At the end of July 2007, the amount under management of Real Estate Investment Funds [1] attained €9,534.1 million. With regard to Special Real Estate Investment Funds, the amount under management rose 0.1% in comparison to the previous month, reaching €593.1 million.  Closed-end funds managed 53.9% of the total amount managed in the industry.  

During the month of July, 192 funds were active (176 closed-end funds).  One new Special Closed-End Real Estate Investment Fund was established, the Imosaúde, managed by Selecta. The FII Imoimperial  transfered ESAF's management to Selecta in July.

In July, the value of Real Estate situated in Member States of the European Union was €10,728.3 million which corresponds to an increment of 1.5% in comparison to the previous month. The value of Real Estate situated outside the European Union continued to be minimal. 

At the end of July, Millennium BCP held the largest market share (13.9%), followed by ESAF (13.5%)and Fundimo (12.5%). These three companies managed 39.9% of the real-estate assets held by funds, which represents a lower level of concentration to that of June.

In July, the value managed by the 10 largest funds corresponded to 46.8% of the total amount under management.

13 August 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

	July 2007
	Open-end			Closed-end
	Value	% Total	Monthly D	Value	% Total	Monthly D
Real Estate  situated in  the EU	4.473,3	95,7%	1,5%	6.254,9	114,7%	1,5%
Land	137,8	2,9%	63,8%	1.963,8	36,0%	0,1%
Reconstruction	11,8	0,3%	0,1%	98,9	1,8%	1,1%
Other Construction Projects	350,9	7,5%	-0,6%	982,6	18,0%	6,4%
Completed Construction	3.956,6	84,7%	0,3%	3.209,6	58,8%	1,0%
Rights	16,2	0,3%	0,2%	0,0	0,0%	-
Real Estate  situated  outside the  EU	0,0	0,0%	-	12,8	0,2%	1,9%
Land	0,0	0,0%	-	0,0	0,0%	-
Reconstruction	0,0	0,0%	-	0,0	0,0%	-
Other Construction Projects	0,0	0,0%	-	0,0	0,0%	-
Completed Construction	0,0	0,0%	-	12,8	0,2%	1,9%
Rights	0,0	0,0%	-	0,0	0,0%	-
Sub-Total  Property	4.473,3	95,7%	1,5%	6.267,7	114,9%	1,5%
Investment  Units	44,4	0,9%	16,6%	157,9	2,9%	-0,6%
Investment  Units in Real  Estate  Companies	73,8	1,6%	-23,1%	126,0	2,3%	25,8%
Liquidity	170,8	3,7%	2,9%	491,3	9,0%	1,5%
Spot	86,7	1,9%	7,5%	175,4	3,2%	-6,0%
Forward	84,1	1,8%	-1,5%	315,9	5,8%	6,2%
Loans	-151,8	-3,2%	28,9%	-1.389,7	-25,5%	8,3%
Other Sums  to be Settled	61,6	1,3%	-42,5%	-198,1	-3,6%	-12,9%
Sub-Total	198,8	4,3%	-31,3%	-812,6	-14,9%	5,8%
TOTAL	4.672,1	100,0%	-0,5%	5.455,1	100,0%	0,9%

Table 3 – Purpose of the Real-Estate

Unit: 10^6 EUR