maintaining a diversified investment policy

The landscape of civil real estate investment companies will no longer be the same after March 31. On that date, will be held, in principle, the General Assembly of the SCPI Génépierre to designate his future Manager. The former, Société Générale Asset Management Alternative Investments (SGAM AI), indeed ceased to fulfill its mandate. At the time, near shares carrying 10,000 found themselves since an orphaned year of someone professional to administer their heritage and their interests!

The convocations to the General Assembly come from. The vacuum should eventually be filled. Three candidates are running: Amundi Asset Management Immobilier, born of the merger of the activities of the Crédit Agricole and Société Générale asset management, Nami, Natixis, and HSBC Reim real estate management company. All are vying for selection.

The origin of this little mundane situation of escheat, born conflict between Corporation and partners. The latter already blamed the poor performance of the SCPI. But anger has witnessed a peak day where they learned the project of reconciliation between Credit Agricole Asset Management (CAAM) and Société Générale Asset Management (SGAM), then home of SGAM AI. The SCPI in agricultural credit management has indeed news here about 10 years. Many individuals had good reason to subscribe to the General society rather than the Green Bank. This is not to find themselves in the hands of a few years later!

But how was it able to reach there SGAM AI has been removed from the register of trade and companies last October. The SCPI Génépierre therefore found no Manager, just as if a mutual funds or a CPF were suddenly deprived of pilot to manage their stocks. A court decision has certainly allowed appoint an ad hoc Agent, but only convene the General Assembly which named the new Manager. It therefore looks forward to know the outcome of this battle that drags on for nearly a year.

At HSBC, it is very confident. The Supervisory Board has indeed auditioned three candidates. At the end of the interviews, it appears that the subsidiary of the Bank, HSBC Reim real estate management, listed at the top of the recommendations.

20 Vacancy rate

But for the moment, each candidate defends his arguments. NAMI sets three priority objectives. "We want first of all improve the management of Génépierre who studies IEIF, is behind the other SCPI on the medium and long term, explains Alain Pivert, Associate Executive Director." If we were called by the holders of shares of Génépierre, he says, because they are not satisfied with the profitability of their investment. Gold performance depends on the liquidity of the shares. This improvement will be however in respect of the tradition of Génépierre, i.e. maintaining a diversified investment policy. "Nami offers another challenge:"If we are not better than the "benchmark" of here in three years, we rétrocéderons our fees 2010 in the SCPI, representing not less than 1.5 million euros", said the Director-General delegate, adding:"We are refusing to practice a policy of dumping in statutory fees where the Manager must mobilize ways to ensure performance of quality". Then, Nami wants to promote a vibrant secondary market and a strengthening of the power of the partners and of the Council of supervision to the Manager. "We consider that this is a strong commitment on our part," notes still Alain Pivert. According to him, "the partners benefit from the successful experience of the recovery by Nami of the SCPI of Barclays Bank PLC, both the administrative real estate plan".

HSBC Reim, for its part, intends to conduct a proactive policy management. "Génépierre vacancy rate stands at 19, says Dominique Paulhac, Chairman of the Board. This is a significant proportion. As a comparison, with our SCPI Elysée Pierre, this rate is lower than 5. "But that is not the main measure to take depending on the candidate to the resumption. "The most important is to resume direct to buildings management, continues Dominique Paulhac, one of our management principles is not to delegate management to external providers. It is better to deal with personally. This allows to know the buildings, the tenants to be permanently in relation to the estate for the commercialization of local professionals, in short to avoid losses.

Amundi, the new subsidiary of the Crédit Agricole and Société Générale, it sees itself as the legitimate successor and is as such. Except that the partners at the origin of the conflict does any of this ear fit. Thus, the Association for the defence of the holders of shares SCPI and collective media of real estate investment (Appscpi) condemns the logic of choice single that imposed the banking establishment, whereas a decision of this importance must be arbitrated, not "in prior manner by subsidiaries of banks concerned of their own interests", but rather in an open and pluralistic election by the only sovereign body, namely the General Assembly of Génépierre.

"Risky" management

They take also the former manager, management that they call risky. "The part of Lion SCPI, for example, is more than 70 per cent - in common currency is - what it was worth in 1990, twenty years earlier", launches Jean-Jacques Bonfil-Quahog, the President of the association, adding that "this same SCPI drop its distribution for the second consecutive year." "Its results are sealed by speculative purchases carried out in 2007 and 2008, which involved goods have been paid well above what they are worth today to say expert." Association criticises also the mode of remuneration of the Manager, which is expressed as a percentage of the purchase price, which is not necessarily favourable to the partners, since this means that the acquisition price is high, the commission is strong. But a high valuation does not automatically mean a building with quality. Hence the resentment of the Appscpi from the ex-gérant and a fortiori of Amundi.

In any event, it is even not said that the General Assembly of 31 March is able to identify the new Manager. "The quorum could not be achieved at the first meeting and will require a second summons within fifteen days," said Dominique Paulhac. Unitholders should finally be fixed around April 15.