Real Estate Investment Funds
At the end of April, the amount under management of the Real-Estate Investment Funds1 reached €8,575.7 million, which reflected an increase of 0.5% in comparison to March 2006. Three new closed-end real estate investment funds were established: Imogeris and Imovalor, both managed by ESAF Imobiliário, and Fundo de Investimento Imobiliário Fechado Fundor, managed by Fund Box. Furthermore, 2 new closed-end real estate special investment funds were also established: BF Invest, managed by Millennium BCP and Olissipo, managed by SGFI. In April, the value of real estate situated in Member States of the European Union corresponded to €8,047.2 million, 1.2% more than the previous month. ESAF kept its market share and continued to be the largest management company of real estate investment company, followed by BPN Imofundos and Fundimo. These three companies managed 42.2% of the real-estate assets held by funds, which represents a lower level of concentration to that of the previous month. In said month, the value of assets managed by the 10 largest funds represented 54.9% of the total, dropping 0.5 p.p. compared to March 2006. 17 May 2006
1 Unless otherwise indicated, the data contained in this report are a result of information reported to the CMVM by the market operators, in accordance with the legislation in force. The information used dates back to 2006-05-15. Does not include the information regarding the fund 'Margueira Capital' managed by Margueira - Sociedade Gestora Fundos Investimentos Imobiliários SA. Therefore, this fund and the respective market operator are included in the data concerning March 2006 but not April 2006. The monthly variation (monthly D) always refers to the comparison between the month under analysis and the previous month.
Table 1 – Aggregate Benchmarks Unit: 10^6 EUR | | Mar-06 | Feb - 06 | Monthly Δ | | Assets under management (1) | 8.504,2 | 8.395,9 | 1,3% | | No. of Fund operators | 27 | 28 | -1 | | No. of Funds (2) | 93 | 84 | 9 | | Mean capitalisation of funds [(1)/(2)] | 91,4 | 100,0 | -8,5 |
Table
2 – Investment per Type of Asset and Market Unit: 10^6 EUR | | Mar-06 | Monthly Δ | | Value | % Total | | Real Estate situated in the EU | 7.926,4 | 93,2% | 2,5% | | Land | 1.379,1 | 16,2% | 2,4% | | Reconstruction | 35,7 | 0,4% | 19,3% | | Other Construction Projects | 768,3 | 9,0% | 7,8% | | Completed Construction | 5.732,1 | 67,4% | 1,8% | | Rights | 11,2 | 0,1% | 9,8% | | Real Estate situated outside the EU | 0,0 | 0,0% | - | | Land | 0,0 | 0,0% | - | | Reconstruction | 0,0 | 0,0% | - | | Other Construction Projects | 0,0 | 0,0% | - | | Completed Construction | 0,0 | 0,0% | - | | Rights | 0,0 | 0,0% | - | | Sub-Total Property | 7.926,4 | 93,2% | 2,5% | | Investment Units | 13,1 | 0,2% | -0,5% | | Investment Units in Real Estate Companies | 171,6 | 2,0% | 6,9% | | Liquidity | 805,4 | 9,5% | 3,7% | | Spot | 290,5 | 3,4% | 9,9% | | Forward | 515,0 | 6,1% | 0,5% | | Loans | -349,4 | -4,1% | 3,2% | | Other sums to be settled | -62,9 | -0,7% | -222,1% | | Sub-Total | 577,8 | 6,8% | -12,9% | | TOTAL | 8.504,2 | 100,0% | 1,3% |
Table 3 – Purpose of the Real-Estate Unit: 10^6 EUR
| | Mar-06 | Monthly Δ | | Value | % Total | | Real Estate situated in the EU | 6.536,1 | 100,0% | 2,51% | | Housing | 471,7 | 7,2% | 14,56% | | Commerce | 1.427,2 | 21,8% | 1,20% | | Services | 2.969,0 | 45,4% | 1,46% | | Others | 1.668,2 | 25,5% | 2,50% | | Real Estate situated outside the EU | - | - | - | | Housing | - | - | - | | Commerce | - | - | - | | Services | - | - | - | | Others | - | - | - | | TOTAL | 6.536,1 | 100,0% | 2,51% |
Table 4 – Number of Funds and Market Share (10 biggest)
| Entity | Mar-06 | Monthly Δ | | No. | Market Share | No. | Market Share | | ESAF | 5 | 17,2% | 2 | -0,21 p.p. | | BPN Imofundos | 6 | 13,1% | 0 | -0,12 p.p. | | Fundimo | 14 | 12,2% | 2 | 0,27 p.p. | | Millennium BCP | 12 | 10,0% | 1 | 2,23 p.p. | | Santander Gestão de Activos | 4 | 8,5% | 0 | -0,11 p.p. | | Banif Gestão de Activos | 6 | 7,6% | 2 | 0,21 p.p. | | Norfin | 9 | 6,1% | 0 | 0,24 p.p. | | TDF | 2 | 4,2% | -1 | -2,43 p.p. | | Silvip | 1 | 3,2% | 0 | 0 p.p. | | Imopólis | 1 | 3,0% | 0 | -0,04 p.p. | | Others | 33 | 15,0% | 3 | -42,13 p.p. | | TOTAL | 93 | 100,0% | 9 | - | Legend: p.p. – percentage points.
Table 5 – Ten largest funds
Unit: 10^6 Euro | Entity | Fund | Mar-06 | Monthly Δ | | Value | % | Value | | ESAF | GESPATRIMÓNIO RENDIMENTO | 1.396,9 | 16,4% | -1,0% | | Fundimo | FUNDIMO | 700,1 | 8,2% | 0,7% | | BPN Imofundos | F. INVEST. IMOBILIÁRIO ABERTO BPN IMONEGÓCIOS | 592,6 | 7,0% | 0,8% | | Banif Gestão de Activos | BANIF IMOPREDIAL - F. INVEST. IMOBIL. ABERTO | 438,5 | 5,2% | 3,6% | | Santander Gestão de Activos | NOVIMOVEST | 303,0 | 3,6% | 0,7% | | Millennium BCP | AF PORTFÓLIO IMOBILIÁRIO | 273,8 | 3,2% | 0,3% | | Silvip | FUNDO DE VALORES E INVESTIMENTOS PREDIAIS - VIP | 271,9 | 3,2% | 1,4% | | TDF | IMORENDA | 263,3 | 3,1% | 0,0% | | Imopólis | IMODESENVOLVIMENTO | 252,7 | 3,0% | 0,0% | | Millennium BCP | IMOSOTTO ACUMULAÇÃO | 218,7 | 2,6% | -0,4% | | Others | | 3.792,9 | 44,6% | 2,5% | | | TOTAL | 8.504,2 | 100,0% | 1,3% | Note: In descending order of the amounts managed by the funds during the last period under analysis.
|
|
|