INTRODUCTION

NPK Real Estate Shares are units purchased in order to invest them in the future in real estate owned and used only by artists and art professionals active in contemporary art.

The NPK Theory of Spaces envisions a network of fully independent, obligation-free loci—urban, rural, virtual, and outspace—where artists and thinkers can find sanctuary, collaborate through commoning, and retreat for renewal, ensuring resilient creativity and self-determined artistic production.

The NPK SPACES Special Program has been created to support artists and contemporary art professionals in building and owning their own infrastructure. We are managers of funds promised or subscribed through shares, and not owners. We act as a non-profit trustee for the Special Program. The promised or subscribed funds are administered via GLS Bank Germany, through a special bank account opened with this purpose.

PRIOR REAL-ESTATE PURCHASE AGREEMENT OF OWNERS IS KEY

Each acquisition we intend to make will not be acquired until we have a with full written and notary signed agreement of owners to entrust us with the said purchase.

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Example of acquistion price calculation:

Chateau sec. XIX, France, acquisition value 350000 EUR.

8 rooms used as private space type A: – 212sqm (80%=280000 EUR)

Several rooms (living room, cellar, halls etc.) used as common space type B: – 212sqm (5%=17500 EUR)

1 hall used as common working space type C: – 200sqm (5%=17500 EUR)

6 849 m² own terrain, from which of space type D: – 10 parcels x 100sqm= 1000sqm (5%=17500 EUR)

of space type E: – 5000sqm (3%=10500 EUR)

of space type F: – 849sqm (2%=7000 EUR)

Number of owners: 10 acquiring each one private room (OWNER Type: P), 10 acquiring each one parcel (OWNER Type: M).

Each OWNER TYPE P will have to spend his shares which cover his part of the areas types: A, B, C, E and F which means will have to pay a total amount of: 28000 + 875 + 875 + 1050 + 350 = 31150 EUR (31shares plus 150EUR)

Each OWNER TYPE M will have to spend his shares which covers his part of the areas types: B, C, D and F which means will have to pay a total amount of: 875 + 875 + 1750 + 350 = 3850 EUR (3shares plus 850EUR)

——– A is split into 10 parts: 212sqm:10=21.2sqm

——– B is split into 20 parts: 212sqm:20=10.6sqm

——– C is split into 20 parts: 200sqm:20=10.0sqm

——– D is split into 10 parts: 1000sqm:10=100.0sqm

——– E is split into 10 parts: 5000sqm:10=500.0sqm

——– F is split into 10 parts: 849sqm:10=84.9sqm

 

TERMS & DEFINITIONS

Funding Mechanism: This SPECIAL PROGRAM is an real estates investment fund.

Use Restriction: Its use is strictly limited to the acquisitions of spaces as per NPK Theory of Spaces. (read more here: https://npk-east.de/en/projects/spaces/)

Limitation period: Non-used funds in a 5 year limitation period will be reimbursed at their remaining value (to exclude costs actually occurred, e.g. bank commissions, management fees etc. and the inflation/deflation value will be indexed).

Share Value: The acquisition value of a share is 1000 EUR (the final costs may include other taxes which are not included in the acquisition value of the share). This is the amount that must enter our bank account dedicated to this Special Program. The value of the shares may decrease or increase over time, which is reflected in the amount reimbursed in the event of withdrawal or prescription. However, in valuing the contribution to space acquisition, the rule of proportionality is maintained.

Direct Contributions: Exact share value can be paid directly to our Special Program, via SEPA bank transfer, or using other channels and methods specified in this respect. The Program is managed by GLS Bank, Germany, in the name of the NPK, a Berlin-registered non-profit and artists managed association. We do not cover bank charges or other taxes and fees, therefore make sure the total sum we shall receive is strictly 1000 EUR – no more, no less. Contact us for more information and to calculate payment due for each share, depending on payment method.

Right of retraction: To guarantee a smooth process, we would allow a 14 day grace period on which a contributor or promisory contributor to the Special Program can change its mind and retract her-his acquisition of shares. Return of payment will be done using the same channel as when payment was made. Charges and other costs already occurred in relationship to the acquisition made cannot be reimbursed (therefore, it is possible that you will receive a small amount of money than what has been deposited). After the expiration of the grace-period, all shared acquired will begin to be considered as and remain part of the Special Program, until limitation period rule applies.

OWNERS’ CHARTER

Main Scope of Use:  the owners oblige themselves to use the space primarily as a mean to deepen their artistic practice. 

Limitations of use: it is prohibited to use the acquired space permanent as primary residential use except for emergency cases; or as general commercial use (offices, shop, bar, etc.) except when carried out as additional to an artistic related practice; or to change its destination, to resale, to donate or assign the space in the first 50 years of ownership; subletting or use by third parties is prohibited or permitted only to other artists or art professionals with the prior approval of the simple majority of the other co-owners.

Special rights for NPK funders in case of NPK investments: NPK is supported by a variety of patrons and NPK may make investments in such spaces, in which case their owners reserve special privileges for NPK patrons, such as: exclusive access, recognition, and unique experiences like private viewings, artist studio visits, VIP event invites (galas, openings), art acquisition, doing so to as a way to give back and allow patrons to participate in the collective conversation that is contemporary art.

Maintenance obligations: owners undertake to properly maintain and keep the space in good condition; comply with applicable safety, noise, and environmental regulations; prohibit structural changes without applicable permits.