Four new closed-end real estate investment funds were established: Fundimof and Espírito Santo Reconversão Urbana, managed by ESAF, Cimóvel managed by Norfin and Imocomercial, managed by Selecta. Furthermore, 8 closed-end special investment funds were also established: Olimo,  Oceanico, Imotur, Imonor and Oporto Capital, managed by Millennium BCP,  Guebar, managed by ESAF, Herdade da Comporta, managed by Gesfimo and Ibéria, managed by Norfin. The fund Bonança I transferred its management from Millennium BCP to Fundimo.

In November, the value of real estate situated in Member States of the European Union was €8,752.1 million, which corresponds to a growth of 1.2% in comparison with the previous month.

ESAF holds the largest market share, followed by Fundimo and BPN Imofundos. These three companies managed 40.8% of the real-estate assets held by funds, which represents a slightly higher level of concentration to that of October.

In November, the value of assets managed by the 10 largest funds corresponded to 51.9% of the total, dropping 1 p.p. compared to October 2006.

14 December 2006

Table 1 – Aggregate Benchmarks

Unit: 10^6 EUR

Table 2 – Investment per Type of Asset and Market

Unit: 10^6 EUR

	Nov-06		Monthly D
	Value	% Total
Real Estate situated in the EU	8.752,1	94,5%	1,2%
Land	1.557,2	16,8%	1,6%
Reconstruction	49,5	0,5%	0,5%
Other Construction Projects	889,5	9,6%	2,3%
Completed Construction	6.242,5	67,4%	1,0%
Rights	13,4	0,1%	0,0%
Real Estate situated outside the EU	0,0	0,0%	-
Land	0,0	0,0%	-
Reconstruction	0,0	0,0%	-
Other Construction Projects	0,0	0,0%	-
Completed Construction	0,0	0,0%	-
Rights	0,0	0,0%	-
Sub-Total Property	8.752,1	94,5%	1,2%
Investment Units	44,0	0,5%	117,1%
Investment Units in Real Estate Companies	176,6	1,9%	0,0%
Liquidity	931,8	10,1%	14,4%
Spot	389,3	4,2%	-6,6%
Forward	542,5	5,9%	36,3%
Loans	-591,1	-6,4%	1,4%
Other sums to be settled	-54,9	-0,6%	12,6%
Sub-Total	506,4	5,5%	33,3%
TOTAL	9.258,5	100,0%	2,6%

Table 3 – Purpose of the Real-Estate

Unit: 10^6 EUR

 

	Nov-06		Monthly D
	Value	% Total
Real Estate situated in the EU	7.181,4	100,0%	1,12%
Housing	619,3	8,6%	4,68%
Commerce	1.589,9	22,1%	1,39%
Services	3.161,3	44,0%	0,71%
Others	1.810,9	25,2%	0,44%
Real Estate situated outside the EU	-	-	-
Housing	-	-	-
Commerce	-	-	-
Services	-	-	-
Others	-	-	-
TOTAL	7.181,4	100,0%	1,12%

Table 4 – Number of Funds and Market Share (10 biggest)

Entity	Nov-06		Monthly D
	No.	Market Share	No.	Market Share
ESAF	14	15,5%	3	0,05 p.p.
Fundimo	16	13,2%	1	-0,14 p.p.
BPN Imofundos	6	12,1%	0	-0,09 p.p.
Millennium BCP	22	10,9%	4	0,58 p.p.
Santander Gestão de Activos	4	8,1%	0	-0,2 p.p.
Banif Gestão de Activos	6	7,2%	0	-0,22 p.p.
Norfin	11	6,5%	2	0,33 p.p.
TDF	2	3,8%	0	-0,1 p.p.
Silvip	1	3,1%	0	-0,08 p.p.
Imopólis	1	2,7%	0	-0,08 p.p.
Others	53	16,8%	2	-0,05 p.p.
TOTAL	136	100,0%	12	-

Legend: p.p. – percentage points.

Table 5 – Ten largest funds

Note: In descending order of the amounts managed by the funds during the last period under analysis.