Real estate asset management is our business

Transcription

1 Real estate asset management is our business 2017

2

3 Real estate has become a fully-fledged solution to diversify investments and savings. Real estate s key advantages are its decorrelation from traditional financial markets and solid long-term performance. This is why Amundi, as a European leader and global asset management player, continues to develop Amundi Real Estate to fully incorporate property asset management into the core of its expertise. Expertise in buying and managing the most promising real estate assets in Europe is our business. Amundi Real Estate has achieved a leading position in the French market thanks to its expertise in the designing of real estate investment funds for private individuals, distributed through life insurance. The company is a forerunner in terms of international investments, with financial engineering expertise that enables it to set up the most sophisticated arrangements for institutional investors. There are few real estate asset management companies that have our size, financial solidity and network of distribution partners. This is what gives us our ability to set up large-scale transactions, thereby providing our clients with investment opportunities that they are usually unable to access. Expertise in buying and managing the most promising real estate assets throughout Europe is our business. Enabling you to access the best of these wealth diversification assets is what drives us. Fathi Jerfel Global Head of Retail Division

4 04 AMUNDI THE GROUP Montreal New York Durham Mexico City AMUNDI THE LEADING EUROPEAN ASSET MANAGER Not only is Amundi a well-established player in the European market, it also has a proven track record of providing its valuable expertise to clients further afield. Located throughout more than 30 countries, our employees continue working hard to develop and promote our know-how to best serve our clients and to build relationships based on mutual trust. Santiago de Chile A MAJOR A SOLID PLAYER BUSINESS PLAYER 1,083 bn of assets under management (1) N 1 1,677 M Net Banking Income European Asset Manager (2) 828 M Gross Operating Income 568 M Net Income Group share 52.3% of Cost-income Ratio (1) Data as of 31 december 2016, Amundi s scope of consolidation - Assets under management include 100% of the assets under management in Asian Joint Ventures: State Bank of India Fund Management (India), ABC CA (China) and NH CA Asset Mangement Co Ltd (South Korea), and not the amounts of assets under management that correspond to the equity interest held by Amundi in each of the Joint Ventures, along with 34% of assets under management at Wafa Gestion (Morocco), i.e., pro rata to Amundi s equity interest in Wafa Gestion, as Amundi has no dedicated employees in Wafa, unlike in other JVs.

5 05 AMUNDI THE GROUP Helsinki Stockholm Helsinki Stockholm Stockholm Helsinki Amsterdam Dublin Warsaw Amsterdam Frankfurt Warsaw London els Prague Frankfurt Brussels Luxembourg Dublin Prague s Amsterdam Luxembourg Warsaw Zurich London Vienna Paris Frankfurt eneva Zurich Brussels Prague Vienna Milan Geneva Luxembourg Paris Milan Zurich Vienna Geneva Madrid Madrid Milan Beijing Athens Athens anca Seoul Beijing Athens Beijing Seoul Tokyo Seoul Casablanca Casablanca Tokyo Shanghai Shanghai Shanghai Dubai Dubai Abu DhabiAbu Dhabi Dubai TaipeiTaipei Hong Kong Hong Kong Abu Dhabi Mumbai Mumbai Taipei Hong Kong Mumbai Bangkok Bangkok 20 Bangkok Kuala Lumpur years Singapore Kuala Lumpur IN THE MIDDLE EAST Singapore Kuala Lumpur Singapore 30 years IN ASIA Sydney International Investment Hubs Offices dedicated to network partners Offices dedicated to institutional clients and third-party distributors Sydney A STRONG PRESENCE rnational ment Hubs Offices dedicated to Offices dedicated to institutional clients International Offices dedicated to network partners and third-party distributorsoffices dedicated to institutional clients Investment Hubs network partners and third-party distributors RECOGNISED Breakdown of assets under management by asset class (1) 28 % Partner Networks and Third-party Distributors 35 % Institutional Clients and Employee Savings experts in analysis and strategy(1) 17% Money Market More than employees(1) 37 % 12% Multi-assets 106 Bonds 50% 7% Real, alternative Group Insurance and structured assets Companies 795 More than employees work in management and management support teams(1) EXPERTISE Breakdown of assets under management by client type (1) WORLDWIDE 14% Equities (2) Amundi s scope of consolidation No.1 European asset manager based on global assets under management (AUM) and headquartered in Continental Europe - Source IPE Top 400 asset managers published in June 2016 and based on AUM as at December ,100

