Real Estate Investment Funds
The value under management in the Property Investment Funds reached €7,784.3 million at the end of August, 1.2% more than in July 2005. In August a new closed-end fund managed by ESAF and called “Espírito Santo Reconversão Urbana” was established. Sociedade Gestora do Fundo Primeiro Imobiliário, SA, established recently, changed its name to Square Asset Management – Sociedade Gestora de Fundos de Investimento Imobiliário, S.A.. The real estate located in Portugal represented 89.9% of the value managed by funds, with €4,599.3 million (59.1%) relating to rented property and €1,793.3 million (23%) to building projects. ESAF, of all the management companies, holds the largest share in the market, and is closely followed by BPN Imofundos and Fundimo. These three companies manage 44.3% of the property assets held by funds, which represents a similar level of concentration to that of the previous month. The value managed by the 10 largest funds corresponded, in the said month, to 57.7% of the total, registering approximately the same as in July 2005 (57.8%). Only two funds, “Imorenda” and “Imosotto Acumulação”, did not increase their managed value when compared with the previous month. 12 September 2005 Table 1 – Aggregated Benchmarks Unit: 10^6 Euro | | Aug - 05 | monthly Δ | | Assets under management (1) | 7.784,3 | 1,2% | | No. of fund operators | 28 | 0 | | No. of Funds (2) | 74 | 1 | | Mean capitalisation of funds [(1)/(2)] | 105,2 | -0,1 | Table 2 – Investment per Type of Asset and Market Unit: 10^6 Euro | | Aug - 05 | monthly Δ | | Value | % Total | | Property located in Portugal | 7.000,6 | 89,9% | 1,2% | | Construction Projects | 1.793,3 | 23,0% | 2,8% | | Completed Construction | 5.207,3 | 66,9% | 0,6% | | Let | 4.599,3 | 59,1% | 0,4% | | Not let | 608,0 | 7,8% | 2,4% | | Property located in other EU countries | - | - | - | | Construction Projects | - | - | - | | Completed Construction | - | - | - | | Let | - | - | - | | Not let | - | - | - | | Sub-Total Property | 7.000,6 | 89,9% | 1,2% | | Units in Property Investment Funds | 8,1 | 0,1% | 0,4% | | Liquidity | 716,5 | 9,2% | 7,8% | | spot | 281,9 | 3,6% | 10,2% | | forward | 434,7 | 5,6% | 6,3% | | Loans | -163,9 | -2,1% | 24,0% | | Other sums to be setled | 222,9 | 2,9% | -2,4% | | Sub-Total | 783,7 | 10,1% | 1,9% | | TOTAL | 7.784,3 | 100,0% | 1,2% | Table 3 – Purpose of Property Unit: 10^6 Euro | | Ago-05 | monthly Δ | | Value | % Total | | Property located in Portugal | 7.000,6 | 100,0% | 1,2% | | Housing | 677,3 | 9,7% | 0,6% | | Commerce | 1.379,6 | 19,7% | 0,3% | | Services | 2.865,4 | 40,9% | 0,9% | | Others | 2.078,3 | 29,7% | 2,2% | | Property located in other EU countries | - | - | - | | Housing | - | - | - | | Commerce | - | - | - | | Services | - | - | - | | Others | - | - | - | | TOTAL | 7.000,6 | 100,0% | 1,2% | Table 4 – Number of Funds and Market Share (10 largest) Unit: 10^6 Euro | Entity | Aug - 05 | monthly Δ | | No. | Market Share | No. | Market Share | | ESAF | 3 | 19,1% | 1 | 0,24 p.p. | | BPN Imofundos | 6 | 13,4% | 0 | 0,02 p.p. | | Fundimo | 9 | 11,8% | 0 | 0,09 p.p. | | Santander Gestão de Activos | 4 | 8,6% | 0 | 0,01 p.p. | | Millennium BCP | 7 | 7,9% | 0 | -0,08 p.p. | | TDF | 3 | 7,1% | 0 | -0,08 p.p. | | Banif Gestão de Activos | 4 | 6,3% | 0 | 0,02 p.p. | | Norfin | 8 | 5,5% | 0 | -0,05 p.p. | | Silvip | 1 | 3,3% | 0 | -0,03 p.p. | | Imopólis | 1 | 3,2% | 0 | -0,04 p.p. | | Others | 28 | 13,7% | 0 | -0,08 p.p. | | TOTAL | 74 | 100,0% | 1 | - | Legend: p.p. – percentage points. Table 5 – Ranking of Funds (10 largest) Unit: 10^6 Euro | Entity | Fund | Aug - 05 | monthly Δ
Value | | Value | % | | ESAF | GESPATRIMÓNIO RENDIMENTO | 1.432,9 | 18,4% | 0,4% | | Fundimo | FUNDIMO | 672,2 | 8,6% | 2,2% | | BPN Imofundos | F. INVEST. IMOBILIÁRIO ABERTO BPN IMONEGÓCIOS | 530,1 | 6,8% | 1,9% | | Banif Gestão de Activos | BANIF IMOPREDIAL - F. INVEST. IMOBIL. ABERTO | 333,5 | 4,3% | 2,3% | | Millennium BCP | AF PORTFÓLIO IMOBILIÁRIO | 268,7 | 3,5% | 0,3% | | TDF | IMORENDA | 263,4 | 3,4% | 0,0% | | Santander Gestão de Activos | NOVIMOVEST | 259,6 | 3,3% | 3,2% | | Silvip | FUNDO DE VALORES E INVESTIMENTOS PREDIAIS - VIP | 256,3 | 3,3% | 0,2% | | Imopólis | IMODESENVOLVIMENTO | 251,3 | 3,2% | 0,1% | | Millennium BCP | IMOSOTTO ACUMULAÇÃO | 227,4 | 2,9% | -0,1% | | Others | 3.289,0 | 42,3% | 1,5% | | TOTAL | 7.784,3 | 100,0% | 1,2% | Note: Decreasing order of amounts managed by funds in the last period under analysis. 1 The data presented in this report is based, unless otherwise stated, on information submitted to the CMVM by Securities Investment Fund Operators, in accordance with the legislation in force. The information used relates to 13 September 2005 . Monthly variation (monthly Δ) always refers to the comparison between the month under analysis and the previous one.
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