Zoom on SCPIs
Since mid-2022, when a new market cycle began, much attention has shifted to the latest “rising stars ” of the French real estate market: SCPIs. How resilient are these real estate investment vehicles in the face of the ongoing upheavals in the French business environment?
What of the rise in key interest rates and their impact on asset values? With regard to the challenges that are now on the minds of all real estate players, are new realities such as changing workplaces and environmental issues primary concerns?
We have been approached by many parties for advice regarding these new market complexities. In order to provide expert guidance, the Catella Capital Markets teams and MBE Conseil have combined their know-how and their databases to share their vision and analyze these major real estate market players.
Through this study, we aim to share the knowledge gained by our daily experiences, both as market players and as keen observers of the major “tectonic shifts” that are profoundly reshaping real estate markets.
Non-residential real estate is largely a long-term industry. Thoughtful and insightful analysis of long-term market trends allows for clearer insight to emerge from the fog of current events, and from the various obstacles typically encountered in the course of our professional operations.
We hereby offer you our expert analysis and insight, gained through our daily interactions with our clients, the data we have collected and the experience we have gained through the deals we make together.
*SCPI (Sociétés Civiles de Placement Immobilier): Collective investment vehicles whose assets are mostly invested in real estate and are regulated by the French Financial Market Authority.
« When you talk about ‘crisis’, you’re talking about opportunity… »
Yann Videcoq – Managing Director – Arkea REIM
« 2024 will not be an ‘Olympic year’ for real estate, but it does promise to be exciting. »
Jean-Christophe Antoine – CEO – Atland Voisin
« My conviction for 2024: a gradual recovery with an end to value adjustments, and with rental incomes remaining stable. »
Philippe Depoux – CEO – La Française REM
Key
Figures
- Distribution of real estate assets of SCPIs as of December 31, 2022 – Percentage of asset market values
- SCPI distribution rate vs. other secure investment vehicles: 2000 – 2023
- Investment volume: SCPIs vs. other actors
- Transactions involving SCPIs by asset value range: 2002-2022
- Top eleven SCPIs managers in French non-residential real estate: 2002 – 2022 (€ million)
- Transactions by submarket (with minimal 50% SCPI investment): 2000 – 2023
- Office market investment by submarket since 2000: SCPIs vs. other actors
- SCPI investment volumes and yield averages: 2002-2023
- Offices: yield averages SCPIs vs. other actors: 2022-Q3 2023
- Assets by market (France vs. rest of Europe) of 85 largest SCPIs in sq.m
- Directly owned assets by SPCIs managers (portfolios over 100,000 sqm)
- Directly owned assets of 85 largest SCPIs per type
- Assets directly owned by the largest 85 SCPIs by product type and geographic location
- Direct portfolios > 200 000 sq.m in France per managers
- SCPI sales by product type: 2000 – 2023 (provisional)
Distribution of real estate assets of SCPIs as of December 31, 2022 – Percentage of asset market values
SCPI distribution rate vs. other secure investment vehicles: 2000 – 2023
Investment volume: SCPIs vs. other actors
Transactions involving SCPIs by asset value range: 2002-2022
Top eleven SCPIs managers in French non-residential real estate: 2002 – 2022 (€ million)
Transactions by submarket (with minimal 50% SCPI investment): 2000 – 2023
Office market investment by submarket since 2000: SCPIs vs. other actors
SCPI investment volumes and yield averages: 2002-2023
Offices: yield averages SCPIs vs. other actors: 2022-Q3 2023
Assets by market (France vs. rest of Europe) of 85 largest SCPIs in sq.m
Directly owned assets by SPCIs managers (portfolios over 100,000 sqm)
Directly owned assets of 85 largest SCPIs per type
Assets directly owned by the largest 85 SCPIs by product type and geographic location
Direct portfolios > 200 000 sq.m in France per managers
SCPI sales by product type: 2000 – 2023 (provisional)
Distribution of real estate assets of SCPIs as of December 31, 2022 – Percentage of asset market values
Distribution of real estate assets of SCPIs as of December 31, 2022 – Percentage of asset market values
SCPI distribution rate vs. other secure investment vehicles: 2000 – 2023
SCPI distribution rate vs. other secure investment vehicles: 2000 – 2023
Investment volume: SCPIs vs. other actors
Investment volume: SCPIs vs. other actors
Transactions involving SCPIs by asset value range: 2002-2022
Transactions involving SCPIs by asset value range: 2002-2022
Top eleven SCPIs managers in French non-residential real estate: 2002 – 2022 (€ million)
Top eleven SCPIs managers in French non-residential real estate: 2002 – 2022 (€ million)
Transactions by submarket (with minimal 50% SCPI investment): 2000 – 2023
Transactions by submarket (with minimal 50% SCPI investment): 2000 – 2023
Office market investment by submarket since 2000: SCPIs vs. other actors
Office market investment by submarket since 2000: SCPIs vs. other actors
SCPI investment volumes and yield averages: 2002-2023
SCPI investment volumes and yield averages: 2002-2023
Offices: yield averages SCPIs vs. other actors: 2022-Q3 2023
Offices: yield averages SCPIs vs. other actors: 2022-Q3 2023
Assets by market (France vs. rest of Europe) of 85 largest SCPIs in sq.m
Assets by market (France vs. rest of Europe) of 85 largest SCPIs in sq.m
Directly owned assets by SPCIs managers (portfolios over 100,000 sqm)
Directly owned assets by SPCIs managers (portfolios over 100,000 sqm)
Directly owned assets of 85 largest SCPIs per type
Directly owned assets of 85 largest SCPIs per type
Assets directly owned by the largest 85 SCPIs by product type and geographic location
Assets directly owned by the largest 85 SCPIs by product type and geographic location
Direct portfolios > 200 000 sq.m in France per managers
Direct portfolios > 200 000 sq.m in France per managers
SCPI sales by product type: 2000 – 2023 (provisional)
SCPI sales by product type: 2000 – 2023 (provisional)