Property
OPCI (open-ended property fund)
The retail property fund combining buildings, securities and cash.
Overview
An OPCI invests in property and in financial assets, which makes it more liquid and more volatile than an SCPI.
The « organisme de placement collectif immobilier » invests at least 60% of its assets in physical property and keeps at least 10% in cash, the rest being invested in securities. It is subscribed directly or within life insurance and distributes income once or twice a year. Its liquidity is better than an SCPI's, and its value more sensitive to financial markets. Taxation combines property income and investment income, and the property fraction falls within the IFI base.
How it works
Subscription
Directly or within life insurance
Holding
Distributed income
Redemption
At net asset value
Key points
Strengths
- Better liquidity than an SCPI (cash pocket)
- Diversification across property, bonds and cash
- Available within life insurance
- Subscription fees often lower than for SCPIs
Points to watch
- Mixed taxation (property income and investment income)
- Wealth tax (IFI): value of the units included in the taxable base
- Value more sensitive to financial markets (securities pocket)
Who it is for
Investors who want collective property with a faster exit, generally within a life insurance contract. For regular income, an SCPI remains better suited.
Worked illustration
Example based on assumptions
Assumptions: an investor aged fifty-five places €30,000 in an OPCI within a life insurance contract, with a return of 3% a year. The annual gain of €900 is taxed under the contract's rules on withdrawal. The net asset value moves with the property market and the financial markets.
Regulatory information
This sheet is a general information document of a commercial nature. It constitutes neither personalised investment advice, nor a recommendation, nor a solicitation, and it is not a key information document. Any decision requires a prior analysis of your situation by a duly authorised professional. Investments carry a risk of capital loss. Past performance is no guide to future performance. Taxation depends on each person's situation and may change.
Risk of capital loss: the value of units may fall with the property market. Distributed income depends on rents collected and is not guaranteed. Liquidity is limited: resale depends on the secondary market or on new subscriptions, with no guarantee of timing or price. Subscription and management costs are significant. Investment horizon: at least eight years.
Complaints and mediation
Any complaint may be sent to ASTERALE, 4 allée Django Reinhardt, 94110 Arcueil, France, or to sebastien.bailly@asterale.fr. Failing a satisfactory reply within two months, you may refer the matter to the competent mediator. For financial investment advice: the AMF Ombudsman (Médiateur de l'AMF), 17 place de la Bourse, 75082 Paris Cedex 02 (www.amf-france.org/fr/le-mediateur). For insurance broking and intermediation, banking and payment services intermediation and property transactions: ANM Conso, 2 rue de Colmar, 94300 Vincennes (www.anm-conso.com, contact@anmconso.com).
Information sheet updated on 6 October 2026. Download the sheet (PDF)
Book a meeting
The first meeting, of about an hour, is used to check whether this scheme has a place in your wealth.