Real Estate Investment Funds
In December 2007, the amount under management of Real Estate Investment Funds (REIT)[1] attained €9,647.5 million, 0.5% more than the previous month. With regard to Special Real Estate Investment Funds (SREIT), the amount under management soared 24.3% in the same period, attaining €801.2 million. The closed-end funds corresponded to 56.2% of the total amount managed by the industry. There were 204 active funds whereof 188 were closed-end funds, with eight new Investment Funds being established: three closed-end Special Investment Funds – the 'Jorama', managed by Atlantic, the 'Maia Golfe', managed by Fundimo and the 'Fundiestamo I', managed by Fundiestamo, which commenced management of the SREIT in said month, and five Real Estate Investment Funds, the 'ES Logística', Open-end Real Estate Investment Fund, managed by Esaf, with the remainder being Closed-end Real Estate Investment Funds; the 'Imogharb', managed by Privado Fundos (entity that commenced the management of REIT in said month), the 'Invesfundo IV', managed by Gesfimo, the 'Palazzo', managed by BPN Imofundos and 'Imorocha', managed by Fundimo. During said month, was recorded a merger by incorporation of the fund 'Millennium Rendimento Imobiliário' into the fund 'AF Portfólio Imobiliário, managed by Millennium BCP and the fund 'Orey Reabilitação Porto', into the fund 'Orey Reabilitação Lisboa', which changed the name to 'Orey Reabilitação Urbana', managed by Orey Gestão de Activos. In the said period, the fund 'Fundimof' until then managed by Esaf, changed name to 'Imogestão' and the management thereof was transferred to Selecta. In December, the value of Real Estate situated in Member States of the European Union was €11,259.3 million which represented a growth of 0.2% in comparison to the previous month. The value of Real Estate situated outside the European Union continued to be minimal. At the end of December, ESAF held the largest market share (12.3%), followed by Fundimo (12.2%) and BPN Imofundos (11%). These three companies managed 35.5% of the real-estate assets held by funds, which reflects a lower level of concentration than that of November. In December, the value managed by the 10 largest funds corresponded to 44.8% of the total amount under management by the industry. 14 January 2008 [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 14th January 2008. 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 | | REIT | SREIT | | | Dec - 07 | Nov-07 | Monthly D | Dec - 07 | Nov-07 | Monthly D | | No. of fund operators | 33 | 32 | 1 | 17 | 16 | 1 | | Assets under management (1) | 9.647,5 | 9.600,3 | 0,5% | 801,2 | 644,3 | 24,3% | | Open-End | 4.549,7 | 4.572,2 | -0,5% | 30,4 | 25,7 | 18,2% | | Closed-End | 5.097,8 | 5.028,1 | 1,4% | 770,8 | 618,6 | 24,6% | | No. of Funds (2) | 150 | 147 | 3 | 54 | 51 | 3 | | Open-End | 15 | 15 | 0 | 1 | 1 | 0 | | Closed-End | 135 | 132 | 3 | 53 | 50 | 3 | | Mean capitalisation of funds [(1)/(2)] | 64,3 | 65,3 | -0,99 | 14,8 | 12,6 | 2,20 | 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
| | Dec - 07 | | Open-End | Closed-End | | Value | % Total | Monthly D | Value | % Total | Monthly D | | Real Estate situated in the EU | 4.525,1 | 98,8% | -1,3% | 6.734,2 | 114,7% | 1,2% | | Land | 173,4 | 3,8% | -8,4% | 1.876,4 | 32,0% | -10,9% | | Reconstruction | 12,4 | 0,3% | 0,02% | 98,9 | 1,7% | 4,5% | | Other Construction Projects | 207,9 | 4,5% | -40,1% | 1.333,7 | 22,7% | 28,5% | | Completed Construction | 4.098,6 | 89,5% | 2,0% | 3.425,3 | 58,4% | 0,3% | | Rights | 32,7 | 0,7% | 85,0% | 0,0 | 0,0% | - | | Real Estate situated outside the EU | 0,0 | 0,0% | - | 12,6 | 0,2% | 0,8% | | 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% | - | 12,6 | 0,2% | 0,8% | | Rights | 0,0 | 0,0% | - | 0,0 | 0,0% | - | | Sub-Total Property | 4.525,1 | 98,8% | -1,3% | 6.746,8 | 115,0% | 1,2% | | Investment Units | 39,2 | 0,9% | -4,4% | 83,7 | 1,4% | -41,8% | | Investment Units in Real Estate Companies | 64,2 | 1,4% | 9,1% | 171,1 | 2,9% | 3,4% | | Liquidity | 154,2 | 3,4% | -0,6% | 595,3 | 10,1% | 24,0% | | Spot | 85,2 | 1,9% | 7,7% | 305,8 | 5,2% | 91,0% | | Forward | 69,0 | 1,5% | -9,3% | 289,5 | 4,9% | -9,5% | | Loans | -247,4 | -5,4% | -21,4% | -1.644,7 | -28,0% | 4,2% | | Other sums to be settled | 44,7 | 1,0% | -37,4% | -83,5 | -1,4% | -63,7% | | Sub-Total | 54,9 | 1,2% | 356,9% | -878,1 | -15,0% | -13,8% | | TOTAL | 4.580,0 | 100,0% | -0,39% | 5.868,6 | 100,0% | 3,9% |
Table 3 – Purpose of the Real-Estate Unit: 10^6 EUR
| | Dec - 07 | | Open-End | Closed-End | | Value | % Total | Monthly D | Value | % Total | Monthly D | | Real Estate situated in the EU | 4.319,0 | 100,0% | -1,4% | 4.857,8 | 99,7% | 6,8% | | Housing | 140,9 | 3,3% | 5,0% | 846,4 | 17,4% | 7,8% | | Commerce | 751,6 | 17,4% | -11,2% | 909,2 | 18,7% | 2,4% | | Services | 2.237,2 | 51,8% | 3,0% | 1.601,2 | 32,9% | 3,3% | | Others | 1.189,2 | 27,5% | -3,1% | 1.500,9 | 30,8% | 13,4% | | Real Estate situated outside the EU | - | - | - | 12,6 | 0,3% | 0,8% | | Housing | - | - | - | - | - | - | | Commerce | - | - | - | - | - | - | | Services | - | - | - | - | - | - | | Others | - | - | - | 12,6 | 0,3% | 0,8% | | TOTAL | 4.319,0 | 100,0% | -1,4% | 4.870,4 | 100,0% | 6,8% | Note: Land and Rights are not included in the definition of 'Real Estate'.
