CORUM's flexible management style
These funds are based on a specific investment theme (retail units, car parks, warehouses, logistics, healthcare...). They have the advantage of benefiting from growth in a specific sector and from its economic fundamentals, which sometimes offer attractive prospects. Nevertheless, such SCPIs are dependent not only on the cycles of that sector but also on investors' appetite for this type of asset, which may have a positive or negative impact on prices. Since the SCPI can only invest the money raised from its capital increases in one sector, it cannot choose when to invest it and it is at the mercy of the market's vagaries: while price increases generate higher investment costs and lower yields, prices decreases have a negative impact on the value of the existing portfolio.
Standard diversified SCPIs
Most of these SCPIs hold portfolios consisting of at least 80% of offices in the Paris region. These "standard" portfolios are attractive in many ways, especially in terms of market depth. However, although this category of SCPIs is undeniably diversified as far as tenants and their lines of business are concerned, portfolios are still very concentrated. Therefore, this category ends up having the same drawbacks as thematic SCPIs.
The CORUM SCPI differentiates itself through an open and opportunistic strategy
The CORUM SCPI's investment policy is intended to capture opportunities in terms of rental income through diversification by:
country (France and eurozone countries),
property classification (offices, retail units, industrial facilities, warehouses, hotels, car parks, healthcare facilities, student residences, logistics platforms).
The investment process takes into consideration a combination of 4 key factors:
depth of the rental market,
vitality of the area,
CORUM seizes investment opportunities by taking advantage of market cycles. This strategy helps it spread the risk across its entire property portfolio through:
geographic diversification within the eurozone,
diversification in terms of types of assets.
CORUM's asset managers endeavour not to invest in real estate markets subject to strong pressure on prices and yields.