ABSTRACT
Real estate investment funds were introduced in Italy by Law no. 86 on 25 January 1994 and, after several amendments, only art. 14-bis of Law 86/1994, related to public contribution funds, is in force. The real estate investment fund is not a legal entity under Italian law, instead it is an independent pool of assets managed on a collective basis by an asset management company (AMC). AMCs charge to the fund the fees related to their management activity performed on behalf of the fund itself. Italian real estate investment funds can be classified according to different criteria. A real estate fund must invest at least two-thirds of its gross asset values in real estate properties, real estate rights and shareholdings in real estate companies. Contribution funds are set up through partial or total contribution of assets, represented by real estate, real property rights or investments in real estate companies, in exchange for units of the fund itself.
