{"id":4598,"date":"2024-02-23T16:53:35","date_gmt":"2024-02-23T15:53:35","guid":{"rendered":"https:\/\/ad-maiora.fr\/?p=4598"},"modified":"2026-06-16T15:48:49","modified_gmt":"2026-06-16T13:48:49","slug":"scpi-deux-salles-deux-ambiances","status":"publish","type":"post","link":"https:\/\/ad-maiora.fr\/index.php\/2024\/02\/23\/scpi-deux-salles-deux-ambiances\/","title":{"rendered":"SCPI &#8211; Deux salles, deux ambiances"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"4598\" class=\"elementor elementor-4598\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8281efd elementor-section-content-middle elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"8281efd\" data-element_type=\"section\" data-e-type=\"section\" 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data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7cacf9e7\" data-id=\"7cacf9e7\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-728480ed elementor-headline--style-rotate elementor-widget elementor-widget-animated-headline\" data-id=\"728480ed\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;headline_style&quot;:&quot;rotate&quot;,&quot;animation_type&quot;:&quot;slide&quot;,&quot;rotating_text&quot;:&quot;Nos r\\u00e9dactions \\nNos opportunit\\u00e9s \\nNos recherches&quot;,&quot;loop&quot;:&quot;yes&quot;,&quot;rotate_iteration_delay&quot;:2500}\" data-widget_type=\"animated-headline.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h2 class=\"elementor-headline elementor-headline-animation-type-slide\">\n\t\t\t\t\t<span class=\"elementor-headline-plain-text elementor-headline-text-wrapper\">AD maiora<br><\/span>\n\t\t\t\t<span class=\"elementor-headline-dynamic-wrapper elementor-headline-text-wrapper\">\n\t\t\t\t\t<span class=\"elementor-headline-dynamic-text elementor-headline-text-active\">\n\t\t\t\tNos&nbsp;r\u00e9dactions&nbsp;\t\t\t<\/span>\n\t\t\t\t\t<span class=\"elementor-headline-dynamic-text\">\n\t\t\t\tNos&nbsp;opportunit\u00e9s&nbsp;\t\t\t<\/span>\n\t\t\t\t\t<span class=\"elementor-headline-dynamic-text\">\n\t\t\t\tNos&nbsp;recherches\t\t\t<\/span>\n\t\t\t\t\t\t<\/span>\n\t\t\t\t<\/h2>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d572673 elementor-widget elementor-widget-text-editor\" data-id=\"d572673\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><em>\u00ab\u00a0Vers de plus grands projets\u00a0\u00bb<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d4574ff elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d4574ff\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4437aa6\" data-id=\"4437aa6\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-dbc10df elementor-widget elementor-widget-heading\" data-id=\"dbc10df\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">SCPI : deux salles, deux ambiances<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6585aee elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6585aee\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1ef7141\" data-id=\"1ef7141\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-2e56d495 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2e56d495\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-wider\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-53f8cccb\" data-id=\"53f8cccb\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-570c6805 elementor-widget elementor-widget-text-editor\" data-id=\"570c6805\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Encore une r\u00e9daction sur les SCPI ? Oui, mais c\u2019est absolument <span style=\"text-decoration: underline;\">n\u00e9cessaire<\/span>.<\/span><\/p><p><span style=\"font-weight: 400;\">Apr\u00e8s avoir v\u00e9cu dans le monde des bisounours pendant plus de 10 ans &#8211; <em>notamment gr\u00e2ce \u00e0 la baisse des taux<\/em> -, <strong>le<\/strong> <strong>march\u00e9 des SCPI<\/strong> est particuli\u00e8rement <strong>chahut\u00e9<\/strong>, entre deux grandes tendances : l\u2019<strong>inflation<\/strong>, qui permet d\u2019augmenter les loyers et donc la distribution et la <strong>hausse des taux<\/strong>, qui fait chuter les prix.<\/span><\/p><p><span style=\"font-weight: 400;\">Bonheur pour les uns, malheur pour les autres, les prix de l\u2019immobilier \u00e0 usage professionnel chutent.\u00a0<\/span><span style=\"font-weight: 400;\">Opportunit\u00e9 pour ceux qui ach\u00e8tent, crainte pour ceux qui en d\u00e9tiennent, et drame pour ceux qui doivent vendre.