Buying an SCPI before the price of its shares rises is always a good deal to quickly realize capital gains or limit entry costs. To make the right choice, you must compare the subscription prices with the reconstitution values that are calculated each year from the appraisal values of the real estate assets of each SCPI.
The management companies are authorized 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 subscription price of the share for a price increase to apply.
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 the event of a drop in the real estate assets. market which could lead to a depreciation of the price of the units.
75 SCPIs examined
The SCPI observatory of the online savings platform Linxea had already looked at the value of SCPI real estate assets last summer and, pleasantly surprised, observes a new general increase in reconstitution values established as of December 31, 2021. This increase is measured on average in +1.57% for the main SCPIs on the market (75 SCPIs studied). The largest increase seen is for the retail ISPC category (+2.45% compared to year-end 2020).
This study confirms, therefore, once again this year a situation of majority discount for the main SCPIs in the market with, on average, a share price 3.71% lower than its reconstitution value. ” This means that underwriters today buy their shares on average 3.71% cheaper than the real value of the goods. summarizes Pierre Garin, director of the real estate division of Linxea.
An average discount of 3.71%
The diversified ISPCs are the ones that experience the greatest discount on average, with -4.23%. Linxea points out that the residential sector, which had by far the largest discount last year, has “adjusted” with an average discount of -3.25%. Linxea points out that this category will probably be more affected than the rest of the sectors by the rise in rates that more directly influences the price of residential properties.
Of all these SCPIs analyzed by Linxea, fifteen stand out with a reconstitution value that exceeds the share price by more than 7%.
SCPIs with higher discounts according to the Linxea ranking:
– Residencial Novapierre (Paref Management): 7.05%
– Cap Foncières & Territoires (Real Estate and Territories): 7.4%
– Stone Saving (Atland Voisin): 7.2%
– Fair investment (Capital Standard): 7.2%
– LF Opportunity Immo (La Française AM): 9.7%
– Selectipierre 2 (Fiducial Management): 9.9%
– Practitioners of the land (Foncière Magellan): 7.6%
– Elialys (Advenis): 7.6%
– Real estate 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 keep only the steepest discounts likely to lead to the next share price rise, there would be 6 SCPIs discounted by 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 assessment of SCPIs, we can add that 32 SCPIs, or more than 40% of the sample, registered discounts of at least 5%. ” With a general increase in appraisal values, the situation has improved even more compared to last year. This has also resulted in numerous stock 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 even better shape than last year. Therefore, the widening gap between reconstitution values and unit prices gives reason to be optimistic about the evolution of the latter, gaps that could also serve as a buffer in the event of a general drop in real estate after the current rate increase. » concludes Pierre Garin.
On the contrary, the Linxea study shows that 15 SCPI show a price higher than its reconstitution value (ratio similar to last year). Most of the time, these overvaluations are lower, around 2% on average, except in the SCPI Patrimmo Commerce (Primonial REIM) where the difference is around 10%, which may suggest a drop in the share price short term. .
#Encore #belles #décotes #sur #prix #des #SCPI