Inflows to real estate funds open to the general public in the first half of 2022
The three main categories of real estate funds accessible to the general public reported net inflows 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.”
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.
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 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.
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.