Top 5 French SCPIs
TL;DR — SCPIs remain a pillar of real estate investment in 2025: the average yield for 2024 stands at 4.72% (source ASPIM). Our Top 5 mixes yield, size, solidity, and diversification: CORUM Origin, Iroko Zen, Immorente (Sofidy), Épargne Pierre (ATLAND Voisin), and Pierval Santé (Euryale).
Compare fees, strategy, and liquidity before investing and consider diversifying across themes and management companies.
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SCPI: quick definition and context
An SCPI (Société Civile de Placement Immobilier) collects savings from investors to acquire and manage a portfolio of properties (offices, retail, logistics, healthcare, hotels, residential, etc.). In return, shareholders potentially receive rental income and can benefit from risk pooling, delegated management, and a lower entry ticket than direct real estate investment.
On the market side, the ASPIM (professional association) publishes official indicators annually. For 2024, the average distribution rate of SCPIs is 4.72%, up compared to 2023, with disparities depending on themes (diversified > healthcare/education, etc.). Sources: ASPIM press releases and reports. Good to know: since 2022, the term distribution rate (TD) is used according to ASPIM methodology (replacing the former TDVM). The TD corresponds to the SCPI’s gross distribution (including any capital gains) relative to the previous year’s share price.
Method: how we established this Top 5
This ranking is not personalized advice. It aims to identify French SCPIs that are representative and solid according to several weighted criteria:
- 2024 Performance: level of distribution rate, historical consistency.
- Solidity & size: capitalization, occupancy rate, share price policy.
- Strategy & diversification: sectors (diversified, healthcare, logistics, retail, etc.), geographies (France/Europe).
- Fees & accessibility: entry and management fees, share price, usufruct delay.
- ESG/SRI: presence of a real estate SRI label or a structured approach.
AMF rule on share price: the subscription price of an SCPI must remain within a range of ±10% of its reconstitution value (otherwise the management company must justify and notify the AMF). This rule explains some revaluations/discounts observed in 2023–2025.
Top 5 French SCPIs (2025 edition)
1) CORUM Origin Pan-European diversified
2024 Yield: 6.05% (TD). Share price: €1,135. Capitalization: ~€3.5 billion (mid-2025). Entry fees: 11.96% VAT included.
Managed by CORUM L’Épargne, Origin stands out for its historical ability to deliver high yields while investing at the European scale (offices, retail, hotels, etc.). The SCPI remains demanding in asset selection and arbitrage, with a 2024 distribution above the market average.
Source bulletin 2024 • CORUM Origin Fees
2) Iroko Zen No Entry Fees
2024 Yield: 7.32% (TD). Share Price: €204 (as of 08/01/2025). Market Capitalization: ~€1.1 billion. Entry Fees: 0%.
ISR SCPI and 100% digital, Iroko Zen combines an opportunistic, granular, and pan-European strategy, with smaller asset tickets and strong diversification (logistics, business, suburban retail, etc.). The absence of entry fees improves the net profitability from the first year (fees exist but are mostly on management/operation).
3) Immorente (Sofidy) Diversified, Established
2024 Yield: 5.04% (TD). Share Price: €340. Market Capitalization: €4.4 billion (12/31/2024). Entry Fees: (via information note, standard market fees).
Founded in 1988, Immorente relies on a highly granular portfolio (offices, retail, retail parks, etc.) in France and Europe. In 2024, Sofidy maintained a stable share price and resilient occupancy rate, with an active policy of asset disposals and a distribution >5%.
2024 Annual Report (PDF) • Immorente Fact Sheet
4) Épargne Pierre (ATLAND Voisin) Regions & Offices/Retail
2024 Yield: 5.28% (TD). Share Price: €208 (stable since 2021). Market Capitalization: ~€2.7 billion (12/31/2024). Label: ISR.
Highly subscribed SCPI, Épargne Pierre favors large regional metropolises and cautious share price management. Its distribution stability over several years makes it a cornerstone of many portfolios. Structured ESG policy via the ISR label.
2025 News & 2024 Figures • Épargne Pierre Fact Sheet
5) Pierval Santé (Euryale) Health & Education
2024 Yield: 4.05% (TD). Share Price: €204. Market Capitalization: ~€3.3 billion. Label: Real Estate ISR (April 2023).
Specialized in health, Pierval Santé is a defensive pillar (clinics, care, managed facilities, Europe & Canada). After very dynamic years, 2024 marks a more moderate yield but a long-term strategy, with a high occupancy rate and a labeled ESG policy.
Euryale Fact Sheet • Q4 2024 Bulletin (PDF)
Comparison Table (Key Figures 2024)
| SCPI | Management Company | Strategy | 2024 Distribution Yield | Share Price* | Market Capitalization | ISR Label | Entry Fees |
|---|---|---|---|---|---|---|---|
| CORUM Origin | CORUM L’Épargne | Diversified EU/world | 6.05% | €1,135 | ≈ €3.5 billion (mid-2025) | No (Eurion is) | 11.96% VAT included |
| Iroko Zen | Iroko | Diversified, granular, EU | 7.32% | €204 (08/2025) | ≈ €1.1 billion | Yes | 0% |
| Immorente | Sofidy | Diversified FR/EU | 5.04% | €340 | €4.4 billion (31/12/2024) | — | Market standard |
| Épargne Pierre | ATLAND Voisin | Offices/Stores (FR/EU) | 5.28% | €208 | ≈ €2.7 billion | Yes | ≈ 10% |
| Pierval Santé | Euryale AM | Health & Education (EU/Canada) | 4.05% | €204 | ≈ €3.3 billion | Yes (2023) | Included in price |
* Share price and market capitalizations: indicative as of end 2024 / mid-2025 according to official communications. Past performance does not predict future results.
