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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