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Stéphanie Lacroix's letter: The strategy of the SCPI Primopierre

November 2022

Stéphanie Lacroix The Primopierre SCPI is now nearly 15 years old. It has demonstrated its robust performance over the years and the ability of our teams to develop its assets in line with the requirements of tenants and regulations. To date, the majority of this portfolio is composed of buildings with excellent locations in the Paris region, with flexible services and spaces, with environmental certifications and leased to well-known companies or public administrations.

Awarded to Primopierre at the end of 2020, the SRI label validated the relevance of the fund's ESG strategy while committing us to an even more demanding policy regarding the environmental performance of buildings. The age of certain acquisitions combined with the new uses of office real estate - for example, the implementation of flex-office, services and technologies integrated into the building - have convinced us of the need for a modernization program for certain assets in the SCPI's real estate portfolio. This program aims to align the new environmental requirements, the attractiveness of our buildings to current and future tenants, and your interests as unit holders. It goes without saying that buildings that are energy efficient and adapted to the needs of users rent better and faster than those that are not. Tenant companies thus make progress in implementing the tertiary sector decree and offer a quality work environment that helps retain talent.

This real estate portfolio modernization program has two components:

  • A component for the disposal of assets through which we expect to generate attractive capital gains for the SCPI while freeing up cash for acquisitions in line with the fund's strategy;
  • A repositioning component for certain assets whose rental potential and long-term value enhancement remains undeniable, in our opinion, due to their central location: in La Défense and in the inner suburbs of Paris (Clichy, Boulogne-Billancourt). Work has already begun on some of them.

In addition to the benefits in terms of environmental performance and adaptation to new uses, this program of work will result in the short-term vacancy of the buildings concerned. This relative decline in occupancy rates and rental income, which is anticipated and linked to the modernization program, is temporary. We anticipate a return of value thanks to any capital gains on disposals and the higher rents that the work is designed to achieve. The distribution rates for the first and third quarters attest to the validity of this strategy, which includes a share of rental income and a share of income from capital gains on disposals.

To date, the SCPI's performance objective for 2022 remains unchanged from our forecasts. This result confirms our strategy to preserve your interests as investors and to achieve both a potential regularity of income and a long term valorization of your capital.


Stéphanie LACROIX,
Managing Director of Primonial REIM France


L’Usinerie, Clichy (92)

A 15,000 m2 office building, L'Usinerie has been completely redesigned to offer its users a real place to live and work. The spaces have been reworked for the benefit of the fluidity of exchanges, comfort and creativity.


Tour Hopen
​​​​​​​HOPEN Tower, La Défense (92)

The HOPEN Tower will be raised by three floors, thus developing a surface area of 65,000 m2, including 58,000 m2 of office space. The objective of this restructuring project is to offer future users a mixed-use building that meets the best international standards, while opening up new living spaces for the residents of the La Défense district at the foot and top of the Tower.

AVERTISSEMENT. Like all real estate investments, our products present a risk of capital loss due to changes in the real estate market. Income is not guaranteed and may rise or fall depending on the performance of the fund. Investing in SCPI units is a long-term investment with a recommended investment horizon of 10 years. Liquidity is limited, as the management company does not guarantee the resale of units. And as with any investment, past performance is no guarantee of future performance.