Real Estate Investment Funds
In November 2009, the amount under management in Real Estate Investment Funds (REIF) increased 2% up to € 10,211.7 million (€ 10,007.8 million in October) and Special Real Estate Investment Funds (SREIF) decreased 0.8% to € 1,666.2 million (1,679.3 million during the previous month).
The EU continues to be the most sought-after region for investment since 99.8% of the total investment is in the Member States.
Fundimo (13.1%), ESAF (10.5%) and Interfundos (10.2%) continued to be the management entities with the largest market share. Fundimo managed by Fundimo was the real estate fund with the highest amount under management (€ 914.9 million).
Furthermore, in November, 'Caixa Imobiliária FIIAH - Fundo de Investimento Imobiliário Fechado para Arrendamento Habitacional’, managed by Fundimo was established. Moreover, the compulsory liquidation of 'Fundo de Investimento Imobiliário Correia & Viegas' was ordered and the conclusion of said liquidation is envisaged for the 18th November 2010.
Table 1 – Aggregate Benchmarks
Unit: 10^6 Euro
|
|
REIF |
SREIF |
|
|
Nov-09 |
Oct - 09 |
D Monthly |
Nov-09 |
Oct - 09 |
D Monthly |
|
No. of Fund Operators |
30 |
31 |
-1 |
22 |
22 |
0 |
|
Assets under Management (1) |
10.211,7 |
10.007,8 |
2,0% |
1.666,2 |
1.679,3 |
-0,8% |
|
Open-End |
5.078,0 |
4.927,4 |
3,1% |
171,2 |
171,4 |
-0,1% |
|
Closed-End |
5.133,6 |
5.080,4 |
1,0% |
1.495,0 |
1.507,8 |
-0,9% |
|
No. of Funds (2) |
154 |
154 |
0 |
90 |
90 |
0 |
|
Open-End |
15 |
15 |
0 |
1 |
1 |
0 |
|
Closed End- |
139 |
139 |
0 |
89 |
89 |
0 |
|
Mean Capitalisation of Funds [(1)/(2)] |
66,3 |
65,4 |
0,90 |
18,5 |
18,7 |
-0,14 |
Table 2 – Investment per Type of Asset and Market
Unit: 10^6 Euro
|
|
Nov-09 |
|
Open-End |
Closed-End |
|
Value |
% Total |
D Monthly |
Value |
% Total |
D Monthly |
|
Real Estate situated in the EU |
4.901,1 |
93,4% |
0,4% |
8.266,6 |
124,7% |
0,1% |
|
Land |
210,4 |
4,0% |
-3,1% |
1.741,1 |
26,3% |
-0,8% |
|
Reconstruction |
13,7 |
0,3% |
0,0% |
161,3 |
2,4% |
-0,3% |
|
Other Construction Projects |
132,5 |
2,5% |
16,4% |
1.768,7 |
26,7% |
-4,5% |
|
Completed Construction |
4.508,8 |
85,9% |
0,1% |
4.500,0 |
67,9% |
2,5% |
|
Rights |
35,8 |
0,7% |
0,0% |
95,6 |
1,4% |
0,4% |
|
Real Estate situated outside the EU |
0,0 |
0,0% |
- |
12,3 |
0,2% |
-2,6% |
|
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% |
- |
12,3 |
0,2% |
-2,6% |
|
Rights |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
|
Real Estate Sub-Total |
4.901,1 |
93,4% |
0,4% |
8.279,0 |
124,9% |
0,1% |
|
Investment Units |
57,1 |
1,1% |
0,0% |
71,4 |
1,1% |
-0,4% |
|
Investment Units in Real Estate Companies |
169,2 |
3,2% |
0,7% |
195,4 |
2,9% |
1,7% |
|
Liquidity |
386,4 |
7,4% |
33,9% |
506,0 |
7,6% |
12,2% |
|
Spot |
214,8 |
4,1% |
36,8% |
195,1 |
2,9% |
51,6% |
|
Forward |
171,7 |
3,3% |
30,5% |
310,8 |
4,7% |
-3,5% |
|
Loans |
-390,7 |
-7,4% |
-6,0% |
-2.285,4 |
-34,5% |
0,6% |
|
Other Sums to be settled |
126,1 |
2,4% |
7,9% |
-137,7 |
-2,1% |
11,4% |
|
Sub-Total |
348,1 |
6,6% |
62,0% |
-1.650,3 |
-24,9% |
-1,8% |
|
TOTAL |
5.249,3 |
100,0% |
2,95% |
6.628,6 |
100,0% |
0,6% |
Table 3 - Purpose of the Real estate
Unit: 10^6 Euro
|
|
Nov-09 |
|
Open-End |
Closed-End |
|
Value |
% Total |
D Monthly |
Value |
% Total |
D Monthly |
|
Real Estate situated in the EU |
4.655,0 |
100,0% |
0,5% |
6.429,9 |
99,8% |
0,4% |
|
Housing |
229,4 |
4,9% |
-1,4% |
1.292,6 |
20,1% |
0,3% |
|
Commerce |
903,6 |
19,4% |
3,2% |
1.299,2 |
20,2% |
0,7% |
|
Services |
2.189,4 |
47,0% |
0,2% |
1.773,5 |
27,5% |
0,3% |
|
Other Real Estate |
1.332,6 |
28,6% |
-0,3% |
2.064,7 |
32,0% |
0,3% |
|
Real Estate situated outside the EU |
- |
- |
- |
12,3 |
0,2% |
-2,6% |
|
Housing |
- |
- |
- |
- |
- |
- |
|
Commerce |
- |
- |
- |
- |
- |
- |
|
Services |
- |
- |
- |
- |
- |
- |
|
Other Real Estate |
- |
- |
- |
12,3 |
0,2% |
-2,6% |
|
TOTAL |
4.655,0 |
100,0% |
0,52% |
6.442,3 |
100,0% |
0,4% |
Note: Land and Rights are not included in the definition of 'Real Estate'.
