More than two years after the start of the difficulties faced by certain real estate investment companies (SCPI), thousands of savers still have not recovered the amounts they invested in financial products that invest in professional real estate (offices, businesses, warehouses, etc.).
As of September 30, 2025, the total value of shares awaiting redemption amounted to 2.38 billion, according to figures from the Association of French Real Estate Investment Companies (Aspim) and the Real Estate and Land Depository Institute (IEIF). “This is the second straight quarter of increases, a sign of lingering strains on office SCPI liquidity”pointed to their latest study. These funds alone accounted for 77% of the increase in pending share volumes in the third quarter, which was an increase of 60 million euros.
“The sale of assets owned by SCPI, which can restore the liquidity of the relevant SCPI, takes time”acknowledged Frédéric Bôl, president of Aspim. Not to mention new exchange requests have been added to the old requests.
As long as solutions (sale of buildings, transformation of SCPI, creation of a redemption fund, etc.) are not implemented, the volume of shares awaiting redemption risks increasing, as do dissatisfied savers. Despite our requests, the Financial Markets Authority (AMF) has remained silent on this, despite a 64% increase in SCPI-related disputes accepted from 2024 by the agency’s mediators.
However, if the “counterparties” holding these products have not been able to recover their investments, most SCPIs do not experience any difficulties. Only 2.7% of SCPI’s market capitalization was affected. Overall, this investment has regained its appeal among savers.
Collections are on the rise
SCPI net collections (subscriptions minus redemptions) increased by 33% over nine months. In the third quarter of 2025, net inflows from SCPI reached 1.1 billion euros. Diversified SCPI saw 74% of gross inflows in the third quarter. However, the most striking phenomenon is a “ten SCPI centralizes most of its collections”observed Mr. Bôl. “There is a three-speed market. About ten SCPIs are experiencing serious difficulties. Most of the SCPIs are showing stability, while others, who are making profits above 6%, are spending their savings”he explained.
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