The stone-paper market: what are the different funds?

La "Pierre-Papier" refers to all forms of financial investment supported by real estate, whether they are listed or unlisted financial products. presents the different investment vehicles open to the general public: SCPIs, OPCIs General public, SIICs, SCIs and real estate SICAVs.

The different investment vehicles


The SCPI (Société Civile de Placement Immobilier) is an investment organization that allows savers to build up real estate assets by subscribing to shares in the management company.

The SCPI uses the money collected from investors to acquire real estate (shops, offices, hotels, etc.) and rent them out. The company distributes dividends to its associates according to their number of shares subscribed and the rents received during the quarter. The SCPI is responsible for all management of the real estate portfolio, from finding tenants to maintaining the buildings.

General Public OPCIs

The OPCI Grand Public (Collective Real Estate Investment Organization) is a savings product that offers the same management facilities as the SCPI. It allows an investor to invest his money in a fund whose assets are mainly composed of physical real estate (minimum 51% of assets) as well as real estate financial assets (up to 44% of the fund) and '' a cash pocket (5% minimum).

With the money it collects, the OPCI invests in assets that generate income and dividends that will be returned to investors.


SIICs (Listed Real Estate Investment Companies) are a form of listed investment company. The objective of the company is to build up a diversified real estate portfolio in order to rent it out or sell it as part of a real estate transaction. The rents received and the capital gains generated are redistributed to the shareholders (at least 70% of the profit in France).

SIICs benefit from an exemption from corporation tax. Dividends, on the other hand, are subject to the usual tax regime, once in the hands of the shareholders.


The SCI (Société Civile Immobilière) is an investment vehicle that allows the management of one or more real estate assets within the company. The net assets of the SCI are made up of various underlying assets: direct and indirect property ownership, unlisted collective real estate (SCPI, OPCI etc.) listed financial instruments...

Real estate SICAVs

The SICAV Immobilière (Variable Capital Investment Company) is part of the UCITS family (Collective Investment Bodies in Transferable Securities) which does not present any management constraints for its investor. The company builds a portfolio of shares by investing in listed real estate companies (SIICs) through the contribution of savers. Thus, investors are shareholders of the SICAV and receive dividends based on the performance of the fund.

Published in : Commercial Real Estate   By : Rock & DATA   On : February 1, 2021



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