In August 2009, the amount under management by Real Estate Investment Funds (REIF)[1] eased 0.7% up to €9,391.6 million, (€9,330.7 million in July). The Special Real Estate Investment Funds (SREIF) rose 0.2% up to €1,673.6 million (€1,669.5 million in the previous month).
Since the beginning of the year the amount under management by the REIF and SREIF recorded an upsurge of 4.04% to €11,065.2 million (€10,635.2 million in December 2008).
The EU Member States continued to be the most sought after region for real estate investment (99.9% of the total investment).
Fundimo (12.7%), Interfundos (10.8%) and ESAF (10.7%) were the management entities with the largest market share. The Real Estate Fund 'Fundimo', managed by Fundimo, recorded the largest amount under management (€818.8 million).
'Private Imobiliário', managed by Norfin was terminated in August.
[1] The 'Correia & Viegas' Real Estate Investment Fund managed by Correia & Viegas is not included in the amount under management of the Real Estate Investment Funds (REIF) for the period under analysis as said fund did not submit data to the CMVM.
Table 1 – Aggregate Benchmarks
Unit: 10^6 EUR
|
|
REIF |
SREIF |
|
|
Aug - 09 |
Jul-09 |
Monthly D |
Aug - 09 |
Jul-09 |
Monthly D |
|
No. of Fund Operators |
31 |
31 |
0 |
22 |
22 |
0 |
|
Assets under Management (1) |
9,391.6 |
9,330.7 |
0.7% |
1,673.6 |
1,669.5 |
0.2% |
|
Open-End |
4,257.3 |
4,181.1 |
1.8% |
167.4 |
167.7 |
-0.2% |
|
Closed-End |
5,134.3 |
5,149.5 |
-0.3% |
1,506.3 |
1,501.8 |
0.3% |
|
No. of Funds (2) |
151 |
152 |
-1 |
90 |
90 |
0 |
|
Open-End |
13 |
13 |
0 |
1 |
1 |
0 |
|
Closed-End |
138 |
139 |
-1 |
89 |
89 |
0 |
|
Mean Capitalisation of Funds [(1)/(2)] |
62.6 |
61.4 |
1.22 |
18.6 |
18.6 |
0.05 |
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
|
|
Aug - 09 |
|
Open-End |
Closed-End |
|
Value |
% Total |
Monthly D |
Value |
% Total |
Monthly D |
|
Real Estate situated in the EU |
4,490.9 |
101.5% |
0.3% |
8,208.0 |
123.6% |
0.0% |
|
Land |
177.6 |
4.0% |
1.2% |
1,769.5 |
26.6% |
0.0% |
|
Reconstruction |
13.6 |
0.3% |
0.0% |
163.5 |
2.5% |
0.8% |
|
Other Construction Projects |
137.8 |
3.1% |
5.0% |
1,823.3 |
27.5% |
6.5% |
|
Completed Construction |
4,126.4 |
93.3% |
0.1% |
4,356.6 |
65.6% |
-2.5% |
|
Rights |
35.5 |
0.8% |
0.0% |
95.2 |
1.4% |
0.0% |
|
Real Estate situated outside the EU |
0.0 |
0.0% |
- |
12.0 |
0.2% |
-2.2% |
|
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% |
- |
12.0 |
0.2% |
-2.2% |
|
Rights |
0.0 |
0.0% |
- |
0.0 |
0.0% |
- |
|
Sub-Total Real Estate |
4,490.9 |
101.5% |
0.3% |
8,220.0 |
123.8% |
0.0% |
|
Investment Units |
44.2 |
1.0% |
0.1% |
66.5 |
1.0% |
23.2% |
|
Investment Units in Real Estate Companies |
57.6 |
1.3% |
0.0% |
191.3 |
2.9% |
0.1% |
|
Liquidity |
190.0 |
4.3% |
23.2% |
438.1 |
6.6% |
-6.8% |
|
Spot |
135.4 |
3.1% |
24.7% |
146.4 |
2.2% |
0.8% |
|
Forward |
54.6 |
1.2% |
19.7% |
291.7 |
4.4% |
-10.3% |
|
Loans |
-462.2 |
-10.4% |
-8.0% |
-2,197.0 |
-33.1% |
-0.6% |
|
Other sums to be settled |
104.2 |
2.4% |
-10.1% |
-78.2 |
-1.2% |
3.8% |
|
Sub-Total |
-66.2 |
-1.5% |
-49.2% |
-1,579.4 |
-23.8% |
0.6% |
|
TOTAL |
4,424.6 |
100.0% |
1.74% |
6,640.6 |
100.0% |
-0.2% |
Table 3 – Purpose of the Real-Estate
Unit: 10^6 EUR
|
|
Aug - 09 |
|
Open-End |
Closed-End |
|
Value |
% Total |
Monthly D |
Value |
% Total |
Monthly D |
|
Real Estate situated in the EU |
4,277.7 |
100.0% |
0.2% |
6,343.4 |
99.8% |
0.0% |
|
Housing |
126.1 |
2.9% |
3.4% |
1,261.2 |
19.8% |
-0.3% |
|
Commerce |
671.7 |
15.7% |
0.1% |
1,297.1 |
20.4% |
0.5% |
|
Services |
2,190.9 |
51.2% |
0.2% |
1,760.3 |
27.7% |
0.0% |
|
Others |
1,289.0 |
30.1% |
0.0% |
2,024.8 |
31.9% |
-0.2% |
|
Real Estate situated outside the EU |
- |
- |
- |
12.0 |
0.2% |
-2.2% |
|
Housing |
- |
- |
- |
- |
- |
- |
|
Commerce |
- |
- |
- |
- |
- |
- |
|
Services |
- |
- |
- |
- |
- |
- |
|
Others |
- |
- |
- |
12.0 |
0.2% |
-2.2% |
|
TOTAL |
4,277.7 |
100.0% |
0.22% |
6,355.3 |
100.0% |
0.0% |
Note: Land and Rights are not included in the definition of 'Real Estate'.
