Acquiring an SCPI before an increase in the price of its units is always a good operation that allows you to quickly earn a capital gain or limit entry costs. To make the right choice, you must compare the subscription prices with the reconstitution values which are calculated each year from the appraisal values of the real estate assets of each SCPI.
Management companies are authorized to fluctuate the price of SCPI shares by plus or minus 10% in relation to their reconstitution value. It is therefore generally necessary for the reconstitution value to become more than 10% higher than the subscription price of the share for a price increase to be applied.
In the current very uncertain economic context for growth and the prospect of a lasting rise in interest rates, choosing an SCPI whose subscription price is discounted in relation to its reconstitution value also provides a safety margin in in the event of a decline in the real estate market which could lead to a depreciation of the price of the units.
75 SCPI screened
The SCPI observatory of the online savings platform Linxea had already looked at the value of the real estate assets of SCPIs last summer and, pleasantly surprised, observes a new general increase in established reconstitution values a year later. as of December 31, 2021. This increase is measured on average at +1.57% for the main SCPIs on the market (75 SCPIs studied). The largest increase observed is for the category of retail SCPIs (+2.45% compared to the end of 2020).
This study therefore confirms this year once again a majority discount situation for the main SCPIs on the market with, on average, a price of shares 3.71% lower than their reconstitution value. ” This means that subscribers today buy their shares on average 3.71% cheaper than the real value of the goods. sums up Pierre Garin, Director of Linxea’s real estate division.
An average discount of 3.71%
It is the diversified SCPIs that experience the largest discount on average, with -4.23%. Linxea notes that the residential sector, which had by far the largest discount last year, is ” back in line with still an average discount of -3.25%. Linxea specifies that this category is probably more affected than the other sectors by the rise in rates which influences 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 price of the share by more than 7%.
SCPIs with the highest discounts according to Linxea’s ranking:
- Novapierre Residential (Paref Management): 7.05%
- Cap Foncières & Territoires (Property and Territories): 7.4%
- Savings Pierre (Atland Voisin): 7.2%
- Fair Invest (Norma Capital): 7.2%
- LF Opportunity Immo (La Française AM): 9.7%
- Selectipierre 2 (Fiducial Management): 9.9%
- Practitioners’ property (Foncière Magellan): 7.6%
- Elialys (Avenis): 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%
- Novapierre 1 (Paref Management): 8.1%
- Novapierre Germany (Paref Management): 9.4%
- Novapierre Germany 2 (Paref Management): 9.7%
6 SCPIs with discounts close to 10%
If we were to retain only the steepest discounts likely to lead to a next increase in the price of shares, there would therefore be 6 SCPIs with a discount of more than 9%: LF Opportunit 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 appraisal values, the situation has improved further compared to last year. This has also resulted in numerous share price increases in the first half of 2022. While the environment poses real threats (inflation, rate hikes, etc.), SCPIs approach the second half of 2022 in a form even better than last year. Thus the widening gap between reconstitution values and unit prices gives reason to be optimistic about the evolution of the latter, gaps which could also serve as a buffer in the event of a general decline in real estate following the rising current rates », concludes Pierre Garin.
Conversely, 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 most of the time minor, around 2% on average, except for the SCPI Patrimmo Commerce (Primonial REIM) where it is around 10% difference, which may suggest a drop in the price of the share in the short term. term.
Linxea has already recorded 16 SCPIs having revalued the price of their shares in the first half of 2022.