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Success of OPCIs promises bigger share for French property funds
Property managers have launched 38 French OPCI open-end funds with over e5bn AUM since October 2007. Arnaud Dewachter, manager of the association Aspim, tells PIE in an interview that funds will take a growing real estate invesment share, after OPCIs and SCPIs accounted for 15% in 2008. Dewachter says that the ability of France's unlisted property funds to take advantage of the same halved capital gains tax on acquired portfolios as French REIT/SIICs means funds have a bright future. "SCPIs and OPCIs - now that they have been fully launched - are likely to take a significant market share going forward," he said.