SCPI: Yields, prices from … The winners and losers of 2024

Civil real estate investment companies come out of a marked exercise by numerous decreases in prices on both sides, but preserved yields. If the diverse SCPIs have pulled out of the game, those invested in the offices continued to suffer.

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Various fortunes for civil real estate investment companies (SCPI) and their partners. In 2024, these investment vehicles served a distribution rate (TD, the equivalent of the yield) average of 4.72%, according to data published this Monday, February 10 by the French Association of Real Estate Companies, ASPIM. A performance of appearance greater than that made by paper stone in 2023 (4.52%), but which should be taken with tweezers. “The average raw dividend served by SCPI In 2024 decreased by 3% compared to 2023. More specifically, 8% of the SCPIs in number distributed in 2024 the same amount as in 2023, 49% increased the deposit from one year to the next, then that 43% decreased it ”specifies the aspim.

As a reminder, the distribution rate communicated by management companies corresponds to the amount of dividends paid reported to the subscription price on January 1 of the year. However, in 2023, many SCPIs saw their price by decrease, sometimes in a spectacular way, the Fleek average subscription price of 4.9% throughout the market. Reason for which, even if the distribution rate of SCPIs increased in 2024, the average dividend affected by the partners has, in reality, a remote.

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© Aspim

Office SCPIs in the red

In detail, the diversified SCPIs in several asset classes recorded the best average performance (5.8%), ahead of the SCPI invested in logistics and activity premises (5.6%). At the end of the ranking, two sectors suffered particularly last year: that of health and education as well as the Office SCPIs. First of all because they served lower yields than the market average, 4% and 4.4% respectively. But also and above all because they have again proceeded to sensitive price drops on their part4.7% on average for SCPIs specializing in health and education and 7.1% for Office SCPIs.

Result: the overall yield – indicator which takes both into account the distribution rate and theprice evolution On the part of the year-is in red for offices (-2.7%) and, to a lesser extent, for vehicles invested in health and education (-0.7%). In contrast, the diversified SCPIs, which increased their price by 0.1% on average in 2024, are enthroned at the top of the ranking, with a overall performance of 5.9%. They are ahead of vehicles invested in logistics (5.6%), residential (4.8%), hotels (4.7%) and shops (4.5%).