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Inflows to retail property funds in the first half of 2023

Inflows to retail property funds in the first half of 2023

In the first half of 2023, the three main categories of publicly accessible real estate funds recorded a net inflow of €4.1 billion, showing a decline of 53% compared to the same period in 2022. This decrease was mainly due to a slowdown in the collection of unit-linked products, such as OPCI and sociétés civiles, which faced an increase in redemption requests as property asset values adjusted throughout the year. SCPI funds also experienced a rise in redemption requests, leading to a decrease in net subscriptions, as reported by Aspim.

The current economic context and recent interest rate increases by the European Central Bank to combat inflation have resulted in a downward adjustment of property prices in Europe. However, ISR labeled funds managed to collect €2.6 billion in the first half of 2023.

As of June 30, 2023, the 75 publicly accessible ISR labeled funds represented 47% of the net inflow and 52% of the total capitalization of non-listed real estate funds in the first half of the year.

Regarding SCPI funds specifically, their net inflow for the first half of 2023 amounted to €4.1 billion, which marked a decline of 23% compared to the same period in 2022. The net inflow for the second quarter of 2023 decreased by 28% compared to the first quarter of the same year and by 35% compared to the first quarter of 2022. However, there was notable growth in the secondary market for SCPI fund shares, with €1,070 million of shares exchanged, representing a 32% increase compared to the second half of 2022. The market turnover rate reached 1.2% for the semester, higher than the 0.8% average turnover rate in 2022.

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