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Association française des sociétés de placement immobilier

ASPIM

ASPIM is the trade association representing 114 French real-estate asset management companies, which are management companies approved by the French Markets Authority (AMF), and manage approximately €313 billion in real estate assets (housing, retail, office and logistics) in France and in Europe.

Lobbying Activity

Meeting with Stefan Moser (Head of Unit Energy)

5 Jun 2025 · Addressing the European Housing Crisis through Private Savings Mobilization

Meeting with Elena Arveras (Cabinet of Commissioner Maria Luís Albuquerque), Larisa Dragomir (Cabinet of Commissioner Maria Luís Albuquerque), Lauro Panella (Cabinet of Commissioner Maria Luís Albuquerque)

4 Jun 2025 · Exchange on market developments.

Meeting with Helene Bussieres (Head of Unit Financial Stability, Financial Services and Capital Markets Union)

4 Jun 2025 · Exchange of views on the Savings and Investment Union, SFDR review

Response to Revision of EU rules on sustainable finance disclosure

8 May 2025

ASPIM strongly supports the sustainable finance agenda and shares the EUs political goal to channel investment towards the climate transition to fulfill its commitments under the Paris Agreement. We are resolutely committed to promote the integration of ESG standards into the management of non-listed real estate investment funds and to ensure they are involved in completing ambitious goals on social responsibility. To this end, ASPIM helped set up in 2016 a Social Charter for its members and lead an industry-wide initiative for the setting-up of a public socially responsible investment (SRI) label dedicated to non-listed real estate investment funds which has been approved and published by the French Ministry of finance and economy on the 23rd of July 2020. However, ASPIM also shares the EU Commission observations on the current limitations of the SFDR regulation and supports its project of revision. In this context, and in parallel with the different consultations on the revision of the SFDR regulation to which ASPIM already contributed, ASPIM wishes to submit to the EU Commission some additional proposals for improvement specific to non-listed real estate investment funds. These proposals relate to: - The definition of a "transition product" category for non-listed real estate investment funds; - The calculation methodology for SFDR ratios (share of sustainable investments, taxonomy alignment ratio, etc.). Please the attached document.
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Response to Savings and Investments Union

3 Mar 2025

THE ROLE OF REAL ESTATE FUNDS IN ENABLING A SUSTAINABLE EUROPEAN SAVINGS AND INVESTMENT UNION Real estate fund managers are a key component of Europes economy. Unlike other asset managers, they directly manage real, long-term assets in which a broad range of economic activities are carried out (offices, shops, maternity clinics, student and retirement homes, hotels, hospitals etc.). They enable a more competitive industrial ecosystem of small and large companies as well as of public-sector buildings which are relieved from administrative and other burdens (e.g. energy efficient renovations, adaptations etc.), so that they can focus on core business or public duties. Hence, real estate fund managers also address what Mr Draghi identified as a key structural deficiency of the European economy: the continents high real estate costs, which are holding back the development of a competitive EU cloud ecosystem . They have a very concrete positive impact on the transition towards more socially and environmentally responsible investing, by directly planning, financing and managing the transition of one of the sectors that requires the most investment to meet Europes 2050 objectives therefore providing a meaningful contribution to the political objective of scaling-up sustainable finance, in particular transition finance and climate resilience. They are part of the solution to meet Europes ambition of unlocking private investment for affordable and sustainable housing, by investing in the construction and renovation of residential real estate, hence increasing the supply of high-quality housing. Between 2015 and 2021, real estate funds investments into housing was multiplied by 3.5, amounting to 606 billion. ASPIMs newly formed housing committee hopes to become a key partner to policymakers in this respect. Besides their ability to positively impact Europes industrial ecosystem, its climate transition course and affordable housing ambitions, real estate fund managers are also in a unique position to support EU political goals to develop a Savings and Investment Union - and this in 3 important ways: Turning savers into investors by providing long-term investment alternatives to bank deposits that yield higher returns (4.8-6.2% p.a. over a 15-year horizon in France, depending on the asset class) and are more stable than equity investment. The European Long-Term Investment Fund (ELTIF) Regulation is a step in the right direction, however not well suited to achieving widespread retail adoption. Providing meaningful and steady-income flow into private pensions state-supported pension systems are currently shrinking in most EU member states, as the continent is undergoing a demographic shift that is unlikely to be reversed in the medium term. Encouraging citizens to save for their retirement will be key in maintaining living standards throughout ones life, and real estate can be part of the answer as they provide more predictable income flows (which are more stable and less cyclical than dividends), which is one of the key criteria in building a portfolio for retirement. Already, two of the few existing pensions plans in France aimed at civil servants and public sector contract agents allocate a share of their capital to real estate investment (around 7% for the former and 14% for the latter). Further integrating European capital markets as real estate investing is taking place on an increasingly cross-border basis within the EU. For example, the share of investments by French real estate fund managers in real estate in other EU countries has risen from 2% to 14% between 2013 and 2023. Looking to the next five years, ASPIM sees the following three areas as making a difference to the future success of a sustainable EU Savings & Investments Union.
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Meeting with Helene Bussieres (Head of Unit Financial Stability, Financial Services and Capital Markets Union)

16 Jan 2025 · RTS ELTIF

Response to Initiative on EU taxonomy - environmental objective

2 May 2023

Dear Sir, Madam, Please find attached our feedback to the consultation. As a general comment, ASPIM strongly supports the sustainable finance agenda and shares the EUs political goal to channel investment towards the climate transition to fulfil its commitments under the Paris Agreement. We are resolutely committed to promote the integration of ESG standards into the management of non-listed Real Estate Investment Funds and to ensure they are involved in completing ambitious goals on social responsibility. To this end, ASPIM helped set up in 2016 a Social Charter for its members and lead an industry-wide initiative for the setting-up of a public Socially responsible investment (SRI) label dedicated to the non-listed Real Estate Investment Funds which has been approved and published by the French Ministry of finance and economy on the 23rd of July 2020. Thus, ASPIM is fully supportive of an ambitious and well-calibrated European Taxonomy to harmonize criteria for identifying sustainable economic activities and to encourage the sector to more sustainable and transparent practices. However, we are convinced that for the taxonomy to meet its objectives, it will have to value substantial contribution of the 7.7 Acquisition and ownership of buildings activity, particularly regarding the transition to a circular economy or the sustainable use and protection of water, using levers of action for the construction/renovation phase and for the operating phase.
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