In November 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 € 12,275.3 million - a drop of € 12 million apropos October.  

The amount managed by REIFs fell 0.3% to € 9,711.7 million (less € 32.5 million than in October).  The SREIFs dropped by 0.2% whereas REAMFs rose by 3.4% in comparison to October. 

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 47.3% in the portfolios.  The amount under management by real estate for services registered the greatest increase (6%) in November.   As to REAMFs, commerce is the main target of the majority of managed real estate (40.8% of the total amount). 

The management companies with the largest market share have kept as Fundimo (15%), ESAF (11.5%) and Interfundos (9.8%).  The value of the 'Fundimo' fund that holds the largest market amount under management increased 2.3% apropos October registering 1,069 million.  The second largest fund, ' Gespatrimónio Rendimento', registered a drop of 1.5% as regards the amount under management, registering € 864 million in November.  

During same period, the closed-end REIF ' Invesurb - FEIIF' managed by Gesfimo was established.

Table 1 – Aggregated Benchmarks

	Nov-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	4.802,0	96,7%	0,9%	479,5	65,8%	1,2%	8.830,4	134,2%	0,1%
Land	139,9	2,8%	-5,1%	74,9	10,3%	5,4%	1.885,0	28,7%	1,4%
Reconstruction	14,8	0,3%	2,0%	0,0	0,0%	-	183,2	2,8%	-5,0%
Other Construction Projects	159,6	3,2%	-5,7%	28,0	3,8%	1,0%	1.575,4	23,9%	-4,1%
Completed Construction	4.452,0	89,6%	1,3%	376,6	51,6%	0,4%	5.169,7	78,6%	1,2%
Rights	35,8	0,7%	0,0%	0,0	0,0%	-	17,2	0,3%	0,2%
Real Estate situated outside the EU	0,0	0,0%	-	0,0	0,0%	-	14,5	0,2%	5,7%
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%	-	14,5	0,2%	5,7%
Rights	0,0	0,0%	-	0,0	0,0%	-	0,0	0,0%	-
Sub-Total Real Estate	4.802,0	96,7%	0,9%	479,5	65,8%	1,2%	8.844,9	134,4%	0,1%
Investment Units	39,8	0,8%	0,1%	9,4	1,3%	0,0%	14,6	0,2%	4,2%
Investment Units in Real Estate Companies	60,0	1,2%	0,0%	119,0	16,3%	0,4%	171,5	2,6%	-2,0%
Liquidity	334,8	6,7%	-10,1%	92,6	12,7%	25,5%	503,9	7,7%	-1,1%
Spot	36,3	0,7%	16,6%	62,6	8,6%	36,8%	120,4	1,8%	17,2%
Forward	298,5	6,0%	-12,5%	30,0	4,1%	7,2%	383,5	5,8%	-5,7%
Loans	-214,7	-4,3%	-1,2%	-21,1	-2,9%	0,3%	-2.735,3	-41,6%	1,1%
Other Sums to be Settled	-55,3	-1,1%	170,4%	49,8	6,8%	-1,8%	-220,1	-3,3%	-7,4%
Sub-Total	164,7	3,3%	-29,8%	249,7	34,2%	7,9%	-2.265,4	-34,4%	0,9%
TOTAL	4.966,7	100,0%	-0,6%	729,2	100,0%	3,4%	6.579,5	100,0%	-0,1%

Table 3 – Purpose of Property 

                                                                                                                                                                       Unit: 10^6 Euro

	Nov-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	4.626,4	100,0%	1,1%	404,6	100,0%	0,4%	6.928,2	99,8%	-0,2%
Housing	105,8	2,3%	0,1%	115,8	28,6%	0,9%	1.387,8	20,0%	-0,9%
Commerce	895,2	19,3%	6,0%	165,1	40,8%	0,3%	1.436,9	20,7%	0,1%
Services	2.190,1	47,3%	0,0%	29,9	7,4%	0,0%	1.748,0	25,2%	0,4%
Other RE situated in the EU	1.435,3	31,0%	0,0%	93,9	23,2%	0,2%	2.355,5	33,9%	-0,5%
Real Estate situated outside the EU	0,0	0,0%	-	0,0	0,0%	-	14,5	0,2%	5,7%
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%	5,7%
TOTAL	4.626,4	100,0%	1,1%	404,6	100,0%	0,4%	6.942,7	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 

                                                                                                                                                                      Unit: 10^6 Euro  

Entity	Nov-10		Monthly D
	No.	Market Share	No.	Market Share
REIFs + SREIFs
Fundimo	30	15,0%	0	0,29 p.p.
ESAF	30	11,5%	0	-0,12 p.p.
Interfundos	48	9,8%	0	0 p.p.
BPN Imofundos	9	7,1%	0	0 p.p.
Santander Asset Management	4	6,8%	0	-0,02 p.p.
Banif Gestão de Activos	14	6,4%	0	-0,19 p.p.
Norfin	13	5,3%	0	-0,01 p.p.
Millennium BCP Gestão de Activos	2	3,5%	0	-0,05 p.p.
Finivalor	5	3,3%	0	0 p.p.
Gesfimo	16	3,3%	1	0,03 p.p.
Square Asset Management	4	3,1%	0	0,01 p.p.
Sonaegest	2	3,1%	0	0,02 p.p.
Silvip	1	2,8%	0	-0,01 p.p.
Fimoges	1	2,6%	0	0,01 p.p.
Fund Box	12	2,5%	0	0,02 p.p.
BPI Gestão de Activos	2	2,4%	0	-0,05 p.p.
Selecta	7	2,3%	0	0,01 p.p.
Fundiestamo	3	1,6%	0	0,02 p.p.
TF Turismo Fundos	2	1,0%	0	0 p.p.
Popular Gestão de Activos	5	0,9%	0	-0,01 p.p.
TDF	1	0,9%	0	0 p.p.
Refundos	1	0,8%	0	0 p.p.
Imorendimento	7	0,8%	0	0,02 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 p.p.
Imopólis	1	0,4%	0	0,01 p.p.
Vila Galé Gest	1	0,3%	0	0 p.p.
MNF Gestão de Activos	5	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.
Fibeira Fundos	1	0,1%	0	0 p.p.
Dunas Capital	1	0,1%	0	0 p.p.
Total REIFs + SREIFs	259	100,0%	1	-
REAMFs
Fimoges	2	100,0%	0	0 p.p.
Total REAMFs	2	100,0%	0	-
TOTAL	261	100,0%	1	-

Legend:  p.p. - percentage points

Table 5 – Largest Funds

                                                                                                                                                                         Unit: 10^6 Euro