Real Estate Investment Funds
At the end of July, the amount under management of the Real-Estate Investment Funds1 reached €8,845.1 million, which reflected an increase of 1.1% compared to June 2006. One new closed-end special real estate investment fund was established: the Prediloc Capital, managed by Millennium BCP and 5 new closed-end real estate investment funds: Lisbox and Portugal Retail Europark Fund managed by Fund Box, Imosede, managed by Sonaegest and Orey Reabilitação Porto and Orey Reabilitação Lisboa, both managed by Orey Gestão de Activos, entity that commenced the activity of real estate investment funds' management. In July, the value of real estate situated in Member States of the European Union was €8,404.6 million, corresponding to a growth of 1.8 % in comparison to the previous month. ESAF holds the largest market share, followed by Fundimo and BPN Imofundos. These three companies managed 41% of the real-estate assets held by funds, which represents a lower level of concentration to that of June. In June, the value of assets managed by the 10 largest funds corresponded to 53.6% of the total, falling 0.5 p.p. compared to June 2006. 10 August 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 2006-08-10. 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 | | Jul-06 | Jun-06 | monthly D | | Assets under management (1) | 8.845,1 | 8.744,9 | 1,1% | | No. of Fund Operators | 30 | 29 | 1 | | No. of Funds (2) | 111 | 105 | 6 | | Mean capitalisation of funds [(1)/(2)] | 79,7 | 83,3 | -3,6 |
Table
2 – Investment per Type of Asset and Market Unit: 10^6 EUR
| | Jul-06 | monthly D | | Value | % Total | | Real-Estate situated in the European Union | 8.404,6 | 95,0% | 1,8% | | Land | 1.498,8 | 16,9% | 2,8% | | Reconstruction | 44,3 | 0,5% | 3,9% | | Other Construction Projects | 807,8 | 9,1% | 1,9% | | Completed Construction | 6.040,2 | 68,3% | 1,5% | | Rights | 13,4 | 0,2% | 0,1% | | Real-Estate situated outside the European Union | 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 | 8.404,6 | 95,0% | 1,8% | | Investment Units | 26,4 | 0,3% | 38,2% | | Investment units in Real Estate Companies | 174,2 | 2,0% | -0,5% | | Liquidity | 710,2 | 8,0% | -0,7% | | Spot | 315,1 | 3,6% | 5,1% | | Forward | 395,1 | 4,5% | -4,9% | | Loans | -377,6 | -4,3% | 4,2% | | Other sums to be settled | -92,8 | -1,0% | 59,1% | | Sub-Total | 440,5 | 5,0% | -9,8% | | TOTAL | 8.845,1 | 100,0% | 1,1% |
Table 3 – Purpose of the Real-Estate Unit: 10^6 EUR | | Jul-06 | monthly D | | Value | % Total | | Real Estate situated in the EU | 6.892,3 | 100,0% | 1,58% | | Housing | 534,3 | 7,8% | 1,63% | | Commerce | 1.495,1 | 21,7% | 3,75% | | Services | 3.064,5 | 44,5% | -0,04% | | Others | 1.798,6 | 26,1% | 2,62% | | Real Estate situated outside the EU | - | - | - | | Housing | - | - | - | | Commerce | - | - | - | | Services | - | - | - | | Others | - | - | - | | TOTAL | 6.892,3 | 100,0% | 1,58% |
Table 4 – Number of Funds and Market Share (10 biggest)
| Entity | Jul-06 | monthly D | | No. | Market Share | No. | Market Share | | ESAF | 7 | 16,2% | 0 | -0,34 p.p. | | Fundimo | 14 | 12,4% | 0 | -0,08 p.p. | | BPN Imofundos | 6 | 12,4% | 0 | -0,08 p.p. | | Millennium BCP | 17 | 10,4% | 1 | 0 p.p. | | Santander Gestão de Activos | 4 | 8,5% | 0 | -0,03 p.p. | | Banif Gestão de Activos | 6 | 7,6% | 0 | 0,06 p.p. | | Norfin | 9 | 6,2% | 0 | -0,06 p.p. | | TDF | 2 | 4,0% | 0 | -0,04 p.p. | | Silvip | 1 | 3,2% | 0 | -0,01 p.p. | | Imopólis | 1 | 2,9% | 0 | -0,03 p.p. | | Others | 44 | 16,3% | 5 | 0,61 p.p. | | TOTAL | 111 | 100,0% | 6 | - | Legend: p.p. – percentage points.
Table 5 – Ten largest funds
| Entity | Fund | Jun-06 | monthly D | | Value | % | Value | | ESAF | GESPATRIMÓNIO RENDIMENTO | 1.361,9 | 15,6% | -0,9% | | Fundimo | FUNDIMO | 735,9 | 8,4% | 2,5% | | BPN Imofundos | F. INVEST. IMOBILIÁRIO ABERTO BPN IMONEGÓCIOS | 567,5 | 6,5% | -2,8% | | Banif Gestão de Activos | BANIF IMOPREDIAL - F. INVEST. IMOBIL. ABERTO | 446,3 | 5,1% | 2,4% | | Santander Gestão de Activos | NOVIMOVEST | 320,3 | 3,7% | 2,4% | | Silvip | FUNDO DE VALORES E INVESTIMENTOS PREDIAIS - VIP | 284,3 | 3,3% | 5,2% | | Millennium BCP | AF PORTFÓLIO IMOBILIÁRIO | 277,0 | 3,2% | 0,3% | | TDF | IMORENDA | 263,3 | 3,0% | 0,0% | | Imopólis | IMODESENVOLVIMENTO | 252,9 | 2,9% | 0,1% | | Millennium BCP | IMOSOTTO ACUMULAÇÃO | 218,4 | 2,5% | 0,0% | | Others | | 4.017,2 | 45,9% | 1,9% | | | TOTAL | 8.744,9 | 100,0% | 1,1% | Note: In descending order of the amounts managed by the funds during the last period under analysis.
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