There are two distinct categories of SCPI:
Corporate real estate SCPI whose objective is the distribution of regular income or capital gain on sales of shares. There are three categories amongst these SCPI depending on property owned:
Offices: This category is the most representative of the sector. They specialise in corporate real estate. 70% of the property consists of offices.
Retail businesses: The properties mainly consist of retail businesses (retail, "street level building", or larger surfaces, small shopping centres). 70% of the property consists of retail businesses.
Specialised properties: SCPI mainly invested in an identified sector such as logistics, nursing homes, student accommodation, are categorised under this label.
Diversified properties: SCPI which do not have any type of asset exceeding 70% of properties.
Residential real estate SCPI which provide the benefit of a fiscal arrangement in force on rental properties for residential use. These SCPI are mainly invested in residential properties, flats and individual houses, either new or to be renovated. They fall within legislative and fiscal measures in force.
The SCPI is an unlisted vehicle which raises funds from savers to build a portfolio exclusively composed of real estate properties (offices, retail businesses, etc.). The SCPI is managed by professionals a authorized by the French regulator, a management company.
The OPCI is an unlisted vehicle which raises funds from savers to build a portfolio composed of at least 60% of real estate assets, up to 35% invested in transferable securities (stocks, bonds, UCITS) and at least 5% of liquid assets. The OPCI is managed by professionals authorized by the French regulator, a management company.
The OPPCI is an unlisted vehicle aimed at professionals who raise funds to build a portfolio composed of at least 60% of real estate assets. The OPPCI is managed by professionals authorized by the French regulator.
Other AIFs in real estate
The AIF category also includes vehicles known as “Other AIFs” which meet the definition of AIF, but which are not listed explicitly by the financial and monetary code as are the SCPI.
These other AIFs do not have a key information document for the investor but publish a prospectus approved by the French regulator when an offer is made to the public.