Consult our answers to the most frequently asked questions with our FAQ

The recommended holding period for REIT shares is 8 years. 

The purchase of REIT shares, a real estate investment, must be viewed and conducted with a long-term or very long-term perspective. 

Investment in REITs is largely designed as source of extra income, in particular to supplement a pension. It is possible for working taxpayers to obtain this real estate capital, which is not subject to stock market fluctuations, under facilitated conditions, by gradually purchasing shares or possibly by means of a mortgage. 

Some savers even purchase shares without any intention of reselling them with a view to creating additional income to be received throughout their working life and retirement and passed on to their heirs. The investment period best suited to each REIT is specifically indicated in the company’s information sheet and communicated to savers.

Yes. Due to their real estate nature, REITs are one of the few financial products that can be acquired with loans. You will be held responsible for a loan, which will need to be repaid. Be sure to verify your repayment capacity before committing to it. 

Yes. Purchasing via a loan is of interest to everyone in light of the current borrowing rates and all the more valuable because it can be offset by the real estate income. 

This system is reserved for the credit financing of fully-owned REIT shares. Since January 1st, 2007, the tax office does not allow the deduction of interest from loans taken out to acquire the bare ownership of REIT shares. 

To purchase PERIAL REIT shares, you can contact your usual Asset Manager or contact PERIAL Asset Management teams.

Subscription to REIT shares is open, regardless of the subscriber's age. A parent or guardian’s signature is required for minors. 

The provisions required under the Foreign Account Tax Compliance Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act of July 21st, 2010 do not allow our management company to accept the acquisition of REIT shares, against payment or free of charge, from United States citizens or individuals whose tax residence is in the United States. 

We accept all subscriptions from individuals whose countries have entered into tax and administrative assistance agreements or a tax agreement designed to address income taxation and avoid double taxation (see the list here).

Before subscriptions become effective, subscribers have a cooling-off period of 48 hours, as defined in Article L.341-16 IV of the French Monetary and Financial Code. When subscribers sign the subscription form or the purchase order, they confirm having benefited from this cooling-off period and that they are no longer entitled to the right of withdrawal.

Yes, if the insurance policy offers this among its real estate fund options. This makes it possible to diversify your savings and facilitates real estate investment. 

The subscription price of a REIT share includes a subscription fee which is intended to reward those who find potential investors and ensure the reimbursement of all costs incurred for studies, research and processes involved in creation, acquisition–including VAT, registration fees and notary fees–and the extension of the REIT’s property assets. 

The amount of the subscription fee, which varies depending on the REIT, is approximately 10%. It is provided in the information sheet for the REITs.

By working directly with PERIAL Asset Management, you will benefit from advice tailored to your financial and tax situation and receive support throughout your entire investment process and the duration of your investment and REIT shares.

Just like owners of property that is rented bare, holders (natural persons) of REIT shares are subject to real estate tax. This income is taxable in the property income category. 

• Income tax 

Real estate income is subject to progressive income tax and social contributions. The interest on loans taken out to purchase REIT shares, if applicable, is deductible from the real estate income. Shareholders also receive investment income from the share of financial investments made for the cash flow management of the REIT on funds pending future use. 

• Capital gains tax on the transfer of shares 

Capital gains on securities are in principle subject to tax and to social contributions as soon as they are made. 

Beginning with the fifth year of holding REIT shares, the taxable capital gain amount is subject to gradual abatement based on the duration of the share holding period. The capital gains will not be taxed as of the 30th year. 

• Financial income and capital gains on securities 

In the context of cash management, the investment of liquid assets from the REITs for the purpose of cash flow management is made through liquid (bank deposits, MMF shares) and short-term funds. The resulting income or products are classified in the “investment income” tax category. Taxation that applies to capital gains from the sale of these shares is paid in accordance with ordinary law. 

Each year, the management company sends all shareholders the information they need to complete their tax return, whether it be for principal (real estate income) or ancillary revenue (financial income). 

• The French wealth tax on real estate assets (IFI) 

Fully-owned REIT shares and those owned in usufruct are included in the calculation of the taxable base for the French wealth tax on real estate assets (Impôt sur la Fortune Immobilière–IFI). 

This can be accessed with your shareholder number and password in your client extranet 

The quarterly information bulletins for PF Grand Paris, PFO₂, PFO and PF Hospitalité Europe list the subscription price and the withdrawal value of the shares. They are sent to REIT shareholders on the PERIAL Asset Management website and can be requested from Customer Service. 

