Zombie SCPI on the verge of being sold or disappearing

The real estate investment companies (SCPI) face a paradox: while their numbers are increasing, investor interest is declining. Between 2023 and 2026, 47 new SCPIs were launched, bringing the total to 237. However, many investors are hesitant due to past liquidity crises and changing market demands influenced by remote work and rising interest rates. Institutional investors and life insurers have also withdrawn, leading to a significant drop in funds raised, from 10.19 billion euros in 2022 to 4.56 billion euros in 2025. This decline raises concerns about the viability of SCPIs, as they need to reach a minimum size to be economically sustainable. Experts suggest that around 15 to 20 SCPIs are struggling to collect enough funds, with a critical capitalization of 100 million euros often required for recognition by life insurers.