Still in gestation, the undertakings for collective investment real estate (OPCI), these unlisted real estate funds, is to formalize. On 28 November, the joint Mixed Commission (CMP), bringing together representatives of the National Assembly and the Senate adopted amendments to the Bill on the development of participation and the employee share ownership ("DDPAS"). By this adoption, the order of 13 October 2005 creating the real estate funds is the object of ratification and, surprise, some changes.
Changes include the maintenance of the civil societies of real estate investment (SCPI) which, in the first version of the text, were called to switch in the real estate funds no later than December 31, 2009. The fears of the carrying 600,000 shares in a structure where the control would be reduced, this deadline is outright deleted. Indeed, after January 1, 2010, new SCPI will still see the day. In the universe of the "paper stone", the SCPI, which constitute an investment for retirement with this year near 7 yield, display a capitalization of approximately EUR 15 billion.
The insurers courted
With the preservation of the SCPI, it is likely that the real estate funds for institutional investors will appear before those addressing individuals. While an amendment 50 to 40 back the debt ratio of the real estate funds intended for the general public. "But instead of being limited to the constitution of the heritage, this debt can be used to reimburse the shares to investors, which can be dangerous rollover of the real estate market," warns Jean-Jacques Bonfil-Praire, President of the unitholders of SCPI and collective media Association of real estate investment.
The other Lighthouse change endorsed by the amendments apply to contracts of life insurance in real estate, held by some 250,000 insured and representing a stock of 3 billion euros, the provisions relating to the real estate funds. Insurance real estate variable capital (Acavi), backed in 90 of cases a real estate civil society (SCI), are invited to become a real estate funds. "By adopting this Statute, companies can manage their assets more flexible and more dynamic way," commented Alain Brochard, President of the Association of civil real estate investment companies (Spami).
By waiting for the publication of an order in Council and the General regulations of the authority of des marchés financiers (AMF), the real estate funds should see the day in the first half of 2007. In the meantime, the banking groups already hone their weapons to capture French institutional investors or even European investments. Some will do it through real estate funds launched directly. Others, like the UFG back to BNP Paribas and Crédit Mutuel will transform a SCPI to legal persons, in real estate funds.
"With this reform, the most important since the creation of the UCITS in 1979, the France should be able catch her on the European scene in the area real estate funds not listed", hope Mr. Frédéric Nouel, associate at the law firm Gide Loyrette Nouel. For vehicles of investment created ex nihilo, professionals expect to a capitalization of about 10 billion euros in a three year horizon.
It will be more than time to put the cap on AsiaThat means necessarily reduce the wing elsewhereThis caused a certain irritation at Bercy Many banks don't get a licence for three yearsIn this case some of us go for simplicity It is the embodiment of the great classical tasteThis passage of witness will be early 2008Since January this scheme on average half housing reservations recorded by developersAbove all the President of the Republic that will adopt it will remain in historyBut now the debt is rare and the risk is back
