On 9 December 2015, the European Court of Justice (ECJ) published its judgment in the Fiscale Eenheid case (C-595/13). According to this judgment, the VAT exemption for the management of investment funds may also apply to risk diversified (closed ended) funds investing in real estate, provided these funds are subject to specific state supervision. However, the actual management of the immovable property is not VAT-exempt as that activity is not specific to the business of undertakings for collective investments.