The value of REIT shares managed by PERIAL AM is also available on the www.perial.com website.

Your dividend is paid on the 25th of the month following the calendar quarter. In the event of a public holiday, the payment will be made on the following working day. Transfer notifications and information documents are sent at the same time as the payment.

For PF Grand Paris, PFO₂, PFO and PF Hospitalité Europe, the date when shareholders can begin receiving income from the shares is the first day of the sixth month following the signing of the subscription form and payment of the full subscription price. This is called the vesting date. 

In all cases, the first dividend payment will be made on the 25th of the month following the calendar quarter during which the vesting date occurs (or on the next working day in the event of a public holiday).

This password allows you to securely access your private account at any time via the www.perial.com website. This account allows you to view the following: 

• the status of your holdings 

• dividend payment history 

• the information you need to complete your tax return 

• information on the REITs managed by PERIAL Asset Management. 

We are required to inform our shareholders of our REITs’ activities by publishing certain regulatory documents: 

• The information sheet 

• The statutes 

• Annual reports 

• Bi-annual information bulletins 

In addition to these two regulatory information bulletins, PERIAL Asset Management publishes two other information documents to inform shareholders on a quarterly basis, at the time of each dividend payment. 

These documents are available on the www.perial.com website and in the Client areas. 

Please email us at [email protected] or call us at +33 (0)156 431 111. 

For address changes, please send us proof of your new address (such as a utility bill).

A shareholder’s liability can only be incurred after the management company has been prosecuted unsuccessfully. 

The level of each shareholder's liability is proportional to their share in the capital. To learn more, please see the PERIAL AM REIT information notes.

The performance of REIT shares can fluctuate over time, both increasing and decreasing depending on increases and decreases in financial occupancy rate and/or upward or downward trends in the total amount of rent paid by tenants.

For REITs with variable capital, which includes PF Grand Paris, PFO₂, PFO and PF Hospitalité Europe, the following procedure applies: Shareholders must send the share withdrawal order, available upon request, to the management company by registered mail with proof of receipt. To learn more, please see the PERIAL AM REIT information notes. 

If you have any questions, please contact Customer Service by calling +33 (0)156 431 111 or by emailing [email protected].

REIT shares are included in their estate and passed on to their heirs. When the estate is settled, depending on the decisions that were made with the notary, the shares may be transferred to the heirs in accordance with the deed which will be sent to the management company.

Yes. You can transfer any number of REIT shares to your children (within the limit of €100,000 per child: Article 779 of the General Tax Code) or grandchildren (within the limit of €31,865 per grandchild: Article 790B of the General Tax Code) every 15 years (Article 784 of the General Tax Code).

Several entities are in charge of supervising the management company’s activities: 

• The French financial markets authority (Autorité des Marchés Financiers, AMF) It grants approval of the management company and inspects all the documents intended for public information. It also ensures the compliance of transactions involving REIT shares and compliance with the various professional obligations of management companies. 

• The REIT General Meeting: It elects Supervisory Board members and appoints the management company, external auditors and the real estate expert. It determines the profits for distribution and votes to pass the various resolutions. 

• The REIT Supervisory Board: It assists the management company by carrying out the verifications and controls it deems appropriate throughout the year. It gives an opinion on the draft resolutions that are voted on during the General Meeting. 

• External auditors: They certify that the annual accounts are accurate and honest and that they faithfully represent the operations from the past fiscal year, including the result of these operations and the company’s financial situation and assets at the end of the fiscal year. 

• Real estate expert: The expert performs real estate appraisals that allow the management company to define the value of REIT assets at the end of each fiscal year. The expert is independent of the company.

The Markets in Financial Instruments Directive (MiFID) is a European law that came into force on November 1st, 2007 and was reinforced in January 2018 with the MiFID 2 directive. They aim to develop a deeper, more integrated and efficient capital market in order to lower the cost of capital, generate growth and enhance its international competitiveness, while also strengthening investor protection. 

As a result of the implementation of this directive, PERIAL Asset Management added a questionnaire entitled “More about you” to the subscription forms for the various REITS. The purpose of this questionnaire is to verify the consistency between the proposed products and services and the subscribers’ expectations and situations in order to protect them from making an unsuitable investment.