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 14 | sep 14 | Monthly Δ | oct 14 | sep 14 | Monthly Δ | oct 14 | sep 14 | Monthly Δ |
| No. of fund operators | 28 | 28 | 0 | 23 | 23 | 0 | 1 | 1 | 0 |
| Assets under management (1) | 8.996,2 | 9.099,2 | -1,1% | 2.873,7 | 2.866,8 | 0,2% | 783,3 | 784,6 | -0,2% |
| Opened End | 3.353,0 | 3.385,5 | -1,0% | 543,3 | 547,9 | -0,8% | 783,3 | 784,6 | -0,2% |
| Closed End | 5.643,2 | 5.713,7 | -1,2% | 2.330,4 | 2.318,9 | 0,5% | - | - | - |
| No. of Funds (2) | 142 | 143 | -1 | 105 | 105 | 0 | 3 | 3 | 0 |
| Opened End | 11 | 11 | 0 | 4 | 4 | 0 | 3 | 3 | 0 |
| Closed End | 131 | 132 | -1 | 101 | 101 | 0 | - | - | - |
| Mean capitalisation of funds [(1)/(2)] | 63,4 | 63,6 | -0,28 | 27,4 | 27,3 | 0,07 | 261,1 | 261,5 | -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 | % Total | monthly Δ | Value | % Total | monthly Δ | Value | % Total | monthly Δ |
| Property located in EU countries | 4.489,5 | 115,2% | -0,6% | 524,6 | 67,0% | -0,4% | 8.823,1 | 110,7% | -0,6% |
| Terrains | 247,8 | 6,4% | 0,0% | 177,5 | 22,7% | -0,2% | 1.803,9 | 22,6% | -0,4% |
| Rehabilitation Construction | 8,2 | 0,2% | -0,1% | 0,0 | 0,0% | - | 92,4 | 1,2% | 0,8% |
| Other Construction Projects | 58,1 | 1,5% | 0,0% | 44,6 | 5,7% | 0,0% | 1.252,5 | 15,7% | 0,1% |
| Completed Construction | 4.147,3 | 106,4% | -0,7% | 299,5 | 38,2% | -0,5% | 5.649,6 | 70,9% | -0,8% |
| Rights | 28,1 | 0,7% | 0,0% | 3,0 | 0,4% | 0,0% | 24,6 | 0,3% | 7,8% |
| Property located outside EU countries | 0,0 | 0,0% | - | 0,0 | 0,0% | - | 0,0 | 0,0% | - |
| Terrains | 0,0 | 0,0% | - | 0,0 | 0,0% | - | 0,0 | 0,0% | - |
| Rehabilitation Construction | 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% | - | 0,0 | 0,0% | - |
| Rights | 0,0 | 0,0% | - | 0,0 | 0,0% | - | 0,0 | 0,0% | - |
| Sub-Total Property | 4.489,5 | 115,2% | -0,6% | 524,6 | 67,0% | -0,4% | 8.823,1 | 110,7% | -0,6% |
| Investment Units | 5,4 | 0,1% | 0,3% | 21,2 | 2,7% | 0,0% | 73,6 | 0,9% | -1,1% |
| Investment units in real estate companies | 44,1 | 1,1% | 0,0% | 138,8 | 17,7% | 0,0% | 336,6 | 4,2% | 1,7% |
| Liquidity | 51,2 | 1,3% | -8,4% | 79,5 | 10,1% | 1,0% | 880,9 | 11,0% | -3,0% |
| spot | 9,5 | 0,2% | -35,1% | 79,5 | 10,1% | 1,0% | 144,9 | 1,8% | 6,1% |
| forward | 41,8 | 1,1% | 1,1% | 0,0 | 0,0% | - | 736,0 | 9,2% | -4,6% |
| Loans | -684,3 | -17,6% | 0,3% | 0,0 | 0,0% | - | -1.895,6 | -23,8% | -1,5% |
| Other sums to be setled | -9,6 | -0,2% | 12,9% | 19,2 | 2,5% | -0,6% | -244,9 | -3,1% | 6,5% |
| Sub-Total | -593,2 | -15,2% | 1,4% | 258,7 | 33,0% | 0,3% | -849,4 | -10,7% | 1,1% |
| TOTAL | 3.896,3 | 100,0% | -0,9% | 783,3 | 100,0% | -0,2% | 7.973,6 | 100,0% | -0,7% |
Table 3 – Purpose of the Real Estate
Unit: 10^6 Euro
| october 14 |
| | Opened end | Closed end |
| | FII+FEII | FUNGEPI |
| | Value | % Total | Monthly Δ | Value | % Total | Monthly Δ | Value | % Total | Monthly Δ |
| Property located in EU countries | 4.213,6 | 100,0% | -0,7% | 344,0 | 100,0% | -0,4% | 6.994,6 | 100,0% | -0,6% |
| Housing | 147,4 | 3,5% | -0,5% | 94,3 | 27,4% | -2,0% | 1.858,2 | 26,6% | -0,9% |
| Commerce | 806,3 | 19,1% | -0,5% | 113,1 | 32,9% | -0,4% | 1.200,7 | 17,2% | -1,1% |
| Services | 1.919,5 | 45,6% | -1,1% | 55,6 | 16,1% | 0,1% | 1.695,9 | 24,2% | -1,1% |
| Industrial | 37,5 | 0,9% | -0,2% | 24,4 | 7,1% | 2,2% | 57,7 | 0,8% | 9,0% |
| Others | 1.303,0 | 30,9% | -0,3% | 56,7 | 16,5% | 0,5% | 2.182,1 | 31,2% | 0,0% |
| Property located outside EU countries | 0,0 | 0,0% | - | 0,0 | 0,0% | - | 0,0 | 0,0% | - |
| 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% | - | 0,0 | 0,0% | - |
| TOTAL | 4.213,6 | 100,0% | -0,7% | 344,0 | 100,0% | -0,4% | 6.994,6 | 100,0% | -0,6% |
Note: Terrains and rights are not enclosed in the "Property" definition.