Market Statistics & Key Figures (2024)
- Average distribution yield 2024: 4.72% (ASPIM-IEIF). “Diversified” SCPIs average 5.8%, “health/education” around 4.0%.
- Total SCPI market capitalization: ~€88–89 billion end 2024 (slight contraction vs 2023).
- Share prices: mixed adjustments in 2023-2024, especially for office SCPIs; regulated by AMF rule (±10% of the reconstruction value).
- Fundraising: gradual recovery late 2024 and first half 2025 according to ASPIM/observers.
Advantages & Disadvantages of SCPIs (quick reminder)
Advantages
- Risk pooling (many assets and tenants).
- 100% delegated management (selection, leasing, maintenance, arbitrations).
- Access to professional asset classes (health, logistics, retail parks…).
- Potential quarterly income, geographical diversification.
Limits/Risks
- No guaranteed capital (share value and income vary).
- Liquidity risk (shares market is unlisted).
- Potentially high entry fees (except “no fee” models).
- Taxation on rental income and foreign income (to optimize).
Tax tip: optimization via dismemberment or via life insurance contract can improve taxation depending on your situation (to be confirmed with an advisor).
Three Concrete Use Cases to Build a Portfolio
1) Seeking quick net yield
Combining a SCPI with no entry fees (e.g. Iroko Zen) and a proven income SCPI (e.g. CORUM Origin) allows accelerating the establishment of a revenue stream (beware of sectoral and geographical diversification).
2) Stabilize a portfolio with “pillars”
Large-cap SCPI with recognized management (Immorente, Épargne Pierre) offer granularity and price stability per share, at the cost of sometimes more “reasonable” yields.
3) Add a defensive thematic brick
The health sector (Pierval Santé) provides diversification uncorrelated with classic tertiary cycles, useful in a long-term perspective.
Tools, solutions & alternatives
- Official documents: quarterly bulletins, annual reports, PRIIPs KIDs, information notes (to be read before any subscription).
- ASPIM/IEIF indicators: monitor the average yield, fundraising, capitalization, and price developments.
- Simulators: calculate your net flow according to your marginal tax rate, the envelope (securities account/life insurance/PEA-PME not eligible for common law SCPIs) and the setup (cash, credit, dismemberment).
- Alternatives: retail OPCI (more liquid, more volatile), SCI of SCPI in life insurance, listed real estate companies (SIIC/REIT), real estate crowdfunding.
Trends 2025–2026: what to watch
- Monetary policy & valuations: a rate easing cycle supports expertise values, but the adjustment is gradual depending on asset classes (prime vs secondary offices, logistics, suburban retail, health).
- Regulation: consolidation of transparency (valuation frequency, information to holders) and AMF vigilance on price/reconstitution value gap.
- ESG/SRI: increasing power of energy capex plans (DPE/RE2020), impacting capex and arbitrations; labeled SCPIs aim to improve carbon trajectories.
- Fundraising & liquidity: a gradual recovery is observable; investment discipline will remain key (debt, occupancy rate, rental quality).
FAQ — Top 5 French SCPIs
What is a SCPI and how does it work?
An SCPI collects savings to buy buildings and collect rents. You buy shares and receive (potential) distributions pro rata. Management is delegated.
What are the advantages of our Top 5?
It combines yield (Iroko Zen, CORUM Origin), stability/granularity (Immorente, Épargne Pierre), and defensive thematic (Pierval Santé). The approaches and fees vary, facilitating diversification.
What tools to choose your SCPI?
Read reports/bulletins, check the 2024 TD, the Financial Occupancy Rate, fees, strategy, and risks. Compare via aggregators and consult ASPIM for market figures.
How much does investing in an SCPI cost?
The cost includes the share price (e.g., €204 to €1,135 depending on the SCPI), possible entry fees (0% to ~12%), management fees, and taxation on income. Fees are detailed by each management company.
What trends for 2025–2026?
Rate easing, gradual reopening of certain asset classes (logistics/activity), increased ESG requirements, and stricter discipline on share prices (AMF rule ±10%).
Official sources & useful readings
- ASPIM — 2024 Collection & Performance ; Q1-2025 Indicators (PDF)
- CORUM Origin — Q4 2024 Bulletin • Fees
- Iroko Zen — 2024 Performance • Fees & 0% Model
- Sofidy Immorente — 2024 Annual Report (PDF) • Fact Sheet
- Épargne Pierre (ATLAND Voisin) — 2025 News & 2024 Figures • Fact Sheet
- Pierval Santé (Euryale AM) — Fact Sheet & ISR Label • Q4 2024 Bulletin (PDF)
- AMF — ±10% Reconstitution Value Rule
- Pierrepapier — All 2024 TDs
Conclusion & next steps
Our Top 5 French SCPI combines yield, robustness, and complementary themes: CORUM Origin and Iroko Zen for performance traction, Immorente and Épargne Pierre for granularity and stability, Pierval Santé for the defensive/ESG component. The ideal allocation, however, depends on your risk profile, your horizon, and your tax situation.
Before investing, read the regulatory documents, compare fees, and test different scenarios (cash, credit, dismemberment). Then, structure an allocation mixing several SCPIs and management companies to smooth out risks.
Warning: long-term investment, risk of capital loss and liquidity risk, income not guaranteed. Past performance does not predict future results.