European Real Estate Fund Regimes

European Real Estate Fund Regimes: Choosing an investment vehicle

PwC's European Real Estate Fund Regimes series, October 2013

2013 has probably been the most important year for the Alternative Investment Funds Industry yet. The AIFM Directive entered into force on 22 July 2013, and many European legislators have implemented the required national laws in time. In addition, numerous so-called Level II and Level III pieces of legislation and guidelines have been issued. Legislators had to consider tax matters and changes to fund and investor taxation as well. The wave of new legislation absorbs a lot of capacity and resources from both an Investor’s point of view and an Alternative Investment Fund Managers’ point of view.

This booklet aims to give an overview of the current legislation for real estate funds in the most important territories to help you understand the intricacies of the new AIFMD-compliant regimes and which one of the available fund vehicles is right for you. Of course, the brochure can’t summarise all the related EU guidelines and other regulations, which would take hundreds of pages, but Fund Managers and Investors will have to change their approach and look not only at national rules, but at EU rules and guidelines as well.

This booklet seeks to compare more than 30 different types of fund vehicles in a summary form, by looking at a consistent set of key topics, and noting major pros and cons. We hope that you will find it a useful starting point and a source of reference.