Analysis by Good Value for Money of the characteristics and key figures of the SCPI Primovie (Primonial REIM) specializing in retirement homes and care establishments


  • General condition analysis of contracts
  • Good Value for Money

SCPI Primovie

Good Value for Money Analysis of Features and Key Figures

Version as of September 14, 2022

Reference elements

  • RCS
  • Management company :
  • Creation date :

Characteristics of the SCPI

  • SCPI specialized in investment in furniture in the fields of health and education in France and Europe.

SCPI investment policy

  • Investments focused on sectors benefiting from favorable demographic factors with the lengthening of life expectancy, the aging of the population and the more frequent entry of very old people into dependency.
  • Health and dependency sectors: retirement homes, EPHAD, MCO clinics (medicine, surgery, obstetrics), senior residences
  • Education and early childhood sector: crèches, schools, universities, training centres.

Labels obtained by the SCPI and SFDR Classification

  • Governmental SRI labeled SCPI since January 27, 2022.
  • SFDR positioning falling under thesection 9 translating a sustainable investing goal.
  • Systematic ESG rating of all investments made by the SCPI.
  • Extra-financial objectives specific to Primovie:
    • Reduce the final energy consumption of assets by 40% by 2030, in accordance with the objectives of the Tertiary Decree;
    • Place assets on the trajectory of carbon neutrality by 2050, in accordance with the objectives of the national low-carbon strategy;
    • Reduce the proportion of double rooms in the assets of EHPADs managed by the fund;
    • Supervise significant work by a site charter incorporating ESG standards;
    • Involve tenants in a partnership logic materialized by an environmental appendix to new leases.…

Heritage of the SCPI

  • Heritage area
    • June 30, 2022: 1,367,992 m²
    • December 31, 2021: 1,290,741 m²
    • December 31, 2020: 1,027,403 m²
    • December 31, 2019: 927,874 m²
    • December 31, 2018: 668,279 m²
    • December 31, 2017: 541,048 m²
    • December 31, 2016: 325,674 m²
    • December 31, 2015: 141,807 m²
  • Geographical breakdown of assets (in m²) (% in market value as of June 30, 2022):
    • Betting: 5.9% (versus 7.5% as of June 30, 2021)
    • Paris region: 32.5% (versus 40.9% as of June 30, 2021)
    • Province: 31.2% (versus 21.1% as of June 30, 2021)
    • Germany: 17.8% (versus 20.5% as of June 30, 2021)
    • Italy: 10.0% (versus 7.9% as of June 30, 2021)
    • Spain: 2.4% (versus 2.1% as of June 30, 2021)
    • Netherlands: 0.2% (nil as of June 30, 2021)
  • Breakdown of assets (in m²) by type (% in market value as of December 31, 2021):
    • Senior (retirement homes) : 47.1% (versus 40.7% as of December 31, 2020)
    • Health (clinics, medical centres, etc.) : 26.6% (versus 27.9% as of December 31, 2020)
    • Offices: 17.3% (versus 21.8% as of December 31, 2020)
    • Education: 3.7% (versus 4.7% as of December 31, 2020)
    • Nurseries: 1.9% (versus 2.1% as of December 31, 2020)
    • Other: 3.4% (versus 2.8% as of December 31, 2020)
  • Rental risk breakdown (values ​​as of December 31, 2021 as a % of rents received):
    • Korian (Retirement homes) 13.2%
    • Colisée Group (Retirement homes) 11.5%
    • Charleston (Retirement homes) 5.9%
    • Gruppo Villa Maria (Health) 3.3%
    • Elsan (Health) 3.3%
    • OECD (Offices) 3.3%
    • Zaffiro (Retirement homes) 3.2%
    • Dana (Retirement homes) 3.0%
    • Advita (Health) 2.7%
    • Doctolib (Health) 2.6%
    • In total, these 10 tenants represented 51.8% of rent collected by the SCPI in 2021.
  • Risk Breakdown (in m²) per property (values ​​as of December 31, 2021 in % of surface areas acquired):
    • France – SCI Corton Santé – 32 locations (Healthcare) 9.5%
    • Italy – Primonial Italian Healthcare Fund (Retirement homes) 7.9%
    • France – Chambray les Tours (Healthcare) 3.3%
    • France – Ivry sur Seine – Quai Jean Compagnon (Offices) 2.3%
    • Italy – Poliscare (4 locations) (Health) 2.2%
    • France – Paris IDF (6 locations) (Retirement homes) 2.2%
    • France – Saint-Denis – 5 avenue du Stade de France (Health) 1.6%
    • Spain – SCI Primosalud 1 (Retirement homes) 1.5%
    • Germany – Neustadt in Holstein (Retirement home) 1.4%
    • Spain – Barcelona – 6-8 Carrer de Sant Eloi (Health) 1.2%
    • In total, these 10 locations represent 33.0% of the surfaces acquired by the SCPI at the end of 2021.