Table 4 – Number of Funds and Market Share
| Entity | october 14 | Monthly Δ |
| No. | Market share | No. | Market share |
| FII+FEII | | | | |
| Interfundos | 42 | 13,0% | 0 | 0,25 p.p. |
| Fundger | 27 | 11,6% | 0 | 0,04 p.p. |
| Montepio Valor | 8 | 9,2% | 0 | 0,04 p.p. |
| ESAF | 28 | 7,8% | 0 | -0,17 p.p. |
| Norfin | 15 | 7,5% | 0 | 0,01 p.p. |
| Square Asset Management | 5 | 6,7% | 0 | 0,07 p.p. |
| Gesfimo | 17 | 6,0% | -1 | -0,04 p.p. |
| Banif Gestão de Activos | 13 | 5,9% | 0 | -0,05 p.p. |
| Imofundos | 6 | 4,6% | 0 | 0,06 p.p. |
| Santander Asset Management | 4 | 4,1% | 0 | 0,03 p.p. |
| Sonaegest | 3 | 3,6% | 0 | 0,04 p.p. |
| Selecta | 10 | 3,6% | 0 | 0,03 p.p. |
| Silvip | 1 | 2,5% | 0 | 0,02 p.p. |
| Fund Box | 16 | 1,9% | 0 | 0,02 p.p. |
| Fimoges | 1 | 1,7% | 0 | 0,01 p.p. |
| Fundiestamo | 3 | 1,6% | 0 | 0,02 p.p. |
| BPI Gestão de Activos | 2 | 1,5% | 0 | 0 p.p. |
| TF Turismo Fundos | 2 | 1,0% | 0 | 0,01 p.p. |
| GEF | 9 | 0,9% | 1 | 0,19 p.p. |
| Popular Gestão de Activos | 4 | 0,8% | -1 | -0,56 p.p. |
| TDF | 1 | 0,8% | 0 | 0,01 p.p. |
| Atlantic | 7 | 0,6% | 0 | 0,01 p.p. |
| Refundos | 1 | 0,6% | 0 | 0,01 p.p. |
| Imorendimento | 5 | 0,5% | -1 | -0,15 p.p. |
| MNF Gestão de Activos | 4 | 0,4% | 1 | 0,12 p.p. |
| Vila Galé Gest | 1 | 0,3% | 0 | 0 p.p. |
| Floresta Atlântica | 3 | 0,3% | 0 | 0 p.p. |
| Imopólis | 1 | 0,3% | 0 | -0,01 p.p. |
| Libertas | 2 | 0,3% | 0 | 0 p.p. |
| Invest Gestão de Activos | 2 | 0,2% | 0 | 0 p.p. |
| Orey Financial | 2 | 0,1% | 0 | 0 p.p. |
| Fibeira Fundos | 1 | 0,1% | 0 | 0 p.p. |
| Patris Gestão de Activos | 1 | 0,0% | 0 | 0 p.p. |
| Total FII+FEII | 247 | 100,0% | -1 | - |
| FUNGEPI | | | | |
| Fimoges | 3 | 100,0% | 0 | 0 p.p. |
| Total FUNGEPI | 3 | 100,0% | 0 | - |
| TOTAL | 250 | 100,0% | -1 | - |
Legend: p.p. - percentage points
Table 5 –Largest Funds
Unit: 10^6 Euro
| Entity | Fund | october 14 | Monthly Δ |
| | Value | % | Value |
| | FII+FEII | | | |
| Fundger | FUNDIMO | 696,9 | 5,9% | -0,9% |
| ESAF | GESPATRIMÓNIO RENDIMENTO | 504,4 | 4,2% | -3,4% |
| Gesfimo | FIMES ORIENTE | 366,5 | 3,1% | 0,0% |
| Santander Asset Management | NOVIMOVEST | 331,1 | 2,8% | -0,1% |
| Silvip | FUNDO VAL.INVESTIMENTOS PREDIAIS - VIP | 300,4 | 2,5% | 0,2% |
| Imofundos | IMONEGÓCIOS | 295,9 | 2,5% | -1,7% |
| Montepio Valor | FINIPREDIAL | 286,4 | 2,4% | -1,3% |
| Banif Gestão de Activos | BANIF IMOPREDIAL - F. INVEST. IMOBIL. ABERTO | 279,8 | 2,4% | 0,0% |
| Montepio Valor | MONTEPIO ARRENDAMENTO | 247,2 | 2,1% | -0,1% |
| Interfundos | AF PORTFÓLIO IMOBILIÁRIO | 247,2 | 2,1% | -0,2% |
| Others | | 8.314,0 | 70,0% | -0,7% |
| | Total FII+FEII | 11.869,9 | 100,0% | -0,8% |
| | FUNGEPI | | | |
| Fimoges | FUNGEPI BES | 290,1 | 37,0% | -0,1% |
| Fimoges | FUNGEPI - BES II | 256,1 | 32,7% | -0,1% |
| Fimoges | FUNGERE | 237,0 | 30,3% | -0,3% |
| | Total FUNGEPI | 783,3 | 100,0% | -0,2% |
| | TOTAL | 12.653,2 | 100,0% | -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.
