The amount under management by Real Estate Investment Funds (REIFs) increased by 0.4% to € 9 474.3 million in January 2010 apropos December of the previous year.  The 0.1% drop in the value of the closed-end funds was more than compensated by the 1.0% increase of the open-end funds.

The amount under management by the Special Real Estate Investment Funds (SREIFs) increased 1.2% from December to January, attaining € 1 754.5 million. 

As from this date, the CMVM will be disclosing information on Real Estate Asset Management Funds (FIIGE). Two FIIGEs (Fungere and Fungepi BES) were registed at the CMVM by end January and both totalled € 618.3 million in assets.

The FIIGE fund portfolios are different in that these focus on real estate for commerce and housing (43.6% and 30.4%, respectively) instead of services, like the REIFs and open-end SREIFs (49.7%).

In January, indebtedness of real-estate funds dropped.  Closed-end funds registered a decrease of 38.1% in loans, while REIFs and open-end SREIFs eased the debt burden by 7.8%.

Fundimo continued to be the largest fund with an amount under management of € 923.0 million.  Owing to this fund, the homonymous managing company held the larget market share (14.1%), ahead of Interfundos (10.7%) and ESAF (10.6%).

In January, the fund 'Fundo Especial de Invetsimento Imobiliário Fechado São José Ribamar' managed by Fundimo, was established.

Table 1 – Aggregate Benchmarks

Unit: 10^6 EUR

Table 2 – Investment per Type of Asset and Market

Unit: 10^6 EUR

	Jan-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	4.586,6	97,3%	0,7%	397,1	64,2%	-0,8%	8.477,1	130,1%	0,0%
Land	166,8	3,5%	1,2%	46,1	7,4%	0,2%	1.846,5	28,3%	2,2%
Reconstruction	14,0	0,3%	2,1%	0,0	0,0%	-	160,0	2,5%	-4,0%
Other Construction Projects	145,2	3,1%	27,6%	22,7	3,7%	0,0%	1.785,7	27,4%	-1,3%
Completed Construction	4.224,8	89,6%	-0,1%	328,4	53,1%	-1,0%	4.672,4	71,7%	-0,3%
Rights	35,8	0,8%	0,0%	0,0	0,0%	-	12,5	0,2%	1,0%
Real Estate outside the EU	0,0	0,0%	-	0,0	0,0%	-	12,5	0,2%	-3,4%
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%	-	12,5	0,2%	-3,4%
Rights	0,0	0,0%	-	0,0	0,0%	-	0,0	0,0%	-
Sub-Total Real Estate	4.586,6	97,3%	0,7%	397,1	64,2%	-0,8%	8.489,5	130,3%	0,0%
Investment Units	48,3	1,0%	1,8%	9,4	1,5%	0,0%	68,8	1,1%	-3,3%
Investment Units in Real Estate Companies	57,5	1,2%	0,0%	113,8	18,4%	0,8%	154,5	2,4%	1,9%
Liquidity	294,6	6,3%	3,5%	69,7	11,3%	1,0%	491,2	7,5%	1,2%
Spot	66,4	1,4%	28,7%	69,7	11,3%	1,0%	98,1	1,5%	-27,2%
Forward	228,2	4,8%	-2,1%	0,0	0,0%	-	393,1	6,0%	12,1%
Loans	-284,0	-6,0%	-7,8%	-17,0	-2,8%	0,2%	-2.483,2	-38,1%	1,1%
Other Sums to be Settled	9,9	0,2%	-51,7%	45,4	7,3%	0,9%	-205,0	-3,1%	-12,6%
Sub-Total	126,3	2,7%	23,7%	221,2	35,8%	0,9%	-1.973,6	-30,3%	-0,5%

Table 3 – Purpose of the Real-Estate

Unit: 10^6 EUR

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. The funds established pursuant to Ministerial Order No. 264/95, of 11th August, are not included herein. 'Fundo de Investimento Imobiliário Urbifundo' and the respective managing entity, Companhia Gestora do Fundo de Investimento Imobiliário Urbifundo SA, were also not included due to the respective compulsory liquidation (Resolution by the Executive Board of the CMVM dated 22 January 2009). The 'Fundo de Investimento Imobiliário Correia & Viegas' was also excluded due to compulsory liquidation; the process should be concluded by 18th November 2009. Two Management Funds of Real Estate Assets (FUNGEPI) of Fimoges are now included in the Real Estate Investment Funds category; Residential Tenancy Real Estate Investment Funds (FIIAH) is also included. The information used dates back to 12 February 2010 and data is provisional. Monthly variation (monthly D) always refers to the comparison between the month under analysis and the previous one.