6 06 AMUNDI REAL ESTATE THE BUSINESS AMUNDI REAL ESTATE THE BENCHMARK IN REAL ESTATE ASSET MANAGEMENT MORE THAN 40 YEARS EXPERIENCE N o 1 in terms of inflows and asset under management (SCPI and OPCI Retail) Data: IEIF March bn under management (1) 127 real estate funds (1) over 120 employees (1) Amundi Real Estate is Amundi Group s management company specialised in the development, structuring and management of real estate funds. It offers privileged access to real estate markets thanks to a broad network and teams with extensive experience in this sector. A POWERFUL, LARGE INTERNATIONAL ACTOR An investment company specialised in the management of real estate assets, Amundi Real Estate is a long-standing player in this sector with more than 40 years experience. Its size and negotiating capacity enable it to seize the best investment opportunities and develop products that meet its clients needs. Thanks to its backing from the Amundi group, it enjoys privileged access to various foreign markets. Accordingly, its international development potential is reflected through its highly diverse property investments as well as the ability to bring in international capital and to expand its activity via subsidiaries (Morocco and Italy) and partnerships (Germany, Great Britain, Czech Republic, etc.). 651 buildings in the portfolio (1) 5,4 bn square meters managed (1) A WIDE RANGE OF FUNDS AND CUSTOMISED SOLUTIONS Real estate investment trusts, real estate investment schemes, property mutual investment funds, tax and wealth management products (forestry groups, vineyard groups, etc.), collective or dedicated institutional funds Amundi Real Estate has developed a range covering the specific needs of all types of individual investors and professionals. In particular, it designs customised wealth management diversification products and solutions for institutional investors and distributors as well as innovative structured products and tax optimisation solutions for private banks and high net worth clients. 4,8 bn worth of transaction in 2016 (1) (1) Amundi Immobilier scope - Data as of 31 December 2016

7 Espoo Helsinki 07 AMUNDI REAL ESTATE THE BUSINESS Glasgow Hamburg Cardiff Düsseldorf Lille Main property assets Strasbourg Lyon Vienna Milan Bordeaux Toulouse Prague Francfort Stuttgart Munich Luxembourg Paris Berlin Rotterdam London Nice Marseille Rome Casablanca RECOGNIZED PERFORMANCE 2017 prize for the best fund for Génépierre awarded by Mieux vivre votre argent magazine 2016 prize of the best fund for five years for Rivoli Avenir Patrimoine awarded by Les Victoires de la Pierre Papier Magazine prize of the best global performance for ten years for Rivoli Avenir Patrimoine awarded by Les Victoires de la Pierre Papier Magazine prize for the best performance measured on a three-year annualised for Rivoli Avenir Patrimoine awarded by MSCI European Property Investment Award prize for the best global performance for 7 years for Génépierre awarded by le Grand prix de la Pierre Papier Magazine. ASSETS UNDER MANAGEMENT IN BN SINCE 2010 (1) Individual clients + asset management International Institutional Investors (1) Amundi Immobilier scope - Data as of 31 December 2016

8 08 AMUNDI REAL ESTATE THE MARKET REAL ESTATE ASSETS KEY INVESTMENTS Amundi Real Estate, which from the outset was convinced of the advantage of investing in property, assists investors who want to gain access to an alternative asset class to benefit from the full potential of a growing market, directly linked to the real economy. A DIVERSIFICATION TOOL Real estate investment, which differs from traditional financial markets, is intrinsically a diversification investment. By providing the possibility to invest in financial products such as real estate investment trusts (SCPI), real estate investment funds (OPCI), property mutual investment funds, etc., real estate asset management makes it possible to indirectly take advantage of the complete range of these markets: commercial, residential, retail, hotels, logistics, healthcare, etc. in France and abroad. For individual and institutional investors, this is a way to gain access to specialised and diversified types of real estate they cannot directly access. TWO FINANCIAL PRODUCTS TO INDIRECTLY GAIN ACCESS TO REAL ESTATE WITH LOW BARRIERS TO ENTRY Cap 14, Paris 14 e SCPI from 1,000 Real estate investment trust OPCI from 100 Unlisted real estate fund The fund is partially invested in real estate

