Paref, the Paris-listed property fund investment and management group, said on Tuesday that it plans to launch two new OPCI investment vehicles this year, in addition to its Polypierre OPCI vehicle launched in January 2009 for institutional investors.
Paref, the Paris-listed property fund investment and management group, said on Tuesday that it plans to launch two new OPCI investment vehicles this year, in addition to its Polypierre OPCI vehicle launched in January 2009 for institutional investors.
'We are focusing on boosting our management business on behalf of third parties,' the company said in a statement. Paref currently has assets under management of EUR 407 mln on behalf of other investors.
It added: 'In this period of crisis, Paris is focusing its efforts on the valorisation of its property portfolio and the improvement of its rental terms, as showed by the increase in our occupancy rate.'
The group's turnover amounted to EUR 24 mln in 2008, an increase of 39% on its 2007 figures. In the course of 2008 the occupancy rate across its portfolio increased by 6% to 93% at end-2008.
The group also manages the Vivapierre OPCI vehicle, with assets under management of EUR 90 mln, and three SCPI funds: SCPI Pierre 48 (with EUR 231 mln), Novapierre (EUR 51 mln) and Interpierre (EUR 6 mln). Earnings generated by the activity of Paref Gestion decreased by 32% in 2008 as a result of a drop in the commitments of its SCPI due to challenging market conditions.
