Real estate investment trusts (SCPIs) have replaced property companies created in the 1960s. In 1970, they were placed under the supervision of the COB (Commission des Opérations de Bourse) which later became the AMF (Autorité des Marchés Financiers – the French stock market authority); nevertheless, they were not stock market products and depended on collective investment undertakings (OPCs – Organismes de Placement Collectif).
From 1980, the strong development of the real estate market favored the savers’ interest in SCPIs whose offer grew considerably, because of their much higher return compared to that of regulated passbook savings accounts, and with a lower risk.
When you invest in ‘paper stone’, you become the co-owner of a property whose management is entirely organized by the company that bought it. Rental income is prorated to the number of your shares and is paid to you regularly, either monthly or quarterly.
In this article, we will give you five tips and explain why SCPIs are an interesting investment regardless of your investor profile, then we will list their advantages as well as their drawbacks.

1. Choose the legal status of your SCPI

You can either buy closed-end or open-end SCPI shares; it will make a difference when they are sold and whether or not the secondary market is interested.

Open-end SCPIs

You can buy or sell shares whenever you decide. Their price is set by the management company. In order to resell, you do not need to go through the secondary market, given that the company finds a buyer on your behalf.

Closed-end SCPIs

Shares can only be released when the capital is issued or growing, in which case their purchase must respect specific conditions.

To acquire shares outside these periods, it is necessary to go through the secondary market; you will be subject to the law of supply and demand, and the more popular the SCPI, the higher the price.

Open-end SCPIs are the most flexible thanks to their better liquidity; they also represent a less speculative investment than closed-end SCPIs.

2. Choose the SCPI best suited to your objectives

There are three types of SCPIs, depending on their asset type, their investment zones (Europe, France, or worldwide) and their tax system.

Equity SCPIs provide you with a steady income supplement, tax SCPIs participate in your wealth growth while benefiting from advantageous taxation on your property income, and valuation SCPIs allow you to increase your capital over a specified period.

Equity SCPIs

They invest in business real estate where rental return is higher than in residential real estate. Some equity SCPIs are diversified, others are specialized in specific fields: healthcare (nursing homes, laboratories, etc.), logistics (warehouses), shops, hotels, etc.

European SCPIs are also diversified equity SCPIs that invest mainly in the euro zone.

Equity SCPIs are recommended if you are looking for extra revenue, thanks to the rental money that you will receive regularly.

Tax exemption SCPIs

Tax SCPIs invest in new or rehabilitated buildings and are called ‘Pinel’, ‘Scellier’, ‘Denormandie’, etc. They allow a significant tax cut extending over several years.

Valuation SCPIs

These SCPIs are rare. They do not redistribute any income but generate capital gains over the long term. When the property is sold, investors will benefit the significant increase in real estate capital that will have taken place since they purchased their shares.

Buildings are therefore chosen according to their potential revaluation. The interest for heavily taxed investors is to avoid paying annual taxes on their property income: they postpone their payments until they receive their rents.

3. Choose how to invest in SCPIs

You can either buy shares in cash or on credit, provided that your debt ratio is less than 33%. Some SCPIs can be taken out through life insurance or ownership division.

4. Discover the advantages of investing in SCPI

A simple investment

Investing in physical property requires a lot of personal commitment and time, whereas investing in SCPI shares offers an interesting solution for investors who want to enter the indirect rental property market. Once you purchase your shares, you will have nothing to do except keeping track of your investment, collecting your property income and declaring it to the tax authorities.

Indeed, the management company you bought your shares from takes care of finding tenants for the buildings it has acquired, organizing their upgrading, and redistributing the collected rents in proportion to the number of shares you hold.

Reselling shares is simpler than reselling a physical property for which finding a buyer can take several months. Besides, the entrance ticket is cheap and opens the door to the real estate market, at a lower cost.

Un objectif de rentabilité

En 2020, le rendement locatif moyen des SCPI se situe autour des 4,35 % net et est supérieur à 6 % pour les meilleures d’entre elles. Le taux de rendement d’une SCPI, appelé taux de redistribution sur valeur de marché (TDVM), est l’un des plus performants parmi les différentes classes d’actifs comparé à d’autres solutions de placements financiers : Livret A, assurance-vie en fonds euros, actions, etc.

