Real Estate Investment Funds
The value under management in the Property Investment Funds reached €7.520.3 million, 1.2% more than in May 2005. The number of management companies did not change in comparison to the previous month and 3 new closed-end funds started operating: Europa, managed by SGFI, Imolux and Eminvest, both managed by Millennium BCP. The real estate located in Portugal represented 89.1% of the value managed by funds, with 59.5% (€4,477.1 million) relating to rented property and 21.6% (€1,623.6 million) to building projects. ESAF, of all the management companies, held the largest share in the market, managing 19.2% of the total property investment funds’ assets (0.26pp less in comparison to May 2005), followed by BPN Imofundos with 13.5% and Fundimo with 11.9%. These three companies manage 44.6% 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 was equivalent, in the said month, to 58.1% of the total, registering approximately the same as in May 2005. 25 July 2005 Table 1 – Aggregated Benchmarks Unit: 10^6 Euro | | Jun - 05 | monthly Δ | | Assets under management (1) | 7.520,3 | 1,2% | | No. of fund operators | 27 | 0 | | No. of Funds (2) | 71 | 3 | | Mean capitalisation of funds [(1)/(2)] | 105,9 | -3,4 | Table 2 – Investment per Type of Asset and Market Unit: 10^6 Euro | | Jun - 05 | monthly Δ | | Value | % Total | | Property located in Portugal | 6.701,4 | 89,1% | 1,2% | | Construction Projects | 1.623,6 | 21,6% | 1,9% | | Completed Construction | 5.077,8 | 67,5% | 1,0% | | Let | 4.477,1 | 59,5% | 1,1% | | Not let | 600,7 | 8,0% | 0,0% | | Property located in other EU countries | - | - | - | | Construction Projects | - | - | - | | Completed Construction | - | - | - | | Let | - | - | - | | Not let | - | - | - | | Sub-Total Property | 6.701,4 | 89,1% | 1,2% | | Units in Property Investment Funds | 8,4 | 0,1% | 0,4% | | Liquidity | 658,5 | 8,8% | 7,4% | | spot | 281,5 | 3,7% | 8,9% | | forward | 377,0 | 5,0% | 6,3% | | Loans | -107,1 | -1,4% | 6,5% | | Other sums to be setled | 259,1 | 3,4% | -11,3% | | Sub-Total | 818,8 | 10,9% | 0,8% | | TOTAL | 7.520,3 | 100,0% | 1,2% | Table 3 – Purpose of Property Unit: 10^6 Euro | | Jun-05 | monthly Δ | | Value | % Total | | Property located in Portugal | 6.701,4 | 100,0% | 1,2% | | Housing | 592,7 | 8,8% | 1,6% | | Commerce | 1.373,7 | 20,5% | 1,2% | | Services | 2.754,0 | 41,1% | 1,3% | | Others | 1.980,9 | 29,6% | 0,9% | | Property located in other EU countries | - | - | - | | Housing | - | - | - | | Commerce | - | - | - | | Services | - | - | - | | Others | - | - | - | | TOTAL | 6.701,4 | 100,0% | 1,2% | Table 4 – Number of Funds and Market Share (10 largest) Unit: 10^6 Euro | Entity | Jun - 05 | monthly Δ | | No. | Market Share | No. | Market Share | | ESAF | 2 | 19,2% | 0 | -0,26 p.p. | | BPN Imofundos | 6 | 13,5% | 0 | 0,08 p.p. | | Fundimo | 9 | 11,9% | 0 | -0,13 p.p. | | Santander Gestão de Activos | 3 | 8,3% | 0 | -0,08 p.p. | | Millennium BCP | 7 | 8,2% | 2 | 0,14 p.p. | | TDF | 3 | 7,3% | 0 | -0,19 p.p. | | Banif Gestão de Activos | 4 | 5,9% | 0 | 0,55 p.p. | | Norfin | 7 | 5,2% | 0 | -0,05 p.p. | | Silvip | 1 | 3,4% | 0 | 0,02 p.p. | | Imopólis | 2 | 3,4% | 0 | -0,04 p.p. | | Others | 27 | 13,8% | 1 | -0,04 p.p. | | TOTAL | 71 | 100,0% | 3 | - | Legend: p.p. – percentage points. Table 5 – Ranking of Funds (10 largest) Unit: 10^6 Euro | Entity | Fund | Jun - 05 | monthly Δ
Value | | Value | % | | ESAF | GESPATRIMÓNIO RENDIMENTO | 1.424,3 | 18,9% | -0,2% | | Fundimo | FUNDIMO | 652,2 | 8,7% | -0,1% | | BPN Imofundos | F. INVEST. IMOBILIÁRIO ABERTO BPN IMONEGÓCIOS | 510,1 | 6,8% | 3,2% | | Banif Gestão de Activos | BANIF IMOPREDIAL - F. INVEST. IMOBIL. ABERTO | 285,7 | 3,8% | 19,0% | | Millennium BCP | AF PORTFÓLIO IMOBILIÁRIO | 266,8 | 3,5% | 0,3% | | TDF | IMORENDA | 263,4 | 3,5% | 0,0% | | Silvip | FUNDO DE VALORES E INVESTIMENTOS PREDIAIS - VIP | 253,2 | 3,4% | 1,9% | | Imopólis | IMODESENVOLVIMENTO | 250,7 | 3,3% | 0,1% | | Santander Gestão de Activos | NOVIMOVEST | 238,1 | 3,2% | -0,3% | | Millennium BCP | IMOSOTTO ACUMULAÇÃO | 227,6 | 3,0% | 0,0% | | Others | 3.148,2 | 41,9% | 0,7% | | TOTAL | 7.520,3 | 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 25 July 2005 . Monthly variation (monthly Δ) always refers to the comparison between the month under analysis and the previous one.
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