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The Real Estate Investment Trusts (Joint Venture Groups) Regulations 2007
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- UK Statutory Instruments
- 2007 No. 3425
- PART 3
- Regulation 18
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18. The Conditions referred to in regulation 17 are as follows.
Condition 1
The venturing group is carrying on a joint venture with another person.
Condition 2
The joint venture takes the form of a joint venture group.
Condition 3
At least one member of the joint venture group is carrying on property rental business as defined in section 104 and as construed in accordance with regulation 4(4).
Condition 4
The members of the venturing group are, in aggregate, beneficially entitled to 40% or more of the profits available for distribution to equity holders in the principal company of the joint venture group.
Condition 5
The members of the venturing group are, in aggregate, beneficially entitled to 40% or more of the assets of the principal company of the joint venture group available to equity holders in the event of a winding up.
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