According to the latest Aspim report, the SCPI and OPIC Grand Public were able to acquire €3.8 billion in the first quarter of 2020, i.e. considerable increase by 47% in twelve months.
The 1st quarter of 2020 is both conclusive, but also gives rise to caution for the future of the SCPI. According to its President, the collect experienced a high increase in April despite the context of crisis. But as expected, its pace is slower than that of the period before confinement.
Since that day, we have not observed any movement of withdrawals. Which is rather an auspicious sign. But this rather encouraging news also testifies to the performance of the SCPI. Moreover, the President of ASPIM, Frédéric Bôl is realistic. He says that for now, it is far too early to draw a conclusion on the performance of this sector. We must first wait for the situation to evolve and the impact of health crises and economic on the sector and also on the performance of the funds. The reason is that the seizures started at the end of 1st quarter and not before this period.
He also affirms that there is no cause for panic for the moment, because the collect experienced a solid growth for both vehicles in the first quarter. There was also no movement of significant withdrawal during the months of March and April.
The SCPI corporate real estate, but also tax authorities achieved a net collection of withdrawals of around €2.56 billion in the first quarter of 2020. We then observed an increase of around 24% compared to the first quarter of 2019. managers of the SCPI also made nearly €1.45 billion in acquisitions compared to €1.6 billion during the first quarter of 2019. This gap between the collect and the acquisition is at the origin of difficulties particularly in the research of the opportunities.
The offices for example take a large part of the acquisitions in value of around 61%, then followed by the logistics which represents 14% then the shops which is around 9%, the hotel industry of around 9% and the health represents 6% for Ehpad and the health center. We are still observing a sharp increase in the logistics segment which can certainly be explained by the success of e-commerce and the hotel industry. Indeed, 6% represents investments in 2019 and 2% in 2018. For the hotel industry, it represents 4% in 2019.
A considerable increase in acquisitions outside France
If we take into account the geographical locations, acquisitions first affected abroad. They are around 45%. Then, they concerned France's Island at a rate of 38% including 10% in Paris. And finally, 17% of acquisitions also affected the regions. For Germany, the share is 19%. This country is particularly first privileged territory for the logistics during this quarter. But it is also necessary to specify other other countries including the Benelux which is 9% and Spain which represents 6% of acquisitions. Thus, Germany, Benelux and Spain are the top 3 destinations. We also note that in 2019, the acquisitions avaient touché l’Ile-de-France avec 48% des parts dont 10% à Paris puis l’étranger à hauteur de 28%.
For OPCIs during this quarter, they are mainly distributed by means of life insurance contracts. They collected €1.28 billion in total then with growth of 130% unlike the first quarter of 2019. Finally, according to Aspim, we are talking about the second largest collection quarterly since the launch of the vehicle in 2007. In short, the SCPI demonstrate then a strong resistance before the crisis.
