Real Estate Investment Funds
In November 2008, the amount under management by Real Estate Investment Funds (REIF)[1] attained €9,345.6 million - quite similar to that of the month of October. The amount under management in Special Real Estate Investment Funds (SREIF) was up 0.9% in the same period, with €998.4 million by end November. The total amount managed by closed-end funds reflected an identical 60.6% as during the previous month.
A total of 229 funds were active during this month, 214 of which were closed-end funds. Two new closed-end investment funds were established: the Tavferimobiliário and ACIF, both managed by ESAF. The Gestão Imobiliária fund will now be managed by Interfundos instead of Millennium BCP. During this month, the value of Real Estate situated in the EU Member States was €12,272.6 million which corresponded to a positive monthly variation of 0.8%. Investment in Real Estate situated outside the EU, kept to a minimum and registering a drop in this type of investment.
At the end November 2008, Fundimo held the largest market share (12.6%), followed by Interfundos (10.8%) and ESAF (10.4%). These three companies were managing 33.9% of the real-estate assets held by funds, which reflects a lower level of concentration than that of October.
The value managed by the 10 largest funds corresponded to 39.8% of the total amount under management by this sector.
15 November 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 12 December 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 | | REIF | SREIF | | | Nov-08 | Oct - 08 | Monthly D | Nov-08 | Oct - 08 | Monthly D | | No. of Fund Operators | 33 | 33 | 0 | 20 | 21 | -1 | | Assets under Management (1) | 9.345,6 | 9.345,5 | 0,0% | 998,4 | 989,3 | 0,9% | | Open-End | 4.028,7 | 4.023,5 | 0,1% | 44,6 | 44,7 | -0,2% | | Closed-End | 5.316,9 | 5.322,1 | -0,1% | 953,8 | 944,6 | 1,0% | | No. of Funds (2) | 153 | 153 | 0 | 76 | 74 | 2 | | Open-End | 14 | 14 | 0 | 1 | 1 | 0 | | Closed-End | 139 | 139 | 0 | 75 | 73 | 2 | | Mean Capitalisation of Funds [(1)/(2)] | 61,1 | 61,1 | 0,00 | 13,1 | 13,4 | -0,23 | 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
| | Nov-08 | | Open-End | Closed-End | | Value | % Total | Monthly D | Value | % Total | Monthly D | | Real Estate situated in the EU | 4.702,8 | 115,5% | 1,8% | 7.569,8 | 120,7% | 0,2% | | Land | 188,6 | 4,6% | 51,8% | 1.956,1 | 31,2% | -2,9% | | Reconstruction | 12,9 | 0,3% | -7,69% | 109,6 | 1,7% | 0,6% | | Other Construction Projects | 213,5 | 5,2% | 1,2% | 1.340,1 | 21,4% | -1,0% | | Completed Construction | 4.249,9 | 104,3% | 0,5% | 4.096,3 | 65,3% | 0,4% | | Rights | 37,9 | 0,9% | 0,0% | 67,7 | 1,1% | - | | Real Estate situated outside the EU | 0,0 | 0,0% | - | 10,9 | 0,2% | -9,4% | | 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% | - | 10,9 | 0,2% | -9,4% | | Rights | 0,0 | 0,0% | - | 0,0 | 0,0% | - | | Sub-Total Real Estate | 4.702,8 | 115,5% | 1,8% | 7.580,7 | 120,9% | 0,2% | | Investment Units | 39,0 | 1,0% | 0,0% | 86,4 | 1,4% | -2,4% | | Investment Units in Real Estate Companies | 67,9 | 1,7% | 0,2% | 206,2 | 3,3% | -0,3% | | Liquidity | 42,2 | 1,0% | 74,4% | 455,2 | 7,3% | 2,9% | | Spot | 26,1 | 0,6% | 183,9% | 149,5 | 2,4% | 8,8% | | Forward | 16,1 | 0,4% | 7,2% | 305,6 | 4,9% | 0,3% | | Loans | -744,8 | -18,3% | 0,7% | -1.930,0 | -30,8% | 0,5% | | Other sums to be settled | -33,8 | -0,8% | -156,7% | -127,8 | -2,0% | 7,6% | | Sub-Total | -629,4 | -15,5% | 14,6% | -1.310,0 | -20,9% | 0,6% | | TOTAL | 4.073,4 | 100,0% | 0,13% | 6.270,7 | 100,0% | 0,1% |
Table 3 – Purpose of the Real-Estate Unit: 10^6 EUR
| | Nov-08 | | Open-End | Closed-End | | Value | % Total | Monthly D | Value | % Total | Monthly D | | Real Estate situated in the EU | 4.476,3 | 100,0% | 0,5% | 5.546,1 | 99,8% | 0,1% | | Housing | 160,2 | 3,6% | 7,8% | 990,0 | 17,8% | 4,8% | | Commerce | 719,9 | 16,1% | 0,4% | 1.083,5 | 19,5% | -5,5% | | Services | 2.294,8 | 51,3% | 0,2% | 1.594,8 | 28,7% | 0,6% | | Other Real Estate | 1.301,4 | 29,1% | 0,1% | 1.877,8 | 33,8% | 0,7% | | Real Estate situated outside the EU | - | - | - | 10,9 | 0,2% | -9,4% | | Housing | - | - | - | - | - | - | | Commerce | - | - | - | - | - | - | | Services | - | - | - | - | - | - | | Other Real Estate | - | - | - | 10,9 | 0,2% | -9,4% | | TOTAL | 4.476,3 | 100,0% | 0,47% | 5.557,0 | 100,0% | 0,1% | Note: Land and Rights are not included in the definition of 'Real Estate'.