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-168367c8\" data-id=\"168367c8\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5be1eef elementor-widget elementor-widget-spacer\" data-id=\"5be1eef\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5b8bccc elementor-widget elementor-widget-image\" data-id=\"5b8bccc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"627\" height=\"437\" src=\"https:\/\/ad-maiora.fr\/wp-content\/uploads\/2023\/07\/Immeuble.jpg\" class=\"attachment-full size-full wp-image-4360\" alt=\"\" srcset=\"https:\/\/ad-maiora.fr\/wp-content\/uploads\/2023\/07\/Immeuble.jpg 627w, https:\/\/ad-maiora.fr\/wp-content\/uploads\/2023\/07\/Immeuble-300x209.jpg 300w\" sizes=\"(max-width: 627px) 100vw, 627px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-4e6ba4c elementor-widget elementor-widget-heading\" data-id=\"4e6ba4c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">LA SITUATION ACTUELLE<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-231e9a2 elementor-widget elementor-widget-heading\" data-id=\"231e9a2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">La hausse du taux sans risque \u2192 la hausse des attentes des investisseurs<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-103bd9c elementor-widget elementor-widget-text-editor\" data-id=\"103bd9c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">D\u00e9j\u00e0 abord\u00e9 dans un pr\u00e9c\u00e9dent article, la <strong>logique<\/strong> est tr\u00e8s simple. Traditionnellement, un investisseur <strong>compare<\/strong> la performance d\u2019un placement en fonction du <strong>taux sans risque<\/strong>. Pour les particuliers par exemple, la r\u00e9f\u00e9rence est le <em>livret A<\/em>. Lorsqu&rsquo;il rapporte 0.50 %, les \u00e9pargnants sont pr\u00eats \u00e0 accepter un investissement prudent qui rapporte entre 3 et 4 %. Lorsque la r\u00e9mun\u00e9ration du livret A est \u00e0 3 %, il faut \u00e0 minima que les solutions sans garantie en capital offrent un rendement de l\u2019ordre de 5 %.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">En ce sens, les <strong>investisseurs immobiliers<\/strong> \u00e9taient pr\u00eats \u00e0 accepter des <strong>rendements<\/strong> parfois <strong>tr\u00e8s faibles<\/strong> (<em>&#8211; de 3 %<\/em>) pour les biens d\u2019exception, quand les comptes \u00e0 terme flirtaient avec le 0 % &#8211;<em>rendements d\u2019ailleurs visibles dans le triangle d\u2019or parisien<\/em>. Maintenant que les comptes \u00e0 terme ont d\u00e9pass\u00e9 les 3 % de rendement, les investisseurs <strong>attendent des performances sup\u00e9rieures<\/strong> pour l&rsquo;immobilier, compte tenu des contraintes, des risques et des co\u00fbts d&rsquo;acquisition des biens.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1d20a37 elementor-widget elementor-widget-heading\" data-id=\"1d20a37\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">La valorisation des biens par le rendement<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-aed26dd elementor-widget elementor-widget-text-editor\" data-id=\"aed26dd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Le <strong>rendement<\/strong> d\u2019un bien, c\u2019est un calcul tr\u00e8s savant : on<strong> divise le loyer par la valeur du bien<\/strong> ! Il n\u2019y a donc que <span style=\"text-decoration: underline;\">deux<\/span> variables.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Par exemple, un actif valoris\u00e9 \u00e0 1.000.000 \u20ac et lou\u00e9 45.000 \u20ac par an, offre un rendement de 4.50 %. \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Imaginons que le propri\u00e9taire souhaite s\u2019en d\u00e9barrasser aujourd\u2019hui, avec le locataire en place.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Pour notre exemple, les investisseurs recherchent actuellement des rendements de l\u2019ordre de <strong>6 %<\/strong> pour l&rsquo;immobilier professionnel.\u00a0<\/span><span style=\"font-weight: 400;\">Peut-on imaginer demander au locataire de passer de 45.000 \u20ac de loyer \u00e0 60.000 \u20ac, soit une augmentation de 33 %, pendant la dur\u00e9e du bail pour atteindre ce rendement ? La r\u00e9ponse est bien entendu <strong>non<\/strong>. Le l\u00e9gislateur <strong>plafonne<\/strong> les augmentations de loyer, quand bien m\u00eame le locataire pourrait l&rsquo;assumer. Si le loyer suivait cette fois l&rsquo;augmentation de l\u2019<strong>indice des loyers commerciaux<\/strong> (ILC) du troisi\u00e8me trimestre 2023 : +5.97 %, il\u00a0<\/span><span style=\"font-weight: 400;\">passerait donc de 45.000 \u20ac \u00e0 47.686 \u20ac ! Toujours tr\u00e8s loin de la rentabilit\u00e9 de 6 % attendue&#8230; \u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Fatalement, il faut donc jouer sur un deuxi\u00e8me point pour optimiser la rentabilit\u00e9 : la <strong>valorisation<\/strong> du bien \u2026 47.686 \u20ac \/ 6 % conduit \u00e0 une valorisation de <strong>794.766 \u20ac<\/strong>.