Real Estate Investment Funds
At the end of January 2006, the value of assets managed by Real Estate Funds1, reached €8,263.3 million, which corresponds to a growth of 1.2% in comparison to the end of 2005. Two closed-end funds were established in January: ‘Trindade’ managed by Norfin and ‘Estamo’ managed by Fundimo. Real estate located in Member States of the European Union reached € 7,523.7 million, 1.2% more than the previous month. The monthly growth of investment in Land (+5.6%) and a decrease in the Reconstruction (-11.7%) and Other Construction Projects (-7.4%) is noteworthy. ESAF is the largest real estate fund management company, closely followed by BPN Imofundos and Fundimo. These three companies manage 43% of the real estate assets held by funds, which represents a similar level of concentration to that of the previous month (43.3%). The value of assets managed by the 10 largest funds corresponded, in the said month, to 56.2% of the total, falling 0.5 p.p. compared to December 2005. 13 February 2006 1 Excluding the Margueira Capital Fund managed by Margueira - Sociedade Gestora Fundos Investimentos Imobiliários, SA. Table 1 – Aggregated Benchmarks Unit: 10^6 Euro | | Jan-06 | Dec-05 | monthly Δ | | Assets under management (1) | 8.263,3 | 8.164,5 | 1,2% | | No. of fund operators | 27 | 28 | -1 | | No. of Funds (2) | 83 | 82 | 1 | | Mean capitalisation of funds [(1)/(2)] | 99,6 | 99,6 | 0,0 | Table 2 – Investment per Type of Asset and Market Unit: 10^6 Euro | | Jan-06 | monthly Δ | | Value | % Total | | Property located in the EU | 7.523,7 | 91,1% | 1,2% | | Land | 1.265,6 | 15,3% | 5,6% | | Reconstruction | 36,5 | 0,4% | -11,7% | | Other Construction Projects | 636,2 | 7,7% | -7,4% | | Completed Const ruction | 5.575,2 | 67,5% | 1,5% | | Rights | 10,2 | 0,1% | 0,0% | | Property located 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 | 7.523,7 | 91,1% | 1,2% | | Investment Units | 25,9 | 0,3% | -9,3% | | Investment units in Real Estate Companies | 160,6 | 1,9% | 6,4% | | Liquidity | 715,6 | 8,7% | -2,0% | | Spot | 219,7 | 2,7% | -1,6% | | Forward | 495,8 | 6,0% | -2,2% | | Loans | -249,9 | -3,0% | 3,7% | | Other sums to be settled | 87,4 | 1,1% | 38,7% | | Sub-Total | 739,5 | 8,9% | 1,0% | | TOTAL | 8.263,3 | 100,0% | 1,2% | Table 3 – Purpose of Property Unit: 10^6 Euro | | Jan-06 | monthly Δ | | Value | % Total | | Property located in the EU | 6.247,9 | 100,0% | 0,38% | | Housing | 391,8 | 6,3% | 3,55% | | Commerce | 1.409,1 | 22,6% | 3,48% | | Services | 2.888,5 | 46,2% | 0,14% | | Others | 1.558,5 | 24,9% | -2,57% | | Property located outside the EU | - | - | - | | Housing | - | - | - | | Commerce | - | - | - | | Services | - | - | - | | Others | - | - | - | | TOTAL | 6.247,9 | 100,0% | 0,38% | Table 4 – Number of Funds and Market Share (10 largest) Unit: 10^6 Euro | Entity | Jan-06 | monthly Δ | | No. | Market Share | No. | Market Share | | ESAF | 3 | 17,7% | 0 | -0,25 p.p. | | BPN Imofundos | 6 | 13,3% | 0 | 0,1 p.p. | | Fundimo | 12 | 12,0% | 1 | 0,34 p.p. | | Santander Gestão de Activos | 4 | 8,6% | 0 | -0,02 p.p. | | Millennium BCP | 11 | 7,9% | 0 | -0,12 p.p. | | Banif Gestão de Activos | 4 | 7,2% | 0 | 0,45 p.p. | | TDF | 3 | 6,7% | 0 | -0,08 p.p. | | Norfin | 9 | 5,9% | 1 | 0,64 p.p. | | Silvip | 1 | 3,2% | 0 | -0,04 p.p. | | Imopólis | 1 | 3,1% | 0 | -0,03 p.p. | | Others | 29 | 14,3% | -1 | -0,98 p.p. | | TOTAL | 83 | 100,0% | 1 | - | Legend: p.p. – percentage points. Table 5 – Ranking of Funds (10 largest) Unit: 10^6 Euro | Entity | Fund | Jan-06 | monthly Δ
Value | | Value | % | | ESAF | GESPATRIMÓNIO RENDIMENTO | 1.410,9 | 17,1% | -0,2% | | Fundimo | FUNDIMO | 688,3 | 8,3% | 0,8% | | BPN Imofundos | F. INVEST. IMOBILIÁRIO ABERTO BPN IMONEGÓCIOS | 579,0 | 7,0% | 3,8% | | Banif Gestão de Activos | BANIF IMOPREDIAL - F. INVEST. IMOBIL. ABERTO | 395,6 | 4,8% | 6,2% | | Santander Gestão de Activos | NOVIMOVEST | 290,8 | 3,5% | 2,0% | | Millennium BCP | AF PORTFÓLIO IMOBILIÁRIO | 272,3 | 3,3% | -0,7% | | Silvip | FUNDO DE VALORES E INVESTIMENTOS PREDIAIS - VIP | 266,1 | 3,2% | 0,1% | | TDF | IMORENDA | 263,3 | 3,2% | 0,0% | | Imopólis | IMODESENVOLVIMENTO | 252,6 | 3,1% | 0,1% | | Millennium BCP | IMOSOTTO ACUMULAÇÃO | 223,7 | 2,7% | 0,0% | | Others | 3.620,7 | 43,8% | 1,3% | | TOTAL | 8.263,3 | 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 February 2006 . On this date, Margueira - Sociedade Gestora de Fundos de Investimento Imobiliários, SA., did not report any information about the fund “Margueira Capital”. Therefore this fund and company are included in the information related to Dec/05, but not included in the information related to Jan/06. Monthly variation (monthly Δ) always refers to the comparison between the month under analysis and the previous one
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