Rules for the EDHEC IEIF Commercial Property Index (France)

Transcription

1 Rules for he EDHEC IEIF Commercial Propery Index (France) May

2 Summary 1 Index Composiion Index Definiion Index Universe Calculaion and Publicaion of he Index Calculaion of he Index Publicaion Frequency Price of Shares Number of Shares Dividends Revision Adminisraion of he Index Scienific Commiee Publicaion and Effecive Dae of Commiee Decisions Adminisraor of he Index and Final Provisions Adminisraor of he Index Amendmens o he Rules Liabiliy Copyrigh and Trademarks

3 1 Index Composiion 1.1 Index Definiion The EDHEC IEIF Commercial Propery Index (France) is a capialisaion weighed index ha measures he performance of SCPIs (unlised French propery invesmen russ), ha inves in commercial propery (offices, shopping cenres, logisics infrasrucures, ec.). SCPIs are Alernaive Invesmen Funds regulaed by aricle L and following of he French Moneary and Financial Code. Their saus is more specifically deailed in L and following. SCPIs are russ ha are allowed o make public offerings of shares, wih he sole purpose of acquiring and managing propery asses leased o enans. 1.2 Index Universe The index is made up of SCPIs ha, over he pas year, have posed a volume of ransacions on he secondary marke in excess of 2 million. The secondary marke is he marke for share ransacions organised by SCPImanagemen firms in accordance wih aricles and following of he General Regulaion of he French Financial Marke Auhoriy. This marke is organised differenly depending on wheher he SCPI is composed of fixed or variable capial. For fixed capial SCPIs, he secondary marke is regulaed by an order book held by he managemen company. For variable capial SCPIs, he secondary marke is organised hrough he redempion of shares, offse by he issuance of a shares a a price fixed by he managemen company, which is wihin a 10% range above or below he value ha corresponds o he propery fund s fair ne asse value. 3

4 2 Calculaion and Publicaion of he EDHEC IEIF Commercial Propery Index (France) 2.1 Calculaion of he Index The formula below is used o calculae he EDHEC IEIF Commercial Propery Index (France): I 1000 X k N i 1 N i 1 Q i, Q. C i,0 i,. C i,0 Where: = N = Q i, = C i, = Q i,0 = C i,0 = k = he day of compuaion number of componens in he index number of shares of componen i on day price of share i on day number of shares of componen i of he sample a index base dae price of share i a index base dae adjusmen coefficien for base capialisaion on day The EDHEC IEIF Commercial Propery Index (France) is compued on a ne (capial reurn) and gross (oal reurn including dividends reinvesed) basis. The base dae for he EDHEC IEIF Commercial Propery Index (France) is 30 June Publicaion Frequency The EDHEC IEIF Commercial Propery Index (France) is published monhly. Publicaion of he index akes place a 5pm CET (Cenral European ime) on he 20h of he monh following he end of he calendar monh provided i is a working day; if no, publicaion akes place on he following working day. The index can be accessed via and hps://risk.edhec.edu. 2.3 Price of Shares The performance of he SCPIs is measured by he share purchase price, including commissions charged by he managemen firm and samp duy. For fixed capial SCPIs, he share price corresponds o he purchase price derived from he previous order book maching process. For variable capial SCPIs, he share price corresponds o he subscripion price observed upon he las compensaed share redempion process. In he absence of he rading of shares over he quarer, he SCPI is emporarily excluded from he calculaion of he index. 2.4 Number of Shares The adjusmen of he number of shares is monhly, upon publicaion of he following monhly index. 2.5 Dividends Dividends are aken ino accoun during he monh where hey are paid. 2.6 Revision The composiion of he index is revised wice a year, in March and in Sepember, on he basis of he ransacion volume recorded on he secondary marke over wo consecuive calendar semesers: from January o December for he March revision and from July o June for he Sepember revision. The SCPIs ha saisfy he requiremens for inclusion in he universe for he firs ime are auomaically included. If, for wo consecuive revisions, an SCPI s ransacion volume on he secondary marke falls below 80% of he minimum annual ransacion volume, i is auomaically removed from he index. If an SCPI is dissolved, or legally ransforms by losing is SCPI saus, or by being absorbed by anoher SCPI, i is auomaically removed from he index. The composiion of he index is published upon each revision. 4

5 3 Adminisraion of he EDHEC IEIF Commercial Propery Index (France) 3.1 Scienific Commiee The adminisraion of he EDHEC IEIF Commercial Propery Index (France) is enrused o a Scienific Commiee made up of propery and financial analyss, propery managers, scienific figures, and represenaives from IEIF and EDHEC. The Scienific Commiee mees in he firs wo weeks of March and Sepember, a which ime i akes noe of he auomaic revisions ha have occurred in he composiion of he index. The mission of he Scienific Commiee is o manage he composiion of he EDHEC IEIF Commercial Propery Index (France) wih he aim of ensuring is reliabiliy and represenaiveness. I may amend he rules for he calculaion of he index. 3.2 Publicaion and Effecive Dae of Commiee Decisions Scienific Commiee decisions are published immediaely and, barring excepions, ake effec upon publicaion of he following index. 5

6 4 Adminisraor of he Index and Final Provisions 4.1 Adminisraor of he Index 4.2 Amendmens o he Rules The IEIF is he adminisraor of he EDHEC IEIF Commercial Propery Index (France). I is responsible for daa-gahering, compuaion and publicaion of he index. All decisions having o do wih he inerpreaion of hese rules are aken by he adminisraor of he index. The presen rules may, a any ime, be wholly or parly amended, added o, suspended or revised. Addiions, amendmens, revisions and deleions may lead o changes in he composiion or compuaion of he EDHEC IEIF Commercial Propery Index (France), or affec i in anoher way. The adminisraor of he index submis all proposed addiions, amendmens, revisions or deleions o he presen rules o he Scienific Commiee for approval. 4.3 Liabiliy The adminisraor of he index has a bes-effor obligaion o ensure he accuracy of he compuaion and publicaion of he EDHEC IEIF Commercial Propery Index (France) in accordance wih he esablished rules. Noneheless, neiher he index adminisraor nor he index Scienific Commiee can be held liable for he reliabiliy of he compuaion and publicaion of he index. Furhermore, he adminisraor and he Scienific Commiee of he index guaranee neiher he coninuiy of he index compuaion mehod, nor he coninuiy of he compuaion of he index, nor is publicaion. The adminisraor of he index and he advisory board canno be held liable for any financial losses ha may resul from he use of he EDHEC IEIF Commercial Propery Index (France) following addiions o, amendmens, revisions or deleions of index rules. 4.4 Copyrigh and Trademarks IEIF and EDHEC hold join righs o he inellecual and oher propery righs o he EDHEC IEIF Commercial Propery Index (France), in paricular o is name, is composiion, and is compuaion. 6