SCPI investment performance shows divergence between yields and share prices

The SCPI (Société Civile de Placement Immobilier) market is showing a significant divergence between distribution rates and total performance. While the average distribution rate in 2025 was 4.91%, the average share price fell by 3.45%, resulting in a total market performance of approximately 1.5% according to ASPIM/IEIF data.

Investors are cautioned against relying solely on distribution rates, which only measure income paid out and ignore fluctuations in share value. A high distribution rate can mask an erosion of capital if the share price declines. For instance, diversified SCPIs showed a total performance of 6.3% in 2025, whereas some historical office-focused funds saw their performance weighed down by successive price drops.

In the logistics sector, the market presents a nuanced picture. Despite the growth of e-commerce, new warehouse deliveries in Europe have declined by nearly 40% in recent years, and vacancy rates have risen from 2% to 6%. This shift, combined with aging or poorly positioned assets, has led to a slowdown in European logistics investment during the first quarter of 2026.

Liquidity remains a factor to monitor; while the amount of shares awaiting redemption dropped from €2.8 billion at the end of 2025 to €1.9 billion in the first half of 2026, the distribution remains uneven across different funds.