9 09 AMUNDI REAL ESTATE THE MARKET A HIGH-PERFORMANCE INVESTMENT Real estate is the investment that provides the best risk/return profile in the long term. Against a backdrop of persistently low interest rates, it provides an alternative to regulated, short-term assets. For 30 years, real estate investment trusts have provided a stable average return of around 4.85%* (source: IEIF 2016). 2.96% (2) overall average performance (1) of retail investment trusts in 2016 A USEFUL AND RESPONSIBLE APPROACH Investing in real estate assets means fully participating in the real economy and in local development. Amundi Real Estate supports the property sector by acting in several areas: development of professional property, as renovation of old residential buildings has to be carried out in accordance with the original design ( Malraux -type real estate investment trusts), located in cities with a rich historical past as well as support for land and vineyard groups. 4.63% (3) performance of commercial real estate funds in 2016 IN TERMS OF INFLOWS AND ASSETS UNDER MANAGEMENT N 1 OF MALRAUX REAL ESTATE INVESTMENT TRUSTS (3) Moreover, its involvement in socially responsible investment makes it an active actor in energy transition. * Past performance is not a reliable indicator of future performance (1) Overall performance = payout ratio over market value + change in average price of the unit (2) Source Amundi (3) Source IEIF - March 2017 Hôtel Steigenberger in Berlin.

10 10 AMUNDI REAL ESTATE THE STRONG POINTS A RELATIONSHIP OF TRUST INDUSTRY-LEADING REAL ESTATE EXPERTISE Amundi Real Estate creates funds invested in all real estate asset classes in France and abroad, by drawing on a dedicated research team which enables us to develop tactically in line with the most advantageous economic and environmental developments. HIGHLY SELECTIVE INVESTMENTS 1 project out of 10 examined leads to a purchase in France (1) SELECTION EXPERTISE In addition to macroeconomic, strategic and sectoral studies provided by Amundi, Amundi Real Estate carries out its own real estate market research. This is one of the reasons Amundi Real Estate stands out. Its long-term expectations enable it to optimise the performance of investments. 4.3 bn invested in France and abroad in 2016 (1) 31% of this investment ( in volume) were realised abroad in 2016 (1) For more than five years, Amundi Real Estate has turned to international markets in order to take advantage of different economic cycles and different regulatory environments. Being able to buy everywhere is a way to diversify and protect returns. By opening up to Europe, property purchase opportunities in a professional property market of 31 billion in France increase to a potential market of 250 billion (1). VALUATION EXPERTISE DIVERSIFICATION EXPERTISE In order to optimise returns, Amundi Real Estate implements active management of its portfolios to rejuvenate and renovate its real estate assets, upgrade its buildings and meet environmental requirements. It applies a management process that meets the most demanding international standards such as national and international environmental certifications (for example HQE (high environmental quality) in France). Chablais Parc stores, Annemasse. (1) Amundi Real Estate and IEIF figures as of 31 December 2016

11 11 AMUNDI REAL ESTATE THE STRONG POINTS Club Med in Tignes Val Claret Hôtel Pullman Paris Tour Eiffel Sore Guirgaden Forest groupings 1 st WITH THE HIGHEST INFLOWS IN FRANCE Thanks to the power of its inflows, Amundi Real 42 FOREST AREAS DISTRIBUTED in 16 FOREST GROUPINGS Estate is in a position to carry out the largest transactions in the European market. This rank also makes it easier to ensure regular returns on the assets in the portfolio. IN RETAIL REAL ESTATE INVESTMENT TRUSTS AND REAL N 1 ESTATE INVESTMENT FUNDS INFLOWS SINCE 2012 BREAKDOWN OF ASSETS UNDER MANAGEMENT BY TYPE IN VALUE (1) IEIF Classe rankings, February 2013, 2014, 2015 and % Accomodation 5.2% Residential 16.5% Stores 2% Health 1.2% Cinema 1.1% Warehouses 0.9% Business premises 0.3% Leisure residences 69.2% Offices Amundi Real Estate develops also a range of products of patrimonial diversification (forest groupings, wine-making groupings, wind energy, solar energy), fiscal products

