedicated service providers involved in industry associations aimed at constantly improving the overall Luxembourg experience. This brochure aims at giving you an overview for setting up real estate investment vehicles but it does not address all possible structuring opportunities. For further information please do not hesitate to contact any of our senior specialists listed at the back of the brochure. KPMG differentiates and can help you across audit, tax, accounting and advisory services from project inception through an integrated approach to the investment life cycle. A description of our services and approach can be found at the end of this document. Yours faithfully, Stéphane Haot Head of Real Estate & Infrastructure, Luxembourg Luxembourg Real Estate Investment Vehicles 2012 | 3 Overview Luxembourg offers a full range of vehicles relevant for real estate investments which may be either unregulated investment vehicles or regulated vehicles which are subject to registration and ongoing prudential supervision by the CSSF. Growth in number of Luxembourg regulated real estate fund units Part II Institutional Funds/SIF 210 190 170 150 130 110 90 70 50 30 10 5% 2005 2006 2007 2008 2009 2010 2011 Source: CSSF Annual Report 2011 ... - tailieumienphi.vn