Portuguese funds take €1BN hit in H1
Portuguese real estate investment funds took a €1Bn hit falling from €10Bn in total assets under fund management to €9Bn between January and July 2021.
According to Funds People and the latest statistics published by the APFIPP (The Portuguese Investment Funds Association) for this segment, in the first half of 2021 the fall in terms of patrimony stood at 2%.
This means that in January 2021 the real estate investment vehicles and entities that manage them had a total patrimony of €10Bn but by July that figure had dropped down to €9Bn.
Of the 181 funds listed by the Association, the largest fund is CA Património Crescente from Square Asset Management. At the end of July 2021 its assets under management were €901 million – meaning 9% of the total assets in this segment in Portugal.
Since May 2018 it has been the largest national real estate product for investors in the Portuguese market and his been the most profitable open real estate fund in the last decade.
The second largest product in the real estate market according to the APFIPP is also an open fund – Fundimo.
At the end of July this product offered by Caixa Gestão de Ativos has around €616 million in assets under management in the fund portfolio and was the product that most gained in value in 2020.
In the same category, and not far off in terms of assets in portfolio is the third largest real estate fund in Portugal, Imofomento which is run by BPI Gestão de Ativos. In July that fund had around €520 million in portfolio.
Regarding the other funds in the ranking, little has changed since January. The highlight in terms of closed funds was Office Park Expo which climbed up to 7th position.
Then ImoFid from Fidelidade has seen the number of assets under its management grow making it now one of the top 10 largest real estate funds in Portugal according to the APFIPP which can be consulted on the association’s website.