This week’s column examines a New York office tower said to be facing a slowdown in leasing, a lender that’s taken on risk by buying hotel-backed bonds and Ashford Hospitality Trust’s extension of a $580 million loan. Read the entire piece by clicking “read more” below.
According to the Ramify SCPI Index (RSCPI)*, the open-ended SCPI market showed a clear recovery in Q2 2025 after a Q1 marked by a sharp correction. The overall performance of open-ended SCPIs reached +1.11%, the best Q2 performance since the creation of the RSCPI (Q2 2023: -1.95%; Q2 2024: +0.87%).
In the first half of 2025, Norma Capital's SCPIs made a number of acquisitions in France and Europe. NCap Régions (formerly Vendôme Régions), which passed the symbolic milestone of one billion euros in capitalization, was particularly successful. The company signed three contracts in France, including two in the Oise region and one in Nantes.
Cascade Investment, one of the developers behind Water Street Tampa, has refinanced the Asher, one of the three luxury apartment towers that are open in the transformative 56-acre mixed-use development in downtown Tampa, Florida.
What can we learn from Advenis REIM's SCPI activity in the first half of 2025? Acquisitions, including four already for the new SCPI Eden, which, as revealed by Business Immo, was launched in December 2024.
Blackstone has completed and priced the United Kingdom's largest commercial mortgage-backed securities sale since the global financial crisis, a £1.5428 billion deal involving Haven holiday parks.
Thai firm KS Hotels & Resorts has acquired the 245-room Park Hyatt Melbourne, according to Real Commercial, which added the deal is the biggest hotel transaction in Australia in 2025.
Ashford Hospitality Trust extended a mortgage loan backing its "most valuable pool of assets" totaling 18 hotels and valued at nearly $1.1 billion to secure more time to find new financing, officials told investors.
Yes, "the environment is still constrained", observes Frédéric Bôl, President of Aspim. However, "the signs of recovery already seen in the first quarter were confirmed in the second half". He cites as examples the "29% increase in net inflows for SCPIs" and the "sharp reduction in outflows for non-trading companies and OPCIs".
URW has made a habit of livening up the investment market. Remember the Ateliers Gaîté offices, sold for €172.5 million to the joint venture formed by Swiss Life Asset Managers and Norges Bank IM; the sale of 80% of the Trinity tower, also to Norges Bank IM, for €360 million; or a 15% stake in Westfield Forum des Halles to CDC Investissement Immobilier for €235 million.
