Usfruimmo - Usufruct funds - Real estate investments

Leaseholds

Usufruct fund for SCPI units

A financial product pooling temporary usufructs of SCPI shares

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Leaseholds

Presentation

A model set up by France Valley back in 2014 for leading institutional investors (insurance companies, life insurance real estate UCs, bank equity, pension and provident institutions, mutual insurance companies, ...) and now available to individuals.

80%

France Valley
now represents 80%(1) of the SCPI usufruct market in France

(1) France Valley estimate, based on new money raised in slicing in 2023.
(2) At end of Q1 2024, including capital raised but not yet invested.

Typical breakdown of a usufruimmo fund

SRI performance

70% of the portfolio invested in SRI-labeled SCPIs*.
2/3 of the portfolio invested in Article 8 or Article 9 SCPIs within the meaning of SFDR*.

Mutualization and diversification of underlying assets

- Between 15 and 30 SCPIs
- More than 100 properties per SCPI on average*.
- 3 leases on average per building*

*Source: France Valley
Data to end Q1 2024; based on France Valley's usual averages for its 22 SCPI temporary usufruct funds under management.

Diversification across 2,500 buildings and 7,500 leases

Liquidity and returns are not guaranteed, but there is a risk of capital loss. Past performance is no guarantee of future results.

A particularly attractive and competitive risk-return profile vs. other asset classes, especially other real estate assets with higher volatility

1 An investment strategy independent of the evolution of real estate valuations

2 A diversified portfolio across all real estate sectors and geographies (France and Europe)

3 A resilient investment strategy (80% market share), proven, diversified, with very low volatility and historical returns in line with performance objectives

The benefits of the model

Market risks and their consequences for the usufructuary

Decline in appraisal values of real estate assets

No impact on usufruct value
An exclusively rental flow product totally insensitive to changes in the underlying value (value of the real estate)
Investment performance sensitive only to changes in the coupon

Inflation period

Rental income partially indexed to inflation
In periods of inflation, potential to support performance

Liquidity risk

Liquidity organized by the payment of quarterly SCPI coupons (not guaranteed)

A dedicated team
at your service

Charles de Cointet

Associate Director

Eric Bengel

ASSOCIATE DIRECTOR