REITs: The Recovery Takes Hold
After a challenging start to the year, open-ended real estate investment trusts (REITs) have recorded their best quarter since 2023. Driven by the stabilization of rental income, the revaluation of shares, and the strong performance of diversified vehicles, they are demonstrating resilience despite a fragile political and fiscal environment.
Real Estate Investment Trusts Making a Comeback
According to the Ramify SCPI Index (RSCPI), the overall performance of open-end SCPIs reached +1.13% in the third quarter of 2025, marking the best increase recorded since the index's inception. After several years of corrections, this rebound represents a symbolic turning point for a market that seemed stuck since 2022. The trend is particularly noteworthy as it is based on stable fundamentals: the average revaluation of shares increased by +0.04%, while the average net distribution rate remained steady at +1.09%, aligning with the one-year moving average. Two consecutive quarters of gains mark the first such occurrence following the tumultuous 2023-2024 period.
In Detail, Diversified REITs Confirm Their Leadership
With a sector performance of +1.56%, driven by positive revaluations on funds such as NCap Régions (+1.79%, with the share price increased from €670 to €682) and Iroko Zen (+0.99%, from €202 to €204). Logistics REITs closely follow (+1.27%), benefiting from solid rental flows in a declining interest rate environment. In contrast, the residential sector lags behind (+0.60%) due to a lack of revaluations, and office spaces stagnate (+1.09%), hampered by the slow adaptation of commercial properties to new uses.
A Burden of Uncertainty
This positive development does not overshadow an unstable political environment. France is indeed experiencing a period of uncertainty that worries investors. The successive resignations of the Bayrou and Lecornu I governments, combined with tensions over the 2026 budget, have led to a downgrade of France’s sovereign rating: Fitch and Standard & Poor’s both lowered the country’s rating from AA- to A+ at the start of the fall.
This content has been automatically translated using artificial intelligence. While we strive for accuracy, some nuances may differ from the original French version.
