Inflows to real estate funds open to the general public in the first half of 2022
ASPIM and IEIF have published subscription statistics for SCPIs, retail OPCIs and SCIs (non-trading real estate companies) in the first half of 2022.
The three main categories of real estate funds accessible to the general public reported net inflows[1] of €8.1 billion in the first half of 2022, up 55% compared to the second half of 2021 and 46% versus the first half of 2021. Jean-Marc Coly, ASPIM’s Chairman, said: “In a difficult environment amid the war in Ukraine and strong inflationary pressures, many investors see real estate as a safe haven. This is reflected in the record inflows reported by SCPIs and SCIs in the second quarter. Retail OPCIs also reported strong growth, with a threefold increase in net subscriptions in the first half of 2022 compared to the first half of 2021. Managers are nevertheless keeping a close eye on the current economic and geopolitical situation and its potential impacts on the market.”
Inflows to SRI-labelled funds amounted to €3.6 billion in the first half of 2022
The 50 retail funds that had obtained SRI labels as of 30 June 2022 accounted for 44% of net inflows and 44% of the capitalisation of unlisted retail real estate funds in the first half of 2022.
SCPIs: record inflows of €5.2 billion in the first half of 2022
In the first half of 2022, net inflows to SCPIs amounted to €5.2 billion, up 39% compared to the second half of 2021 and 44% versus the first half of 2021.
The second quarter of 2022 saw total inflows reach €2.6 billion, setting a new record for quarterly inflows to SCPIs.
In the first half, SCPIs mainly invested in offices accounted for 45% of total net inflows to SCPIs, ahead of SCPIs with diversified strategies (27%), and "health and education" SCPIs (15%). SCPIs focusing predominantly on logistics and business premises attracted 6% of inflows. Lastly, “retail” and “residential” SCPIs picked up 5% and 3% of inflows respectively in the first half of 2022.
At 30 June 2022, the capitalisation of SCPIs totalled €84.1 billion, up 3% from the previous quarter.
Unit-linked SCIs: record inflows of €2.5 billion in the first half of 2022
Unit-linked SCIs recorded €2.5 billion in net inflows in the first half of 2022, up 67% compared to the second half of 2021 and 37% versus first half of 2021.
In the second quarter of 2022 inflows totalled €1.4 billion, setting a new record for quarterly inflows to unit-linked SCIs.
At 30 June 2022, the net assets of unit-linked SCIs amounted to €21.7 billion, up 8% over the quarter.
An increase in net inflows to retail OPCIs
In the first half of 2022, retail OPCIs attracted net inflows of €474 million, compared with €153 million in the first half of 2021 and €203 million for the whole of 2021.
Net subscriptions rose by 32% quarter-on-quarter, from €204m in the first quarter of 2022 to €270m in the second quarter.
Net assets of retail OPCIs stood at €20.7 billion at June 30 2022[2].