In September 2010, the amount under management by Real Estate Investment Funds (REIFs), Special Real Estate Investment Funds (SREIFs) and Real Estate Asset Management Funds (REAMFs) amounted to € 12,342.5 million - an increase of € 27.3 million apropos July. 

The amount managed by REIFs rose 0.2% to € 9,832.1 million (an increase of € 16.4 million than in August). SREIFs increased by 0.7% whereas REAMFs dropped 0.2% in comparison to the previous month. 

The EU Member States continued to be the most sought-after destination for investment with 99.8% of the total investment.  Commercial Real Estate is the main target for REIF and SREIF investment, with a 48.4% portfolio weighting.   As to REAMFs, commerce is the main target of the majority of managed real estate (41% of the total amount). 

The management companies with the largest market share have kept as Fundimo (14.6%), ESAF (11.6%) and Interfundos (10.4%).  The value of the 'Fundimo' fund that holds the largest market amount under management dropped 0.1% apropos the previous month to € 1,040.2 million. 

During September, the closed-end SREIF 'Asas Invest - FEIIF' managed by ESAF-IMO and the closed-end REIFs 'Imocrecente - FIIF' and 'Imoprime - FIIF' both manged by Gesfimo, were established. 

Table 1 – Aggregated Benchmarks

Unit: 10^6 Euro 

	REIFSs			SREIFs			REAMFs
	Sep-10	Aug-10	Monthly D	Sep-10	Aug-10	Monthly D	Sep-10	Aug-10	Monthly D
No. of Fund Operators	29	29	0	22	22	0	1	1	0
Assets under Management (1)	9.832,1	9.815,7	0,2%	1.825,5	1.813,2	0,7%	684,8	686,3	-0,2%
Open-End	4.838,1	4.833,4	0,1%	184,7	184,9	-0,1%	684,8	686,3	-0,2%
Closed-End	4.994,0	4.982,3	0,2%	1.640,9	1.628,2	0,8%	-	-	-
No. of Funds (2)	155	153	2	101	100	1	2	2	0
Open-End	13	12	1	2	2	0	2	2	0
Closed-End	142	141	1	99	98	1	-	-	-
Mean Capitalisation of Funds [(1)/(2)]	63,4	64,2	-0,72	18,1	18,1	-0,06	342,4	343,1	-0,74

Table 2 – Investment per Type of Asset and Market

         Unit: 10^6 Euro     

Table 3 – Purpose of Property

Unit: 10^6 Euro  

	September 2010
	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	4.539,1	100,0%	0,8%	399,7	100,0%	1,6%	6.949,4	99,8%	0,2%
Housing	105,6	2,3%	-0,8%	112,6	28,2%	4,2%	1.429,6	20,5%	-1,8%
Commerce	866,4	19,1%	3,5%	163,7	41,0%	0,1%	1.424,6	20,5%	1,5%
Services	2.195,3	48,4%	0,0%	29,4	7,4%	1,0%	1.737,6	25,0%	0,1%
Other RE	1.371,8	30,2%	0,7%	93,9	23,5%	1,4%	2.357,6	33,9%	0,7%
Real Estate outside the EU	0,0	0,0%	-	0,0	0,0%	-	14,1	0,2%	-2,5%
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	0,0	0,0%	-	0,0	0,0%	-	14,1	0,2%	-2,5%
TOTAL	4.539,1	100,0%	0,8%	399,7	100,0%	1,6%	6.963,5	100,0%	0,2%

Note:  Land and Rights are not included in the definition of 'Real Estate' 

