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Statistics

Periodic statistics


Real estate investment funds

October 2014

The amount under management of Real Estate Investment Funds (REIF), Special Real Estate Investment Funds (SREIF) and Real Estate Asset Management Funds (REAMF) amounted to €12,653.2 million in October 2014. This corresponds to €97.4 million (-0.8%) less than in September.

The amount of SREIF under management did not record a decrease and it was the sector that recorded a 0.2% increase up to €2,873.7 million. The amount under management REIF dropped 1.1% down to €8,996.2 million and the amount under management of Real Estate Asset Management Funds (REAMF) tumbled 0.2% down to €783.3 million.

The EU Member States continue to be the key destination for real estate investment corresponding to 100% of the total investment. Real estate for the services sector was the main target of the Open-End REIF's and SREIF's investments, with a 45.6% weighting in the portfolios over this period. The commerce sector is the purpose of most of the properties held in REAMF (32.9% of the total).

Interfundos (13.0%), Fundger (11.6%) and Montepio Valor (9.2%) hold the highest market share. The value of the fund "Fundimo", which has the largest amount under management in the market, tumbled 0.9% down to €696.9 million in comparison to the previous month. This was followed by "Gespatrimónio Rendimento" that dropped 3.4% down to €504.4 million, and "FIMES Oriente" that remained practically unchanged at €366.5 million.

The real estate investment fund "Imoivens - FIIF", managed by Gesfimo was terminated in October.

The management of the following three funds was transferred last month: real estate investment fund "Imoportugal – FIIF" that was managed by Popular GA and is now managed by GEF; and two special real estate investment funds, "Gestimo - FEIIF", previously managed by Imorendimento and now managed by the new management company Interfundos, and "Colinvest – FEIIF", the management of which was transferred from Interfundos to MNF GA.

 

 

Table 1 – Aggregated Benchmarks

Unit: 10^6 Euro
 FII ​ ​FEII ​ ​FUNGEPI​ ​ ​
 oct 14sep 14Monthly
Δ
oct 14sep 14Monthly
Δ
oct 14sep 14Monthly
Δ
No. of fund operators2828023230110
Assets under management (1)8.996,29.099,2-1,1%2.873,72.866,80,2%783,3784,6-0,2%
    Opened End3.353,03.385,5-1,0%543,3547,9-0,8%783,3784,6-0,2%
    Closed End5.643,25.713,7-1,2%2.330,42.318,90,5%---
No. of Funds (2)142143-11051050330
    Opened End11110440330
    Closed End131132-11011010---
Mean capitalisation of funds [(1)/(2)]63,463,6-0,2827,427,30,07261,1261,5-0,43

 

 Table 2 – Investment per Type of Asset and Market

 Unit: 10^6 Euro

  october 14 ​ ​ ​ ​ ​ ​ ​ ​
Opened end ​ ​ ​ ​ ​Closed end ​ ​ ​ ​ ​
FII+FEII ​ ​FUNGEPI ​ ​
Value% Totalmonthly
Δ
Value% Totalmonthly
Δ
Value% Totalmonthly
Δ
Property located in EU countries4.489,5115,2%-0,6%524,667,0%-0,4%8.823,1110,7%-0,6%
Terrains247,86,4%0,0%177,522,7%-0,2%1.803,922,6%-0,4%
Rehabilitation Construction8,20,2%-0,1%0,00,0%-92,41,2%0,8%
Other Construction Projects58,11,5%0,0%44,65,7%0,0%1.252,515,7%0,1%
Completed Construction4.147,3106,4%-0,7%299,538,2%-0,5%5.649,670,9%-0,8%
Rights28,10,7%0,0%3,00,4%0,0%24,60,3%7,8%
Property located outside EU countries0,00,0%-0,00,0%-0,00,0%-
Terrains0,00,0%-0,00,0%-0,00,0%-
Rehabilitation Construction0,00,0%-0,00,0%-0,00,0%-
Other Construction Projects0,00,0%-0,00,0%-0,00,0%-
Completed Construction0,00,0%-0,00,0%-0,00,0%-
Rights0,00,0%-0,00,0%-0,00,0%-
Sub-Total Property4.489,5115,2%-0,6%524,667,0%-0,4%8.823,1110,7%-0,6%
Investment Units5,40,1%0,3%21,22,7%0,0%73,60,9%-1,1%
Investment units in real estate companies44,11,1%0,0%138,817,7%0,0%336,64,2%1,7%
Liquidity51,21,3%-8,4%79,510,1%1,0%880,911,0%-3,0%
spot9,50,2%-35,1%79,510,1%1,0%144,91,8%6,1%
forward41,81,1%1,1%0,00,0%-736,09,2%-4,6%
Loans-684,3-17,6%0,3%0,00,0%--1.895,6-23,8%-1,5%
Other sums to be setled-9,6-0,2%12,9%19,22,5%-0,6%-244,9-3,1%6,5%
Sub-Total-593,2-15,2%1,4%258,733,0%0,3%-849,4-10,7%1,1%
TOTAL3.896,3100,0%-0,9%783,3100,0%-0,2%7.973,6100,0%-0,7%

 