\u00a0Pour r\u00e9pondre aux attentes des investisseurs, la valeur du bien doit donc chuter de 1.000.000 \u20ac \u00e0 794.766 \u20ac (<em>soit une baisse de plus de 20 %<\/em>).\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">M\u00eame si cet exemple est un peu extr\u00eame et simplificateur, il permet de comprendre en partie les <strong>mouvements<\/strong> des valorisations. Si &#8211;<em> dans un futur proche en principe<\/em> &#8211; les taux baissent, que les investisseurs attendent une rentabilit\u00e9 \u00e0 5.20 %, alors le bien sera valoris\u00e9 \u00e0 917.038 \u20ac dans ce cas. Impact non n\u00e9gligeable pour le vendeur !<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-428d567 elementor-widget elementor-widget-heading\" data-id=\"428d567\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">La valorisation par comparaison <\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d0f3ce4 elementor-widget elementor-widget-text-editor\" data-id=\"d0f3ce4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Lors de l\u2019<strong>audit annuel<\/strong>, les experts doivent <strong>valoriser<\/strong> le parc immobilier \u00e0 un<em> instant T<\/em>, notamment\u00a0pour indiquer aux investisseurs la fameuse valeur de reconstitution. Et pour cela, ils peuvent non seulement recourir \u00e0 la valorisation par le rendement (cf. ci-dessus), \u00a0mais aussi par <strong>comparaison<\/strong>. <\/span><\/p><p><span style=\"font-weight: 400;\">Comme son nom l\u2019indique, l\u2019objectif ici est d&rsquo;observer la valeur d&rsquo;<strong>actifs similaires<\/strong>, pr\u00e9sentant des <em>caract\u00e9ristiques proches<\/em>, lors de <strong>transactions<\/strong> <strong>r\u00e9centes<\/strong>. Malheureusement, si des biens ont \u00e9t\u00e9 vendus<em> \u00e0 la casse<\/em>, pour x raisons, la valorisation des biens d\u00e9tenus par la SCPI seront impact\u00e9s. Imaginons : vos voisins divorcent. Ils souhaitent vendre la maison en urgence et acceptent une offre \u00e0 -30 % de la valeur du march\u00e9. Est-ce que cela implique que la valeur de votre maison doit \u00eatre d\u00e9pr\u00e9ci\u00e9e d\u2019autant ? Non, pas forc\u00e9ment \u2026 \u00a0Et m\u00eame si vous <strong>n&rsquo;avez pas envie de vendre<\/strong> votre maison, comme les g\u00e9rants de la SCPI, cette transaction sert de <strong>r\u00e9f\u00e9rence<\/strong>.\u00a0<\/span><\/p><p><em><span style=\"font-weight: 400;\">A noter quand m\u00eame que les g\u00e9rants de SCPI peuvent faire en sorte que cette m\u00e9thode de valorisation ne puisse pas \u00eatre prise en compte en cas de vente d&rsquo;un actif.\u00a0<\/span><\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fb2c073 elementor-widget elementor-widget-heading\" data-id=\"fb2c073\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Les sorties massives : une obligation d\u2019acter les pertes<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2c06c6f elementor-widget elementor-widget-text-editor\" data-id=\"2c06c6f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Transition parfaite avec ce qui vient d&rsquo;\u00eatre dit : \u00a0\u201cles g\u00e9rants ne veulent pas vendre\u201d et, surtout, pas dans cette p\u00e9riode de baisse. Il est donc <strong>inutile<\/strong> d\u2019acter des <strong>pertes potentielles<\/strong>, surtout pour des valorisations impact\u00e9es par un ph\u00e9nom\u00e8ne de <em>hausse des taux,<\/em> dont on conna\u00eet le <strong>caract\u00e8re temporaire<\/strong>. A noter tout de m\u00eame qu\u2019il est peu probable que nous retrouvions des taux aussi bas que ceux connus. Il faut faire le deuil des valorisations pass\u00e9es sur les biens premiums, pour lesquels les niveaux de valorisation avaient atteint des sommet et les niveaux de rentabilit\u00e9 s&rsquo;\u00e9taient rapproch\u00e9s des 2 %.