Table 4 – Number of Funds and Market Share
|
Entity |
Aug - 09 |
Monthly D |
|
No. |
Market Share |
No. |
Market Share |
|
Fundimo |
27 |
12.7% |
0 |
-0.02 p.p. |
|
Interfundos |
48 |
10.8% |
0 |
-0.07 p.p. |
|
ESAF |
27 |
10.7% |
0 |
0.16 p.p. |
|
BPN Imofundos |
9 |
8.0% |
0 |
0.14 p.p. |
|
Santander Asset Management |
5 |
7.7% |
0 |
0.03 p.p. |
|
Banif Gestão de Activos |
11 |
6.7% |
0 |
0 p.p. |
|
Norfin |
12 |
6.2% |
-1 |
-0.04 p.p. |
|
Millennium BCP |
2 |
3.3% |
0 |
-0.03 p.p. |
|
Sonaegest |
2 |
3.0% |
0 |
0 p.p. |
|
Gesfimo |
12 |
2.9% |
0 |
-0.02 p.p. |
|
Finivalor |
4 |
2.9% |
0 |
0.03 p.p. |
|
Silvip |
1 |
2.8% |
0 |
-0.01 p.p. |
|
Fimoges |
1 |
2.7% |
0 |
-0.01 p.p. |
|
Fund Box |
12 |
2.6% |
0 |
0.02 p.p. |
|
Square Asset Management |
3 |
2.3% |
0 |
0.01 p.p. |
|
Selecta |
6 |
2.3% |
0 |
-0.01 p.p. |
|
Imopólis |
1 |
2.0% |
0 |
-0.03 p.p. |
|
Fundiestamo |
2 |
1.7% |
0 |
-0.01 p.p. |
|
BPI Gestão de Activos |
2 |
1.5% |
0 |
0.02 p.p. |
|
TF Turismo Fundos |
2 |
1.0% |
0 |
0 p.p. |
|
TDF |
1 |
0.9% |
0 |
-0.01 p.p. |
|
Refundos |
1 |
0.8% |
0 |
0 p.p. |
|
Imorendimento |
7 |
0.8% |
0 |
0 p.p. |
|
Popular Gestão de Activos |
5 |
0.8% |
0 |
-0.01 p.p. |
|
GEF |
8 |
0.7% |
0 |
0 p.p. |
|
Atlantic |
7 |
0.6% |
0 |
0 p.p. |
|
SGFI |
7 |
0.5% |
0 |
0 p.p. |
|
Vila Galé Gest |
1 |
0.3% |
0 |
-0.02 p.p. |
|
Orey Gestão de Activos |
5 |
0.2% |
0 |
0 p.p. |
|
Floresta Atlântica |
1 |
0.2% |
0 |
0 p.p. |
|
Invest Gestão de Activos |
2 |
0.1% |
0 |
0 p.p. |
|
Fibeira Fundos |
1 |
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. |
|
MNF Gestão de Activos |
3 |
0.1% |
0 |
0 p.p. |
|
Correia & Viegas |
1 |
0.0% |
0 |
-0.12 p.p. |
|
TOTAL |
241 |
100.0% |
-1 |
- |
Legend: p.p. – percentage points.
Table 5 – Ten largest funds
Unit: 10^6 EUR
|
Entity |
Fund |
Aug - 09 |
Monthly D |
|
Value |
% |
Value |
|
Fundimo |
FUNDIMO |
818.8 |
7.4% |
1.0% |
|
ESAF |
GESPATRIMÓNIO RENDIMENTO |
817.3 |
7.4% |
1.7% |
|
Santander Asset Management |
NOVIMOVEST |
447.7 |
4.0% |
1.7% |
|
BPN |
F. INVEST. IMOBILIÁRIO ABERTO BPN IMONEGÓCIOS |
406.3 |
3.7% |
6.0% |
|
Banif Gestão de Activos |
BANIF IMOPREDIAL - F. INVEST. IMOBIL. ABERTO |
378.4 |
3.4% |
1.2% |
|
Silvip |
FUNDO DE VALORES E INVESTIMENTOS PREDIAIS - VIP |
309.5 |
2.8% |
0.4% |
|
Millennium BCP |
AF PORTFÓLIO IMOBILIÁRIO |
309.0 |
2.8% |
-0.2% |
|
Fimoges |
FUNDES |
298.1 |
2.7% |
0.04% |
|
Interfundos |
IMORENDA |
263.2 |
2.4% |
0.0% |
|
Finivalor |
FINIPREDIAL |
261.2 |
2.4% |
2.1% |
|
Others |
|
6,755.7 |
61.1% |
0.0% |
|
|
TOTAL |
11,065.2 |
100.0% |
0.6% |
Note: In descending order of the amounts managed by the funds during the last period under analysis.
Unless otherwise stated, the data contained in this report is based on information submitted to the CMVM by the Management Entities, in accordance with the legislation in force. The funds established pursuant to Ministerial Order No. 264/95, of 11th August, are not included herein. 'Fundo de Investimento Imobiliário Urbifundo' and the respective managing entity, Companhia Gestora do Fundo de Investimento Imobiliário Urbifundo SA, were also not included due to the respective compulsory liquidation (Resolution by the Executive Board of the CMVM on 22nd January 2009). The information used dates back to 14th September 2009 being the provisional results. Monthly variation (monthly D) always refers to the comparison between the month under analysis and the previous one.