Allianz adjusts the price of its office SCPI downwards

Until now spared from the drop in office building prices, Allianz Pierre, a SCPI with a history of more than 40 years and a portfolio mainly composed of offices in the Paris region and in Paris, has just adjusted its subscription price downwards from €340 to €320 (-5.9% since September 17). This is the first price drop for this SCPI since 2023.

Managed by Allianz Immovalor, a subsidiary of the German insurer Allianz, this SCPI is of significant size with a capitalization of 1.63 billion euros after price adjustment and displays an unattractive yield (4.01% distribution rate in 2023).

In the regulatory tunnel

Its reconstruction value was estimated at €312.75 at the end of June 2024 following independent mid-year appraisals and showed a premium on the subscription price of 8.7%. Although within the regulatory tunnel of a maximum difference of + or -10% between price and reconstruction value, Allianz Immovalor preferred to adjust the subscription price of Allianz Pierre to position it more in line with the updated value of the assets.

Unlike other large historical office SCPIs, Allianz Pierre has the advantage of having continued to collect in the recent period, which has enabled significant acquisitions to be made in 2023 and 2024 (probably accretive) and of not displaying liquidity problems.