At the end of June 2007, the amount under management of the Real Estate Investment Funds [1] attained €9,511.2 million. With regard to Special Real Estate Investment Funds, the amount under management rose 7.8% in comparison to the previous month, reaching €587.5 million.   

One new Special Closed-End Real Estate Investment Fund was established, the 'Intercapital', managed by Millennium BCP, and two Closed-End Real Estate Investment Funds, the 'Beirafundo', managed by  Fundimo and 'Invesfundo V', managed by Gesfimo.

In June, the value of Real Estate situated in Member States of the European Union was €10,564.1 million which corresponded to a gain of 0.6% in comparison to the previous month. The value of Real Estate situated outside the European Union continued to be small. 

At the end of June, Millennium BCP held the largest market share, followed by ESAF and Fundimo. These three companies managed 40.3% of the real-estate assets held by funds, which represents a lower level of concentration to that of May.

In June, the value managed by the 10 largest funds corresponded to 47% of the total amount, less 0.45 p.p. than the previous month.

11 July 2007

[1] The data presented in this report is based, unless otherwise stated, on information submitted to the CMVM by Securities Investment Fund Operators, in accordance with the legislation in force. The information used dates back to 11 July 2007.  Monthly variation (monthly D) always refers to the comparison between the month under analysis and the previous one.

Table 1 – Aggregate Benchmarks

Unit: 10^6 EUR

Note: The managing entities of Real Estate Investment Funds (REIT) also manage Special Real Estate Investment Funds (SREIT).

Table 2 – Investment per Type of Asset and Market

Unit: 10^6 EUR

	Jun-07		Monthly D
	Value	% Total
Real Estate situated in the EU	10.564,1	104,6%	0,6%
Land	2.046,6	20,3%	0,4%
Reconstruction	109,6	1,1%	0,4%
Other Construction Projects	1.275,3	12,6%	1,2%
Completed Construction	7.116,4	70,5%	0,6%
Rights	16,2	0,2%	0,0%
Real Estate situated outside the EU	12,5	0,1%	0,0%
Land	0,0	0,0%	-
Reconstruction	0,0	0,0%	-
Other Construction Projects	0,0	0,0%	-
Completed Construction	12,5	0,1%	0,0%
Rights	0,0	0,0%	-
Sub-Total Property	10.576,6	104,7%	0,6%
Investment Units	197,0	2,0%	1,3%
Investment Units in Real Estate Companies	196,1	1,9%	0,2%
Liquidity	650,1	6,4%	2,1%
Spot	267,3	2,6%	0,3%
Forward	382,8	3,8%	3,4%
Loans	-1.401,5	-13,9%	3,3%
Other sums to be settled	-119,6	-1,2%	-4,7%
Sub-Total	-477,9	-4,7%	4,9%
TOTAL	10.098,7	100,0%	0,4%

Table 3 – Purpose of the Real-Estate

Unit: 10^6 EUR