Table 4 - Number of Funds and Market Share

Entity	September 2010		Monthly   D
	No.	Market Share	No.	Market Share
REIFs + SREIFs
Fundimo	30	14,6%	0	-0,07 p.p.
ESAF	29	11,6%	1	-0,03 p.p.
Interfundos	48	10,4%	0	0,03 p.p.
BPN Imofundos	9	7,1%	0	-0,02 p.p.
Santander Asset Management	4	6,8%	0	-0,05 p.p.
Banif Gestão de Activos	14	6,6%	0	-0,04 p.p.
Norfin	13	5,3%	0	0,03 p.p.
Millennium BCP Gestão de Activos	2	3,6%	0	-0,02 p.p.
Finivalor	5	3,3%	0	0,03 p.p.
Gesfimo	15	3,2%	2	0,17 p.p.
Square Asset Management	4	3,1%	0	0,01 p.p.
Sonaegest	2	3,0%	0	0,01 p.p.
Silvip	1	2,7%	0	0,02 p.p.
Fimoges	1	2,6%	0	-0,01 p.p.
Fund Box	12	2,5%	0	-0,04 p.p.
BPI Gestão de Activos	2	2,4%	0	-0,01 p.p.
Selecta	7	2,2%	0	0 p.p.
Fundiestamo	3	1,6%	0	0 p.p.
TF Turismo Fundos	2	1,0%	0	0 p.p.
Popular Gestão de Activos	5	0,9%	0	0,02 p.p.
TDF	1	0,9%	0	0 p.p.
Refundos	1	0,8%	0	0 p.p.
Imorendimento	7	0,7%	0	0 p.p.
GEF	8	0,7%	0	-0,01 p.p.
Atlantic	7	0,6%	0	0 p.p.
SGFI	8	0,5%	0	-0,01 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.
Fibeira Fundos	1	0,1%	0	0 p.p.
Dunas Capital	1	0,1%	0	-0,01 p.p.
Total REIFs + SREIFs	256	100,0%	3	-
REAMFs
Fimoges	2	100,0%	0	0 p.p.
Total REAMFs	2	100,0%	0	-
TOTAL	258	100,0%	3	-

Legend:  p.p. - percentage points

Table 5 – Largest Funds

                                                                                                                                                     Unit: 10^6 Euro 

Entity	Fund	Sep-10		monthly D
		Value	%	Value
	REIFs + SREIFs
Fundimo	FUNDIMO	1.040,2	8,9%	-0,1%
ESAF	GESPATRIMÓNIO RENDIMENTO	888,9	7,6%	-0,4%
Santander Asset Management	NOVIMOVEST	551,9	4,7%	-0,6%
BPN Imofundos	F. INVEST. IMOBILIÁRIO ABERTO BPN IMONEGÓCIOS	423,9	3,6%	0,3%
Millennium BCP Gestão de Activos	AF PORTFÓLIO IMOBILIÁRIO	359,3	3,1%	-0,5%
Banif Gestão de Activos	BANIF IMOPREDIAL - F. INVEST. IMOBIL. ABERTO	358,6	3,1%	-0,9%
Silvip	FUNDO DE VALORES E INVESTIMENTOS PREDIAIS - VIP	319,0	2,7%	0,8%
Finivalor	FINIPREDIAL	312,8	2,7%	1,4%
Fimoges	FUNDES	299,0	2,6%	0,0%
Interfundos	IMORENDA	258,7	2,2%	0,2%
Other Entities		6.845,4	58,7%	0,5%
	Total REIFs + SREIFs	11.657,7	100,0%	0,2%
	REAMFs
Fimoges	FUNGERE	386,9	56,5%	-0,2%
Fimoges	FUNGEPI BES	297,9	43,5%	-0,3%
	Total REAMFs	684,8	100,0%	-0,2%
	TOTAL	12.342,5	100,0%	0,2%

 Note:  In descending order of the amounts managed by the funds during the last period under analysis

 ¹ Unless other 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 (REAMFs) 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 the REIFs category.  This does not include funds established pursuant to Ministerial Order No. 264/95 of 11 August.  The 'Fundo de Investimento Imobiliário Correia & Veigas' and the relevant management company was also excluded due to the compulsory liquidation Resolution by the CMVM's Executive Board on 22 November 2009.  The information refers to 15 October 2010 as same data is provisional.  The monthly variation (D Monthly)) always refers to the comparison between the month under analysis and the preceding month.