banks are going to create new savings products baptized collective investment in real estate (OPCIs). Their legal and fiscal framework has been defined by the Ordinance of 13 October 2005 but still lacks implementing regulations and the regulations developed by the AMF.
Inspired Model of mutual funds and mutual funds (FCP), OPCIs are intended for the general public. Their implementation raises many issues, including civil society Real Estate Investment Trusts (REITs) exist: within four years, they will become OPCIs or disappear. As of December 31, 2009, the REIT will be able to do more to make any capital increase, which condemns them. REITs offer yet overall performance close to 10%, including 2005, and 2006 promises to be as auspicious.
OPCIs are supposed to correct the major flaws of REITs: rigidity in management, lack of liquidity and inadequate tax system. Their managers have more freedom to maneuver: they can buy property directly or shares of preponderantly Real estate, borrow up to 50% of their assets, launch operations and promotion of rehabilitation and, more importantly, their complete portfolio of securities linked to real estate or not.
OPTIMAL TAXATION
"This flexibility will allow us to offer a range of products, very safe, focused on real estate, the very dynamic but more risky, with high levels of debt and equity of land , or products targeting geographical areas or specialized buildings such as hospitals and prisons why not, as is done in the U.S., "says Jean-Marc Coly, head of the Union's financial management.
To ensure better liquidity, OPCIs will retain at least 10% (and up to 40%) of cash intended to buy out policyholders wishing to go out and retrieve their savings. If real estate crisis, this cash cushion is inadequate, as was shown in Germany, the collapse of the fund from Deutsche Bank, forced to block withdrawals and selling off buildings at the worst time. "Real estate and liquidity are mutually exclusive," says Benoît Faure-Jarrosson, an analyst at Fideuram Wargny.
On the fiscal front, the regime is optimal OPCIs since it offers two types of vehicles, each with its plan. The REIT will own 60% of buildings, and distributions are taxed as property income. The company predominantly real estate investment variable capital own 51% of buildings and up to 30% of shares of listed property companies, giving it liquidity and flexibility. The first
OPCIs should emerge in the second half, although several banks, as UFG (Crédit Mutuel) or Antin Vendôme (BNP Paribas) have recently established REIT dedicated to mutate into OPCIs.
source: lemonde.fr
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