SCPI investment volume on the rise in 2022 (Rock-n-Data)
Rock-n-Data has just unveiled a new study on the investments made by 107 SCPIs on the market during the year 2022. Nearly €11 billion were invested by SCPIs last year, i.e. an investment volume up by +52% compared to compared to 2021.
Overall, 687 assets were acquired, representing an area of approximately 4.1 million square meters. In France, 511 assets have joined the portfolio of SCPIs this year, for a total amount of more than €7 billion and for a surface area of more than 2.57 million square meters. It should be noted that foreign countries and the French regions now capture 80% of the investments made, where in previous years Paris and Île-de-France captured a third of the acquisitions, reports Rock-n-Data.
During 2022, the countries in which SCPIs have invested the most are Germany with €856 million, then the United Kingdom and the Netherlands with €658 and €609 million respectively.
Historical asset classes remain preferred
In addition, Rock-n-Data reports that the share of investments relating to new types of assets (healthcare, logistics, hotels, etc.) tends to increase in terms of proportion compared to the office and retail categories. “New asset classes are increasingly appealing to SCPIs seeking diversification and/or specialization. In figures, €3.26 billion was invested in other types of assets, compared to €1.92 billion in 2021.”
If the typological diversification is accelerating, the historical asset classes still remain preponderant. Offices represent 51% of investments made by SCPIs in 2022 (i.e. €5.41 billion). “Office real estate is evolving into service business real estate adapted to new uses,” adds Rock-n-Data.
The two asset classes most impacted by the Covid-19 pandemic are back in the spotlight, particularly the hotel industry, with numerous substantial acquisitions made in 2022. Retail, on the other hand, has been able to resist inflation and related consumer issues; “This type remains particularly scrutinized by investors because it offers attractive returns. »
In addition, the macroeconomic context with in particular the 10-year OAT at almost 3% (in France on 04/17/2023), necessarily pushes the risk premium upwards, which mechanically increases yields upwards, according to Rock- n-Data.
Table of average yields on acquisition according to geographical breakdown:
To date, SCPIs hold more than 10,800 assets, representing more than 27 million square meters of surface area let to approximately 24,000 tenants. “With Hungary as the new home for SCPIs, they are now present in 18 different countries. »