En outre, les SCPI offrent une meilleure rentabilité par rapport à l’achat d’un bien immobilier physique.

A shared risk

The fact that shares belong to various investors minimizes the risks represented by rental holidays, unpaid rents and claims. Risk pooling is calculated according to your ownership rate.

5. Keep control of the drawbacks

Management costs

Management fees charged by the company vary between 5% and 10% of the purchase price.


The collected rents are subject to property income tax and are added to your income tax. Nevertheless, you can optimize the taxation of your income by acquiring your SCPI shares on credit and subtracting your mortgage interests from your property income.

The taxation of rental income is therefore reduced.

Market fluctuations

Despite the sharing of risks, fluctuations in the real estate market have a direct impact on the share values; in the event of a collapse, the capital you invested and your income are not guaranteed.

A long-term investment

SCPIs are medium- or long-term investments (about 8 to 10 years). During that time, the invested money is frozen.

Nos atouts

  • Les 25 ans d’expertise en solutions d’investissements et gestion d’actifs du Groupe Elience dont nous sommes la filiale et du Groupe Patrimoines de France dont nous sommes membre.
  • L’expérience de nos managers
  • Notre maîtrise de l’ensemble de la chaîne des métiers de l’immobilier : expertise, conception, distribution et administration de biens
  • Notre démarche à la forte dimension sociétale avec la création des premières SCPI et SCI à fonds de partage au bénéfice de l’Institut du Cerveau (ICM)
  • La reconnaissance de nos produits, à travers les nombreux prix décernés à Pierval Santé :
    • Lauréate du prix “Fonds le plus innovant” décerné par le SIATI 2020
    • Grand prix Or du jury de Top SCPI 2020
    • Meilleure SCPI Santé “La Centrale des SCPI” 2019
    • Grand Prix de la Philanthropie du Grand Forum du Patrimoine 2019
    • Prix de l’Altruisme dans la catégorie Produits Financiers AXYLIA [PROFIT FOR NON PROFIT] AWARDS 2019
    • Médaille de bronze du prix spécial du jury de Top SCPI 2018

Ces récompenses ne préjugent pas des performances futures.

  • Notre volonté d’innover avec la création du Comité scientifique de Pierval Santé

  • Le lancement d’Euryale Lab, première plateforme collaborative de la santé et du mieux-vivre

Notre engagement

Vous proposer plus… 

  • de simplicité, car 85 % des Français jugent les marchés complexes à analyser.
  • de transparence, car 59% des épargnants souhaitent bénéficier d’outils leur permettant de mieux comprendre la façon dont est gérée leur épargne.
  • de sens, car vous voulez comprendre et donner du sens à votre épargne.

*Sources : Etude 2018 « Les Français et l’épargne digitale » Wesave et Deloitte et Etude 2018 « Etude annuelle Epargnants français » NIM


Nos valeurs

Ce sont…

  • la proximité

    La proximité ne peut concerner que client ou distributeur.

  • l’audace

    Parce que pour trouver les réponses pour demain, l’innovation est plus que jamais

    Notre SCPI Pierval Santé et notre SC Trajectoire santé sont les premières en France à se
    constituer en fonds de partage au profit de la Fondation ICM (Institut du Cerveau).
    Pour la 1er fois dans nos activités une fondation reçoit
    des dons proportionnel à l’activité commerciale d’une entreprise.

  • le collectif

    Parce qu’aujourd’hui, les seules solutions individuelles ne sont plus pertinentes.

    Nous privilégions la démarche collective dans la conception et la gestion de nos
    produits, avec notamment la création du Comité scientifique, nous permettant d’avoir une connaissance et une
    réflexion sur tous les aspects de la sphère santé, et la création d’Euryale Lab, nous permettant de
    transmettre nos
    connaissances et de faire partager à nos associés toute la richesse de l’écosystème d’Euryale.

  • la confiance

    La satisfaction de nos 53 618 clients et 130 partenaires exploitants en est chaque jour
    la meilleure preuve.