In January 2008, the amount under management of Real Estate Investment Funds (REIF)[1] attained €9,663.8 million, an increase of 0.2% more than in December 2007.  The amount under management during the same period for Special Real Estate Investment Funds (SREIF), was €830.2 million with a positive monthly variation of 3.6%.  The closed-end funds accounted for 56.2% of the total amount managed by the industry.  

There were 207 active funds, whereof 188 were  closed-end funds. A new closed-end Investment Fund was established - Fundurbe managed by Predifundos and a further three Special Investment Funds: Capital SIM  managed by Esaf, Lapa Properties managed by Interfundos and Fundo Especial de Investimento Imobiliário Fechado Tejo, managed by Invest Gestão de Activos.  The latter company started managing Special Real Estate Investment Funds this month.  The real estate funds, Renda Predial and Imorenda, previously managed by Millenium BCP, are now being managed by Interfundos.

In January 2008, the value of Real Estate situated in EU Member States was €11,290.6 million which represented a growth of 0.1% in comparison to December 2007. The value of Real Estate situated outside the EU continued to be minimal. 

At the end January 2008, Fundimo held the largest market share (12.6%), followed by Esaf (12.3%) and BPN Imofundos (10.9%). These companies managed 35.9% of the real-estate assets held by funds, which reflects a higher level of concentration than that of December 2007.

In January 2008, the value managed by the 10 largest funds corresponded to 44.2% of the total amount under management by the industry.

18 February 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

Note: The managing entities of Real Estate Investment Funds (REIF) also manage Special Real Estate Investment Funds (SREIF)

Table 2 – Investment per Type of Asset and Market

Unit: 10^6 EUR

	Jan-08
	Open-End			Closed-End
	Value	% Total	Monthly D	Value	% Total	Monthly D
Real Estate situated in the EU	4.524,5	99,3%	0,0%	6.766,0	114,0%	0,2%
Land	173,9	3,8%	0,3%	1.876,3	31,6%	0,0%
Reconstruction	12,5	0,3%	0,31%	102,7	1,7%	3,9%
Other Construction Projects	208,3	4,6%	0,2%	1.295,0	21,8%	-2,9%
Completed Construction	4.097,2	89,9%	0,0%	3.492,1	58,8%	1,4%
Rights	32,7	0,7%	0,0%	0,0	0,0%	-
Real Estate situated ouside the EU	0,0	0,0%	-	12,4	0,2%	-1,1%
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%	-	12,4	0,2%	-1,1%
Rights	0,0	0,0%	-	0,0	0,0%	-
Sub-Total Real Estate	4.524,5	99,3%	0,0%	6.778,5	114,2%	0,2%
Investment Units	39,3	0,9%	0,2%	81,7	1,4%	-2,4%
Investment Units in Real Estate Companies	64,6	1,4%	0,6%	171,4	2,9%	0,2%
Liquidity	150,1	3,3%	-2,7%	665,2	11,2%	11,7%
Spot	88,9	2,0%	4,3%	347,5	5,9%	13,6%
Forward	61,2	1,3%	-11,3%	317,7	5,4%	9,7%
Loans	-267,1	-5,9%	8,0%	-1.620,6	-27,3%	-1,4%
Other sums to be settled	46,3	1,0%	3,6%	-139,9	-2,4%	35,9%
Sub-Total	33,2	0,7%	-39,6%	-842,2	-14,2%	-6,1%
TOTAL	4.557,7	100,0%	-0,49%	5.936,3	100,0%	1,1%

Table 3 – Purpose of the Real-Estate

Unit: 10^6 EUR