Real Estate Investment Funds
In April 2012, the amount under management of Real Estate Investment Funds (REIF), Special Real Estate Investment Funds (SREIF) and the Real Estate Asset Management Funds (REAMF) amounted to €12,173.8 million which corresponds to €50.8 million more than in March.
The amount of REIF under management rose 0.3% up to €8,873.9 million (€24.8 million more than in March), and the amount under management of Special Real Estate Investment Funds (SREIF) increased 1.1% up to €2,583.7 million. The amount under management of Real Estate Asset Management Funds (REAMF) tumbled 0.2% when compared to the preceding month.
The EU Member States continued to be the key destination for real estate investment corresponding to 99.8% of the total investment. Real estate for the services sector were the principal target of the Open-End REIF's and SREIF's investments, with a 46.0% weighting in the portfolios in said period. The commerce sector is the purpose of a majority of properties held in REAMF (40.9% of the total).
Fundimo (14.0%), Interfundos (10.6%) and ESAF (9.0%) hold the highest market shares. The value of the fund 'Fundimo', which has the largest amount under management, rose 4.7% up to €967.2 million in comparison to the preceding month.
During this period, the Special Real Estate Investment Fund 'Grand Urban Investment Fund - FEIIF', managed by Interfundos was established. The Special Investment Fund 'Valor Alcântara – FEIIF' managed by Dunas Capital Gestão de Activos was terminated.
Table 1 – Aggregate Benchmarks
Unit: 10^6 Euro
|
|
REIF |
SREIF |
REAMF |
|
|
Apr-12 |
Mar-12 |
Monthly D |
Apr-12 |
Mar-12 |
Monthly D |
Apr-12 |
Mar-12 |
Monthly D |
|
No. of Fund Operators |
30 |
30 |
0 |
22 |
23 |
-1 |
1 |
1 |
0 |
|
Assets under Management (1) |
8.873,9 |
8.849,2 |
0,3% |
2.583,7 |
2.556,0 |
1,1% |
716,2 |
717,9 |
-0,2% |
|
Open-End |
4.098,0 |
4.069,6 |
0,7% |
478,1 |
451,4 |
5,9% |
716,2 |
717,9 |
-0,2% |
|
Closed-End |
4.776,0 |
4.779,6 |
-0,1% |
2.105,5 |
2.104,6 |
0,0% |
- |
- |
- |
|
No. of Funds (2) |
153 |
153 |
0 |
107 |
107 |
0 |
3 |
3 |
0 |
|
Open-End |
12 |
12 |
0 |
2 |
2 |
0 |
3 |
3 |
0 |
|
Closed-End |
141 |
141 |
0 |
105 |
105 |
0 |
- |
- |
- |
Table 2 – Investment per Type of Asset and Market
Unit: 10^6 Euro
|
|
Apr-12 |
|
|
Open-End |
Closed-End |
|
|
REIF+SREIF |
REAMF |
|
|
Value |
% Total |
Monthly D |
Value |
% Total |
Monthly D |
Value |
% Total |
Monthly D |
|
Real Estate situated in the EU |
5.028,1 |
109,9% |
-0,1% |
513,5 |
71,7% |
-0,7% |
9.076,1 |
131,9% |
0,2% |
|
Land |
188,2 |
4,1% |
0,0% |
88,0 |
12,3% |
-1,2% |
1.925,5 |
28,0% |
-0,1% |
|
Reconstruction |
13,4 |
0,3% |
0,1% |
0,0 |
0,0% |
- |
189,2 |
2,7% |
-2,9% |
|
Other Construction Projects |
137,6 |
3,0% |
3,4% |
11,5 |
1,6% |
0,0% |
1.463,2 |
21,3% |
-1,5% |
|
Completed Construction |
4.654,0 |
101,7% |
-0,2% |
414,0 |
57,8% |
-0,6% |
5.477,8 |
79,6% |
0,8% |
|
Rights |
34,9 |
0,8% |
0,0% |
0,0 |
0,0% |
- |
20,4 |
0,3% |
0,0% |
|
Real Estate situated outside the EU |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
13,0 |
0,2% |
-2,4% |
|
Land |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
|
Reconstruction |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
