Analysis by Good Value for Money of the characteristics of the performance SCPI CORUM EURION

  • General condition analysis of contracts
  • Good Value for Money

SCPI CORUM EURION

Good Value for Money Analysis of Features and Key Figures

Version as of May 26, 2022

Reference elements

  • RCS
  • Management company
  • Creation date

Characteristics of the SCPI

  • Yield SCPIs aiming for a dual 10-year objective:
    • of internal rate of return (TRI) of 4.5% per year,
    • of payout rate (TDVM) of 4.5% per year.
  • SCPI having obtained on November 25, 2021 the SRI label created by the Ministry of Economy, Finance and Recovery

SCPI investment policy

  • Desire to diversify the investments made, both:
    • geographically within the entire Euro zone,
    • at the level of the nature of the goods, with total flexibility with regard to acquisitions: offices, commercial premises, business premises, warehouses, hotels, car parks, walls of health establishments, student residences, logistics platforms, leisure …
  • Search for quality signatures among tenants, as well as commitments on long-term leases.
  • Willingness to focus on rental income.
  • Possibility for the SCPI to borrow in order to carry out its acquisitions, within the limit of 40% of the value of its assets.

Heritage of the SCPI

  • Heritage area
    • December 31, 2021: 86,603 m²
    • December 31, 2020: 22,804 m²
  • Geographical distribution of assets (% in market value)
    • Ireland: 37% at the end of 2021 (versus 65% at the end of 2020)
    • Finland: 24% at the end of 2021 (nil in 2020)
    • Spain: 15% at the end of 2021 (nil in 2020)
    • Netherlands: 10% end of 2021 (versus 8% at the end of 2020)
    • Italy: 9% at the end of 2021 (versus 12% at the end of 2020)
    • Latvia: 3% at the end of 2021 (versus 15% at the end of 2020)
    • Portugal: 2% at the end of 2021 (nil in 2020)

  • Breakdown of assets by nature (% in market value)
    • Offices: 93% at the end of 2021 (versus 82% at the end of 2020)
    • Retail: 6% at the end of 2021 (versus 13% at the end of 2020)
    • Logistics: 1% at the end of 2021 (versus 5% at the end of 2020)
  • Rental risk breakdown(as of December 31, 2021)
    • 17 buildings held globally for a heritage of 86,603 m².
    • A average area per building of 5,094 m².
  • 35 tenants for a total leased area of ​​84,862 m².
  • A average area per tenant of 2,424 m².
  • A total amount of rent, charges and related income received from €10.196 million in 2021.
  • A average annual income per tenant of €291,314 in 2021.
  • A average annual income per m² from €117.73.
  • A average length of engagement payment of rent by each tenant from 6.80 years.
  • Breakdown of risk by building (as of December 31, 2021, in % of m²)
    • Wood office building in Spain (15,955 m²) 18.4%
    • Outotec office building in Finland (14,376 m²) 16.6%
    • Office building in Milan, Italy (7,946 m²) 9.2%
    • Galeno 36 office building in Italy (6,744 m²) 7.8%
    • KPMG office building in the Netherlands (6,092 m²) 7.0%
    • Triple Q office building in the Netherlands (5,685 m²) 6.6%
    • Office building in Barclone in Spain (5,280 m²) 6.1%
    • Citywest office building in Dublin (4,904 m²) 5.7%
    • Marshalsea office building in Ireland (4,845 m²) 5.6%
    • Citrix office building in Dublin (4,744 m²) 5.5%

In total, these 10 locations represent 88.4% of the rental area of ​​the SCPI at the end of 2021.

Costs

  • Subscription fee: 12.00% TTI
  • Annual management fee :
    • 13.20% TTI rents excluding tax collected and net financial income cashed.
  • Period of enjoyment of shares:
    • The shares carry enjoyment for the subscribers from 1er day of 6th month following that of the subscription and its payment.

Key figures

  • Financial occupancy rate (TOF)
    • December 31, 2021: 99.45%
    • December 31, 2020: 100%
  • Physical occupancy rate (TOP)
    • December 31, 2021: 96.59%
    • December 31, 2020: 93.1%
  • Evolution of capitalization
    • December 31, 2021: €306m
    • December 31, 2020: €108.4 million
  • Market Value Distribution Rate (TVDM)
    • 2021 TDVM: 6.12%
    • 2020 TDVM: 10.4%
  • Number of partners
    • December 31, 2021: 8,632
    • December 31, 2020: 3,107
  • Number of parts
    • December 31, 2021: 1,498,383
    • December 31, 2020: 541,878
  • Share price
    • December 31, 2021: €204
    • December 31, 2020: €200
  • Withdrawal value
    • December 31, 2021: €179.52
    • December 31, 2020: €176
  • Real estate products
    (rents, charges, ancillary products)
    • 2021: €10.196m
    • 2020: €1.682m

To learn more about the analysis of Good Value for Money, click on the following link: https://www.goodvalueformoney.eu/produit/selection-sel0000468-scpi-corum-eurion-selection-2022

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