Real Estate Investment Funds
In May 2010 the amount under management by Real Estate Investment Funds (REIFs) rose 0.6% up to € 9,832.5 million (€ 9,771.3 million in April) and the amount under management by Special Real Estate Investment Funds (SREIFs) and by Real Estate Asset Management Funds (REAMFs) increased by 0.3% and 3.1%, respectively.
The EU Member States continued to be the most sought-after destination for investment (99.8% of the total investment).
The management companies with the largest market share were Fundimo (14.7%), ESAF (11.6%) and Interfundos (10.4%). 'Fundimo', which is managed by Fundimo, was the real estate fund that recorded the largest amount under management (€ 1,050.0 million).
The name and type of fund regarding 'Fundo de Investimento Fechado Imorocha' managed by Fundimo was changed to 'Fundo Especial de Investimento Imobiliário Fechado Imorocha'.
Table 1 – Aggregate Benchmarks
Unit: 10^6 Euro
|
|
REIFs |
SREIFs |
REAMFs |
|
|
May-10 |
Apr-10 |
Monthly D |
May-10 |
Apr-10 |
Monthly D |
May-10 |
Apr-10 |
Monthly D |
|
No. of Fund Operators |
29 |
29 |
0 |
22 |
22 |
0 |
1 |
1 |
0 |
|
Assets under Management (1) |
9.832,5 |
9.771,3 |
0,6% |
1.809,1 |
1.804,1 |
0,3% |
633,2 |
614,5 |
3,1% |
|
Open-End |
4.873,7 |
4.817,2 |
1,2% |
180,9 |
179,7 |
0,7% |
633,2 |
614,5 |
3,1% |
|
Closed- End |
4.958,7 |
4.954,0 |
0,1% |
1.628,2 |
1.624,4 |
0,2% |
- |
- |
- |
|
No. of Funds (2) |
154 |
155 |
-1 |
98 |
97 |
1 |
2 |
2 |
0 |
|
Open-End |
12 |
12 |
0 |
1 |
1 |
0 |
2 |
2 |
0 |
|
Closed End |
142 |
143 |
-1 |
97 |
96 |
1 |
- |
- |
- |
|
Mean Capitalisation of Funds [(1)/(2)] |
63,8 |
63,0 |
0,81 |
18,5 |
18,6 |
-0,14 |
316,6 |
307,2 |
9,40 |
Table 2 – Investment per Type of Asset and Market
Unit: 10^6 Euro
|
|
May-10 |
|
Open-End |
Closed-End |
|
REIFs+SREIFs |
REAMFs |
|
Value |
% Total |
Monthly D |
Value |
% Total |
Monthly D |
Value |
% Total |
Monthly D |
|
Real Estate situated in the EU |
4.624,8 |
91,5% |
-0,3% |
430,1 |
67,9% |
1,2% |
8.754,7 |
132,9% |
0,4% |
|
Land |
137,6 |
2,7% |
0,4% |
56,5 |
8,9% |
4,2% |
1.868,3 |
28,4% |
-0,3% |
|
Reconstruction |
14,2 |
0,3% |
0,1% |
0,0 |
0,0% |
- |
179,2 |
2,7% |
6,6% |
|
Other Construction Projects |
163,7 |
3,2% |
-9,8% |
24,1 |
3,8% |
2,1% |
1.742,1 |
26,4% |
0,7% |
|
Completed Construction |
4.273,6 |
84,5% |
0,0% |
349,4 |
55,2% |
0,7% |
4.950,3 |
75,2% |
0,2% |
|
Rights |
35,8 |
0,7% |
0,0% |
0,0 |
0,0% |
- |
14,9 |
0,2% |
11,0% |
|
Real Estate situated outside the EU |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
14,5 |
0,2% |
2,8% |
|
Land |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
|
Reconsruction |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
|
Other Construction Projects |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
|
Completed Construction |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
14,5 |
0,2% |
2,8% |
|
Rights |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
