In the first six months of 2009, the amount under management by Real Estate Investment Funds (REIF)[1] edged 0.7% up to  €9,324.2 million, (€9,260.7 million in December 2008).  The Special Real Estate Investment Funds (SREIF) soared 17.3% up to €1,612.3 million (€1,374.5 million in the last month of 2008).

In June 2009, the Real Estate Investment Funds (REIF) recorded a gain of 0.3% and the Special Real Estate Investment Funds (SREIF) a gain of 1.3%.

In May and June, the amount under management by Real Estate Investment Funds (REIF) does not include the fund 'Correia & Viegas' managed by Correia & Viegas, as said fund did not duly submit information  to the CMVM.

The EU Member States continued to be the most sought after region for investment (99.9% of the total investment) in June 2009.

Fundimo (12.8%), Interfundos (10.9%) and ESAF (10.4%) were the management entities with the largest market share. The Real Estate Fund 'Fundimo', managed by Fundimo, recorded the largest amount under management (€808.4 million).

In the said month, 'Banif Fortunity – Fundo de Investimento Imobiliário Fechado', managed by Banif Gestão de Activos, and 'Príncipe Real Fundo de Reabilitação Urbana – Fundo Especial de Investimento Imobiliário Fechado', managed by MNF Gestão de Activos were established.

[1] Unless otherwise stated, the data presented 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 22 January 2009). The information used dates back to 14th July 2009 being the provisional results. 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

Table 2 – Investment per Type of Asset and Market

Unit: 10^6 EUR

	Jun-09
	Open-End			Closed-End
	Value	% Total	Monthly D	Value	% Total	Monthly D
Real Estate situated in the EU	4,446.5	103.6%	-1.8%	8,149.8	122.6%	0.1%
Land	183.5	4.3%	-3.2%	1,829.8	27.5%	-0.3%
Reconstruction	13.6	0.3%	0.0%	159.4	2.4%	2.8%
Other Construction Projects	134.8	3.1%	-2.2%	1,644.6	24.7%	1.1%
Completed Construction	4,079.0	95.1%	-1.7%	4,432.8	66.7%	-0.2%
Rights	35.5	0.8%	-7.2%	83.2	1.3%	1.6%
Real Estate situated outside the EU	0.0	0.0%	-	11.8	0.2%	3.1%
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%	-	11.8	0.2%	3.1%
Rights	0.0	0.0%	-	0.0	0.0%	-
Real Estate Sub-Total	4,446.5	103.6%	-1.8%	8,161.6	122.8%	0.1%
Investment Units	44.1	1.0%	0.1%	67.7	1.0%	-0.6%
Investment Units in Real Estate Companies	57.6	1.3%	-10.8%	190.8	2.9%	1.2%
Liquidity	139.2	3.2%	-2.2%	407.7	6.1%	-2.3%
Spot	102.8	2.4%	-12.8%	123.5	1.9%	1.4%
Forward	36.4	0.8%	48.8%	284.2	4.3%	-3.9%
Loans	-516.8	-12.0%	-19.4%	-2,098.4	-31.6%	0.8%
Other sums to be settled	119.5	2.8%	48.2%	-83.0	-1.2%	5.0%
Sub-Total	-156.4	-3.6%	-49.4%	-1,515.2	-22.8%	1.9%
TOTAL	4,290.1	100.0%	1.68%	6,646.4	100.0%	-0.3%

Table 3 – Purpose of the Real-Estate

Unit: 10^6 EUR