In June 2010 the amount under management by Real Estate Investment Funds (REIF) tumbled 0.1% down to EUR 9,823 million (EUR 9,832.3 million in May). The amount under management by Special Real Estate Investment Funds (SREIF) and Management Funds of Real Estate Assets (FIIGE) rose 0.2% and 3.2% respectively.

The EU Member States continued to be the main destination for real estate investment corresponding to 99.8% of the total investment.

Fundimo (14.7%), ESAF (11.6%) and Interfundos (10.4%) held the largest market share. 'Fundimo', the real estate fund with the greatest amount under management slipped 0.9% down to EUR 1,041 million when compared to May. 

In June, ESAF-IMO became the management entity for the special real estate investment fund 'Imocais-FEIIF'. This fund was previously managed by Interfundos.

The real estate investment fund 'FIIF 2 MRJ', managed by GEF, was terminated in said period.

Table 1 – Aggregate Benchmarks

Unit: 10^6 Euro

	REIF			SREIF			FIIGE
	Jun-10	May-10	Monthly D	Jun-10	May-10	Monthly D	Jun-10	May-10	Monthly D
No. of Fund Operators	29	29	0	22	22	0	1	1	0
Assets under Management (1)	9,823.0	9,832.3	-0.1%	1,812.4	1,809.1	0.2%	653.7	633.2	3.2%
Open-End	4,859.7	4,873.7	-0.3%	180.5	180.9	-0.2%	653.7	633.2	3.2%
Closed-End	4,963.3	4,958.6	0.1%	1,631.9	1,628.2	0.2%	-	-	-
No. of Funds (2)	153	154	-1	98	98	0	2	2	0
Open-End	12	12	0	1	1	0	2	2	0
Closed-End	141	142	-1	97	97	0	-	-	-
Mean Capitalisation of Funds [(1)/(2)]	64.2	63.8	0.36	18.5	18.5	0.03	326.8	316.6	10.22

Table 2 – Investment per Type of Asset and Market

Unit: 10^6 Euro

	Jun-10
	Open-End						Closed-End
	REIF+SREIF			FIIGE
	Value	% Total	Monthly D	Value	% Total	Monthly D	Value	% Total	Monthly D
Real Estate situated in the EU	4,629.6	91.9%	0.1%	444.7	68.0%	3.4%	8,772.5	133.0%	0.2%
Land	137.6	2.7%	0.0%	60.1	9.2%	6.4%	1,858.8	28.2%	-0.5%
Reconstruction	14.2	0.3%	0.0%	0.0	0.0%	-	173.8	2.6%	-3.0%
Other Construction Projects	165.0	3.3%	0.8%	25.1	3.8%	3.8%	1,770.1	26.8%	1.6%
Completed Construction	4,277.1	84.9%	0.1%	359.5	55.0%	2.9%	4,954.8	75.1%	0.1%
Rights	35.8	0.7%	0.0%	0.0	0.0%	-	14.9	0.2%	0.6%
Real Estate situated outside the EU	0.0	0.0%	-	0.0	0.0%	-	14.7	0.2%	1.2%
Land	0.0	0.0%	-	0.0	0.0%	-	0.0	0.0%	-
Reconstruction	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%	-	14.7	0.2%	1.2%
Rights	0.0	0.0%	-	0.0	0.0%	-	0.0	0.0%	-
Real Estate Sub-Total	4,629.6	91.9%	0.1%	444.7	68.0%	3.4%	8,787.1	133.2%	0.2%
Investment Units	39.7	0.8%	0.1%	9.4	1.4%	0.0%	13.8	0.2%	-0.4%
Investment Units in Real Estate Companies	59.9	1.2%	3.9%	116.2	17.8%	0.6%	167.2	2.5%	0.1%
Liquidity	473.6	9.4%	-2.8%	61.8	9.5%	9.2%	560.7	8.5%	1.7%
Spot	65.6	1.3%	-41.4%	61.8	9.5%	208.0%	116.5	1.8%	14.7%
Forward	408.0	8.1%	8.8%	0.0	0.0%	-100.0%	444.2	6.7%	-1.3%
Loans	-197.2	-3.9%	0.6%	-21.0	-3.2%	-0.4%	-2,672.8	-40.5%	0.8%
Other sums to be settled	34.6	0.7%	-16.7%	42.6	6.5%	-0.2%	-260.8	-4.0%	-0.8%
Sub-Total	410.6	8.1%	-4.5%	209.0	32.0%	2.9%	-2,192.0	-33.2%	0.4%
TOTAL	5,040.2	100.0%	-0.3%	653.7	100.0%	3.2%	6,595.2	100.0%	0.1%

Table 3 – Purpose of the Real-Estate

Unit: 10^6 Euro

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

Legend: p.p. – percentage points.

Table 5 – Largest Funds

Unit: 10^6 Euro

Entity	Fund	Jun-10		Monthly D
		Value	%	Value
	REIF+SREIF
Fundimo	FUNDIMO	1,041.0	8.9%	-0.9%
ESAF	GESPATRIMÓNIO RENDIMENTO	897.8	7.7%	0.1%
Santander Asset Management	NOVIMOVEST	561.1	4.8%	-0.6%
BPN Imofundos	F. INVEST. IMOBILIÁRIO ABERTO BPN IMONEGÓCIOS	422.9	3.6%	0.8%
Banif Gestão de Activos	BANIF IMOPREDIAL - F. INVEST. IMOBIL. ABERTO	371.9	3.2%	-1.7%
Millennium BCP Gestão de Activos	AF PORTFÓLIO IMOBILIÁRIO	366.3	3.1%	-0.1%
Silvip	FUNDO DE VALORES E INVESTIMENTOS PREDIAIS - VIP	320.2	2.8%	0.5%
Finivalor	FINIPREDIAL	307.0	2.6%	0.6%
Fimoges	FUNDES	299.3	2.6%	-0.1%
BPI Gestão de Activos	IMOFOMENTO	259.6	2.2%	0.0%
Others		6,788.2	58.3%	0.1%
	REIF+SREIF Total	11,.635.4	100.0%	-0.1%
	FIIGE
Fimoges	FUNGERE	365.1	55.9%	0.5%
Fimoges	FUNGEPI BES	288.6	44.1%	6.9%
	FIIGE Total	653.7	100.0%	3.2%
	TOTAL	12,289.1	100.0%	0.1%

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. This includes Management Funds of Real Estate Assets (FUNGEPI) designated by the acronym FIIGE and established under Decree-Law No. 316/93 of 21 September and the Residential Tenancy Real Estate Investment Funds (FIIAH), contained in a category known as REIF. 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 excluded due to compulsory liquidation Resolution by the CMVM's Executive Board on 11 November 2009. The information refers to 13 July 2010, being provisional results. The monthly variation (monthly D) always refers to the comparison between the month under analysis and the preceding month.