|
Other Construction Projects |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
|
Completed Construction |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
13,0 |
0,2% |
-2,4% |
|
Rights |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
|
REAL ESTATE Sub-Total |
5.028,1 |
109,9% |
-0,1% |
513,5 |
71,7% |
-0,7% |
9.089,1 |
132,1% |
0,2% |
|
Investment Units |
13,4 |
0,3% |
0,2% |
10,0 |
1,4% |
0,0% |
65,7 |
1,0% |
-0,9% |
|
Investment Units in Real Estate Companies |
61,2 |
1,3% |
0,0% |
125,0 |
17,5% |
0,2% |
210,7 |
3,1% |
16,8% |
|
Liquidity |
36,2 |
0,8% |
8,5% |
56,3 |
7,9% |
3,8% |
366,1 |
5,3% |
-8,7% |
|
Spot |
18,7 |
0,4% |
127,5% |
11,8 |
1,6% |
-17,0% |
73,1 |
1,1% |
-20,8% |
|
Forward |
17,5 |
0,4% |
-30,5% |
44,5 |
6,2% |
11,2% |
293,0 |
4,3% |
-5,0% |
|
Loans |
-684,0 |
-14,9% |
5,9% |
-20,0 |
-2,8% |
-1,6% |
-2.615,8 |
-38,0% |
2,0% |
|
Other sums to be settled |
121,2 |
2,6% |
357,4% |
31,3 |
4,4% |
-1,8% |
-234,4 |
-3,4% |
-14,0% |
|
Sub-Total |
-452,0 |
-9,9% |
-11,6% |
202,7 |
28,3% |
1,0% |
-2.207,6 |
-32,1% |
0,8% |
Table 3 – Purpose of the Real Estate
Unit: 10^6 Euro
|
|
Apr-12 |
|
Open-End |
Closed-End |
|
REIF+SREIF |
REAMF |
|
Value |
% Total |
Monthly D |
Value |
% Total |
Monthly D |
Value |
% Total |
Monthly D |
|
Real Estate situated in the EU |
4.804,9 |
100,0% |
-0,1% |
425,5 |
100,0% |
-0,6% |
7.130,1 |
99,8% |
0,2% |
|
Housing |
139,9 |
2,9% |
-0,3% |
137,4 |
32,3% |
-1,0% |
1.304,1 |
18,3% |
2,4% |
|
Commerce |
948,0 |
19,7% |
-0,3% |
174,0 |
40,9% |
-0,2% |
1.405,3 |
19,7% |
-3,3% |
|
Services |
2.211,0 |
46,0% |
-0,2% |
57,1 |
13,4% |
0,0% |
1.893,1 |
26,5% |
-0,1% |
|
Industrial |
0,5 |
0,0% |
0,0% |
1,9 |
0,4% |
0,0% |
38,1 |
0,5% |
14,3% |
|
Others |
1.505,5 |
31,3% |
0,3% |
55,2 |
13,0% |
-1,6% |
2.489,6 |
34,9% |
1,3% |
|
Real Estate situated outside the EU |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
13,0 |
0,2% |
-2,4% |
|
Housing |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
|
Commerce |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
|
Industrial |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
|
Services |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
|
Others |
0,0 |
0,0% |
- |
0,0 |
0,0% |
- |
13,0 |
0,2% |
-2,4% |
|
TOTAL |
4.804,9 |
100,0% |
-0,1% |
425,5 |
100,0% |
-0,6% |
7.143,1 |
100,0% |
0,2% |
Note: Land and Rights are not included in the definition of 'Real Estate'.
Table 4 – Number of Funds and Market Share
|
No. |
Market Share |
No. |
Market Share |
|
REIF+SREIF |
|
|
|
|
|
Fundimo |
28 |
14,0% |
0 |
0,3 p.p. |
|
Interfundos |
48 |
10,6% |
1 |
0,02 p.p. |
|
ESAF |
30 |
9,0% |
0 |
-0,2 p.p. |
|
Banif Gestão de Activos |
14 |
6,6% |
0 |
-0,03 p.p. |
|
Square Asset Management |
4 |
6,5% |
0 |
0,22 p.p. |
|
BPN Imofundos |
9 |
6,1% |
0 |
-0,06 p.p. |
|
Santander Asset Management |
4 |
5,4% |
0 |
-0,12 p.p. |
|
Norfin |
13 |
5,1% |
0 |
0,05 p.p. |
|
Gesfimo |
18 |
4,4% |
0 |
-0,02 p.p. |
|
Sonaegest |
3 |
3,8% |
0 |
0 p.p. |
|
Finivalor |
6 |
3,7% |
0 |
0,03 p.p. |
|
Millennium BCP Gestão de Activos |
2 |
3,3% |
0 |
-0,04 p.p. |
|
Fimoges |
1 |
2,6% |
0 |
-0,02 p.p. |
|
Silvip |
1 |
2,5% |
0 |
0,02 p.p. |
|
Fund Box |
13 |
2,2% |
0 |
