Real Estate Investment Funds
In January 2011, 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 € 12,194.0 million - a drop of € 17.4 million apropos December 2010.
The amount managed by REIFs fell 0.5% to € 9,574.6 million (less € 45.1 million than in December). Conversely, SREIFs climbed 0.3% whereas REAMFs dropped by 3.1% 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 46.8% in the January portfolios. As to REAMFs, commerce is the main target of the majority of managed real estate (38.1% of the total amount).
The management companies with the largest market share have kept as Fundimo (14.6%), ESAF (11.2%) and Interfundos (9.8%). The value of the funds 'Fundimo' 'Gespatrimónio Rendimento', holding the largest market amount under management fell 0.9% and 2% respectively, apropos the previous month.
In January, the REAMF 'Fungepi - BES II' managed by Fimoges was established.
Table 1 – Aggregated Benchmarks
Unit: 10^6 Euro
|
|
Jan-11 |
Dec-10 |
Monthly D |
Jan-11 |
Dec-10 |
Monthly D |
Jan-11 |
Dec-10 |
Monthly D |
|
No. of Fund Operators |
30 |
30 |
0 |
22 |
22 |
0 |
1 |
1 |
0 |
|
Assets under Management (1) |
9.574,6 |
9.619,7 |
-0,5% |
1.869,2 |
1.863,5 |
0,3% |
750,2 |
727,5 |
3,1% |
|
Open-End |
4.649,4 |
4.697,0 |
-1,0% |
190,4 |
186,8 |
1,9% |
750,2 |
727,5 |
3,1% |
|
Closed-End |
4.925,2 |
4.922,8 |
0,0% |
1.678,8 |
1.676,7 |
0,1% |
- |
- |
- |
|
No. of Funds (2) |
154 |
154 |
0 |
104 |
104 |
0 |
3 |
2 |
1 |
|
Open-End |
12 |
12 |
0 |
2 |
2 |
0 |
3 |
2 |
1 |
|
Closed-End |
142 |
142 |
0 |
102 |
102 |
0 |
- |
- |
- |
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 |
MonthlyD |
|
Real Estate situated in the EU |
4.896,3 |
101,2% |
0,1% |
517,1 |
68,9% |
3,1% |
8.889,2 |
134,6% |
0,0% |
|
Land |
136,4 |
2,8% |
-0,5% |
82,1 |
10,9% |
1,3% |
1.840,5 |
27,9% |
0,0% |
|
Reconstruction |
15,0 |
0,3% |
0,0% |
0,0 |
0,0% |
- |
183,8 |
2,8% |
-5,6% |
|
Other Construction Projects |
165,0 |
3,4% |
1,9% |
28,6 |
3,8% |
1,1% |
1.675,2 |
25,4% |
0,1% |
|
Completed Construction |
4.545,4 |
93,9% |
0,1% |
406,5 |
54,2% |
3,6% |
5.172,0 |
78,3% |
0,2% |
|
Rights |
34,5 |
0,7% |
0,2% |
0,0 |
0,0% |
- |
17,7 |
0,3% |
1,2% |
|
Real Estate situated outside the EU |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
14,1 |
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% |
- |
14,1 |
0,2% |
-3,4% |
|
Rights |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
|
Sub-Total Real Estate |
4.896,3 |
101,2% |
0,1% |
517,1 |
68,9% |
3,1% |
8.903,3 |
134,8% |
0,0% |
|
Investment Units |
39,7 |
0,8% |
0,2% |
9,4 |
1,3% |
0,0% |
31,7 |
0,5% |
6,2% |
|
Investment Units in Real Estate companies |
66,0 |
1,4% |
0,0% |
119,0 |
15,9% |
0,0% |
169,9 |
2,6% |
-0,2% |
|
Liquidity |
210,8 |
4,4% |
-11,9% |
86,3 |
11,5% |
7,8% |
465,7 |
7,1% |
-0,7% |
|
Spot |
68,8 |
1,4% |
116,9% |
40,2 |
5,4% |
0,6% |
102,5 |
1,6% |
6,3% |
|
Forward |
141,9 |
2,9% |
-31,6% |
46,0 |
6,1% |
15,0% |
363,2 |
5,5% |
-2,6% |
|
Loans |
-242,8 |
-5,0% |
7,4% |
-31,1 |
-4,1% |
0,4% |
-2.750,3 |
-41,6% |
0,3% |
|
Other Sums to be Settled |
-130,2 |
-2,7% |
4,3% |
49,6 |
6,6% |
2,6% |
-216,2 |
-3,3% |
-5,7% |
|
Sub-Total |
-56,5 |
-1,2% |
838,0% |
233,1 |
31,1% |
3,3% |
-2.299,3 |
-34,8% |
-0,2% |
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 |
4.725,4 |
100,0% |
0,2% |
435,0 |
100,0% |
3,4% |
7.031,0 |
99,8% |
0,0% |
|
Housing |
110,2 |
2,3% |
-0,4% |
141,5 |
32,5% |
7,5% |
1.370,6 |
19,5% |
-0,5% |
