SCPI (Real Estate Investment Trust)

SCPI (Société Civile de Placement Immobilier) are intended exclusively to manage a rental real estate portfolio (residential / office real estate / commercial ...).

It is possible to distinguish between SCPIs according to two levels:

• by their management objective (distribution of regular income or capital gain on the sale of shares)
• by the tax advantages they offer within the framework of tax schemes implemented by the State.

In the first case, an SCPI may prioritize yield, in which case it mainly invests in commercial real estate, or valuation, that is to say the capital gain resulting from the liquidation of the assets acquired by the company (rental housing), in which case its lifespan does not exceed about fifteen years.

In the second case, the SCPI is a tax-advantaged investment: the loan interest contracted for the acquisition of shares is deductible from rental income, without time limit, and the rental deficit is deductible or can be carried forward. Various schemes have thus succeeded each other to allow benefiting from tax advantages.