The amount under management by Real Estate Investment Funds (REIF) fell 1.7% down to EUR 10,042.1 million in December when compared with November. This decrease was due to the tumble in the value of closed-end funds (-3.9%), as the open-end funds rose by 0.6%.
The amount under management by the Special Real Estate Investment Funds (SREIF) climbed 3.0% up to €1,733.7 million from November to December 2009.
The indebtedness of closed-end funds continues to soar. At the end of 2009, these funds' loans, which amounted to EUR 2,457.3 million, corresponded to 28.9% of the real estate value. Loans, which dropped 16.8% from November to December 2009, accounted for 6.6% of the real estate value in open-end funds.
In December, Interfundos (10.2%) exceeded ESAF (10.1%) in the list of management companies with the largest market share, achieving second place after Fundimo (13.4%).
'Fundimo' managed by Fundimo continued to be the largest fund in December. The amount under management of EUR 923.4 million was 14.4 times higher than the average capitalization of REIF.
In December, the following funds were established: 'Banif Renda Habitação – Fundo de Investimento Imobiliário Para Arrendamento Habitacional' and 'Banif Gestão Imobiliária – Fundo Especial de Investimento Imobiliário Fechado', managed by Banif Gestão de Activos; 'Polaris – Fundo de Investimento Imobiliário Fechado de Subscrição Particular', managed by Finivalor; 'Fundo Especial de Investimento Imobiliário Fechado Porto D’Ouro', managed by Fundimo; 'Fundo Especial de Investimento Imobiliário Fechado Ulysses', managed by Fund Box; 'Fundo de Investimento Imobiliário Fechado Imoconvento', managed by Selecta; and 'Imoreserve – Fundo Especial de Investimento Imobiliário Fechado', managed by MNF Gestão de Activos.
Table 1 – Aggregate Benchmarks
Unit: 10^6 EUR
|
|
REIF |
SREIF |
|
|
Dec - 09 |
Nov-09 |
Monthly D |
Dec - 09 |
Nov-09 |
Monthly D |
|
No. of Fund Operators |
30 |
30 |
0 |
23 |
22 |
1 |
|
Assets under Management (1) |
10,042.1 |
10,211.7 |
-1.7% |
1,733.7 |
1,683.8 |
3.0% |
|
Open-End |
5,107.2 |
5,078.0 |
0.6% |
170.9 |
171.2 |
-0.2% |
|
Closed-End |
4,934.9 |
5,133.6 |
-3.9% |
1,562.8 |
1,512.6 |
3.3% |
|
No. of Funds (2) |
157 |
154 |
3 |
94 |
90 |
4 |
|
Open-End |
15 |
15 |
0 |
1 |
1 |
0 |
|
Closed-End |
142 |
139 |
3 |
93 |
89 |
4 |
|
Mean Capitalisation of Funds [(1)/(2)] |
64.0 |
66.3 |
-2.35 |
18.4 |
18.7 |
-0.27 |
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
|
|
Dec - 09 |
|
Open- End |
Closed-End |
|
Value |
% Total |
Monthly D |
Value |
% Total |
Monthly D |
|
Real Estate situated in the EU |
4,956.8 |
93.9% |
1.1% |
8,478.1 |
130.5% |
2.3% |
|
Land |
210.7 |
4.0% |
0.1% |
1,806.1 |
27.8% |
2.7% |
|
Reconstruction |
13.7 |
0.3% |
0.4% |
166.8 |
2.6% |
3.4% |
|
Other Construction Projects |
136.5 |
2.6% |
3.0% |
1,808.4 |
27.8% |
2.2% |
|
Completed Construction |
4,560.1 |
86.4% |
1.1% |
4,684.4 |
72.1% |
4.1% |
|
Rights |
35.8 |
0.7% |
0.0% |
12.4 |
0.2% |
-87.1% |
|
Real Estate situated outside the EU |
0.0 |
0.0% |
- |
12.9 |
0.2% |
4.5% |
|
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% |
- |
12.9 |
0.2% |
4.5% |
|
Rights |
0.0 |
0.0% |
- |
0.0 |
0.0% |
- |
|
Sub-Total Real Estate |
4,956.8 |
93.9% |
1.1% |
8,491.0 |
130.7% |
2.3% |
|
Investment Units |
56.9 |
1.1% |
-0.4% |
71.2 |
1.1% |
-0.3% |
|
Investment Units in Real Estate Companies |
170.4 |
3.2% |
0.7% |
142.0 |
2.2% |
-27.3% |
|
Liquidity |
353.7 |
6.7% |
-8.5% |
485.3 |
7.5% |
-4.1% |
|
Spot |
120.6 |
2.3% |
-43.9% |
134.8 |
2.1% |
-30.9% |
|
Forward |
233.1 |
4.4% |
35.8% |
350.5 |
5.4% |
12.8% |
|
Loans |
-325.2 |
-6.2% |
-16.8% |
-2,457.3 |
-37.8% |
7.5% |
|
Other sums to be settled |
65.5 |
1.2% |
-48.1% |
-234.6 |
-3.6% |
70.3% |
|
Sub-Total |
321.3 |
6.1% |
-7.7% |
-1,993.3 |
-30.7% |
20.8% |
|
TOTAL |
5,278.1 |
100.0% |
0.55% |
6,497.7 |
100.0% |
-2.2% |
Table 3 – Purpose of the Real-Estate
Unit: 10^6 EUR
|
|
Dec - 09 |
|
Open-End |
Closed-End |
|
Value |
% Total |
Monthly D |
Value |
% Total |
Monthly D |
|
Real Estate situated in the EU |
4,710.3 |
100.0% |
1.2% |
6,659.6 |
99.8% |
3.6% |
|
Housing |
220.5 |
4.7% |
-3.9% |
1,404.4 |
21.0% |
8.7% |
|
Commerce |
913.1 |
19.4% |
1.1% |
1,309.1 |
19.6% |
0.8% |
|
Services |
2,142.6 |
45.5% |
-2.1% |
1,771.1 |
26.5% |
-0.1% |
|
Others |
1,434.1 |
30.4% |
7.6% |
2,175.0 |
32.6% |
5.3% |
|
Real Estate situated outside the EU |
- |
- |
- |
12.9 |
0.2% |
4.5% |
|
Housing |
- |
- |
- |
- |
- |
- |
|
Commerce |
- |
- |
- |
- |
- |
- |
|
Services |
- |
- |
- |
- |
- |
- |
|
Others |
- |
- |
- |
12.9 |
0.2% |
4.5% |
|
TOTAL |
4,710.3 |
100.0% |
1.19% |
6,672.5 |
100.0% |
3.6% |
Note: Land and Rights are not included in the definition of 'Real Estate'.
