2023-09-15 14:38:00
-16.3% for PFO2, -15.8% for PF Grand Paris, -9.5% for PF Hospitalité Europe and -8.9% for PFO…
The purge continues in the SCPI sector with a drop in valuations which is now catching up with Perial Asset Management. The management company announced this Friday a sharp drop in the prices of all its SCPIs: PF Grand Paris, PFO2, PFO and PF Hospitalité Europe. This news brings to 13 the number of depreciations observed since the start of the year, including 12 since this summer.
This new adjustment comes of course following the appraisals of the assets of these SCPIs as of June 30, but Perial indicates that it preferred to anticipate further drops in the value of the buildings expected in the second half of 2023. The new prices are therefore supposed to reflect the value of the assets at the end of the year. 2023.
“Thus, even if the rules in force did not impose it for half of the SCPIs appraised as of June 30 and in order to avoid any marketing of savings products at a premium price during the second half of the year, Perial Asset Management adjusts the price of the shares of its four SCPIs, in the interests of transparency and responsibility,” specifies the manager who for the moment seems to be the only one to have priced the lead in such a way.
Large office complexes still on the front line
These are the two main office SCPIs which are experiencing the most brutal devaluation. PF Grand Paris, a historic SCPI established more than 50 years ago (1966) and directly exposed to offices in the Paris region, saw its price drop from €544 to €458, a drop of 15.8%, including significant drops. on assets located in the Parisian district of La Défense. To put things into perspective, Perial recalls that PF Grand Paris has experienced four share price increases since 2018, totaling a 27% increase in 5 years.
PFO2, mainly offices in the regions, saw its price drop from €196 to €164, a drop of 16.3%. Offices in the Paris suburbs have notably experienced significant devaluation. It is the largest of the Perial SCPIs in terms of size, its capitalization falling to approximately 2.44 billion euros following price adjustment. PFO2 appeared in passing in our list of SCPIs likely to experience price drops this summer.
The diversified are not spared
For the most diversified SCPIs, the PFO share price goes from €966 to €880, a drop of 8.9%. The share price of PF Hospitalité Europe, although recent (2020), goes from €200 to €181, a drop of 9.5%. It is an SCPI specializing in health and education with a strong presence in Germany.
Perial points out that the income distributed is not affected by the adjustment of the value of the shares and ensures that the situation of its SCPIs remains solid in terms of rental income, capital gains from possible transfers and financial reserves. Note that the PFO distribution rate should return above 6% taking into account the price drop.
The SCPIs having already lowered the price of their shares in 2023Source: L’Argent&VousNew subscription priceVariationDate of the price dropCapitalization following the price dropLaffitte Pierre (AEW Patrimoine)€412 -8.4%March 1, 2023€1.15 billionGenepierre (Amundi Immobilier)€224-17%July 24, 2023822 million eurosEdissimmo (Amundi Immobilier)€204-14%July 24, 2023€4.2 billionRivoli Avenir Patrimoine (Amundi Immobilier)€268-12%July 24, 20233.5 billion eurosAccimmo Pierre (BNP Paribas REIM)170 €-17%27 July 20233.32 billion eurosElysées Pierre (HSBC)767 €-7%9 August 20232.6 billion eurosFructiregions Europe (AEW Patrimoine)210 €- 10%September 1, 2023328 million eurosCrédit Mutuel Pierre 1 (La Française REM)€265-7%September 13, 20231.02 billion eurosLF Europimmo (La Française REM)€945-9.6%September 13, 20231.07 billion eurosPF Grand Paris (Perial AM)€458-15.8%September 15, 2023€1.07 billionPFO2 (Perial AM)€164-16.3%September 15, 2023€2.44 billionPFO (Perial AM)880 €-8.9%September 15, 2023778 million eurosPF Hospitality Europe (Perial AM)181 €-9.5%September 15, 2023320 million euros
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