A SOCIMI (Real Estate Investment Trust) seeks guidance on how to treat cash from capital increases and bank financing intended for real estate investment to comply with the 80% investment requirement. The DGT (General Directorate of Taxes) rules that such cash must be distributed proportionally between qualifying and non-qualifying assets to avoid distorting the ratio calculation.
Question posed: Whether, for the purposes of complying with the investment requirement of Article 3.1 of Law 11/2009, of 26 October, regulating Listed Real Estate Investment Companies, in order to ensure neutrality regarding the method of financing assets, regardless of whether the funds are obtained at a specific moment (via capital increase in the capital markets or a credit line) and invested gradually or, conversely, obtained ad hoc for a specific transaction, the amount of the "cash and cash equivalents" item corresponding to funds from the cash capital increase and the bank financing received (which will be used for investment in new assets related to the corporate purpose and for the improvement of existing assets) must be distributed transitionally until its effective investment in a proportional manner between (i) the investment value in assets included in the 80% of eligible assets set forth in Article 3.1 of Law 11/2009 and (ii) the value of the other assets excluded from the aforementioned percentage, so as to neither prejudice nor benefit the consulting entity for the purpose of complying with the ratio established in Article 3.1 of Law 11/2009.
El efectivo y otros activos líquidos equivalentes procedentes de ampliaciones de capital o financiación bancaria, destinados a aumentar o mejorar el portfolio inmobiliario, no deben interferir en el cómputo del porcentaje del valor del activo exigido por la Ley 11/2009. Para ello, estos fondos habrán de distribuirse de manera proporcional entre el valor de los activos aptos y el valor de los demás activos. Este tratamiento es aplicable siempre que los fondos se destinen a los fines previstos en un plazo razonable y justificado.