Stone paper nonlisted the SCPI know for some years a less buzz

Herbert Smith is an international law firm created in 1848 in London and now implemented in 16 countries in Europe and Asia. It has 200 members and 900 employees. Among its specialties, real estate represents 20 of its activity. Pierre Popesco joined the Paris Office in November 2005 to develop this sector at the head of a team of 18 lawyers.

Why invest in real estate rather than paper in live stone

Investment in the paper stone offers the opportunity to make an investment risks are diverse. By investing in a portfolio consisting of different real estate assets, the investor sees its shared risks, in particular related to a departure from tenant vacancy. The second advantage of stone paper is to enable the investor to personally manage its assets to a professional Manager: a society of portfolio management in the case of a SCPI or the management team of a land company listed.

The real estate investment live on the other hand allows an investor to have a certain liquidity since it is only one master of the decision to keep or sell its assets. This advantage is put into perspective because hold shares of a listed property company also offers the flexibility of arbitration.

What are the different available stone paper investments

Today, there are mainly two types of stone paper: listed property companies and SCPI (civil real estate investment companies). Listed property companies have since 2003 of a tax lien, said Siic (listed real estate investment company), which allows them to benefit, subject to payment of a tax equal to 16.5, latent on their assets tax, the "exit tax", a tax exemption on the results they achieve, whether current or capital gains of assignment results. The institution of this preferential tax regime, adopted by most of the listed property companies today, fostered the introduction on the stock exchange of new companies. It also allowed the land listed to see their market capitalization increase dramatically. This investment is therefore both increased liquidity and an attractive taxation.

Stone paper non-listed, the SCPI know for some years a less buzz. This was mainly due the lack of liquidity that they offer to the holders of shares despite the implementation of secondary markets. This situation should improve with the arrival of the real estate funds (real estate collective investment undertakings). These real estate funds replace term the SCPI in bringing the advantage of greater liquidity of investments. They will be two forms: REITs (real estate investment fund) which will not have legal personality and the results will be assessed as a land revenue; Sppicav (real estate preponderance to variable capital investment companies) that will have, they, legal personality and whose income will be assessed under the scheme of the securities.

REITs and Sppicav offer their unit-holders or shareholders a liquidity of their investments. Indeed, these two structures will have the obligation to repurchase the securities they have issued. They should be operational in autumn 2006 after the release of the AMF General regulations specifying the provisions of a decree in Council of State, he waited for the month of July of this year.

What is the stone the more efficient paper placement

Real estate funds offering the same liquidity that listed property companies, the choice between these two investments should be dictated by the goals of the investor. In order to promote the added value, it Guide to the stock exchange and traded the land. If he prefers the safety of a performance, it opt for the real estate funds, preferred placement tool for example to prepare for retirement.