Real Estate Investment Funds
In December 2010, the value under management of Real Estate Investment Fund (REIF) amounted to EUR 9,620.5 million, EUR 421.6 million less than at the end of 2009 (representing a 4.2% drop). On the other hand, the amount managed by Special Real Estate Investment Funds (SREIF) rose 7.48% up to EUR 1,863.4 million in 2010, EUR 129.7 million more than at the end of 2009.
The amount of REIF under management stumbled 0.9% from November, while SREIF rose 1.6%. The value managed by Real Estate Asset Management Funds (REAMF) amounted to EUR 727.5 million in December. This is EUR 1.6 million lower than in November (which depicts a monthly decline of 0.2%).
The EU Member States continued to be the main destination for real estate investment corresponding to 99.8% of the total investment in December. Real estate for services were the main target of the REIF's and SREIF's investments at the end of 2010, with a 46.9% weighting in portfolios. Commerce is the aim of most properties held in REAMF (39.3% of total).
Fundimo (14.7%), ESAF (11.2%) and Interfundos (9.8%) are the management companies with higher market shares. The value of 'Fundimo', the real estate fund with the greatest amount under management, rose 15.2% in December up to EUR 1,064.1 million when compared to 2009. As for the second largest fund, 'Gespatrimónio Rendimento', the amount under management increased 3.1% in 2010 and closed the year with EUR 827.5 million.
In December, the closed-end Special Real Estate Investment Fund 'FFII 2010', managed by SGFI was terminated. The management of the fund 'FIIF Fundicentro' was transferred from the management company Fundimo to Libertas - SGFII.
Table 1 – Aggregate Benchmarks
Unit: 10^6 Euro
|
|
REIF |
SREIF |
REAMF |
|
|
Dec-10 |
Nov-10 |
Monthly D |
Dec-10 |
Nov-10 |
Monthly D |
Dec-10 |
Nov-10 |
Monthly D |
|
No. of Fund Operators |
30 |
29 |
1 |
22 |
22 |
0 |
1 |
1 |
0 |
|
Assets under Management(1) |
9.620,5 |
9.711,7 |
-0,9% |
1.863,4 |
1.834,4 |
1,6% |
727,5 |
729,2 |
-0,2% |
|
Open-End |
4.697,0 |
4.782,1 |
-1,8% |
186,8 |
184,5 |
1,2% |
727,5 |
729,2 |
-0,2% |
|
Closed-End |
4.923,5 |
4.929,5 |
-0,1% |
1.676,6 |
1.649,9 |
1,6% |
- |
- |
- |
|
No. of Funds (2) |
154 |
155 |
-1 |
104 |
104 |
0 |
2 |
2 |
0 |
|
Open-End |
12 |
12 |
0 |
2 |
2 |
0 |
2 |
2 |
0 |
|
Closed-End |
142 |
143 |
-1 |
102 |
102 |
0 |
- |
- |
- |
Table 2 – Investment per Type of Asset and Market
Unit: 10^6 Euro
|
|
Dec-10 |
|
|
Open-End |
Closed-End |
|
|
REIF+ SREIF |
REAMF |
|
|
Value |
Total % |
Monthly D |
Value |
Total % |
Monthly D |
Value |
% Total |
Monthly D |
|
Real Estate situated in the EU |
4.889,8 |