Table 4 – Number of Funds and Market Share
| Entity | Dec - 07 | Monthly D | | No. | Market Share | No. | Market Share | | ESAF | 20 | 12,3% | 0 | -0,18 p.p. | | Fundimo | 23 | 12,2% | 2 | -0,14 p.p. | | BPN Imofundos | 9 | 11,0% | 1 | -0,61 p.p. | | Millennium BCP | 8 | 10,5% | -1 | -0,25 p.p. | | Santander Asset Management | 4 | 7,6% | 0 | -0,08 p.p. | | Banif Gestão de Activos | 9 | 7,0% | 0 | -0,3 p.p. | | Norfin | 12 | 6,4% | 0 | -0,19 p.p. | | Interfundos | 30 | 3,1% | 0 | -0,05 p.p. | | Silvip | 1 | 3,0% | 0 | -0,03 p.p. | | Sonaegest | 2 | 2,8% | 0 | -0,07 p.p. | | Gesfimo | 11 | 2,7% | 1 | 0,01 p.p. | | Fundiestamo | 3 | 2,5% | 1 | 1,41 p.p. | | Finivalor | 4 | 2,5% | 0 | -0,02 p.p. | | Imopólis | 1 | 2,5% | 0 | -0,06 p.p. | | Selecta | 5 | 2,3% | 1 | 0,49 p.p. | | Fund Box | 8 | 2,0% | 0 | -0,02 p.p. | | Sofinac | 3 | 1,4% | 0 | -0,02 p.p. | | F.Turismo | 2 | 1,0% | 0 | -0,02 p.p. | | TDF | 1 | 0,9% | 0 | -0,01 p.p. | | Square Asset Management | 2 | 0,8% | 0 | 0,03 p.p. | | Refundos | 1 | 0,8% | 0 | -0,01 p.p. | | Imorendimento | 6 | 0,8% | 0 | -0,02 p.p. | | Margueira | 1 | 0,7% | 0 | -0,02 p.p. | | Predifundos | 4 | 0,7% | 0 | -0,01 p.p. | | Atlantic | 9 | 0,6% | 1 | 0,02 p.p. | | GEF | 8 | 0,6% | 0 | 0,03 p.p. | | SGFI | 6 | 0,3% | 0 | -0,01 p.p. | | Vila Galé Gest | 1 | 0,3% | 0 | 0 p.p. | | Correia & Viegas | 1 | 0,2% | 0 | 0 p.p. | | Orey Gestão de Activos | 4 | 0,2% | -1 | 0,03 p.p. | | Fibeira Fundos | 2 | 0,1% | 0 | 0 p.p. | | Privado Fundos | 1 | 0,1% | 1 | 0,1 p.p. | | Valor Alternativo Gestão de Activos | 1 | 0,1% | 0 | 0 p.p. | | Urbifundo | 1 | 0,04% | 0 | 0 p.p. | | TOTAL | 204 | 100,0% | 6 | - | Legend: p.p. – percentage points.
Table 5 – Ten largest funds
Unit: 10^6 EUR | Entity | Fund | Dec - 07 | Monthly D | | Value | % | Value | | ESAF | GESPATRIMÓNIO RENDIMENTO | 1.096,8 | 10,5% | 0,8% | | Fundimo | FUNDIMO | 822,1 | 7,9% | -0,9% | | BPN Imofundos | F. INVEST. IMOBILIÁRIO ABERTO BPN IMONEGÓCIOS | 597,4 | 5,7% | -3,3% | | Banif Gestão de Activos | BANIF IMOPREDIAL - F. INVEST. IMOBIL. ABERTO | 410,9 | 3,9% | -4,11% | | Santander Asset Management | NOVIMOVEST | 370,8 | 3,5% | 1,7% | | Millennium BCP | AF PORTFÓLIO IMOBILIÁRIO | 338,0 | 3,2% | 17,2% | | Silvip | FUNDO DE VALORES E INVESTIMENTOS PREDIAIS - VIP | 308,6 | 3,0% | 0,9% | | Millennium BCP | IMORENDA | 263,3 | 2,5% | -0,03% | | Imopólis | IMODESENVOLVIMENTO | 260,7 | 2,5% | -0,4% | | Millennium BCP | IMOSOTTO ACUMULAÇÃO | 210,5 | 2,0% | 0,1% | | Others | | 5.769,6 | 55,2% | 3,3% | | | TOTAL | 10.448,7 | 100,0% | 2,0% | Note: In descending order of the amounts managed by the funds during the last period under analysis.
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