-0,02 p.p. |
|
Selecta |
7 |
2,2% |
0 |
-0,01 p.p. |
|
BPI Gestão de Activos |
2 |
1,7% |
0 |
0,02 p.p. |
|
Fundiestamo |
3 |
1,6% |
0 |
0 p.p. |
|
TF Turismo Fundos |
2 |
1,0% |
0 |
0 p.p. |
|
TDF |
1 |
0,9% |
0 |
0 p.p. |
|
Imorendimento |
7 |
0,9% |
0 |
0 p.p. |
|
Refundos |
1 |
0,8% |
0 |
-0,01 p.p. |
|
GEF |
8 |
0,8% |
0 |
-0,02 p.p. |
|
Popular Gestão de Activos |
5 |
0,8% |
0 |
-0,05 p.p. |
|
Atlantic |
7 |
0,6% |
0 |
0 p.p. |
|
MNF Gestão de Activos |
6 |
0,5% |
0 |
-0,01 p.p. |
|
SGFI |
6 |
0,5% |
0 |
-0,01 p.p. |
|
Libertas |
1 |
0,4% |
0 |
0 p.p. |
|
Imopólis |
1 |
0,3% |
0 |
-0,01 p.p. |
|
Vila Galé Gest |
1 |
0,3% |
0 |
0 p.p. |
|
Orey Financial |
4 |
0,2% |
0 |
0 p.p. |
|
Floresta Atlântica |
1 |
0,2% |
0 |
0 p.p. |
|
Invest Gestão de Activos |
2 |
0,1% |
0 |
0 p.p. |
|
Fibeira Fundos |
1 |
0,1% |
0 |
0 p.p. |
|
Dunas Capital |
0 |
0,0% |
-1 |
-0,04 p.p. |
|
REIF+SREIF Total |
260 |
100,0% |
0 |
- |
|
REAMF |
|
|
|
|
|
Fimoges |
3 |
100,0% |
0 |
0 p.p. |
|
REAMF Total |
3 |
100,0% |
0 |
- |
|
TOTAL |
263 |
100,0% |
0 |
- |
Legend: p.p. – percentage points.
Table 5 – Largest Funds
Unit: 10^6 Euro
| Value |
% |
Value |
| |
REIF+SREIF |
|
|
|
| Fundimo |
FUNDIMO |
967,2 |
8,4% |
4,7% |
| ESAF |
GESPATRIMÓNIO RENDIMENTO |
611,0 |
5,3% |
-2,1% |
| Square Asset Management |
CA IMOBILIÁRIO |
470,6 |
4,1% |
6,0% |
| Santander Asset Management |
NOVIMOVEST |
410,3 |
3,6% |
-2,6% |
| BPN Imofundos |
F. INVEST. IMOBILIÁRIO ABERTO BPN IMONEGÓCIOS |
374,8 |
3,3% |
0,0% |
| Millennium BCP Gestão de Activos |
AF PORTFÓLIO IMOBILIÁRIO |
323,4 |
2,8% |
-0,6% |
| Banif Gestão de Activos |
BANIF IMOPREDIAL - F. INVEST. IMOBIL. ABERTO |
320,0 |
2,8% |
0,6% |
| Fimoges |
FUNDES |
295,7 |
2,6% |
-0,3% |
| Finivalor |
FINIPREDIAL |
292,1 |
2,5% |
2,0% |
| Silvip |
FUNDO DE VALORES E INVESTIMENTOS PREDIAIS - VIP |
291,5 |
2,5% |
1,1% |
| Others |
|
7.101,0 |
62,0% |
0,0% |
| |
REIF+SREIF Total |
11.457,6 |
100,0% |
0,5% |
| |
REAMF |
|
|
|
| Fimoges |
FUNGERE |
366,5 |
51,2% |
-0,1% |
| Fimoges |
FUNGEPI BES |
316,7 |
44,2% |
-0,4% |
| Fimoges |
FUNGEPI - BES II |
33,0 |
4,6% |
-0,4% |
| |
REAMF Total |
716,2 |
100,0% |
-0,2% |
Note: In descending order of the amounts managed by the funds during the last period under analysis.
Unless otherwise specified, the data contained in this report is based on information submitted to the CMVM by the Management Entities, in accordance with the legislation in force. This includes Management Funds of Real Estate Assets (FUNGEPI) (previously designated by the acronym FIIGE and FGPI) and established under Decree-Law No. 316/93 of 21 September and the Real Estate Investment Funds for Residential Letting (FIIAH), contained in a category known as REIF. This does not include funds established pursuant to Ministerial Order No. 264/95, of 11th August. The 'Fundo de Investimento Imobiliário Correia & Viegas' and respective management company was excluded due to compulsory liquidation by decision of the CMVM's Executive Board on 11 November 2009. The information refers to 15 May 2012, being provisional results. The monthly variation (monthly D) always refers to the comparison between the month under analysis and the preceding month.
|
|
|