100,1% |
1,8% |
501,8 |
69,0% |
4,7% |
8.896,1 |
134,8% |
0,7% |
|
Land |
137,2 |
2,8% |
-1,9% |
81,0 |
11,1% |
8,2% |
1.850,4 |
28,0% |
-1,8% |
|
Reconstruction |
15,0 |
0,3% |
0,9% |
0,0 |
0,0% |
- |
194,8 |
3,0% |
6,3% |
|
Other Construction Projects |
162,0 |
3,3% |
1,5% |
28,2 |
3,9% |
0,8% |
1.682,7 |
25,5% |
6,8% |
|
Completed Construction |
4.541,3 |
93,0% |
2,0% |
392,6 |
54,0% |
4,2% |
5.150,8 |
78,0% |
-0,4% |
|
Rights |
34,4 |
0,7% |
-3,8% |
0,0 |
0,0% |
- |
17,5 |
0,3% |
1,9% |
|
Real Estate situated outside the EU |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
14,6 |
0,2% |
0,9% |
|
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% |
- |
14,6 |
0,2% |
0,9% |
|
Rights |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
|
Real Estate Sub-Total |
4.889,8 |
100,1% |
1,8% |
501,8 |
69,0% |
4,7% |
8.910,7 |
135,0% |
0,7% |
|
Investment Units |
39,6 |
0,8% |
-0,6% |
9,4 |
1,3% |
0,0% |
29,9 |
0,5% |
105,1% |
|
Investment Units in Real Estate Companies |
66,0 |
1,4% |
9,9% |
119,0 |
16,4% |
0,0% |
170,1 |
2,6% |
-0,8% |
|
Liquidity |
239,3 |
4,9% |
-28,5% |
80,0 |
11,0% |
-13,6% |
469,2 |
7,1% |
-6,9% |
|
Spot |
31,7 |
0,6% |
-12,5% |
40,0 |
5,5% |
-36,1% |
96,5 |
1,5% |
-19,8% |
|
Forward |
207,5 |
4,2% |
-30,5% |
40,0 |
5,5% |
33,3% |
372,7 |
5,6% |
-2,8% |
|
Loans |
-226,1 |
-4,6% |
5,3% |
-31,0 |
-4,3% |
46,7% |
-2.743,1 |
-41,6% |
0,3% |
|
Other sums to be settled |
-124,8 |
-2,6% |
125,5% |
48,3 |
6,6% |
-3,0% |
-236,7 |
-3,6% |
7,6% |
|
Sub-Total |
-6,0 |
-0,1% |
-103,7% |
225,8 |
31,0% |
-9,6% |
-2.310,7 |
-35,0% |
2,0% |
Table 3 – Purpose of the Real-Estate
Unit: 10^6 Euro
|
|
Dec-10 |
|
Open-End |
Closed-End |
|
REIF+ SREIF |
REAMF |
|
|
Value |
Total % |
Monthly D |
Value |
Total % |
Monthly D |
Value |
Total % |
Monthly D |
|
Real Estate situated in the EU |
4.718,2 |
100,0% |
2,0% |
420,8 |
100,0% |
4,0% |
7.028,2 |
99,8% |
1,4% |
|
Housing |
110,6 |
2,3% |
4,5% |
131,7 |
31,3% |
13,8% |
1.375,4 |
19,5% |
-0,6% |
|
Commerce |
901,8 |
19,1% |
0,7% |
165,5 |
39,3% |
0,3% |
1.449,7 |
20,6% |
0,9% |
|
Services |
2.213,3 |
46,9% |
1,1% |
30,3 |
7,2% |
1,6% |
1.738,4 |
24,7% |
-0,5% |
|
Others |
1.492,5 |
31,6% |
4,0% |
93,2 |
22,2% |
-0,7% |
2.464,7 |
35,0% |
4,5% |
|
Real Estate situated outside the EU |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
14,6 |
0,2% |
0,9% |
|
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% |
- |
|
Others |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
14,6 |
0,2% |
0,9% |
|
TOTAL |
4.718,2 |
100,0% |
2,0% |
420,8 |
100,0% |
4,0% |
7.042,9 |
100,0% |
1,4% |
Note: Land and Rights are not included in the definition of 'Real Estate'.
