After the share price falls recorded this summer, real estate funds are experiencing a crisis of confidence. A wait-and-see attitude on the part of savers which is reflected in the figures: the net collection of real estate investment companies (SCPI) is at a standstill in the third quarter of 2023 with only 852 million euros, compared to 2.3 billion last year on the same period.
To reassure their customers, distributors are increasing their initiatives. The objective: to convince people that not everything is worth throwing away and that there are opportunities for daring investors, provided they exercise discernment. The France SCPI broker thus provided its subscribers with an evaluation of 80 market supports, with a rating for each of them. A practical tool “which allows us to highlight the SCPIs for which we issue a positive opinion”, but also “the SCPIs on which we express some short-term reservations”, specifies, with diplomacy, Paul Bourdois, the co-founder of France SCPI .
3780 special collection investments
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Funds under surveillance
In this last category we find certain products which have fallen apart recently, such as Laffitte Pierre from AEW, Génepierre from Amundi or Accimmo Pierre from BNP Paribas REIM. But not only that… Some star funds on the market have been placed under surveillance, such as Corum XL from Corum AM or Immorente from Sofidy. “We based ourselves on the valuation of the products, explains Paul Bourdois. We looked at the value of the assets in relation to the share price, its evolution and the strategies of the management companies over recent months. For example, we have office excludes SCPIs whose assets have not been appraised recently.”
Conversely, with certain funds, all the signals are green, with assets that are appreciating and a price that does not yet reflect this valuation. The broker assigns the best rating on its scale to six vehicles: Atream Hôtels (Atream), Cristal Life and Cristal Rente (Inter Gestion), Iroko Zen (Iroko), Log In (Theoreim) and Neo (Novaxia).
Another initiative is that of MeilleureSCPI, which has designed a liquidity indicator for customers of its SCPI aggregator “My Account”, accessible free of charge. A useful feature since at present, selling your shares can take months. At the end of September, 1.2 billion euros of SCPI were awaiting withdrawal. To build this tool, the platform combines different criteria such as the turnover rate of shares, the share of withdrawals reported to collection, the granularity of shareholding and the accessibility of funds.