Published by: Elise Caradec — Real Estate Editor
The SCPI Elysées Pierre makes it possible to invest in a heritage mainly composed of offices in the Paris region. Its seniority and rental mutualization are arguments to consider, but successive reductions in the share price also require looking at the valuation of buildings, their occupation and the possibilities of exit. A lower price is not enough to characterize a good deal.
An important francilian heritage, but a diversification to relativize
Created in 1986 by the HSBC Group and managed by HSBC REIM, Elysées Pierre is a performance SCPI: it holds buildings intended to produce rents, which can be distributed to partners after charges. Neither these revenues nor the invested capital are guaranteed.
Official page discusses more than 100 buildings, mainly offices, with a majority location in the Paris region. The management company highlights the location of assets, the quality of tenants and the sharing of rental risks.
HSBC highlights the economic weight of Ile-de-France: 31% of the national wealth and more than one million companies. Best SCPI also accounts for 25% of French companies located around the francilian transport network. These arguments describe an economic basin, but do not alone demonstrate the attractiveness of each building.
Holding many buildings reduces dependency on a single tenant. However, this does not remove a sectoral and geographical concentration : several offices in francilian countries can simultaneously experience a decrease in demand or valuation. Similarly, significant capitalization does not guarantee any return or liquidity. To compare Elysées Pierre with other SCPI offices, it is necessary to have updated funding amounts on the same date.
The declines in the share price reflect a real estate adjustment
Les Echos Investissement reports a change in the share price of 660 € at 549 €a decrease of 16.8%, starting on August 3. The year of this taking effect is not specified in the elements of the article reporting this decrease: the official communiqué must therefore be checked before retaining 549 € as the price applicable to an operation.
Elysées Pierre : press release on the 7.14% increase in the share price · Check out the tariff release announcing the 7.14% increase in the share price of the SCPI Elysées Pierre.
| Period indicated | Reported developments | Attribution |
|---|---|---|
| August 2023 | 7 % decrease in share price | Echos Invest |
| August 2024 | 14% decrease in share price | Echos Invest |
| 3 August, year not specified | 660 € at 549 €−16.8 per cent | Echos Invest |
| Three years, according to article | Reported cumulative decrease of 33.5% | Echos Invest |
The link between expertise and reconstitution value
The same article reports a decrease of around 8% in the value of assets in six months. The reconstitution value passes from 641.49 € at 583.41 €−9 per cent. The latter corresponds, schematically, to the value of net assets plus the costs necessary to reconstruct them. It does not represent a guaranteed resale price for the partner.
Les Echos Investissement links these depreciations in particular to office assets with rental vacancy. The article also recalls the regulatory tunnel of ±10% around the reconstitution value that frames the subscription price. A reduction in expertise can thus lead to a revision of the share price.
HSBC also announced an upgrade dated August 3, 2026. This must be verified in the relevant press release, without automatically assimilating to the decrease reported by the press. An advertisement, its effective date and the price currently applicable are three informations to be reconciled.
Rents and occupancy count as much as the price displayed
The fall in the share price only describes one dimension of the investment. To evaluate Elysées Pierre, it is also necessary to measure his ability to rent his buildings, cash rents and finance their maintenance. HSBC claims regularity of revenues distributed for more than 30 years; This history does not prejudge future distributions.
- Financial occupation rate information on rents charged against rental potential, as reported.
- Cashing rate allows to assess the actual payment of the rents called.
- Distribution by share shows the income paid, to be distinguished from the change in the value of the investment.
- Vacancy and work provide information on the expenses and efforts required to refurbish areas.
The key to reading is to treat each vacant building as a lock under several conditions: rent requested, technical condition, accessibility and custom adaptation. A lower rent does not necessarily solve a building problem. In order to assess the prospects for relocation, therefore, look in the reports for the areas concerned, the work planned and the deadlines, rather than a simple statement on the quality of addresses.
The numerical values of occupancy, cash flow and distribution are not established here. They must be noted in the last ballots. Please note the dates: the official page presents active data on 30/06/2024 and an identity card on 31/12/2025. They are not a simultaneous photograph of the wallet.
SRI, yield and risk: the criteria for a useful comparison
The official page mentions the ISR label and Classification Article 8 SFDR. The ISR label concerns a socially responsible investment approach. Article 8 refers to a product promoting environmental and/or social characteristics; it does not mean that each investment pursues an exclusively sustainable objective.
These statements do not guarantee the value of buildings or income. To assess their scope, review the objectives, indicators, improvement work and published results. In a portfolio of offices, the costs of adapting buildings deserve attention.
A comparison with other SCPIs should approximate, over the same periods, distribution, price changes, occupancy, debt, charges and withdrawal requests. A distribution rate can increase mechanically when its reference price decreases, without increasing the paid income.
Elysées Pierre can be studied for an exhibition at the offices of the Franciscans, but does not replace a heritage diversification. The decision depends, among other things, on your horizon, your taxation and your ability to bear a capital loss or a prolonged capital asset.
Buy or sell: checks before instructions
For official information, see the Elysées Pierre section of HSBC REIM, the latest bulletin, the annual report, the information note and the applicable tariff release. Before subscription, check the fees, the period of use, the terms of withdrawal and the price actually in effect.
If you already hold shares, ask the management company or your intermediary for the procedure for your holding. The detailed details must be confirmed: it would be imprudent to assume a delay of sale or a net amount of exit.
- Ask for the documents and supporting documents required for your instruction.
- Indicate the withdrawal price or transfer rules, as well as any costs.
- Keep a written confirmation of the registration of your application.
The subscription price is not necessarily the amount recoverable on exit. The liquidity of the shares is not guaranteed. Before buying as before selling, therefore, bring together valuation, income and actual conditions of execution, without deciding on the only drop in the price displayed.