Real Estate Investment Funds
In October 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 € 12,287.3 million - a drop of € 55.2 million apropos September.
The amount managed by REIFs fell 0.9% to € 9,744.1 million (less € 88 million than in September). The SREIFs rose by 0.7% whereas REAMFs dropped by 0.3% 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 open-end REIF and SREIF investment, weighting 47.9% in the portfolios. The amount under management by commerce real estate registered a drop of 2.6% in October. 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 (14.7%), ESAF (11.6%) and Interfundos (9.8%). The value of the 'Fundimo' fund that holds the largest market quota was consistent as regards September with € 1,040 million. The second largest fund, 'Gespartrimónio rendimento', the amount under management fell 1.3% to € 877.3 million in October.
During same period, the closed-end special real estate investment funds 'Tavira - FEIIF' managed by ESAF-IMO and 'Build - FEIIF', managed by MNF asset management, were established.
Table 1 – Aggregated Benchmarks
Unit: 10^6 Euro
|
|
Oct-10 |
Sept-10 |
Monthly D |
Oct-10 |
Sept-10 |
Monthly D |
Oct-10 |
Sept-10 |
Monthly D |
|
No. of Fund Operators |
29 |
29 |
0 |
22 |
22 |
0 |
1 |
1 |
0 |
|
Assets under Management (1) |
9.744,1 |
9.832,1 |
-0,9% |
1.837,9 |
1.825,5 |
0,7% |
705,3 |
684,8 |
3,0% |
|
Open-End |
4.809,6 |
4.831,7 |
-0,5% |
184,7 |
184,7 |
0,0% |
705,3 |
684,8 |
3,0% |
|
Closed-End |
4.934,5 |
5.000,4 |
-1,3% |
1.653,2 |
1.640,9 |
0,7% |
- |
- |
- |
|
No. of Funds (2) |
155 |
155 |
0 |
103 |
101 |
2 |
2 |
2 |
0 |
|
Open-End |
12 |
12 |
0 |
2 |
2 |
0 |
2 |
2 |
0 |
|
Closed-End |
143 |
143 |
0 |
101 |
99 |
2 |
- |
- |
- |
Table 2 – Investment per Type of Asset and Market
Unit: 10^6 Euro
|
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 |
4.759,9 |
95,3% |
0,9% |
473,9 |
67,2% |
1,0% |
8.819,6 |
133,9% |
-0,1% |
|
Land |
147,3 |
2,9% |
-0,2% |
71,0 |
10,1% |
2,3% |
1.859,1 |
28,2% |
0,1% |
|
Reconstruction |
14,5 |
0,3% |
0,8% |
0,0 |
0,0% |
- |
192,7 |
2,9% |
1,0% |
|
Other Construction Projects |
169,1 |
3,4% |
0,8% |
27,7 |
3,9% |
-0,9% |
1.642,1 |
24,9% |
0,0% |
|
Completed Construction |
4.393,2 |
88,0% |
1,0% |
375,2 |
53,2% |
0,9% |
5.108,7 |
77,5% |
-0,3% |
|
Rights |
35,8 |
0,7% |
0,0% |
0,0 |
0,0% |
- |
17,1 |
0,3% |
9,1% |
|
Real Estate situated outside the EU |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
13,7 |
0,2% |
-3,0% |
|
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% |
- |
13,7 |
0,2% |
-3,0% |
|
Rights |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
|
Sub-Total Real Estate |
4.759,9 |
95,3% |
0,9% |
473,9 |
67,2% |
1,0% |
8.833,4 |
134,1% |
-0,1% |
|
Investment Units |
39,8 |
0,8% |
0,0% |
9,4 |
1,3% |
0,0% |
14,0 |
0,2% |
1,8% |
|
Investment Units in Real Estate Companies |
60,0 |
1,2% |
0,0% |
118,6 |
16,8% |
0,0% |
175,0 |
2,7% |
2,9% |
|
Liquidity |
372,4 |
7,5% |
-5,8% |
73,7 |
10,5% |
25,4% |
509,3 |
7,7% |
-12,2% |
|
Spot |
31,1 |
0,6% |
-39,5% |
45,7 |
6,5% |
125,4% |
102,7 |
1,6% |
4,2% |
|
Forward |
341,3 |
6,8% |
-0,8% |
28,0 |
4,0% |
-27,3% |
406,6 |
6,2% |
-15,5% |
|
Loans |
-217,3 |
-4,4% |
3,5% |
-21,1 |
-3,0% |
0,3% |
-2.706,4 |
-41,1% |
-0,5% |
|
Other Sums to be Settled |
-20,5 |
-0,4% |
-239,5% |
50,7 |
7,2% |
1,8% |
-237,6 |
-3,6% |
-2,9% |
|
Sub-Total |
234,4 |
4,7% |
-21,8% |
231,4 |
32,8% |
7,3% |
-2.245,7 |
-34,1% |
2,0% |
Table 3 – Purpose of Real Estate
Unit: 10^6 Euro
|
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 |