|
Commerce |
906,4 |
19,2% |
0,5% |
165,7 |
38,1% |
0,1% |
1.451,5 |
20,6% |
0,2% |
|
Services |
2.213,4 |
46,8% |
0,0% |
30,3 |
7,0% |
0,0% |
1.734,6 |
24,6% |
-0,2% |
|
Other RE situated in the EU |
1.495,4 |
31,6% |
0,2% |
97,5 |
22,4% |
4,6% |
2.474,4 |
35,1% |
0,4% |
|
Real Estate situated outside the EU |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
14,1 |
0,2% |
-3,4% |
|
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% |
- |
14,1 |
0,2% |
-3,4% |
Note: Land and Righs are not included in the definition of 'Real Estate'
Table 4 - Number of Funds and Market Share
Unit: 10^6 Euro
|
No. |
Market Share |
No. |
Market Share |
|
REIFs + SREIFs |
|
|
|
|
|
Fundimo |
29 |
14,6% |
0 |
-0,03 p.p. |
|
ESAF |
30 |
11,2% |
0 |
-0,07 p.p. |
|
Interfundos |
48 |
9,8% |
0 |
0,06 p.p. |
|
BPN Imofundos |
9 |
7,1% |
0 |
0,03 p.p. |
|
Santander Asset Management |
4 |
6,8% |
0 |
-0,02 p.p. |
|
Banif Gestão de Activos |
14 |
6,1% |
0 |
-0,07 p.p. |
|
Norfin |
13 |
5,3% |
0 |
0,04 p.p. |
|
Gesfimo |
16 |
3,6% |
0 |
0,01 p.p. |
|
Millennium BCP Gestão de Activos |
2 |
3,5% |
0 |
0 p.p. |
|
Finivalor |
5 |
3,3% |
0 |
-0,05 p.p. |
|
Square Asset Management |
4 |
3,2% |
0 |
0,06 p.p. |
|
Sonaegest |
2 |
3,1% |
0 |
0,03 p.p. |
|
Silvip |
1 |
2,7% |
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 |
2,3% |
0 |
-0,09 p.p. |
|
Selecta |
7 |
2,2% |
0 |
0,01 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 p.p. |
|
TDF |
1 |
0,9% |
0 |
0 p.p. |
|
Refundos |
1 |
0,8% |
0 |
0 p.p. |
|
Imorendimento |
7 |
0,8% |
0 |
0 p.p. |
|
GEF |
8 |
0,8% |
0 |
-0,01 p.p. |
|
Atlantic |
7 |
0,6% |
0 |
0,01 p.p. |
|
SGFI |
7 |
0,5% |
0 |
0 p.p. |
|
Imopólis |
1 |
0,4% |
0 |
0,02 p.p. |
|
Libertas |
1 |
0,4% |
0 |
0 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 |
0,3% |
0 |
0 p.p. |
|
Floresta Atlântica |
1 |
0,2% |
0 |
0 p.p. |
|
Invest Gestão de Activos |
2 |
0,1% |
0 |
0 p.p. |
|
Dunas Capital |
1 |
0,1% |
0 |
0 p.p. |
|
Total REIFs + SREIFs |
258 |
100,0% |
0 |
- |
|
REAMFs |
|
|
|
|
|
Fimoges |
3 |
100,0% |
1 |
0 p.p. |
|
Total REAMFs |
3 |
100,0% |
1 |
- |
Legend: p.p. - percentage points
Table 5 – Largest Funds
Unit: 10^6 Euro
|
Value |
% |
Value |
|
|
REIFs + SREIFs |
|
|
|
|
Fundimo |
FUNDIMO |
1.055,0 |
9,2% |
-0,9% |
|
ESAF |
GESPATRIMÓNIO RENDIMENTO |
811,3 |
7,1% |
-2,0% |
|
Santander Asset Management |
NOVIMOVEST |
531,6 |
4,6% |
-1,0% |
|
BPN Imofundos |
F. INVEST. IMOBILIÁRIO ABERTO BPN IMONEGÓCIOS |
427,3 |
3,7% |
0,2% |
|
Millennium BCP Gestão de Activos |
AF PORTFÓLIO IMOBILIÁRIO |
345,4 |
3,0% |
-0,5% |
|
Silvip |
FUNDO DE VALORES E INVESTIMENTOS PREDIAIS - VIP |
311,6 |
2,7% |
0,2% |
|
Finivalor |
FINIPREDIAL |
303,1 |
2,6% |
-2,3% |
|
Fimoges |
FUNDES |
297,7 |
2,6% |
0,0% |
|
Banif Gestão de Activos |
BANIF IMOPREDIAL - F. INVEST. IMOBIL. ABERTO |
291,6 |
2,5% |
-3,1% |
|
BPI Gestão de Activos |
IMOFOMENTO |
238,7 |
2,1% |
-4,3% |
|
Other Entities |
|
6.830,5 |
59,7% |
0,3% |
|
|
Total REIFs + SREIFs |
11.443,8 |
100,0% |
-0,3% |
|
|
REAMFs |
|
|
|
|
Fimoges |
FUNGERE |
383,9 |
51,2% |
-0,1% |
|
Fimoges |
FUNGEPI BES |
341,9 |
45,6% |
-11,0% |
|
Fimoges |
FUNGEPI - BES II |
24,4 |
3,3% |
-93,6% |
|
|
Total REAMFs |
750,2 |
100,0% |
3,1% |
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 11 February 2011 as same data is provisional. The monthly variation (D Monthly) always refers to the comparison between the month under analysis and the preceding month.
|
|
|