Table 4 – Number of Funds and Market Share
|
Entity |
Dec - 09 |
Monthly D |
|
No. |
Market Share |
No. |
Market Share |
|
Fundimo |
29 |
13.4% |
1 |
0.32 p.p. |
|
Interfundos |
48 |
10.2% |
0 |
0.11 p.p. |
|
ESAF |
27 |
10.1% |
0 |
-0.37 p.p. |
|
Fimoges |
3 |
7.8% |
0 |
0.4 p.p. |
|
Santander Asset Management |
5 |
7.3% |
0 |
0.06 p.p. |
|
BPN Imofundos |
9 |
6.9% |
0 |
-0.27 p.p. |
|
Banif Gestão de Activos |
14 |
6.7% |
2 |
0.35 p.p. |
|
Norfin |
12 |
5.1% |
0 |
0.1 p.p. |
|
Millennium BCP |
2 |
3.1% |
0 |
0.05 p.p. |
|
Finivalor |
5 |
3.0% |
1 |
0.13 p.p. |
|
Gesfimo |
12 |
2.9% |
0 |
0.12 p.p. |
|
Sonaegest |
2 |
2.9% |
0 |
0.05 p.p. |
|
Square Asset Management |
4 |
2.7% |
0 |
0.04 p.p. |
|
Silvip |
1 |
2.5% |
0 |
0.09 p.p. |
|
Fund Box |
13 |
2.3% |
1 |
-0.05 p.p. |
|
Selecta |
7 |
2.2% |
1 |
0.03 p.p. |
|
BPI Gestão de Activos |
2 |
2.1% |
0 |
0.21 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 |
0.02 p.p. |
|
Refundos |
1 |
0.8% |
0 |
0.01 p.p. |
|
Imorendimento |
7 |
0.7% |
0 |
0 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 |
0.5% |
0 |
0.01 p.p. |
|
Imopólis |
1 |
0.4% |
0 |
-1.4 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. |
|
MNF Gestão de Activos |
4 |
0.1% |
1 |
0.01 p.p. |
|
Fibeira Fundos |
1 |
0.1% |
0 |
0 p.p. |
|
TOTAL |
251 |
100.0% |
7 |
- |
Legend: p.p. – percentage points.
Table 5 – Ten Largest Funds
Unit: 10^6 EUR
|
Entity |
Fund |
Dec - 09 |
Monthly D |
|
Value |
% |
Value |
|
Fundimo |
FUNDIMO |
923.4 |
7.8% |
0.9% |
|
ESAF |
GESPATRIMÓNIO RENDIMENTO |
802.4 |
6.8% |
-7.1% |
|
Santander Asset Management |
NOVIMOVEST |
447.5 |
3.8% |
-0.5% |
|
BPN |
F. INVEST. IMOBILIÁRIO ABERTO BPN IMONEGÓCIOS |
418.5 |
3.6% |
2.1% |
|
Banif Gestão de Activos |
BANIF IMOPREDIAL - F. INVEST. IMOBIL. ABERTO |
381.9 |
3.2% |
-0.4% |
|
Fimoges |
FUNGERE |
362.5 |
3.1% |
3.9% |
|
Millennium BCP |
AF PORTFÓLIO IMOBILIÁRIO |
313.2 |
2.7% |
0.8% |
|
Fimoges |
FUNDES |
297.7 |
2.5% |
-0.05% |
|
Silvip |
FUNDO DE VALORES E INVESTIMENTOS PREDIAIS - VIP |
296.5 |
2.5% |
2.8% |
|
Finivalor |
FINIPREDIAL |
282.8 |
2.4% |
1.6% |
|
Others |
|
7.249.3 |
61.6% |
-1.4% |
|
|
TOTAL |
11,775.7 |
100.0% |
-1.0% |
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). The 'Fundo de Investimento Imobiliário Correia & Viegas' was also excluded due to compulsory liquidation; the process should be concluded by 18th November 2010. Two Management Funds of Real Estate Assets (FUNGEPI) of Fimoges are now included in the Real Estate Investment Funds category; Residential Tenancy Real Estate Investment Funds (FIIAH) is also included. The information used dates back to 18th January 2010, being the provisional results. Monthly variation (monthly D) always refers to the comparison between the month under analysis and the previous one.