Table 4 - Number of Funds and Market Share
|
Entity |
Nov-09 |
D Monthly |
|
No. |
Market Share |
No. |
Market Share |
|
Fundimo |
28 |
13,1% |
1 |
0,7 p.p. |
|
ESAF |
27 |
10,5% |
0 |
0,25 p.p. |
|
Interfundos |
48 |
10,2% |
0 |
-0,09 p.p. |
|
Fimoges |
3 |
7,4% |
0 |
-0,03 p.p. |
|
Santander Asset Management |
5 |
7,2% |
0 |
-0,12 p.p. |
|
BPN Imofundos |
9 |
7,1% |
0 |
-0,29 p.p. |
|
Banif Gestão de Activos |
12 |
6,4% |
0 |
-0,12 p.p. |
|
Norfin |
12 |
5,0% |
0 |
-0,08 p.p. |
|
Millennium BCP |
2 |
3,1% |
0 |
-0,04 p.p. |
|
Finivalor |
4 |
2,9% |
0 |
0,02 p.p. |
|
Sonaegest |
2 |
2,8% |
0 |
-0,03 p.p. |
|
Gesfimo |
12 |
2,8% |
0 |
-0,05 p.p. |
|
Square Asset Management |
4 |
2,7% |
0 |
-0,02 p.p. |
|
Silvip |
1 |
2,4% |
0 |
-0,11 p.p. |
|
Fund Box |
12 |
2,4% |
0 |
-0,04 p.p. |
|
Selecta |
6 |
2,2% |
0 |
-0,03 p.p. |
|
BPI Gestão de Activos |
2 |
1,9% |
0 |
0,28 p.p. |
|
Imopólis |
1 |
1,9% |
0 |
-0,04 p.p. |
|
Fundiestamo |
2 |
1,5% |
0 |
-0,02 p.p. |
|
TF Turismo Fundos |
2 |
0,9% |
0 |
-0,01 p.p. |
|
TDF |
1 |
0,8% |
0 |
-0,01 p.p. |
|
Refundos |
1 |
0,8% |
0 |
-0,01 p.p. |
|
Imorendimento |
7 |
0,7% |
0 |
-0,01 p.p. |
|
Popular Gestão de Activos |
5 |
0,7% |
0 |
-0,01 p.p. |
|
GEF |
8 |
0,7% |
0 |
-0,02 p.p. |
|
Atlantic |
7 |
0,6% |
0 |
-0,01 p.p. |
|
SGFI |
7 |
0,4% |
0 |
-0,01 p.p. |
|
Vila Galé Gest |
1 |
0,3% |
0 |
0 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. |
|
Valor Alternativo Gestão de Activos |
1 |
0,1% |
0 |
0 p.p. |
|
Fibeira Fundos |
1 |
0,1% |
0 |
-0,05 p.p. |
|
MNF Gestão de Activos |
3 |
0,1% |
0 |
0 p.p. |
|
Correia & Viegas |
- |
- |
-1 |
n.a. |
|
TOTAL |
244 |
100,0% |
0 |
- |
Legend: p.p. – percentage points.
Table 5 – Ten Largest Funds
Unit: 10^6 Euro
|
Entity |
Fund |
Nov-09 |
D Monthly |
|
Value |
% |
Value |
|
Fundimo |
FUNDIMO |
914,9 |
7,7% |
6,3% |
|
ESAF |
GESPATRIMÓNIO RENDIMENTO |
863,4 |
7,3% |
5,5% |
|
Santander Asset Management |
NOVIMOVEST |
450,0 |
3,8% |
-0,2% |
|
BPN |
F. INVEST. IMOBILIÁRIO ABERTO BPN IMONEGÓCIOS |
409,9 |
3,5% |
0,4% |
|
Banif Gestão de Activos |
BANIF IMOPREDIAL - F. INVEST. IMOBIL. ABERTO |
383,3 |
3,2% |
-0,3% |
|
Fimoges |
FUNGERE |
348,8 |
2,9% |
1,2% |
|
Millennium BCP |
AF PORTFÓLIO IMOBILIÁRIO |
310,9 |
2,6% |
0,4% |
|
Fimoges |
FUNDES |
297,8 |
2,5% |
-0,08% |
|
Silvip |
FUNDO DE VALORES E INVESTIMENTOS PREDIAIS - VIP |
288,5 |
2,4% |
-2,8% |
|
Finivalor |
FINIPREDIAL |
278,3 |
2,3% |
3,0% |
|
Other Entities |
|
7.332,2 |
61,7% |
1,2% |
|
|
TOTAL |
11.877,9 |
100,0% |
1,6% |
Note: In descending order of the amounts managed by the funds during the last period under analysis.
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). Two Management Funds of Real Estate Assets (FUNGEPI) of Fimoges are now included in the Real estate Investment Funds category; also includes Residential Tenancy Real Estate Investment Funds (FIIAH). The information used dates back to 11th November 2009 being the provisional results. Monthly variation (monthly D) always refers to the comparison between the month under analysis and the previous one. The Correia & Viegas REIF is not included.
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