By Jorge Caro
ANALYSIS – The defection of savers is pushing these real estate funds to sell. Share prices have fallen, something not seen since the crisis of the 1990s.
Bad times for SCPIs. These real estate funds, long popular with savers for their returns, are now in the tormented. The surge in interest rates in recent months has caused real estate prices to fall, and in particular those of offices with which SCPIs are saturated. Which, through a snowball effect, led to a drop in share values (from 7% to 17% for certain funds) and a disaffection among savers.
An unprecedented situation
The evil is deep. Share subscriptions fell by 34% in one year (7.7 billion euros), according to the latest figures from the ociation of Real Estate Investment Companies (Aspim). Some funds in particularly poor shape have seen their collection reduced to a trickle. Worse, some SCPIs have seen thousands of subscribers resume their stakes, particularly those who could do so in a few clicks through life insurance.
All for the equivalent of nearly 2 billion euros, according to Aspim. Insurers who guarantee…