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According to Savills' latest analysis, French SCPIs* are increasingly investing outside their home market – with other European countries as the main beneficiaries. In view of the renewed increase in capital inflows, the international real estate consultant expects a new wave of investment by this group of investors in the European real estate market, including the UK.
In the first quarter of 2025, only around 20% of SCPI acquisitions were in the French home market – a reverse picture compared to 2015, when cross-border investments accounted for less than 20% of total capital deployed. Last year, SCPI funds invested almost 2.3 billion euros in Europe (excluding France). The main target markets included the United Kingdom, followed by Spain, the Netherlands, Italy, Germany, Ireland and Poland. So far in 2025, Italy is ahead of the UK, according to Savills.
According to data from ASPIM-IEIF, net capital inflows of SCPIs are also rising again – from €0.8 billion in the first quarter of 2024 to €1 billion in the first quarter of 2025.
Lydia Brissy, Director European Research at Savills, explains: “French SCPIs have a unique competitive advantage thanks to their structure and investor base. Unlike many institutional investors, they are not heavily dependent on debt capital. Their agility stems from continuous capital raising by a broad base of private investors in France, who can subscribe on a monthly or quarterly basis. This constant inflow of funds allows SCPIs to remain active even during periods of uncertainty – without relying on bank loans or navigating a volatile credit environment.”
Emma Steele, Director Global Cross Border Investment at Savills, adds: “In the first quarter of 2025, the UK was the preferred target of around a third of SCPI's capital – an increase from 2024, when the share was just under a quarter. We expect the UK to remain a key beneficiary of the expansion strategies of French SCPIs – especially given the high market liquidity, low transaction barriers and comparatively attractive yields.”
James Burke, Director Global Cross Border Investment at Savills, said: “We are also seeing a strategic bias of this investor group towards Central and Eastern Europe, where risk-adjusted returns look increasingly attractive – Poland has been the biggest beneficiary so far. At the same time, SCPIs are expanding their focus beyond the traditional office segment and investing more in healthcare real estate and the residential sector – especially in forms of housing with secure income, such as long-term leased student accommodation or hotels.”
*SCPI = Société Civile de Placement Immobilier; Real estate investment vehicles that allow private investors to participate in professionally managed real estate portfolios.