Table 4 – Number of Funds and Market Share
| Entity | Nov-08 | Monthly D | | No. | Market Share | No. | Market Share | | Fundimo | 24 | 12,6% | 0 | -0,1 p.p. | | Interfundos | 45 | 10,8% | 1 | 0,18 p.p. | | ESAF | 25 | 10,4% | 2 | -0,46 p.p. | | BPN Imofundos | 9 | 9,9% | 0 | 0,81 p.p. | | Santander Asset Management | 5 | 7,3% | 0 | 0,01 p.p. | | Banif Gestão de Activos | 9 | 6,7% | 0 | -0,09 p.p. | | Norfin | 13 | 6,6% | 0 | 0,03 p.p. | | Millennium BCP | 2 | 3,6% | -1 | -0,21 p.p. | | Gesfimo | 12 | 3,1% | 0 | 0 p.p. | | Sonaegest | 2 | 3,1% | 0 | 0,01 p.p. | | Silvip | 1 | 2,9% | 0 | -0,03 p.p. | | Fund Box | 12 | 2,8% | 0 | -0,01 p.p. | | Finivalor | 4 | 2,7% | 0 | -0,07 p.p. | | Imopólis | 1 | 2,4% | 0 | 0 p.p. | | Selecta | 5 | 2,4% | 0 | -0,02 p.p. | | Fundiestamo | 2 | 1,8% | 0 | 0 p.p. | | BPI Gestão de Activos | 2 | 1,4% | 0 | -0,03 p.p. | | Square Asset Management | 3 | 1,2% | 0 | 0 p.p. | | TF Turismo Fundos | 2 | 1,0% | 0 | 0 p.p. | | TDF | 1 | 0,9% | 0 | 0 p.p. | | Refundos | 1 | 0,8% | 0 | 0 p.p. | | Imorendimento | 7 | 0,8% | 0 | -0,02 p.p. | | Predifundos | 5 | 0,8% | 0 | -0,03 p.p. | | Margueira | 1 | 0,8% | 0 | 0 p.p. | | GEF | 8 | 0,6% | 0 | -0,01 p.p. | | Atlantic | 7 | 0,6% | 0 | 0,01 p.p. | | SGFI | 6 | 0,3% | 0 | 0 p.p. | | Vila Galé Gest | 1 | 0,3% | 0 | 0 p.p. | | Orey Gestão de Activos | 4 | 0,2% | 0 | 0,02 p.p. | | Floresta Atlântica | 1 | 0,2% | 0 | 0 p.p. | | Correia & Viegas | 1 | 0,2% | 0 | -0,01 p.p. | | Invest Gestão de Activos | 2 | 0,1% | 0 | 0 p.p. | | Fibeira Fundos | 2 | 0,1% | 0 | 0 p.p. | | Privado Fundos | 1 | 0,1% | 0 | 0 p.p. | | Valor Alternativo Gestão de Activos | 1 | 0,1% | 0 | 0 p.p. | | Urbifundo | 1 | 0,0% | 0 | 0 p.p. | | MNF Gestão de Activos | 1 | 0,0% | 0 | 0 p.p. | | TOTAL | 229 | 100,0% | 2 | - | Legend: p.p. – percentage points.
Table 5 – Ten largest funds
Unit: 10^6 EUR | Entity | Fund | Nov-08 | Monthly D | | Value | % | Value | | ESAF | GESPATRIMÓNIO RENDIMENTO | 828,0 | 8,0% | -5,9% | | Fundimo | FUNDIMO | 757,3 | 7,3% | -0,7% | | BPN Imofundos | F. INVEST. IMOBILIÁRIO ABERTO BPN IMONEGÓCIOS | 480,0 | 4,6% | 21,7% | | Banif Gestão de Activos | BANIF IMOPREDIAL - F. INVEST. IMOBIL. ABERTO | 362,5 | 3,5% | -2,23% | | Santander Asset Management | NOVIMOVEST | 338,0 | 3,3% | 0,5% | | Millennium BCP | AF PORTFÓLIO IMOBILIÁRIO | 318,3 | 3,1% | -0,4% | | Silvip | FUNDO DE VALORES E INVESTIMENTOS PREDIAIS - VIP | 297,8 | 2,9% | -1,1% | | Interfundos | IMORENDA | 263,3 | 2,5% | 0,00% | | Imopólis | IMODESENVOLVIMENTO | 253,2 | 2,4% | 0,0% | | Finivalor | FINIPREDIAL | 219,1 | 2,1% | -3,1% | | Other Entities | | 6.226,6 | 60,2% | 0,0% | | | TOTAL | 10.344,1 | 100,0% | 0,1% | Note: In descending order of the amounts managed by the funds during the last period under analysis.
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