|
Sub-Total Real Estate |
4.624,8 |
91,5% |
-0,3% |
430,1 |
67,9% |
1,2% |
8.769,2 |
133,1% |
0,4% |
|
Investment Units |
39,7 |
0,8% |
0,0% |
9,4 |
1,5% |
0,0% |
13,9 |
0,2% |
0,1% |
|
Investment Units in Real Estate Companies |
57,7 |
1,1% |
0,0% |
115,6 |
18,3% |
0,2% |
166,9 |
2,5% |
1,9% |
|
Liquidity |
487,1 |
9,6% |
16,4% |
56,6 |
8,9% |
37,4% |
551,7 |
8,4% |
0,1% |
|
Spot |
111,9 |
2,2% |
239,6% |
20,1 |
3,2% |
-51,3% |
101,7 |
1,5% |
-5,9% |
|
Forward |
375,1 |
7,4% |
-2,7% |
36,5 |
5,8% |
- |
450,0 |
6,8% |
1,6% |
|
Loans |
-196,1 |
-3,9% |
-0,5% |
-21,1 |
-3,3% |
7,9% |
-2.651,9 |
-40,3% |
1,3% |
|
Other Sums to be Settled |
41,5 |
0,8% |
11,3% |
42,7 |
6,7% |
-1,0% |
-262,9 |
-4,0% |
-2,3% |
|
Sub-Total |
429,8 |
8,5% |
20,7% |
203,1 |
32,1% |
7,2% |
-2.182,3 |
-33,1% |
1,1% |
|
TOTAL |
5.054,6 |
100,0% |
1,2% |
633,2 |
100,0% |
3,1% |
6.586,9 |
100,0% |
0,1% |
Table 3 – Purpose of the Real-Estate
Unit: 10^6 Euro
|
|
May-10 |
|
Open-End |
Closed-End |
|
REIFs+SREIFs |
REAMFs |
|
Value |
% Total |
Monthly D |
Value |
% Total |
Monthly D |
Value |
% Total |
Monthly D |
|
Real Estate situated in the EU |
4.451,4 |
100,0% |
-0,4% |
373,6 |
100,0% |
0,8% |
6.871,6 |
99,8% |
0,5% |
|
Housing |
107,5 |
2,4% |
-1,2% |
98,9 |
26,5% |
-0,1% |
1.435,4 |
20,8% |
1,6% |
|
Commerce |
820,5 |
18,4% |
0,6% |
159,7 |
42,7% |
0,5% |
1.399,3 |
20,3% |
-0,6% |
|
Services |
2.187,9 |
49,1% |
-1,0% |
28,6 |
7,7% |
6,4% |
1.717,5 |
24,9% |
0,7% |
|
Other RE situated in the EU |
1.335,6 |
30,0% |
0,2% |
86,4 |
23,1% |
0,6% |
2.319,4 |
33,7% |
0,4% |
|
Real Estate situated outside the EU |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
14,5 |
0,2% |
2,8% |
|
Housing |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
|
Commerce |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
|
Services |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
|
Other RE situated outside the EU |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
14,5 |
0,2% |
2,8% |
|
TOTAL |
4.451,4 |
100,0% |
-0,4% |
373,6 |
100,0% |
0,8% |
6.886,1 |
100,0% |
0,5% |
Note: Land and Rights are not included in the definition of 'Real Estate'.
Table 4 – Number of Funds and Market Share
Unit: 10^6 Euro
|
Entity |
May-10 |
Monthly D |
|
No. |
Market Share |
No. |
Market Share |
|
REIFs + SREIFs |
|
|
|
|
|
Fundimo |
30 |
14,7% |
0 |
0,2 p.p. |
|
ESAF |
27 |
11,6% |
0 |
0,13 p.p. |
|
Interfundos |
49 |
10,4% |
0 |
-0,09 p.p. |
|
BPN Imofundos |
9 |
7,1% |
0 |
-0,05 p.p. |
|
Santander Asset Management |
4 |
7,0% |
0 |
-0,07 p.p. |
|
Banif Gestão de Activos |
14 |
6,8% |
0 |
-0,05 p.p. |
|
Norfin |
12 |
5,1% |
0 |
-0,02 p.p. |
|
Millennium BCP Gestão de Activos |
2 |
3,6% |
0 |
0,01 p.p. |
|
Finivalor |
5 |
3,2% |
0 |
0 p.p. |
|
Gesfimo |
13 |
3,0% |
0 |
-0,02 p.p. |
|
Sonaegest |
2 |
3,0% |
0 |
0 p.p. |
|
Square Asset Management |
4 |
3,0% |
0 |
0 p.p. |
|
Silvip |
1 |
2,7% |
0 |
0,01 p.p. |
|
