A fallback solution? Faced with the drop in the return on secure investments (booklet A, LEP, banking booklets, term accounts, etc.), civil real estate investment companies (SCPI) may appear as an interesting alternative. Admittedly, it will then be necessary to take a little more risk than with a guaranteed capital booklet, since with a SCPI, the synthetic risk indicator is placed at a level 3/7 or 4/7. Liquidity will not be the same either, with a minimum investment duration of 8 to 10 years. But, in return, yields can also be substantially higher.
In the first quarter of 2025, the average distribution rate – TD, which corresponds to the yield of SCPI – was therefore 4.26% amounted According to data unveiled by Rock’n’Data Tuesday, June 24, which stripped the quarterly bulletins of 129 SCPI of yield. It is certainly less than the average TD recorded throughout the year 2024 by the ASPIM (French association of real estate investment companies): 4.72%but it should be remembered that management companies tend to distribute more dividends at the end of the year. Another green light unveiled by Rock’n’Data, the average yield of acquisitions made in the first quarter, which is 7.06%, and reflects the current profitability of the professional real estate market.
Logistics and diversified SCPIs are the most profitable
Finally, on the yield side by category of assets, it is SCPI specialized in logistics (warehouses, logistics platforms, etc.) that distribute the most, with an average TD of 5.59%. Next come the diverse SCPIs, with a yield of 5.49%, “More representative of the market, because these SCPIs represent 78% of the collection of the entire market in the first quarter”Note Jonathan DHIVER, founder of BestSCPI.com. Finally, the prevailing SCPIs shops (building stores, retail parks, merchant galleries, etc.) are also pulling out of the game with an average distribution rate of 4.58%.
Only black point on the board, the financial occupancy rate (TOF), which measures the level of occupation of all the goods held by the SCPIs. The latter was 92.24% in the first quarter, in line with 2024 (92.20% according to the ASPIM), but still down compared to the TOF of 93.30% for the year 2023. “A drop in occupation undoubtedly linked to the difficulties of companies that rent these spaces, failures are up 10.61% over a year”analysis Jonathan DHIVER. This explains, for the time being, the relative stability of yield compared to last year.
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