Real Estate Investment Funds
In July 2011, the amount under management of Real Estate Investment Funds (REIF), Special Real Estate Investment Funds (SREIF) and the Real Estate Asset Management Funds (REAMF) amounted to EUR 11,973.4 million which corresponds to EUR 23.4 million less than in June.
The amount of REIF under management dipped 0.3% down to EUR 9,342.2 million (EUR 32.7 million less than in June), while the amount under management of Special Real Estate Investment Funds (SREIF) rose 0.8% and the Real Estate Asset Management Funds (REAMF) tumbled 0.8% when compared to the preceding month.
The EU Member States continued to be the key destination for real estate investment corresponding to 99.8% of the total investment. Real estate for the services sector were the main target of the Open-End REIF's and SREIF's investments, with a 45.6% weighting in the portfolios in July. The commerce sector is the purpose of most of the properties held in REAMF (37.5% of the total).
Fundimo (14.3%), ESAF (11.0%) and Interfundos (9.8%) hold the highest market shares. The value of the fund 'Fundimo', which has the largest amount under management in the market, slumped 2.8% down to EUR 994.4 million in comparison to the previous month.
The management of the following funds were transferred from the management company ESAF to Gesfimo in July: 'Imoivens – FIIF' and 'Palácio – FIIF'. Likewise, the management of the fund 'Lisbon Urban – FEIIF' was transferred from SGFI to ESAF – ESFII.
Table 1 – Aggregate Benchmarks
Unit: 10^6 Euro
|
|
REIF |
SREIF |
REAMF |
|
|
Jul-11 |
Jun-11 |
Monthly D |
Jul-11 |
Jun-11 |
Monthly D |
Jul-11 |
Jun-11 |
Monthly D |
|
No. of Fund Operators |
30 |
30 |
0 |
22 |
22 |
0 |
1 |
1 |
0 |
|
Assets under Management(1) |
9.342,2 |
9.374,9 |
-0,3% |
1.883,6 |
1.868,6 |
0,8% |
747,6 |
753,3 |
-0,8% |
|
Open-End |
4.459,5 |
4.489,0 |
-0,7% |
231,7 |
190,0 |
21,9% |
747,6 |
753,3 |
-0,8% |
|
Closed-End |
4.882,7 |
4.886,0 |
-0,1% |
1.652,0 |
1.678,6 |
-1,6% |
- |
- |
- |
|
No. of Funds (2) |
155 |
155 |
0 |
106 |
106 |
0 |
3 |
3 |
0 |
|
Open-End |
12 |
12 |
0 |
2 |
2 |
0 |
3 |
3 |
0 |
|
Closed-End |
143 |
143 |
0 |
104 |
104 |
0 |
- |
- |
- |
Table 2 – Investment per Type of Asset and Market
Unit: 10^6 Euro
|
|
Jul-11 |
|
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 |
4.939,5 |
105,3% |
0,0% |
536,3 |
71,7% |
-1,0% |
8.845,0 |
135,4% |
-0,4% |
|
Land |
129,5 |
2,8% |
-0,4% |
87,7 |
11,7% |
0,0% |
1.817,1 |
27,8% |
-0,3% |
|
Reconstruction |
16,8 |
0,4% |
0,3% |
0,0 |
0,0% |
- |
216,8 |
3,3% |
1,8% |
|
Other Construction Projects |
170,6 |
3,6% |
-2,9% |
