ASPIM is very pleased that the members of French Parliament have adopted amendments that benefit SCPIs in the context of the PACTE draft bill
On Friday 5 October memnbers of French Parliament voted for three amendments concerning the widening of SCPIs' social corporate purpose as well as clarifications relating to the indirect holding of real estate assets by them.
The first amendment opens up SCPIs' social corporate purpose so that on an ancillary basis they can hold movable property. From now on, these funds can install furniture and equipment in their real estate as well as solar panels on the roof or even propose to rent spaces for co-working, with no need to work through a third party. This is a guarantee for an optimal use of the buildings for the investors' prime economic benefit.
The second amendment confirms the legal possibility for an SCI that is a branch of an SCPI to possess a building by acquiring units from another SCI that is an intermediary between this branch and the building ("SCI of an SCI").
Finally, the third amendment aims at facilitating investments made by SCPIs aboard in the form of indirect equity investments, in the knowledge that partnerships do not exist in all the countries where the funds invest their equity.
If these changes to the Pacte Law are definitely adopted by the French Parliament this will guarantee the reinforced dynamism and efficiency of SCPIs. Forty or so years after they were set up, SCPIs' increasing contribution to the development of the real economy allows companies to concentrate their energies and their capital on the creation of value in the service of employment and growth.