Ordinance on Investment Undertakings (Investment Undertakings ...

which are expected to be under construction in the foreseeable future,
up to 20% of the assets;
d) real properties encumbered with a right to build, up to 20% of the assets;
e) mortgage liens up to 10% of the assets;
f) autonomous rights to build, if they encumber real properties according
to subparagraphs (a) and (b);
g) holdings in and claims against real estate companies and other real estate
funds up to 49%; or
h) real estate debt securities.
2) Up to a third of the assets may be invested in liquid assets or in
fixed-interest securities with a creditworthiness of at least A-, A3, or
equivalent.
3) Objects may also be acquired that are necessary for the management
of the assets.
4) The FMA may approve exceptions to the percentage limits in
paragraph 1, subparagraphs (c) to (e) and (g), if the purpose of the Act
does not appear endangered thereby.
Article 57
Risk diversification
1) Investment undertakings for real estate may, calculated at the time
of acquisition, invest at most 20% of their net assets in a single real estate
value.
2) Real estate values whose performances are closely linked shall be
considered a single real estate value.
38