12 12 AMUNDI REAL ESTATE THE SOLUTIONS PRODUCTS SUITABLE FOR ALL PROFILES INDIVIDUAL CLIENTS ENABLING INDIVIDUAL CLIENTS TO GAIN EASIER ACCESS TO THE BEST-PERFORMING INVESTMENT VEHICLES Real estate trust Real estate yield funds Tax products Real estate venture capital funds Asset management diversification products (forestry, vineyard groups, wind power, solar power, division of property, professional furnished/non-furnished renters (LMP/LMNP), etc.). OPCIMMO REWARDED IN 2013 AND 2015 Investing directly in the best-performing property - commercial property and foreign markets - is not within everybody s reach. Amundi Real Estate offers a broad range of funds and solutions that meet the specific needs of each category of clients in France. CREATIVITY TO GENERATE PERFORMANCE Amundi Real Estate is a leader in the market for products available to individuals. The success of its retail real estate investment funds is the result of a constant determination to innovate. OPCIMMO, the largest real estate investment fund in terms of inflows The largest real estate investment fund in the French retail market, with a 51% market share in terms of assets under management and 51% of overall inflows on the real estate investment fund market (1). OPCIMMO is a property savings solution which is mainly invested in the property sector. OPCIMMO combines transparent information, diversified investments and liquid capital (2). Its innovative nature comes from its combination of real estate and financial investments. Its assets are completely focused on Europe. Returns and capital are not guaranteed. Performance is contingent on developments in the real estate and financial markets. CA Oblig Immo, an innovative solution with protected capital Developed in 2013 for Crédit Agricole, CA Oblig Immo is a bond security, eligible for life insurance, up to 60% invested in the commercial property sector through a dedicated real estate investment fund. (1) IEIF ranking 2016 (2) Redemption time between 8 days and 2 months

13 13 AMUNDI REAL ESTATE THE SOLUTIONS AN EMBLEMATIC STRUCTURING Thanks to a club deal, a set of three new buildings was purchased in Düsseldorf as a co-investment between a large institutional investor and OPCIMMO in 2015 INSTITUTIONAL INVESTORS TAKE ADVANTAGE OF CUSTOMISED FINANCIAL ENGINEERING Whatever the nature of your organisation, we take into account the subtle combination of your specific constraints (risk appetite, liquidity, taxation and legislation). The Amundi Real Estate teams structure investments that enable you to gain access to high-performing assets and funds. INVESTMENT SOLUTIONS THAT MEET YOUR EXACT NEEDS In addition to a regularly increasing range of thematic collective new funds that correspond to market opportunities, Amundi Real Estate creates dedicated mandates and funds, develops and manages customised, clubs-deals or dedicated funds. It provides and implements engineering solutions to issues that are specific to the real estate sector: delegation of real estate asset management, building up real estate exposure, outsourcing of operating assets, co-investment, optimization of detention of assets. Funds and solutions adapted to each type of institutional investor Collective funds Mandates Club Deal Dedicated fund French institutionals Foreign Institutionals Saleleaseback Large enterprises Property professionals CUSTOMISED SOLUTIONS INSTITUTIONAL INVESTORS Collective funds Diversification of a direct investment strategy, by investing in mutual funds offering varied investment themes in terms of types of assets, geographical location and management strategy. Mandate Building up, management and development of a European property portfolio as part of a discretionary mandate or developed as a partnership. Advice and management of real estate funds. Club deal Co-investment by a small group of investors in a regulated or non-regulated fund, for the purchase of a large-scale asset or a portfolio of assets. Amundi Real Estate intervenes as contributor, recommends a financing structure and detention, then manages the transaction over time, with a possibility of co-investment. Dedicated fund Management and administration through a single fund (regulated real estate trust or contractual real estate fund) of all or part of an investor s assets. 61funds managed 10,8 billions for institutionals investors (1) in asset under management (1) Sale-leaseback Structuring of all type of transaction and relocation involving all or part of a company s operational real estate assets.

