New in the world of paper stone. The management company Iroko announced, Tuesday, September 16, the launch of a new Civil Real Estate Placement Company (SCPI), Iroko Atlas, five years after the marketing of its first investment vehicle, Iroko Zen. A company for the manner crowned with success, sinceirko Zen has a distribution rate (equivalent to the yield in SCPI) higher than its objective since its creation, and which has been 7.32% in 2024, well above the sector average (4.72%). A sign of his interest in the eyes of savers, Iroko Zen is also one of the five SCPIs which alone concentrated half of the collection (payments) of the market in the first half. An attraction which is explained in particular by the absence of subscription fees, in return for higher management fees than the average of the market and exit costs of 5% in the event of holding the shares less than 5 years.
Among the countries targeted: Poland, Czech Republic, Ireland
With these results, why embark on the creation of a second SCPI? “Iroko Atlas presents itself as a complementary product of Iroko Zen. While our first SCPI was initially 100% French, before gradually developing on other neighboring countries, the positioning of Iroko Atlas will be invested only outside France ”explains Pierre-Antoine Burgala, Managing Director of Iroko. Among the targeted areas, Iroko Atlas targets in particular Central Europe and the Nordic countries: Czech Republic, Poland, Ireland, United Kingdom, with a potential exposure, moreover, in the United States and Canada.
Markets less acclaimed by the rest of the sector, where the management company hopes in particular to find lower acquisition prices, while recognizing taking more risk: “Iroko Atlas assumes its high yield side (high yield, editor’s note), with a more risky, but potentially more efficient side“Says Pierre-Antoine Burgala. Also, this new SCPI has a higher yield target than its elder: 6.5%, compared to 5.5% for Iroko Zen. On the fee side, like the latter, Iroko does not charge any subscription fees, but expected exit costs of 5% (in the event of exit before five years). For the time being, the three assets being acquired by Iroko Atlas – in Poland, in the Czech Republic and in the United Kingdom – display rates of return to the purchase of 8%, 10%and 8.50%respectively.
