With its higher distribution rate, on average, at 4%, rock-paper is an oasis in a world where returns are on the mat. Savers are not mistaken: they largely returned to civil real estate investment companies (SCPI) in 2021, after the air hole of the health crisis in 2020. They also accept what would be unthinkable in other savings sectors: subscription fees close to 10% on average.
What are these fees for? The notice SCPI PFO2 (Perial AM) provides the answer: “The purpose of this commission is to remunerate the search for new subscribers”. It is therefore paid in large part to the seller of the products, the one who advised you and directed you to support. Except that in recent years, new players have been trying to make a name for themselves by cutting prices.
Some management companies have in fact created SCPIs without entry fees or at reduced fees. There are three so far. The SCPI de commerce Altixia Commerces, launched in 2019, has a commission of 2.5%. The two desk supports, Neo by Novaxia (2019) and Iroko Zen by Iroko (2020) are zero. “When we launched SCPI in March 2019, we felt that SCPI fees were high and that there was pressure from savers to lower them”summarizes Sonia Fendler, president of Altixia.
These products nevertheless make up for it in other respects. First of all, Novaxia Neo and Iroko Zen charge commissions on the acquisition of goods of the order of 3%. In addition, these SCPIs have higher than average management fees. While the market usually revolves around 11%, Novaxia Neo and Altixia Commerces take 18% per year on the rents collected. Iroko Zen is the best bidder, at 14.40%.
“This aligns everyone’s interests on one thing: performance, since the management fees are deducted from the SCPI’s rents”, says Mathilde Krieger, CEO of Novaxia Investissement. It should be remembered that the rates of return are communicated net of fees. In the competition between SCPIs, this indicator is highly regarded by investors. However, Altixia Commerces served 5.21% in 2021, Novaxia Neo is at 6.49% and Iroko Zen at 7.10%! Results well above those of their respective categories.
Another thing to keep in mind: Novaxia Neo and Iroko Zen provide fees for early release. At Novaxia, they amount to 6% of the amount reimbursed in the event of withdrawal before five years. “With a return of 6% per year, some people might have been tempted to place their cash on our support for a year or two”, justifies Mme Krieger. At Altixia, a period of enjoyment serves as a safeguard: there are five months between the acquisition of a share of SCPI and the moment when it begins to generate dividends.
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