A new property fund index for Portugal

Portuguese property funds delivered a positive performance of 1.2% in 2011, according to the APFIPP/ IPD Portugal Property Fund Index just released.

The APFIPP/ IPD Portugal Property Funds Index is a consultative index based on a sample of 37 property funds with a combined total value of assets under management of €7.0bn (Gross Asset Value) at the end of December 2011.

IPD have partnered with APFIPP, the Associação Portuguesa de Fundos de Investimento, Pensões e Patrimónios (Portuguese Association of Investment Funds, Pension Funds and Asset Management), to offer a property fund index which tracks the performance of open and closed-end funds to an internationally accepted methodology.

The property fund Index reports annual returns, released on a quarterly basis. The first results for the year 2011 show a positive performance for all funds, with an annual total return of 1.2%.

The open ended property funds stand out with a positive performance of 2.1%, while closed end funds recorded a negative total return of  minus 1.2%. These results were expected given the current market context, because open ended funds are largely focused on investment in income properties, while closed end funds tend to be more exposed to property developments.

The Index is sponsored by APFIPP and PricewaterhouseCoopers, and represents a high percentage of the market with a total of 37 funds; 12 open ended funds valued at a Gross Asset Value of €4.7bn and 25 closed ended funds valued at a Gross Asset Value of €2.3bn as at the end of December 2011.

APFIPP and IPD have formed a consultative group to compile and run the index. It includes: Eng. António Pena do Amaral (F&C Investimentos); Dr. António Gil Machado (IPD Portugal); Arq. Adriano Callé Lucas (CPU Consultores); Eng. Frederico Arruda (Refundos SGFII); Dra. Inês Pinto (ISEG); Dr. Jorge Figueiredo (PwC – PricewaterhouseCoopers); Dr. Luís Carita (Banif Gestão Activos); Dr. Luís Francisco (IPD); Dr. Manuel Costa (BPI Gestão de Activos)  and Dr. Sérgio Brito (APFIPP).

APFIPP was established at the end of 2003, the result of co-operation between the Portuguese Association of Asset Management Companies, Investment Fund Management Companies and Pension Fund Management Companies.

IPD is a major provider of real estate performance analysis for funds, investors, managers and occupiers, operating in over 25 countries including most of Europe, the US, Canada, South Africa, Australia, New Zealand and Japan. IPD’s indices are often the basis for the developing commercial property derivatives market, and the measurement of real estate returns worldwide. 

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