SAVINGS An order has just given a legal status for future real estate investment funds. Intended to replace the SCPI, they may emerge from the second quarter of 2006.
The days of REITs are numbered! For several months now, the arrival of their replacements is scheduled. They will be named OPCIs (collective investment real estate). By purchasing shares of these funds, accessible to only a few hundred dollars, investors invest in a heritage real estate, managed by professionals. They will be entitled to a share of rental income received by the OPCI and capital gains it has achieved. Best OPCIs will fund a portion of their earnings, which could raise the price of the shares ... and allow their owners happy to pocket a profit when they resell.
The creation of this new investment is now a matter of few months. The first stage has been reached with the publication of an order that details their legal regime. Their tax status should he be voted at the end of the year in the supplementary budget 2005. Finally, the AMF will clarify their rules of operation, probably in late January. Management companies are hoping to launch their first OPCIs So the first half of 2006. Subscriptions
resales and simplified
They will have a chance to bring back investors to stone paper, advocating the benefits of their competing OPCIs REITs.
differences will be significant. REITs are essentially holding real property, while OPCIs can broaden their portfolios to equities (eg property companies) and other investments.
While REITs do not get into debt, OPCIs may borrow, within reason, to purchase goods and thus benefit from a leverage effect (if the rents collected are greater than the cost of credit). They will also have greater freedom to manage and mediate their heritage. These measures should help to sustain the performance.
source: lefigaro.fr
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