Fund Manager, or any Person making an Offer of a Unit of a Fund or otherwise marketing a Fund, must not include the term "Real Estate Investment Trust" or "REIT" or refer to a Fund or otherwise hold out a Fund as being a Real Estate Investment Trust or a REIT, unless it is a Property Fund which is constituted in accordance with (2).
REIT is a Property Fund which:
(a) is constituted either as an
Investment Company or as an Investment Trust;
(b) is primarily aimed at investments in income-generating
Real Property; and
(c) distributes to the
Unitholders at least 80% of its audited annual net income.
(3) If at any time during the operation of the
Fund the requirements in (2) are not met, the Fund Manager, and, if appointed the Trustee, must immediately notify the DFSA and the exchange of the failure to meet the requirements in these Rules and what measures have been or will be taken to remedy the breach.