SCPI Managers: Latest Changes & Trends

The manager of the SCPI Cap Foncières & Territoires has just come under the control of the Axtom group, a player in the economic and real estate development of the territories. A few days after the announcement of the planned merger between Sofidy and Tikehau. Have SCPI managers entered a phase of recomposition?

It is not yet time to concentrate. But already the backing and the search for synergies… After the announcement, last week, of the merger-absorption project of Sofidy by Tikehau Capital[1] -which already owns 100% of the SCPI manager-, it is in fact today Foncières & Territoires which comes under the control (at 56%) of a more diversified operator, the Axtom group. The two operations are obviously not of the same nature. But they clearly illustrate the phase of active recomposition into which the market of SCPI management companies seems to have entered.

A vertical integration process for Tikehau Capital…

For Tikehau Capital, this is clearly a vertical integration process. This ” unified real estate platform “, as the manager describes it, when it sees the light of day, it will notably have a force of sourcing increased, and a more diversified product offering. As well as an expanded customer base (both institutional and retail). This will allow him to practice more effectively cross selling of its expertise in real asset management. Including and in particular real estate assets. Not to mention, of course, the other operational or financial synergies expected from this merger. Particularly because of the size of the new set[2]which now primarily targets international development…

…and horizontal for Axtom

On the Axtom and Foncières & Territoires side, we are far from this quasi-industrial process. For the buyer, the Axtom group, we can certainly also speak of an integration logic, but horizontal this time. Founded in 2015, this operator presents itself as a collective of entrepreneurs structured around four areas of activity[3]. It is thus present in both consulting and regional planning, real estate development, construction, and investments. For Axtom, the takeover of majority control of Foncières & Territoires, a portfolio management company since 2013, therefore means entry into a new market – that, in particular, of SCPIs -. And the acquisition of a new skill, management on behalf of third parties. The one that Foncières & Territoires has been developing since 1997, first through dedicated funds, then several SCPIs, merged in 2019 under the name Cap Foncières & Territoires.

Obvious synergies between the SCPI manager and its new shareholder

This merger obviously also brings other synergies. For the manager founded by Frédéric Durand, this capital backing broadens its visibility to other market and customer segments. It also increases its capacity to sourcingwhile ensuring new outlets for the assets built by its new shareholder. Which is also able to help it develop new investment solutions. The two entities also share the same tropism, or ambition, as highlighted in the press release announcing their merger: that of “ contribute to the economic development of territories “. Clearly, Axtom is offering itself – at an undisclosed price – a historic presence on the SCPI market. Without going through the box “ product creation “. Land & Territories, “ dossier » which interested many local players, ensures its support from a multidisciplinary group.

Foncières & Territoires, proven operational performances

While choosing a shareholder close to its values. And, a priori, in line with the historical model of small, traditionally profitable family management companies. It should indeed be noted that F&T has been able to find and maintain its place on the SCPI market, including since the crisis. Its collection, certainly very low compared to the market leaders, has further lost steam since the market downturn. But she remained in the positive zone. Over the first nine months of the year, Cap Foncières & Territoires posted net inflows of €7.4 million. Far from the €21.7 million collected over the whole of 2022. But already slightly higher than that recorded over the first nine months of 2024. The SCPI, which has exceeded €100 million in capitalization, therefore continues to attract investors.

Cap Foncières & Territoires, a successful SCPI

No doubt because of the recurrence, and the relatively high level of its performance. Its gross return has in fact been close to or exceeded 6% since 2022. Last year, Cap Foncières & Territoires also rewarded its partners with a revaluation of +0.78% of its share price. And, in 2025, it could still appear in the list of SCPIs having distributed more than 6.20%. The restructuring of Foncières & Territoires’ capital is therefore not a priori the consequence of a problem of profitability or attractiveness. This is not the case for other real estate asset managers, who recently came under the control of a new shareholder. As, outside the SCPI segment, this was for example the case this year with Keys REIM, bought by Atland.

A process of recomposition or backing on the SCPI market which could accelerate

This process of recomposition or consolidation, taking into account the context, will undoubtedly continue. Even accelerate. We know, for example, that Altixia REIM, since last November, has been looking for a new shareholder. And that, without doubt, several of the recent new entrants to the SCPI market will need a new capital boost. Let us remember, however, that these rapprochement movements are not exceptional. Last year, Atream, manager of several SCPIs specializing in the tourism segment, became part of the Carac group. In September 2023, the structures Aquila Asset Managament and Axipit Real Estate Partners joined the Swedish group Catella, at the same time as Axipit REP launched its first SCPI. Further in the past, we will also note the change of shareholder of the former Foncia Pierre Gestion[4] in 2020. Or the purchase, in 2015, of the historic Voisin by the real estate company Atland…

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Axtom Proposes⁽ⁱ⁾

Founded in 2015, Axtom is a collective of associated entrepreneurs who support companies and communities in their real estate and economic development. It stands out for its strong synergy between its 4 businesses carried out by Ancoris, Axdev, Axess and Octalise. Consulting and regional planning, real estate development, construction, investments: Axtom offers tailor-made solutions adapted to the challenges of its clients and responding to contemporary environmental challenges. With a network of 32 subsidiaries throughout France and 3 in Europe, the group, which has 239 employees including 42 associates, operates throughout the national territory and internationally with 4,140 companies supported and nearly 2.5 million m² delivered or in progress.

About Foncières & Territoires⁽ⁱ⁾

From its 3 locations in Lyon, Nancy and Nantes, Foncières & Territoires has developed a concept of local real estate funds. To date, the company manages 50 investment funds including an SCPI, bringing together more than 2,500 associated economic players in their territory. The company makes investments in commercial real estate using a high environmental quality approach and based on innovative construction techniques. It controls the entire investment chain, from management to arbitrage of its assets.

• Information taken from an official company document.

[1] « The planned operation, which would take the form of a merger of Sofidy into Tikehau Investment Management, is subject to an information-consultation procedure of the staff representative bodies of the entities concerned, with a view to an opinion by the end of the year, which would allow the finalization of the operation by the end of the first quarter of 2026 », specifies Tikehau Capital.
[2] Real assets managed by the Tikehau Capital group (including Sofidy) were estimated at €13.8 billion as of September 30, 2025.
[3] Axtom is involved in regional economic development and consulting, via the Ancoris structure. In real estate development and promotion serving businesses and local authorities (Axdev). But also in the construction of commercial real estate (Axess). As well as in the investment, management and operation of real estate assets (Octalise).
[4] Became Aestiam.