Costs

  • Subscription fee: 9.15% including tax
  • Annual management fee :
    • 10% excl. i.e. 12% including tax of the amount HT rental products
    • 5% excl. taxi.e. 6% including tax of net financial income collected by the SCPI.
  • Period of enjoyment of shares:
    • The shares carry enjoyment for the subscribers from 1er day of 6th month following subscription.

Key figures

  • Physical occupancy rate (TOP)
    • December 31, 2021: 97.9%
    • December 31, 2020: 98.3%
    • December 31, 2019: 98.5%
    • December 31, 2018: 97.8%
    • December 31, 2017: 97.0%
    • December 31, 2016: 98.7%
    • December 31, 2015: 96.6%
  • Financial occupancy rate (TOF)
    • June 30, 2022: 96.4% (of which 4.8% rented under franchise or made available to a future tenant)
    • December 31, 2021: 96.9%
    • December 31, 2020: 93.2%
    • December 31, 2019: 95.7%
    • December 31, 2018: 95.2%
    • December 31, 2017: 98.8%
    • December 31, 2016: 98.1%
    • December 31, 2015: 96.2%
  • Evolution of capitalization
    • June 30, 2022: €4,600m
    • December 31, 2021: €4,237m
    • December 31, 2020: €3,396m
    • December 31, 2019: €2,968m
    • December 31, 2018: €2,339m
    • December 31, 2017: €1,850m
    • December 31, 2016: €941 million
    • December 31, 2015: €451 million
  • Market Value Distribution Rate (TVDM)
    • 2021 TDVM: 4.50%
    • 2020 TDVM: 4.50%
    • 2019 TDVM: 4.51%
    • 2018 TDVM: 4.50%
    • 2017 TDVM: 4.89%
    • 2016 TDVM: 5.00%
    • 2015 TDVM: 5.00%
  • Share price
    • December 31, 2021: €203
    • December 31, 2020: €203
    • December 31, 2019: €203
    • December 31, 2018: €203
    • December 31, 2017: €203
    • December 31, 2016: €191
    • December 31, 2015: €191
  • Withdrawal value
    • December 31, 2021: €184.73
    • December 31, 2020: €184.73
    • December 31, 2019: €184.43
    • December 31, 2018: €184.43
    • December 31, 2017: €184.43
    • December 31, 2016: €173.52
    • December 31, 2015: €173.52
  • 5-year internal rate of return (IRR)
    • 5-year IRR measured at the end of 2021: 4.20%
    • 5-year IRR measured at the end of 2020: 4.28%
    • 5-year IRR measured at the end of 2019: 4.25%
    • 5-year IRR measured at the end of 2018: 4.35%
    • 5-year IRR measured at the end of 2017: 4.41%
  • Real estate products
    (rents, charges, income years)
    • 2021: €192.68m
    • 2020: €169.13m
    • 2019: €133.67m
    • 2018: €115.22m
    • 2017: €77.23m
    • 2016: €30.78m
    • 2015: €15.46m
  • Financial debt
    • December 31, 2021: €450.9 million
    • December 31, 2020: €555.8 million
    • December 31, 2019: €595.7 million
    • December 31, 2018: €200.7 million
    • December 31, 2017: €274.8 million
    • December 31, 2016: €104.5 million
    • December 31, 2015: €3.3 million
  • Financial debt / Capitalization
    • December 31, 2021: 10.64%
    • December 31, 2020: 16.37%
    • December 31, 2019: 20.07%
    • December 31, 2018: 8.58%
    • December 31, 2017: 14.85%
    • December 31, 2016: 11.10%
    • December 31, 2015: 0.74%
  • Financial debt / Net inflow
    • December 31, 2021: 53.66%
    • December 31, 2020: 123.76%
    • December 31, 2019: 94.63%
    • December 31, 2018: 41.05%
    • December 31, 2017: 33.58%
    • December 31, 2016: 21.33%
    • December 31, 2015: 1.45%
  • WALB (weighted residual firm lease term)
    • June 30, 2022: 9.71 years
    • December 31, 2021: 9.93 years
  • WALT (weighted residual firm duration of the leases until their term)
    • June 30, 2022: 10.70 years
    • December 31, 2021: 10.57 years

To learn more about the analysis of Good Value for Money, click here:

URL link: https://www.goodvalueformoney.eu/produit/selection-sel0000484-scpi-primovie-primonial-reim-selection-2022-2023

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