Table 3 – Purpose of the Real Estate

Unit: 10^6 Euro

  october 14 ​ ​ ​ ​ ​ ​ ​ ​
Opened end ​ ​ ​ ​ ​Closed end ​ ​ ​ ​ ​
FII+FEII ​ ​FUNGEPI ​ ​
Value% TotalMonthly ΔValue% TotalMonthly ΔValue% TotalMonthly Δ
Property located in EU countries4.213,6100,0%-0,7%344,0100,0%-0,4%6.994,6100,0%-0,6%
Housing147,43,5%-0,5%94,327,4%-2,0%1.858,226,6%-0,9%
Commerce806,319,1%-0,5%113,132,9%-0,4%1.200,717,2%-1,1%
Services1.919,545,6%-1,1%55,616,1%0,1%1.695,924,2%-1,1%
Industrial37,50,9%-0,2%24,47,1%2,2%57,70,8%9,0%
Others1.303,030,9%-0,3%56,716,5%0,5%2.182,131,2%0,0%
Property located outside EU countries0,00,0%-0,00,0%-0,00,0%-
Housing0,00,0%-0,00,0%-0,00,0%-
Commerce0,00,0%-0,00,0%-0,00,0%-
Industrial0,00,0%-0,00,0%-0,00,0%-
Services0,00,0%-0,00,0%-0,00,0%-
Others0,00,0%-0,00,0%-0,00,0%-
TOTAL4.213,6100,0%-0,7%344,0100,0%-0,4%6.994,6100,0%-0,6%

Note: Terrains and rights are not enclosed in the "Property" definition.


Table 4 – Number of Funds and Market Share

Entityoctober 14Monthly Δ
No.Market shareNo.Market share
FII+FEII
Interfundos4213,0%00,25 p.p.
Fundger2711,6%00,04 p.p.
Montepio Valor89,2%00,04 p.p.
ESAF287,8%0-0,17 p.p.
Norfin157,5%00,01 p.p.
Square Asset Management56,7%00,07 p.p.
Gesfimo176,0%-1-0,04 p.p.
Banif Gestão de Activos135,9%0-0,05 p.p.
Imofundos64,6%00,06 p.p.
Santander Asset Management44,1%00,03 p.p.
Sonaegest33,6%00,04 p.p.
Selecta103,6%00,03 p.p.
Silvip12,5%00,02 p.p.
Fund Box161,9%00,02 p.p.
Fimoges11,7%00,01 p.p.
Fundiestamo31,6%00,02 p.p.
BPI Gestão de Activos21,5%00 p.p.
TF Turismo Fundos21,0%00,01 p.p.
GEF90,9%10,19 p.p.
Popular Gestão de Activos40,8%-1-0,56 p.p.
TDF10,8%00,01 p.p.
Atlantic70,6%00,01 p.p.
Refundos10,6%00,01 p.p.
Imorendimento50,5%-1-0,15 p.p.
MNF Gestão de Activos40,4%10,12 p.p.
Vila Galé Gest10,3%00 p.p.
Floresta Atlântica30,3%00 p.p.
Imopólis10,3%0-0,01 p.p.
Libertas20,3%00 p.p.
Invest Gestão de Activos20,2%00 p.p.
Orey Financial20,1%00 p.p.
Fibeira Fundos10,1%00 p.p.
Patris Gestão de Activos10,0%00 p.p.
Total FII+FEII247100,0%-1-
FUNGEPI    
Fimoges3100,0%00 p.p.
Total FUNGEPI3100,0%0-
TOTAL250100,0%-1-

Legend: p.p. - percentage points 


 

Table 5 –Largest Funds

Unit: 10^6 Euro

Entity ​Fundoctober 14Monthly Δ
Value%Value
 FII+FEII
FundgerFUNDIMO696,95,9%-0,9%
ESAFGESPATRIMÓNIO RENDIMENTO504,44,2%-3,4%
GesfimoFIMES ORIENTE366,53,1%0,0%
Santander Asset ManagementNOVIMOVEST331,12,8%-0,1%
SilvipFUNDO VAL.INVESTIMENTOS PREDIAIS - VIP300,42,5%0,2%
ImofundosIMONEGÓCIOS295,92,5%-1,7%
Montepio ValorFINIPREDIAL286,42,4%-1,3%
Banif Gestão de ActivosBANIF IMOPREDIAL - F. INVEST. IMOBIL. ABERTO279,82,4%0,0%
Montepio ValorMONTEPIO ARRENDAMENTO247,22,1%-0,1%
InterfundosAF PORTFÓLIO IMOBILIÁRIO247,22,1%-0,2%
Others 8.314,070,0%-0,7%
 Total FII+FEII11.869,9100,0%-0,8%
 FUNGEPI   
FimogesFUNGEPI BES290,137,0%-0,1%
FimogesFUNGEPI - BES II256,132,7%-0,1%
FimogesFUNGERE237,030,3%-0,3%
 Total FUNGEPI783,3100,0%-0,2%
 TOTAL12.653,2100,0%-0,8%

Note: Decreasing order amounts managed by funds in the last period under analysis. 

 

 

[1] The data presented in this report is based on information submitted to the CMVM by Securities Investment Fund Operators, in accordance with the legislation in force. The Fundos de Gestão de Património Imobiliários , identified for  sigla acronym FUNGEPI (was called FIIGE or FGPI) and instituted by the Decreto-Lei n.º 316.º/93, de 21 de Setembro are  included in this report as were the Fundos de Investimento Imobiliário para Arrendamento Habitacional (FIIH), were aggregated in the category FII. Funds constituted in accordance with the Ministerial Order No 264/95 of 11th August, as well the “Fundo de Investimento Imobiliário Correia e Viegas and the respective managing society, due to the respective compulsory liquidation (deliberation of the Executive Board of the CMVM of 11 November 2009) and, with respect to the current trimester, the “Fundo Especial de Investimento Imobiliário Fechado Golden Eagle”, managed by  MNF Gestão de Activos – Sociedade Gestora de Fundos de Investimento Imobiliários, were not included. The information used relates to 13 November 2014, therefore, these figures are preliminary. Monthly variation (monthly ∆) always refers to the comparison between the month under analysis and the previous one.