IEIF
- Institut de l'Épargne Immobilière et Foncière (Institute for
Real-Estate and Land Investment) :
IEIF is an independent economic-intelligence centre combining expertise
in property and finance. It has been working since 1988 to provide
real-estate professionals with information and indices on the listed
property sector.
- What are
the criteria for integrating the Euronext IEIF REIT Europe Index
constituents?
Consituents
are selected among property companies listed on European regulated
markets that have opted for a REIT regime i.e. a tax-transparency
regime with a distribution obligation. The constituents should have :
- a market capitalization over 500 million euros
- a minimum free-float of 20%
- an average trade of at least 800,000 euros per day over a period of
12 months
REIT
- Real Estate Investment Trust - is the general term for the property
companies that have opted for a tax-transparent regime with a
distribution obligation concerning almost all of their revenue. The
acronym comes from the US, where the first REIT were launched in the
60s. REIT represent, in 2007, 100 % of the sector in the US and 50 % in
Europe.
- How many
REIT regimes exist in Europe?
In
2007, 4 countries have implemented a REIT regime:
- The Netherlands in 1969 : FBI
- Belgium in 1995 : SICAFI
- France in 2003 : SIIC
- United-Kingdom in 2007
Other countries (Germany, Italy, Finland) are planning to put a REIT
regime into effect.
- Since when
has the REIT regime been implemented in Europe?
The
REIT regime was first launched in the Netherlands in 1969. The sector
has really expanded on a European scale since the introduction of the
SIIC regime in France in 2003
- What is
the distribution by country of the Euronext IEIF REIT Europe Index?
At
January 2007, 31st :
- 8 British constituents (UK-REIT)
- 7 French (SIIC)
- 7 Dutch (FBI)
- 2 Belgian (SICAFI)
- How many
constituents are there in the Index?
There
are 24 constituents in the index in March 2007.
- Who is the
biggest constituent of the Euronext IEIF REIT Europe Index?
Land
Securities with 15 billion euros of market capitalization and 12
billion euros of free-float capitalization at January 2007, 31st.
- What is
Euronext's interest in building this index?
Promoting
listed real-estate companies, raising their visibility and developing
targeted partnerships with significant appeal for issuers and investors
who have an additional tool for tracking investment opportunities in
European real-estate companies with REIT status, and taking advantage
of these.
- What is
IEIF's interest in building this index?
Allowing
fund managers to track a high-potential sector. This Index can be a
basis for creating new structured products, thus improving the
financial and economic impact of the listed real-estate sector.
- What is
the interest of real estate markets in having such an index?
The
Euronext IEIF REIT Europe Index constituents are solely companies whose
main activity is the holding and the renting of a property portfolio
and benefit from a REIT regime. REIT reflect anticipations of
underlying trends in real estate.
- What is
the performance of this index, compared to other indices?
The
index had grown by 34% over one year at the end of February 2007,
versus 13% for CAC40 and 17% for CAC Small 90.
- Since when
has the Euronext IEIF REIT Europe index been calculated?
Since December 2002, 31st
- Where can
one find some information on this index?
www.euronext.com and
www.ieif.fr
- Are there
any funds or structured products based on this index?
This
index is designed for the creation of structured products
- How is the
Euronext IEIF REIT Europe index managed?
The
index in managed by a Scientific Commitee, which holds responsibility
for the management rules and the selection of index constituents on a
regular basis. Euronext Indices is in charge of the daily management of
the index.
- At what
frequency is the index disseminated?
The
index is calculated and dissiminated continuously, every 15 seconds,
between 9:00 AM CET and 5:35 PM CET.
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