SCPI (French real-estate funds)

What is an SCPI?

An SCPI (société civile de placement immobilier, a French real-estate investment company) pools the savings of many members to buy and manage a real-estate portfolio, usually let (offices, retail, healthcare, logistics, housing…). It is run by a portfolio management company authorised by the AMF, the French financial markets authority. Savers buy shares.

Shares can be held directly, or as a unit-linked fund in some assurance-vie contracts.

Income and share value

Distributed income comes mainly from rents collected, minus costs. It is not guaranteed and can fall. The share value is not a continuous market price: it is set by the management company (subscription price, withdrawal value) and can also decrease.

Key takeaway

A past distribution rate is no guide to future distributions or to how the share value will change.

Risks and fees

Capital is not guaranteed. Selling shares depends on finding buyers or on the SCPI's ability to redeem them: it can take time, or even be blocked. Entry fees are often high, which generally calls for a long investment horizon.

Attention

Read the key information document and the SCPI's reports before any decision.

Tracking it in PortefeuilleZen

An SCPI is tracked with a share value published by the management company or entered by you: it remains an SCPI whatever wrapper holds it. See value and performance.