Fimoges |
1 |
2,6% |
0 |
0 p.p. |
|
Fund Box |
13 |
2,5% |
0 |
0,01 p.p. |
|
BPI Gestão de Activos |
2 |
2,4% |
0 |
-0,02 p.p. |
|
Selecta |
7 |
2,2% |
0 |
-0,01 p.p. |
|
Fundiestamo |
2 |
1,6% |
0 |
-0,01 p.p. |
|
TF Turismo Fundos |
2 |
0,9% |
0 |
0 p.p. |
|
Popular Gestão de Activos |
5 |
0,9% |
0 |
0,01 p.p. |
|
TDF |
1 |
0,9% |
0 |
0 p.p. |
|
GEF |
9 |
0,8% |
0 |
-0,01 p.p. |
|
Refundos |
1 |
0,8% |
0 |
0 p.p. |
|
Imorendimento |
7 |
0,7% |
0 |
0 p.p. |
|
Atlantic |
7 |
0,6% |
0 |
0 p.p. |
|
SGFI |
7 |
0,4% |
0 |
0 p.p. |
|
Imopólis |
1 |
0,4% |
0 |
0 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. |
|
MNF Gestão de Activos |
4 |
0,2% |
0 |
0 p.p. |
|
Invest Gestão de Activos |
2 |
0,1% |
0 |
0 p.p. |
|
NewGlobe Gestão de Activos |
1 |
0,1% |
0 |
0 p.p. |
|
Fibeira Fundos |
1 |
0,1% |
0 |
0 p.p. |
|
Total REIFs+SREIFs |
252 |
100,0% |
0 |
- |
|
|
|
|
|
|
|
Fimoges |
2 |
100,0% |
0 |
0 p.p. |
|
Total REAMFs |
2 |
100,0% |
0 |
- |
|
TOTAL |
254 |
100,0% |
0 |
- |
Legend: p.p. – percentage points.
Table 5 – Largest Funds
Unit: 10^6 Euro
|
Entity |
Fund |
May-10 |
Monthly D |
|
Value |
% |
Value |
|
|
REIFs + SREIFs |
|
|
|
|
Fundimo |
FUNDIMO |
1.050,0 |
9,0% |
3,2% |
|
ESAF |
GESPATRIMÓNIO RENDIMENTO |
897,3 |
7,7% |
0,3% |
|
Santander Asset Management |
NOVIMOVEST |
564,7 |
4,9% |
-0,6% |
|
BPN Imofundos |
F. INVEST. IMOBILIÁRIO ABERTO BPN IMONEGÓCIOS |
419,7 |
3,6% |
0,1% |
|
Banif Gestão de Activos |
BANIF IMOPREDIAL - F. INVEST. IMOBIL. ABERTO |
378,2 |
3,2% |
-0,2% |
|
Millennium BCP Gestão de Activos |
AF PORTFÓLIO IMOBILIÁRIO |
366,6 |
3,1% |
0,9% |
|
Silvip |
FUNDO DE VALORES E INVESTIMENTOS PREDIAIS - VIP |
318,7 |
2,7% |
0,8% |
|
Finivalor |
FINIPREDIAL |
305,1 |
2,6% |
0,7% |
|
Fimoges |
FUNDES |
299,5 |
2,6% |
0,5% |
|
BPI Gestão de Activos |
IMOFOMENTO |
259,6 |
2,2% |
-0,3% |
|
Other Entities |
|
6.782,1 |
58,3% |
0,4% |
|
|
Total REIFs +SREIFs |
11.641,6 |
100,0% |
0,6% |
|
|
REAMFs |
|
|
|
|
Fimoges |
FUNGERE |
363,3 |
57,4% |
1,0% |
|
Fimoges |
FUNGEPI BES |
270,0 |
42,6% |
6,0% |
|
|
Total REAMFs |
633,2 |
100,0% |
3,1% |
|
|
TOTAL |
12.274,8 |
100,0% |
0,7% |
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. Includes the Real Estate Asset Management Funds (FUNGEPI) designated by the acronym REAMFs and established under Decree-Law No. 316/93 of 21 September and the Residential Tenancy Real Estate Investment Funds (RTREIFs), included in a category known as REIFs. This does not include funds established pursuant to Ministerial Order No. 264/95, of 11th August. The 'Fundo de Investimento Imobiliário Correia & Viegas' and respective management company was also excluded due to compulsory liquidation Resolution by the CMVM's Executive Board on 11 November 2009. The information refers to 15 June 2010, being provisional results. The monthly variation (D monthly) always refers to the comparison between the month under analysis and the preceding month.
|
|
|