Sales have started on the real estate market. And new players are taking advantage of this to enter the world of real estate investment companies (SCPI). After Iroko Zen (Iroko) at the end of 2020 and Remake Live (Remake AM) in 2021, there are three new supports in less than a year: Upêka from Axipit REP, Alta Convictions from Altarea and Osmo Energie from Mata Capital. All are diversified SCPIs investing in the European tertiary sector – offices, shops, logistics, hotels, etc. -, with an annual return target net of fees of between 5.5% and 6.5%, while the market average was between 4.5% and 4.8% in recent years.
In this period of crisis for stone, they have an avenue to negotiate and get their hands on assets at a good price. “This is unheard of,” says Philippe Delhotel, deputy general manager of Altarea IM. “We can currently buy, on average, up to 25% cheaper than two years ago.” His SCPI has already collected 35 million euros since last November.
Opportunistic management of the real estate cycle
Some segments are particularly cheap. “On the desks prime [d’excellente qualité] in Paris, we obtain discounts of up to 40%, adds Foulques de Sainte-Marie, managing director at Mata Capital. We play the real estate cycle opportunistically to optimize our purchase prices and therefore our future yield.” The latter hopes to attract 70 to 100 million euros during the first year of his SCPI.
These newcomers benefit from another advantage: they do not have to manage historical heritage, often acquired at a high price, and which sometimes needs to be renovated. But they also have the fault of their youth: no performance history, and costs that are not light. However, all of them are already active in the sector. “We are backed by the Capella group, listed in Sweden, and we can capitalize on their experience in real estate and their offices abroad,” indicates Jean-François Charrier, general manager of Axipit REP, from which the SCPI received €23 million. euros since last September.
Before subscribing, “a key criterion is to look at whether they have teams in Europe allowing them to look for opportunities in all countries,” believes Jonathan Dhiver, founder of bestSCPI. com. We also need to see if they can position themselves for purchases of more than 20 million euros, a sum beyond which the buyers – fewer in number – really have a hand in negotiating.”
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