4.576,9 |
100,0% |
1,0% |
402,9 |
100,0% |
0,8% |
6.943,5 |
99,8% |
-0,2% |
|
Housing |
105,7 |
2,3% |
0,1% |
114,7 |
28,5% |
1,9% |
1.399,9 |
20,1% |
-2,1% |
|
Commerce |
844,2 |
18,4% |
-2,6% |
164,6 |
40,9% |
0,5% |
1.436,1 |
20,6% |
0,8% |
|
Services |
2.191,1 |
47,9% |
0,1% |
29,9 |
7,4% |
1,4% |
1.741,0 |
25,0% |
-0,1% |
|
Other RE situated in the EU |
1.435,9 |
31,4% |
4,7% |
93,7 |
23,3% |
-0,2% |
2.366,4 |
34,0% |
0,4% |
|
Real Estate situated outside the EU |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
13,7 |
0,2% |
-3,0% |
|
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% |
- |
13,7 |
0,2% |
-3,0% |
Note: Land and Righs are not included in the definition of Real Estate
Table 4 - Number of Funds and Market Share
|
No. |
Market Share |
No. |
Market Share |
|
REIFs + SREIFs |
|
|
|
|
|
Fundimo |
30 |
14,7% |
0 |
0,09 p.p. |
|
ESAF |
30 |
11,6% |
1 |
0,02 p.p. |
|
Interfundos |
48 |
9,8% |
0 |
-0,56 p.p. |
|
BPN Imofundos |
9 |
7,1% |
0 |
0,04 p.p. |
|
Santander Asset Management |
4 |
6,8% |
0 |
0 p.p. |
|
Banif Gestão de Activos |
14 |
6,6% |
0 |
0,03 p.p. |
|
Norfin |
13 |
5,3% |
0 |
0 p.p. |
|
Millennium BCP Gestão de Activos |
2 |
3,6% |
0 |
0 p.p. |
|
Finivalor |
5 |
3,3% |
0 |
0,02 p.p. |
|
Gesfimo |
15 |
3,2% |
0 |
0,03 p.p. |
|
Square Asset Management |
4 |
3,1% |
0 |
0,02 p.p. |
|
Sonaegest |
2 |
3,1% |
0 |
0,03 p.p. |
|
Silvip |
1 |
2,8% |
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 |
0,02 p.p. |
|
Fundiestamo |
3 |
1,6% |
0 |
0,02 p.p. |
|
TF Turismo Fundos |
2 |
1,0% |
0 |
0,01 p.p. |
|
Popular Gestão de Activos |
5 |
0,9% |
0 |
-0,01 p.p. |
|
TDF |
1 |
0,9% |
0 |
0,01 p.p. |
|
Refundos |
1 |
0,8% |
0 |
0,01 p.p. |
|
Imorendimento |
7 |
0,8% |
0 |
0,02 p.p. |
|
GEF |
8 |
0,7% |
0 |
0 p.p. |
|
Atlantic |
7 |
0,6% |
0 |
0,01 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. |
|
MNF Gestão de Activos |
5 |
0,3% |
1 |
0,09 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. |
|
Fibeira Fundos |
1 |
0,1% |
0 |
0 p.p. |
|
Dunas Capital |
1 |
0,1% |
0 |
0 p.p. |
|
Total REIFs + SREIFs |
258 |
100,0% |
2 |
- |
|
REAMFs |
|
|
|
|
|
Fimoges |
2 |
100,0% |
0 |
0 p.p. |
|
Total REAMFs |
2 |
100,0% |
0 |
- |
Legend: p.p. - percentage points
Table 5 – Largest Funds
Unit: 10^6 Euro
|
Value |
% |
Value |
|
|
REIFs + SREIFs |
|
|
|
|
Fundimo |
FUNDIMO |
1.040,6 |
9,0% |
0,0% |
|
ESAF |
GESPATRIMÓNIO RENDIMENTO |
877,3 |
7,6% |
-1,3% |
|
Santander Asset Management |
NOVIMOVEST |
546,4 |
4,7% |
-1,0% |
|
BPN Imofundos |
F. INVEST. IMOBILIÁRIO ABERTO BPN IMONEGÓCIOS |
425,0 |
3,7% |
0,3% |
|
Millennium BCP Gestão de Activos |
AF PORTFÓLIO IMOBILIÁRIO |
356,7 |
3,1% |
-0,7% |
|
Banif Gestão de Activos |
BANIF IMOPREDIAL - F. INVEST. IMOBIL. ABERTO |
354,9 |
3,1% |
-1,0% |
|
Silvip |
FUNDO DE VALORES E INVESTIMENTOS PREDIAIS - VIP |
319,8 |
2,8% |
0,3% |
|
Finivalor |
FINIPREDIAL |
312,3 |
2,7% |
-0,2% |
|
Fimoges |
FUNDES |
298,0 |
2,6% |
-0,3% |
|
BPI Gestão de Activos |
IMOFOMENTO |
257,8 |
2,2% |
-0,2% |
|
Other Entities |
|
6.793,1 |
58,7% |
-0,8% |
|
|
Total REIFs + SREIFs |
11.582,0 |
100,0% |
-0,6% |
|
|
REAMFs |
|
|
|
|
Fimoges |
FUNGERE |
386,5 |
54,8% |
-0,1% |
|
Fimoges |
FUNGEPI BES |
318,8 |
45,2% |
7,0% |
|
|
Total REAMFs |
705,3 |
100,0% |
3,0% |
Note: In descending order of the amounts managed by the funds during the last period under analysis.
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 11 November 2009. The information refers to 12 November 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.
|
|
|