Big discount on the price of SCPIs, Balita

Acquiring SCPI before the increase in the price of its units is always a good operation that allows you to quickly get capital gains or limit entry costs. To make the right choice, you need to compare the subscription prices with the reconstitution values ​​calculated every year from the valuation values ​​of the real estate assets of each SCPI.

Management companies are allowed to fluctuate the price of SCPI shares by plus or minus 10% in relation to their reconstitution value. Therefore, it is generally necessary for the reconstitution value to be more than 10% higher than the share subscription price for the price increase to be applicable.

In the current uncertain economic context for growth and the prospect of a sustained increase in interest rates, choosing an SCPI whose subscription price is discounted relative to the reconstitution value also provides a margin of safety in case of real estate decline. market which may lead to a decrease in the price of the units.

75 SCPI screened

The SCPI observatory on the Linxea online savings platform has already been looking at the value of real estate assets of SCPIs last summer and, pleasantly surprised, saw the new massive increase in reconstitution values established on December 31, 2021. This increase is measured on average at +1.57% for the main SCPIs in the market (75 SCPIs studied). The biggest increase was observed for the SCPI retail category (+2.45% compared to the end of 2020).

So this study confirms this year once again a majority discount situation for the main SCPIs in the market with, on average, a price of shares 3.71% lower than their reconstitution value. ” This means that subscribers now buy their shares on average 3.71% cheaper than the real value of the goods. summarizes Pierre Garin, Director of Linxea’s real estate division.

Average discount of 3.71%

These diversified SCPIs experienced the largest discount on average, with -4.23%. Linxea said the residential sector, which had the highest discount last year, “fell in line” with an average discount of -3.25%. Linxea determined that this category is likely to be more affected than other sectors by the increase in rates that influence the price of residential real estate more directly.

Among all these SCPIs analyzed by Linxea, fifteen stand out with a reconstitution value that exceeds the share price by more than 7%.

SCPIs with the highest discounts according to Linxea ranking:

Flat :

– Novapierre Residential (Paref Management): 7.05%

diversity :

– Cap Foncières & Territoires (Property and Territories): 7.4%

– Stone Storage (Atland Voisin): 7.2%

– Equity Investment (Norma Capital): 7.2%

– LF Opportunity Immo (La Française AM): 9.7%

– Selectipierre 2 (Fiducial Gérance): 9.9%

SPECIALISTS :

– Land practitioners (Foncière Magellan): 7.6%

Offices :

– Elialys (Advenis): 7.6%

– Property savings (La Française AM): 9%

– LF Europimmo (La Française AM): 9.1%

– LF Grand Paris Patrimoine (La Française AM): 8.9%

– Selectinvest (La Française AM): 9.4%

Shops :

– Novapierre 1 (Paref Management): 8.1%

– Novapierre Germany (Paref Management): 9.4%

– Novapierre Germany 2 (Paref Gestion): 9.7%

6 SCPIs with discounts close to 10%

If we keep only the highest discounts that are likely to lead to the next increase in the price of the shares, therefore there are 6 SCPIs with a discount of more than 9%: LF Opportunity Immo (La Française AM), Sélectipierre 2 (Fiducial Gérance ), Selectinvest (La Française AM), Novapierre Germany and Novapierre Germany 2 (Paref Gestion) and LF Europimmo (La Française AM).

To clearly illustrate this healthy valuation of SCPIs, we can add that 32 SCPIs, or more than 40% of the sample, posted discounts of at least 5%. ” With a general increase in assessment values, the situation has improved more compared to last year. This also resulted in a lot of share price increases in the first half of 2022. While the environment poses real threats (inflation, rate hikes, etc.), SCPIs are approaching the second half of 2022 in a better form than last year. Thus the growing gap between the amounts of reconstitution and unit prices gives reason to be optimistic about the evolution of the latter, gaps that can also serve as a buffer in the event of a general reduction in real estate after the increase in current prices. », concluded Pierre Garin.

Some overvaluations

On the contrary, the Linxea study shows that 15 SCPIs show a share price higher than their reconstitution value (a ratio similar to last year). These overvaluations are usually small, about 2% on average, except for SCPI Patrimmo Commerce (Primonial REIM) where it is about 10% difference, which may suggest a reduction in share price in the short term. .


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