SM REIT investment conditions require primarily completed revenue generating assets and impose monitoring and remedial measures for breaches. A wholly owned SPV must directly and solely hold all assets acquired by an SM REIT scheme; schemes must invest primarily in completed, revenue generating properties with limited allocations to liquid assets and specified interest rate derivatives. Lending is restricted to the scheme's SPV only, and the SPV cannot lend to other entities. Investment conditions are monitored at acquisition and semi annually; breaches must be remedied within prescribed timelines, subject to limited extensions by unitholder approval, failing which prescribed restrictions and measures, including delisting obligations, apply.