Property
SCPI de rendement (income property fund)
Commercial property held in units, with no letting management and distributed income.
Overview
An SCPI buys and manages buildings on behalf of its members and distributes the rents to them.
The « société civile de placement immobilier » pools its members' savings to acquire and manage a portfolio of buildings (offices, shops, healthcare, logistics). It distributes the rents, generally quarterly, in proportion to the units held. Pooling covers several dozen to several hundred assets. Income is taxed as property income, plus social contributions, and the value of the units falls within the IFI wealth tax base. Subscription costs are high, around 8 to 12%, and resale depends on the secondary market or on new subscriptions.
How it works
Subscription
Units bought outright or on credit
Distribution
Quarterly rents, taxed as property income
Resale
Secondary market or new subscriptions
Key points
Strengths
- Distributed income, variable and not guaranteed
- Risk pooling across several dozen to several hundred assets
- No property management on your part
- Minimum investment of €1,000 to €5,000
Points to watch
- Moderate liquidity (secondary market)
- Wealth tax (IFI): value of the units included in the taxable base
- Taxed as property income, plus 17.2% social contributions
- High subscription fees, in the region of 8% to 12%
Who it is for
Savers who want regular property exposure without managing a building, over at least eight to ten years, and whose marginal tax rate makes property income taxation bearable. At a high marginal rate, holding through life insurance or in bare ownership is worth comparing.
Worked illustration
Example based on assumptions
Assumptions: an investor aged fifty buys €50,000 of SCPI units, with a distribution of 4.5% a year. This gives €2,250 gross a year, taxed as property income; at a 30% marginal rate plus 17.2% social contributions, about €1,190 net remains. The distribution is variable and not guaranteed, and subscription costs reduce the withdrawal value.
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.