SCPI distribution rate in 2025

For the year 2025, the distribution rate of real estate investment trusts (SCPI), which is the average income paid out, amounted to 4.91%. However, taking into account price changes and distributions, SCPIs showed a net overall performance of +1.46%.

Rising bond rates affect SCPIs

Bond rates, on the other hand, have been rising for several months. Currently, the interest rate required by the market to lend to the French government for a ten-year period (the OAT 10 years) has reached 5.01%.

Performance varies by SCPI age

As a result, while younger SCPIs still have the ability to stand out by offering returns above 7%, this is not the case for older SCPIs, whose share prices have continued to decline in 2026. According to the French Association of Real Estate Investment Companies (ASPIM), savers placed 2.22 billion euros in real estate funds during the first half of 2026, a level close to that of 2025, but well below the 5 billion euros collected in 2022.

Investor behavior shifts with bond rates

The rise in bond rates is not unrelated to this phenomenon. According to Marc Tempelman, co-founder of the online platform Cashbee, interviewed by Le Monde, "when the compensation for sovereign bonds increases, the expectations of investors on other categories of assets increase by the same amount. Investors are therefore much more selective on all their investments."

Diversified SCPIs dominate collections

Diversified SCPIs account for 70% of the collection. Thus, the gross collection in the first half of the year is clearly concentrated on diversified SCPIs (70.9%), followed by SCPIs with a predominance of "offices" (21.5%), then "logistics and industrial buildings" (2.6%), "health and education" (2.4%), "retail" (1.3%), "residential" (0.8%) and "hotels, tourism and leisure" (0.5%), according to the ASPIM.

Top SCPIs and their performance

Transition Europe Arkea Reim, Comete Alderan and Iroko Zen are the three diversified SCPIs that have collected the most. For reference, these SCPIs yielded respectively 7.60%, 9% and 7.14%.

Older SCPIs face challenges

Older SCPIs and those with a predominance of offices are particularly penalized. As an example, the net collection of the Amundi Génepierre SCPI is negative, at -1 million euros, in the first quarter of 2026. 53% of SCPIs have reduced their distribution, with an average decrease of around 14%.

SCPIs adjust to market conditions

"For some SCPIs, particularly those most exposed to the Parisian office market, these decreases reflect locative difficulties - tenants leaving, renegotiations of rents downward - which result in a decrease in collected rents," explains the ASPIM. This summer, Amundi Immobilier has indeed announced a new depreciation of the subscription price for the SCPIs Edissimmo, Rivoli Avenir Patrimoine and Verify and harmonize the spelling of the SCPI name. The subscription price thus drops from 180 to 153 euros for Génepierre, a decrease of 15%; that of Edissimmo is now 150 euros (compared to 172 euros previously); the subscription price of the Rivoli Avenir Patrimoine SCPI now stands at 203 euros. These SCPIs have been experiencing reductions in the value of their shares since 2023.