14 14 AMUNDI REAL ESTATE THE MANAGEMENT PRINCIPLES VALUES ENVIRONMENTAL APPROACH APPLIED TO REAL ESTATE 100% of the commercial property assets in the portfolio and all new acquisitions are assessed according to the environmental building map. Socially responsible investment (SRI) is a commitment that is firmly rooted throughout the Amundi group. In terms of real estate, it is also a guarantee of investment quality. A DUTY TO SET AN EXAMPLE As a leading management company in terms of corporate social responsibility, Amundi was the first signatory of the principles for responsible investment in All investments are analysed according to three non-financial criteria: environment, social and governance. In addition, a SRI charter specific to Amundi Real Estate holds all the subsidiary s employees to the same standard. A METHODOLOGY THAT GENERATES PERFORMANCE For purchases of assets and their long-term management, Amundi Real Estate has developed a specific tool, the environmental building map, in partnership with Sintéo. Example of an environmental building map with the Massy Carnot (91) building, certified HQE and purchased at the pre-construction stage. Rating obtained: 88/100 Le Colisée, Paris 17 e Energy 100 Water 89 Health and well-being 91 Waste 100 Transport 63 Pollution 71 Optimal Assessing buildings using these environmental criteria makes it possible to partially determine their potential to increase in value. Basic Rating obtained Amundi average Immeuble Massy Carnot (91)

15 amundi-immobilier.com AMUNDI REAL ESTATE : Asset Management Company approved by the French Financial Markets Authority (AMF) GP under no. GP a public limited company with share capital of 16,684,660. Registered office: 91-93, bd Pasteur Paris Cedex 15 - France - RCS Paris Amundi Asset Management: Amundi Immobilier is a subsidiary of Amundi Asset Management, société anonyme with a share capital of 746,262,615 - Portfolio manager regulated by the AMF under number GP Head office: 90 boulevard Pasteur Paris - France RCS Paris. Real estate fund OPCIMMO: the real estate fund OPCIMMO was approved by the AMF under number SPI on 27 May OPCIMMO is set up in the form of a SPPICAV (open-ended real estate investment company). Documentation: prior to any subscription, the following documents must be submitted: the Key Investor Information Document and le prospectus concerning the real estate fund OPCIMMO and the information note, the Articles, the latest quarterly bulletin and the last annual report concerning all real estate trust. Duration: investments in the real estate products presented above are long-term investments (minimum eight years recommended). Risks: investment in financial instruments involves risks. Performance is not constant over time and past performance is not an indicator of future performance. Note that neither the capital nor the return on the products mentioned above is guaranteed. There is a liquidity risk in and a risk of capital loss at the time of the redemption or the resale of the units and/or shares according to the state of the property market. OPCIMMO directly or indirectly holds buildings, any sale of which requires time that will depend on the state of the property market. Accordingly, in the event of a request for redemption (repayment), settlement can be made within maximum two months and minimum eight business days in the case of a securities account. Revenues: the capital and the return are not guaranteed and depend on the situation of the rental property market, the economic situation, the state of property and financial markets and the costs incurred. The amount you will receive may be smaller than the amount you invested, in the event of a decline in the in value of the assets, in particular the property market, for the duration of your investment. In the event of loan financing, if the return on the units purchased with a loan is not sufficient to repay the loan or in the event that the price has fallen when the units are sold, the client will have to pay the difference. Management: the management is delegated to professionals in return for fees, included in the annual management commission. Marketing restrictions: these financial products may be subject to restrictions regarding certain individuals or in certain countries according to national regulations applicable to these individuals or in these countries. Each individual who wants to invest in this financial instrument has an obligation to ensure that he is allowed to do so. Moreover, these financial products cannot be sold in the United States and/or to US PERSONS. Photo credits : Bérangère Lomont, Christophe Audebert, Groupe Virgil, Jean-Marc Lavigne. Design and production : Agence MIG by Uni-éditions. Supervision and updating : Amundi s Graphic Studio - Communication Department. Printing : E3 Expansion. Printed in June This document uses Chromomat paper certified FSC guaranteeing sustainable forest management. This document has been printed by a professional with an Imprim green label. The printing of multi-colour images is made with plant ink.

16 amundi.com No. 1 European asset manager based on global assets under management (AUM) and the main headquarters being based in Europe - Source IPE Top 400 asset managers published in June 2016 and based on AUM as at December This material does not constitute an offer to buy or a solicitation to sell, nor does it constitute public advertising for any product, financial service or investment advice. The value of an investment and any income from it can go down as well as up and outcomes are not guaranteed. Investors may not get back their original investment. Financial promotion issued by Amundi Asset Management, Société Anonyme with a registered capital of 746,262,615 - Portfolio Manager regulated by AMF under number GP Registered office: 90 Boulevard Pasteur, Paris, France RCS Paris - amundi.com - May 2017.