The global health crisis has also shattered the savings landscape. The French are worried… According to figures from the Banque de France, 1,700 billion euros in cash are now piling up in their current accounts and other passbooks. A savings that brings them nothing or almost nothing, with inflation around 1% per year. This reluctance also strikes one of the investments that has experienced great enthusiasm over the past ten years, the SCPI. These structures, which buy office buildings, shops and warehouses, and pay the rents to their subscribers, experienced record inflows in 2019: 11.4 billion euros. But the pandemic has cut the tide. In the second quarter, they attracted just 875 million, according to figures from their trade association, Aspim.

Limited Covid impact

The curve has not recovered since then. “Subscribers are afraid to invest, through SCPIs, in activities very affected by the health crisis, such as hotels, shopping centers and even offices”, analyzes Guy Marty, president of the information site . However, the SCPIs managed the crisis rather well: they renegotiated certain leases, postponed the rents that their occupants had difficulty paying and found smart solutions to reduce the surface area without terminating the leases.


But, beyond that, the health crisis raises the question: what consequences in the event of new confinements? For the moment, the performances are reassuring. The average yield this year will undoubtedly be a little less than 4%, according to the Linxea observatory, and will remain fairly close to the 4.4% of 2019. “The promise will be kept at 95%, says Christophe Descohand, of Moniwan, the SCPI subsidiary of La Française. Unit values ​​will hardly change and we are a long way from the decline in certain assets, such as shares. As for distributed income, the impact of the Covid will be limited to the equivalent of one month of […]

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