Amundi carried out property transactions totalling EUR4.3bn in 2019
2019 was another very dynamic year for Amundi Real Estate, which carried out a total transaction volume of EUR4.3 billion on behalf of its funds and mandates, bringing the cumulative amount of transactions over the last five years to EUR22 billion.
At the same time, Amundi also raised more than EUR1 billion in the Eurozone senior real estate private debt market.
Amundi Real Estate pursued its strategy of investment in Core and Core+ assets and completed 24 acquisitions in 2019 for a total of EUR3.8 billion, with the portfolio made up of office buildings (68 per cent), mixed assets (27 per cent) and logistics (4 per cent). As part of its actively managed portfolios, Amundi Real Estate also carried out several arbitrages in 2019 for a total of EUR476 million, mainly in France (EUR316 million) but also in Belgium, Finland, Spain and Portugal. At the end of December 2019, the portfolio managed by Amundi Real Estate funds comprised 750 buildings in a total of 10 countries, mainly in France (87 per cent), Italy (5 per cent), Germany (4 per cent), Spain (1 per cent) and the Netherlands (1 per cent).
In terms of sales, Amundi Real Estate also achieved net inflows of EUR5.36 billion in 2019, including EUR1.76 billion in retail and EUR3.6 billion in institutional activities, confirming its position as a leading pan-European player. With EUR37.7 billion in assets under management, of which EUR17 billion in the retail segment, Amundi Real Estate once again confirmed its position as No. 1 in this segment in France. Indeed, Amundi Real Estate manages the largest retail OPCI (OPCIMMO with EUR8.4 billion) and 2 of the 3 largest SCPIs in this market (Edissimmo with EUR3.55 billion and Rivoli Avenir Patrimoine with EUR3.24 billion).
Launched in 2018, the Real Estate Private Debt business offers diversified exposure to the Eurozone senior real estate debt market by selectively investing in senior loans secured by underlying Core and Core+ quality real estate assets. This activity has grown rapidly since its inception, with more than EUR1 billion raised at the end of 2019. The Amundi Commercial Real Estate Loans fund (ACREL) totals EUR250 million with 90 per cent already invested. Amundi was also awarded two institutional mandates for a total of EUR600 million. Finally, Nest, the largest UK pension fund, has selected Amundi following a competitive tender to deploy EUR500 million over three years in this asset class with a multi-strategy real estate debt approach in Europe, the United States and Asia.
Pioneer in responsible investment, Amundi integrates ESG criteria in addition to financial analysis in the portfolio management for property and private debt assets. In addition to those already taken into account, such as water pollution, waste management, energy consumption, the well-being of occupants and transport, Amundi Real Estate introduced new criteria related to climate change (the carbon footprint of the building, its exposure and resilience to climate risks, etc.) in the analysis of the assets. Of the 750 buildings in its property portfolio, 414 buildings have already been mapped and more than half have been certified, with 12 new certifications obtained in 2019.
Pedro Antonio Arias, Director of Amundi Real and Alternative Assets, says: "Private real estate debt successfully capitalises on Amundi's historical expertise in real estate and private debt. More than EUR1 billion has been raised from investors, of which over 80 per cent has already been invested. Amundi Real Estate, for its part, has strengthened its position at the European level with EUR37.7 billion in assets under management and significant inflows from both retail and institutional investors. In 2020, we will pursue our investment strategy with the primary objective of delivering sustainable performance to our investors."