Real Estate Investment Funds
The value of assets managed by real estate funds rose to 7,912 million Euro in September of this year, an increase of 1.6% on the previous month. In contrast, the average monthly capitalisation of funds was down 2.4 million Euro, at 102.8 million Euro. In the same period, three new closed-end funds were established: “Turifundo”, operated by Fundimo, “CA Imobiliário”, operated by Square Asset Management and “Funsita” (the first special investment fund to be authorised in Portugal), operated by Millennium BCP. The number of active funds was 77, and these were operated by a total of 28 management companies. 89.4% (7,073.8 million Euro) of the value of assets managed by funds corresponded to real estate, with all properties situated in the European Union, and 66.3% (5,244.6 million Euro) of the former figure corresponded to Finished Buildings. ESAF continued to hold the largest market share of all management companies, accounting for 18.7% of the total assets of real estate funds, followed by BPN Imofundos, with 13.3% and Fundimo with 11.7%. These three funds managed 43.7% of all real estate assets held by funds. 27 October 2005 Table 1 – Aggregated Benchmarks Unit: 10^6 Euro | | Sept - 05 | monthly Δ | | Assets under management (1) | 7.912,0 | 1,6% | | No. of fund operators | 28 | 0 | | No. of Funds (2) | 77 | 3 | | Mean capitalisation of funds [(1)/(2)] | 102,8 | -2,4 | Table 2 – Investment per Type of Asset and Market Unit: 10^6 Euro | | Sept - 05 | monthly Δ | | Value | % Total | | Property located in the EU | 7.073,8 | 89,4% | n.a. | | Land | 865,6 | 10,9% | n.a. | | Reconstruction | 25,0 | 0,3% | n.a. | | Other Construction Projects | 928,4 | 11,7% | n.a. | | Completed Const ruction | 5.244,6 | 66,3% | n.a. | | Rights | 10,1 | 0,1% | n.a. | | Property located outside the EU | 0,0 | 0,0% | n.a. | | Land | 0,0 | 0,0% | n.a. | | Rehabilitation Construction | 0,0 | 0,0% | n.a. | | Other Construction Projects | 0,0 | 0,0% | n.a. | | Completed Construction | 0,0 | 0,0% | n.a. | | Rights | 0,0 | 0,0% | n.a. | | Sub-Total Property | 7.073,8 | 89,4% | n.a. | | Investment Units | 8,2 | 0,1% | n.a. | | Investment units in Real Estate Companies | 156,6 | 2,0% | n.a. | | Liquidity | 756,0 | 9,6% | n.a. | | Spot | 287,2 | 3,6% | n.a. | | Forward | 468,8 | 5,9% | n.a. | | Loans | -205,6 | -2,6% | n.a. | | Other sums to be settled | 123,0 | 1,6% | n.a. | | Sub-Total | 838,2 | 10,6% | n.a. | | TOTAL | 7.912,0 | 100,0% | n.a. | Note: n.a. – not applicable due to the CMVM Instruction No. 2/2005 that changes the composition of the portfolio of investments. Therefore, data comparison between this and the previous month is not possible. Table 3 – Purpose of Property Unit: 10^6 Euro | | Sept-05 | monthly Δ | | Value | % Total | | Property located in the EU | 6.198,1 | 100,0% | n.a. | | Housing | 432,4 | 7,0% | n.a. | | Commerce | 1.357,6 | 21,9% | n.a. | | Services | 2.801,3 | 45,2% | n.a. | | Others | 1.606,8 | 25,9% | n.a.. | | Property located outside the EU | - | - | - | | Housing | - | - | - | | Commerce | - | - | - | | Services | - | - | - | | Others | - | - | - | | TOTAL | 6.198,1 | 100,0% | n.a. | Notes: n.a. – not applicable due to the CMVM Instruction No. 2/2005 that changes the composition of the portfolio of investments. Therefore, the data comparison between this and the previous month is not possible. The values in the Table refer to Constructions excluding Land and Rights. Table 4 – Number of Funds and Market Share (10 largest) Unit: 10^6 Euro | Entity | Sept - 05 | monthly Δ | | No. | Market Share | No. | Market Share | | ESAF | 3 | 18,7% | 0 | -0,41 p.p. | | BPN Imofundos | 6 | 13,3% | 0 | -0,1 p.p. | | Fundimo | 10 | 11,7% | 1 | -0,07 p.p. | | Santander Gestão de Activos | 4 | 8,7% | 0 | 0,09 p.p. | | Millennium BCP | 8 | 7,9% | 1 | -0,04 p.p. | | TDF | 3 | 7,0% | 0 | -0,11 p.p. | | Banif Gestão de Activos | 4 | 6,3% | 0 | 0,04 p.p. | | Norfin | 8 | 5,5% | 0 | -0,07 p.p. | | Silvip | 1 | 3,3% | 0 | -0,01 p.p. | | Imopólis | 1 | 3,2% | 0 | -0,05 p.p. | | Others | 29 | 14,4% | 1 | 0,72 p.p. | | TOTAL | 77 | 100,0% | 3 | - | Legend: p.p. – percentage points. Table 5 – Ranking of Funds (10 largest) Unit: 10^6 Euro | Entity | Fund | Sept - 05 | monthly Δ
Value | | Value | % | | ESAF | GESPATRIMÓNIO RENDIMENTO | 1.426,9 | 18,0% | -0,4% | | Fundimo | FUNDIMO | 675,2 | 8,5% | 0,4% | | BPN Imofundos | F. INVEST. IMOBILIÁRIO ABERTO BPN IMONEGÓCIOS | 538,1 | 6,8% | 1,5% | | Banif Gestão de Activos | BANIF IMOPREDIAL - F. INVEST. IMOBIL. ABERTO | 343,0 | 4,3% | 2,8% | | Santander Gestão de Activos | NOVIMOVEST | 277,4 | 3,5% | 6,9% | | Millennium BCP | AF PORTFÓLIO IMOBILIÁRIO | 269,5 | 3,4% | 0,3% | | TDF | IMORENDA | 263,4 | 3,3% | 0,0% | | Silvip | FUNDO DE VALORES E INVESTIMENTOS PREDIAIS - VIP | 260,1 | 3,3% | 1,5% | | Imopólis | IMODESENVOLVIMENTO | 251,7 | 3,2% | 0,1% | | Millennium BCP | IMOSOTTO ACUMULAÇÃO | 227,7 | 2,9% | 0,1% | | Others | 3.379,1 | 42,7% | 2,7% | | TOTAL | 7.912,0 | 100,0% | 1,6% | 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 2 November 2005 . Monthly variation (monthly Δ) always refers to the comparison between the month under analysis and the previous one.
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