|DEFINITION||The fund is an asset which does not have a legal entity, established within the fund rules by portfolio management companies and real estate portfolio management companies which hold an operating license received from the Board in order to manage the portfolios comprised of assets and transactions specified in the communique, with the money collected from qualified investors in return for fund units, in accordance with fiduciary ownership principles and pursuant to the provisions of the Law.|
|LEGAL STRUCTURE||General terms about management of the fund, custody of the assets, valuation principles and conditions of investing in the fund is determined in (III-52.3) Communique on Real Estate Investment Funds (Communiqué)|
Funds are allowed to engage only in management of portfolios comprised of the following assets and transactions:
a) Real estates and property rights,
|PORTFOLIO SIZE||Within one year as od the starting date of sales of funds units to qualified investors, fund portfolio value shall reach a minimum size of 10.000.000 TL and the cash collected from fund holders shall be invested within the portfolio restrictions set forth in the Communique.|
|RESPONSIBILITIES OF FOUNDER|
Founder is responsible for representation, management and supervision of management of the fund, and conduct of activities in accordance with the provisions of fund rules and issue document, in such manner to protect the rights of fund unit holders.
Founder is authorized to take actions on, and dispose of, and use the rights related to, assets of the fund in 6 its own name and in the account of the fund in accordance with the applicable legislation and the fund rules. Founder may delegate portfolio management to another portfolio management company or real estate portfolio management company under an agreement signed under fourth paragraph of Article 8 of the Communiqué on Portfolio Management. During conduct of activities of the fund, the delegation of portfolio management to another portfolio manager, or outsourcing any service in this respect, shall not revoke the liabilities of the founder.
The relationship between founder and the fund unit holders shall be governed by the Law, the applicable legislation, the fund rules, the issue document and the investor agreement, and on matters on which the Law, the applicable legislation, the fund rules, the issue document and the investor agreement remain silent, the provisions of Articles 502 to 514 of the Turkish Code of Obligations dated 11/01/2011 and numbered 6098 shall be applicable by analogy.
Fund information documents consist of fund rules, issue document, and if any, key investor information document.
Fund issue document contains information on nature and sales conditions of fund. The standard of issue document is determined by the Board.
Real Estate Investment Funds Brief Guide