Table 4 – Number of Funds and Market Share
|
Entity |
Dec-10 |
Monthly D |
|
No. |
Market Share |
No. |
Market Share |
|
REIF+ SREIF
|
|
|
|
|
|
Fundimo |
29 |
14,7% |
-1 |
-0,31 p.p. |
|
ESAF |
30 |
11,2% |
0 |
-0,23 p.p. |
|
Interfundos |
48 |
9,8% |
0 |
-0,02 p.p. |
|
BPN Imofundos |
9 |
7,1% |
0 |
-0,02 p.p. |
|
Santander Asset Management |
4 |
6,8% |
0 |
-0,01 p.p. |
|
Banif Gestão de Activos |
14 |
6,2% |
0 |
-0,27 p.p. |
|
Norfin |
13 |
5,3% |
0 |
0 p.p. |
|
Gesfimo |
16 |
3,5% |
0 |
0,28 p.p. |
|
Millennium BCP Gestão de Activos |
2 |
3,5% |
0 |
0 p.p. |
|
Finivalor |
5 |
3,3% |
0 |
0,01 p.p. |
|
Square Asset Management |
4 |
3,2% |
0 |
0,08 p.p. |
|
Sonaegest |
2 |
3,1% |
0 |
0,04 p.p. |
|
Silvip |
1 |
2,7% |
0 |
-0,04 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 p.p. |
|
Selecta |
7 |
2,2% |
0 |
-0,03 p.p. |
|
Fundiestamo |
3 |
1,6% |
0 |
-0,01 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 |
0,01 p.p. |
|
Refundos |
1 |
0,8% |
0 |
0 p.p. |
|
Imorendimento |
7 |
0,8% |
0 |
0 p.p. |
|
GEF |
8 |
0,8% |
0 |
0,06 p.p. |
|
Atlantic |
7 |
0,6% |
0 |
0,01 p.p. |
|
SGFI |
7 |
0,5% |
-1 |
0 p.p. |
|
Libertas |
1 |
0,4% |
1 |
0,42 p.p. |
|
Imopólis |
1 |
0,4% |
0 |
0,01 p.p. |
|
Vila Galé Gest |
1 |
0,3% |
0 |
-0,01 p.p. |
|
MNF Gestão de Activos |
5 |
0,3% |
0 |
0 p.p. |
|
Orey Gestão de Activos |
5 |
0,3% |
0 |
0,06 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. |
|
Total REIF+ SREIF |
258 |
100,0% |
-1 |
- |
|
REAMF |
|
|
|
|
|
Fimoges |
2 |
100,0% |
0 |
0 p.p. |
|
REAMF Total |
2 |
100,0% |
0 |
- |
|
TOTAL |
260 |
100,0% |
-1 |
- |
Legend: p.p. - percentage points.
Table 5 – Largest Funds
Unit: 10^6 Euro
|
Entity |
Fund |
Dec-10 |
Monthly D |
|
Value |
% |
Value |
|
|
REIF+SREIF |
|
|
|
|
Fundimo |
FUNDIMO |
1.064,1 |
9,3% |
-0,5% |
|
ESAF |
GESPATRIMÓNIO RENDIMENTO |
827,5 |
7,2% |
-4,2% |
|
Santander Asset Management |
NOVIMOVEST |
536,7 |
4,7% |
-0,9% |
|
BPN Imofundos |
F. INVEST. IMOBILIÁRIO ABERTO BPN IMONEGÓCIOS |
426,3 |
3,7% |
-0,1% |
|
Millennium BCP Gestão de Activos |
AF PORTFÓLIO IMOBILIÁRIO |
347,2 |
3,0% |
-0,6% |
|
Silvip |
FUNDO DE VALORES E INVESTIMENTOS PREDIAIS - VIP |
311,0 |
2,7% |
-2,1% |
|
Finivalor |
FINIPREDIAL |
310,2 |
2,7% |
-0,4% |
|
Banif Gestão de Activos |
BANIF IMOPREDIAL - F. INVEST. IMOBIL. ABERTO |
301,0 |
2,6% |
-9,1% |
|
Fimoges |
FUNDES |
297,7 |
2,6% |
-0,1% |
|
BPI Gestão de Activos |
IMOFOMENTO |
249,5 |
2,2% |
-0,7% |
|
Others |
|
6.812,5 |
59,3% |
0,4% |
|
|
REIF+SREIF Total |
11.483,9 |
100,0% |
-0,5% |
|
|
REAMF |
|
|
|
|
Fimoges |
FUNGERE |
384,3 |
52,8% |
-0,2% |
|
Fimoges |
FUNGEPI BES |
343,2 |
47,2% |
-0,2% |
|
|
REAMF Total |
727,5 |
100,0% |
-0,2% |
|
TOTAL |
12.211,4 |
100,0% |
-0,5% |
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 January 2011, being provisional results. The monthly variation (monthly D) always refers to the comparison between the month under analysis and the preceding month.
|
|
|