Real Estate Investment Funds
The value of assets managed by real estate funds reached 8,013.2 million Euro at the end of November, up 0.5% on the figure for October 2005. During the month of November, the closed-end fund “FINIMOBILIÁRIO” operated by Finivalor - Sociedade Gestora de Fundos Mobiliários, SA merged with the fund “FINIPREDIAL”, operated by the same management company. Real estate situated in Member States of the European Union represented 88.8% of the value of assets managed by funds, of which 5,239.0 million Euro (65.4%) corresponded to finished buildings. ESAF is the largest real estate fund management company, followed by BPN Imofundos and Fundimo. These three companies managed 43.2% of the real estate held by funds, which percentage shows a slight decrease in the level of concentration when compared to the previous month. The value of assets managed by the 10 largest funds was equivalent, in the month in question, to 57.0% of the total. This percentage was similar to that registered in October (57.1%). 15 December 2005 Table 1 – Aggregated Benchmarks Unit: 10^6 Euro | | Nov - 05 | monthly Δ | | Assets under management (1) | 8.013,2 | 0,5% | | No. of fund operators | 28 | 0 | | No. of Funds (2) | 77 | -1 | | Mean capitalisation of funds [(1)/(2)] | 104,1 | 1,9 | Table 2 – Investment per Type of Asset and Market Unit: 10^6 Euro | | Nov - 05 | monthly Δ | | Value | % Total | | Property located in the EU | 7.118,1 | 88,8% | 0,3% | | Land | 893,2 | 11,1% | 2,6% | | Reconstruction | 40,8 | 0,5% | 29,3% | | Other Construction Projects | 935,0 | 11,7% | -0,7% | | Completed Const ruction | 5.239,0 | 65,4% | -0,1% | | Rights | 10,2 | 0,1% | 0,0% | | Property located outside the EU | 0,0 | 0,0% | - | | Land | 0,0 | 0,0% | - | | Rehabilitation Construction | 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 | 7.118,1 | 88,8% | 0,3% | | Investment Units | 8,7 | 0,1% | 6,4% | | Investment units in Real Estate Companies | 156,3 | 2,0% | -0,1% | | Liquidity | 814,5 | 10,2% | 8,7% | | Spot | 313,1 | 3,9% | 9,7% | | Forward | 501,4 | 6,3% | 8,1% | | Loans | -203,6 | -2,5% | 15,5% | | Other sums to be settled | 119,1 | 1,5% | -12,1% | | Sub-Total | 895,0 | 11,2% | 2,5% | | TOTAL | 8.013,2 | 100,0% | 0,5% | Table 3 – Purpose of Property Unit: 10^6 Euro | | Nov-05 | monthly Δ | | Value | % Total | | Property located in the EU | 6.214,8 | 100,0% | -0,04% | | Housing | 455,4 | 7,3% | -0,67% | | Commerce | 1.339,0 | 21,5% | 0,03% | | Services | 2.828,9 | 45,5% | 0,33% | | Others | 1.591,6 | 25,6% | -0,55% | | Property located outside the EU | - | - | - | | Housing | - | - | - | | Commerce | - | - | - | | Services | - | - | - | | Others | - | - | - | | TOTAL | 6.214,8 | 100,0% | -0,04% | Table 4 – Number of Funds and Market Share (10 largest) Unit: 10^6 Euro | Entity | Nov - 05 | monthly Δ | | No. | Market Share | No. | Market Share | | ESAF | 3 | 18,3% | 0 | -0,14 p.p. | | BPN Imofundos | 6 | 13,3% | 0 | 0,06 p.p. | | Fundimo | 10 | 11,6% | 0 | -0,03 p.p. | | Santander Gestão de Activos | 4 | 8,6% | 0 | -0,04 p.p. | | Millennium BCP | 9 | 7,9% | 0 | -0,01 p.p. | | TDF | 3 | 6,9% | 0 | -0,04 p.p. | | Banif Gestão de Activos | 4 | 6,6% | 0 | 0,11 p.p. | | Norfin | 8 | 5,4% | 0 | 0 p.p. | | Silvip | 1 | 3,3% | 0 | -0,02 p.p. | | Imopólis | 1 | 3,1% | 0 | -0,01 p.p. | | Others | 28 | 14,8% | -1 | 0,11 p.p. | | TOTAL | 77 | 100,0% | -1 | - | Legend: p.p. – percentage points. Table 5 – Ranking of Funds (10 largest) Unit: 10^6 Euro | Entity | Fund | Nov - 05 | monhly Δ
Value | | Value | % | | ESAF | GESPATRIMÓNIO RENDIMENTO | 1.417,4 | 17,7% | -0,2% | | Fundimo | FUNDIMO | 682,2 | 8,5% | 0,5% | | BPN Imofundos | F. INVEST. IMOBILIÁRIO ABERTO BPN IMONEGÓCIOS | 546,8 | 6,8% | 0,9% | | Banif Gestão de Activos | BANIF IMOPREDIAL - F. INVEST. IMOBIL. ABERTO | 368,9 | 4,6% | 3,2% | | Santander Gestão de Activos | NOVIMOVEST | 275,5 | 3,4% | -0,3% | | Millennium BCP | AF PORTFÓLIO IMOBILIÁRIO | 271,1 | 3,4% | 0,3% | | Silvip | FUNDO DE VALORES E INVESTIMENTOS PREDIAIS - VIP | 264,4 | 3,3% | 0,0% | | TDF | IMORENDA | 263,4 | 3,3% | 0,0% | | Imopólis | IMODESENVOLVIMENTO | 252,2 | 3,1% | 0,1% | | Millennium BCP | IMOSOTTO ACUMULAÇÃO | 227,4 | 2,8% | 0,0% | | Others | 3.444,0 | 43,0% | 0,7% | | TOTAL | 8.013,2 | 100,0% | 0,5% | 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 19 December 2005. Monthly variation (monthly Δ) always refers to the comparison between the month under analysis and the previous one.
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