27,6 |
3,7% |
0,0% |
1.619,8 |
24,8% |
-1,3% |
|
Completed Construction |
4.587,8 |
97,8% |
0,2% |
421,1 |
56,3% |
-1,3% |
5.172,2 |
79,1% |
-0,3% |
|
Rights |
34,7 |
0,7% |
0,0% |
0,0 |
0,0% |
- |
19,1 |
0,3% |
4,3% |
|
Real Estate situated outside the EU |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
14,4 |
0,2% |
0,8% |
|
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% |
- |
14,4 |
0,2% |
0,8% |
|
Rights |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
|
Real Estate Sub-Total |
4.939,5 |
105,3% |
0,0% |
536,3 |
71,7% |
-1,0% |
8.859,5 |
135,6% |
-0,4% |
|
Investment Units |
35,5 |
0,8% |
0,1% |
9,4 |
1,3% |
0,0% |
54,3 |
0,8% |
60,2% |
|
Investment Units in Real Estate Companies |
66,0 |
1,4% |
0,0% |
120,9 |
16,2% |
0,4% |
174,6 |
2,7% |
-0,4% |
|
Liquidity |
27,8 |
0,6% |
-39,6% |
66,1 |
8,8% |
0,9% |
421,4 |
6,4% |
-5,2% |
|
Spot |
12,1 |
0,3% |
-14,6% |
23,8 |
3,2% |
2,1% |
89,0 |
1,4% |
-2,5% |
|
Forward |
15,7 |
0,3% |
-50,8% |
42,3 |
5,7% |
0,3% |
332,4 |
5,1% |
-5,9% |
|
Loans |
-334,8 |
-7,1% |
-8,4% |
-21,1 |
-2,8% |
0,4% |
-2.738,8 |
-41,9% |
0,0% |
|
Other sums to be settled |
-42,9 |
-0,9% |
4,9% |
35,9 |
4,8% |
-3,7% |
-236,2 |
-3,6% |
-3,4% |
|
Sub-Total |
-248,4 |
-5,3% |
-4,0% |
211,3 |
28,3% |
-0,2% |
-2.324,8 |
-35,6% |
-0,2% |
Table 3 – Purpose of the Real Estate
Unit: 10^6 Euro
|
|
Jul-11 |
|
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 |
4.775,2 |
100,0% |
0,0% |
448,7 |
100,0% |
-1,2% |
7.008,8 |
99,8% |
-0,4% |
|
Housing |
152,5 |
3,2% |
3,1% |
132,0 |
29,4% |
-1,4% |
1.337,9 |
19,0% |
-4,3% |
|
Commerce |
947,5 |
19,8% |
0,1% |
168,2 |
37,5% |
0,1% |
1.447,2 |
20,6% |
-0,9% |
|
Services |
2.176,9 |
45,6% |
0,0% |
57,6 |
12,8% |
-0,2% |
1.757,8 |
25,0% |
0,0% |
|
Others |
1.498,4 |
31,4% |
-0,2% |
90,8 |
20,2% |
-3,8% |
2.465,9 |
35,1% |
1,7% |
|
Real Estate situated outside the EU |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
14,4 |
0,2% |
0,8% |
|
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% |
- |
14,4 |
0,2% |
0,8% |
|
TOTAL |
4.775,2 |
100,0% |
0,0% |
448,7 |
100,0% |
-1,2% |
7.023,2 |
100,0% |
-0,4% |
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 |
Jul-11 |
Monthly D |
|
No. |
Market Share |
No. |
Market Share |
|
REIF + SREIF |
|
|
|
|
|
Fundimo |
29 |
14,3% |
0 |
-0,23 p.p. |
|
ESAF |
29 |
11,0% |
-1 |
-0,13 p.p. |
|
Interfundos |
48 |
9,8% |
0 |
-0,11 p.p. |
|
BPN Imofundos |
9 |
7,1% |
0 |
0,01 p.p. |
|
Santander Asset Management |
4 |
6,3% |
0 |
-0,04 p.p. |
|
Banif Gestão de Activos |
14 |
6,2% |
0 |
-0,12 p.p. |
|
Norfin |
13 |
5,3% |
0 |
-0,11 p.p. |
|
Gesfimo |
18 |
