After an atypical year where many of them were forced to lower their valuation, real estate investment companies (SCPI) are gradually lifting the veil on their 2023 performance.
At this stage, the best distribution rate, i.e. 8.16%, can be attributed to Transitions Europe from Arkea Reim, a recently created SCPI (November 2022) which targets a portfolio of assets made up of 80% outside France.
Behind, a dozen SCPIs delivered a rate above 6% in 2023, like Remake Live (Remake AM), 55% of whose assets are made up of assets in Spain, the United Kingdom and Ireland.
The SCPI has a distribution rate of 7.79% in 2023. Then follow Iroko Zen (Iroko AM) at 7.12%, Novaxia Neo (Novaxia Investissement) at 6.51%, Epsilon (Epsilon REIM) 360 at 6, 25% or Corum Origin (Corum Asset Management) at 6.06%.
Regulars in our annual rankings, these SCPIs have in common that they did not devalue their share last year.
This year, it is indeed appropriate to distinguish SCPIs whose distribution rate increases thanks to the increase in income distributed or under the simple mechanical effect due to the fall in shares.
Many vehicles owe their performance to successful diversification beyond office real estate, with more recent sectors such as logistics or hotels.
But it was above all the purchase of buildings in Europe which boosted certain performances.
Like the SCPI Log In of Theoreim (6.21% in 2023).
“We will continue to seek this European diversification,”
indicates Gaëlla Hellegouarch, general director of the management company
.
Elsewhere in Europe, we find longer leases than in France, which allows us to maintain our performance over the long term
.
However, European diversification is not the only guarantee of success.
The proof: the SCPI Le Patrimoine Foncier managed by Aestiam, which also distributed 6.21% in 2023, is 84% invested in Ile-de-France, including 76% in Paris itself!
Towards identical performances in 2024?
To date, of the 115 yield SCPIs offered on the market, more than 80 SCPIs have announced their 2023 results. According to the yields updated as of February 7 by the broker Meilleurcpi.com
(see table below)
, the rate average distribution rate stands at 5.08%
.
Now, all eyes are on 2024, where the best could further widen the gap with the rest of the market.
At Remake Asset Management, whose 2023 performance is largely due to investments made in Northern Europe, the 2024 objective is between 6.50 and 7.50% distribution.
For its part, the company Axipit Real Estate Partners announced a target yield greater than 7% for its SCPI Upeka.
Manager Iroko AM even indicates that 2024 will be
“one of the best times to invest in real estate”
, targeting performance (not guaranteed) in line with previous years.
It must be said that SCPIs capable of currently collecting are taking advantage of the real estate crisis to acquire buildings at attractive prices.
Corum thus displays an average return greater than 9% for acquisitions made by its SCPI Corum Origin in 2023. Last year, the company was able to make more than a billion euros in acquisitions for its 3 SCPIs, present in 17 countries.
Still discounts observed despite the rise in rates
As a snub to the authorities following the assessments imposed last summer, many SCPIs, notably young start-ups like Remake Live, have had the luxury of increasing the price of their share.
Others have not touched it but are happy to communicate about a reduction in their share value.
Like Iroko Zen, where the recent independent expertise revealed a discount of 4.7% of the reconstitution value (€209.43 per share compared to a current value of €200 at purchase).
The only downside is that some managers are already seeing the drop in interest rates coming, which could take place this year, following a level of inflation that is about to be brought under control.
“Time is running out,”
says Remake
, “before the current investment window, marked by price discounts and less purchasing competition to the detriment of SCPIs that are failing to collect, begins to close
. ”