3,9% |
2 |
0,22 p.p. |
|
Square Asset Management |
4 |
3,7% |
0 |
0,38 p.p. |
|
Millennium BCP Gestão de Activos |
2 |
3,6% |
0 |
0,17 p.p. |
|
Finivalor |
6 |
3,5% |
0 |
-0,03 p.p. |
|
Sonaegest |
2 |
3,1% |
0 |
0,02 p.p. |
|
Silvip |
1 |
2,7% |
0 |
-0,01 p.p. |
|
Fimoges |
1 |
2,7% |
0 |
0 p.p. |
|
Fund Box |
14 |
2,4% |
0 |
0,03 p.p. |
|
Selecta |
7 |
2,3% |
0 |
0,01 p.p. |
|
BPI Gestão de Activos |
2 |
1,8% |
0 |
0 p.p. |
|
Fundiestamo |
3 |
1,7% |
0 |
0,01 p.p. |
|
TF Turismo Fundos |
2 |
1,0% |
0 |
0 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 |
0,7% |
0 |
-0,01 p.p. |
|
Atlantic |
7 |
0,6% |
0 |
0 p.p. |
|
SGFI |
6 |
0,5% |
-1 |
-0,06 p.p. |
|
Libertas |
1 |
0,4% |
0 |
0 p.p. |
|
Imopólis |
1 |
0,4% |
0 |
-0,01 p.p. |
|
MNF Gestão de Activos |
5 |
0,3% |
0 |
0 p.p. |
|
Vila Galé Gest |
1 |
0,3% |
0 |
0 p.p. |
|
Orey Financial |
5 |
0,3% |
0 |
0 p.p. |
|
Floresta Atlântica |
1 |
0,2% |
0 |
0,01 p.p. |
|
Invest Gestão de Activos |
2 |
0,1% |
0 |
0 p.p. |
|
Dunas Capital |
1 |
0,1% |
0 |
0 p.p. |
|
REIF + SREIF Total |
261 |
100,0% |
0 |
- |
|
REAMF |
|
|
|
|
|
Fimoges |
3 |
100,0% |
0 |
0 p.p. |
|
REAMF Total |
3 |
100,0% |
0 |
- |
|
TOTAL |
264 |
100,0% |
0 |
- |
Legend: p.p. – percentage points.
Table 5 – Largest Funds
Unit: 10^6 Euro
|
Entity |
Fund |
Jul-11 |
Monthly D |
|
Value |
% |
Value |
|
|
REIF + SREIF |
|
|
|
|
Fundimo |
FUNDIMO |
994,4 |
8,9% |
-2,8% |
|
ESAF |
GESPATRIMÓNIO RENDIMENTO |
791,0 |
7,0% |
0,2% |
|
Santander Asset Management |
NOVIMOVEST |
493,2 |
4,4% |
-1,2% |
|
BPN Imofundos |
F. INVEST. IMOBILIÁRIO ABERTO BPN IMONEGÓCIOS |
427,7 |
3,8% |
0,2% |
|
Millennium BCP Gestão de Activos |
AF PORTFÓLIO IMOBILIÁRIO |
348,0 |
3,1% |
5,7% |
|
Silvip |
FUNDO DE VALORES E INVESTIMENTOS PREDIAIS - VIP |
308,5 |
2,7% |
-0,6% |
|
Fimoges |
FUNDES |
297,8 |
2,7% |
0,0% |
|
Finivalor |
FINIPREDIAL |
289,7 |
2,6% |
-1,2% |
|
Banif Gestão de Activos |
BANIF IMOPREDIAL - F. INVEST. IMOBIL. ABERTO |
288,6 |
2,6% |
-4,2% |
|
Square Asset Management |
CA IMOBILIÁRIO |
224,4 |
2,0% |
22,6% |
|
Others |
|
6.762,6 |
60,2% |
-0,4% |
|
|
REIF + SREIF Total |
11.225,8 |
100,0% |
-0,2% |
|
|
REAMF |
|
|
|
|
Fimoges |
FUNGERE |
382,7 |
51,2% |
-0,4% |
|
Fimoges |
FUNGEPI BES |
330,2 |
44,2% |
-1,3% |
|
Fimoges |
FUNGEPI - BES II |
34,7 |
4,6% |
0,5% |
|
|
REAMF Total |
747,6 |
100,0% |
-0,8% |
|
TOTAL |
11.973,4 |
100,0% |
-0,2% |
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 10 August 2011, being provisional results. The monthly variation (monthly D) always refers to the comparison between the month under analysis and the preceding month.
|
|
|