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">A contrario, si les g\u00e9rants se retrouvent dans l\u2019<strong>obligation de vendre<\/strong>,\u00a0sous la pression des associ\u00e9es qui souhaitent vendre leurs parts \u2026 Il n\u2019y a ici pas d\u2019autre choix : si les nouveaux porteurs de parts ne compensent pas les retraits et que la situation perdure dans le temps, il n\u2019est pas entendable de tenir ind\u00e9finiment des listes d\u2019attente pour les sorties. <strong>Les ventes, m\u00eame \u00e0 la casse, sont in\u00e9vitables<\/strong>. Et la valeur des SCPI en prend un coup&#8230;\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-79e7abc elementor-widget elementor-widget-heading\" data-id=\"79e7abc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">UN CHANGEMENT DE PARADIGME : SCPI r\u00e9centes vs SCPI anciennes<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f400b1f elementor-widget elementor-widget-heading\" data-id=\"f400b1f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Dans le contexte actuel, quelles sont les nouvelles donn\u00e9es \u00e0 suivre pour identifier les opportunit\u00e9s d'investissement chez les SCPI ?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e649492 elementor-widget elementor-widget-text-editor\" data-id=\"e649492\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: bold;\">La valeur de reconstitution\u00a0<\/span>reste l&rsquo;un des meilleurs moyens pour conna\u00eetre la situation d\u2019une SCPI. Surtout dans une p\u00e9riode o\u00f9 le prix de la part est de plus en plus \u201cpolitique\u201d. N\u2019oublions pas le <strong>principe du + ou &#8211; 10 %<\/strong> : si la valeur de reconstitution est de 1.000 \u20ac, alors le prix de la part peut se situer entre 900 \u20ac et 1.100 \u20ac. En prenant en compte une distribution de 45 \u20ac par part, alors la performance affich\u00e9e peut \u00eatre de 5 % sur 900 \u20ac ou 4.09 % sur 1.100 \u20ac. Non n\u00e9gligeable. \u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-be42f1a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"be42f1a\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-wider\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-0fc805e\" data-id=\"0fc805e\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f5d7968 elementor-widget elementor-widget-text-editor\" data-id=\"f5d7968\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"color: var( --e-global-color-7f9faf9 ); font-style: var( --e-global-typography-text-font-style ); letter-spacing: var( --e-global-typography-text-letter-spacing ); text-transform: var( --e-global-typography-text-text-transform ); background-color: var( --e-global-color-5daae3fe );\">Et puis prenons une SCPI qui propose un prix de part \u00e0 1.000 \u20ac, en se gargarisant d\u2019une valeur de reconstitution de 1.090 \u20ac en 2022, elle peut tout \u00e0 fait, en 2023, ne pas baisser son prix de part tant que cette m\u00eame valeur ne passe pas sous les 900 \u20ac. <strong>Et pourtant<\/strong>, la valeur de reconstitution aurait chut\u00e9 de 17.43 % !\u00a0<\/span><\/p><p>Oublions presque le prix de la part et concentrons nous sur la <strong>valeur de reconstitution<\/strong> : elle traduit \u00e0 la fois la <strong>strat\u00e9gie<\/strong> des g\u00e9rants, la <strong>valeur r\u00e9elle<\/strong> de la SCPI et ses <strong>mouvements<\/strong> au cours des ann\u00e9es.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-5791395\" data-id=\"5791395\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1586dc8 elementor-widget elementor-widget-text-editor\" data-id=\"1586dc8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Le cas de PFO2 est int\u00e9ressant voire presque scolaire : <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2799542 elementor-widget elementor-widget-image\" data-id=\"2799542\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"820\" height=\"400\" src=\"https:\/\/ad-maiora.fr\/wp-content\/uploads\/2024\/02\/PFO2-situation.png\" class=\"attachment-full size-full wp-image-4715\" alt=\"\" srcset=\"https:\/\/ad-maiora.fr\/wp-content\/uploads\/2024\/02\/PFO2-situation.png 820w, https:\/\/ad-maiora.fr\/wp-content\/uploads\/2024\/02\/PFO2-situation-300x146.png 300w, https:\/\/ad-maiora.fr\/wp-content\/uploads\/2024\/02\/PFO2-situation-768x375.png 768w\" sizes=\"(max-width: 820px) 100vw, 820px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-ecd2445 elementor-widget elementor-widget-text-editor\" data-id=\"ecd2445\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Perial, la\u00a0soci\u00e9t\u00e9 de gestion aurait pu tout \u00e0 fait baisser le prix de part \u00e0 183 \u20ac au deuxi\u00e8me semestre 2023, pour rester dans la borne de + ou &#8211; 10 %, mais ils ont fait le choix strat\u00e9gique de se positionner <strong>en-dessous<\/strong> de la valeur de reconstitution, pour que le prix d\u2019achat soit au plus proche de la <strong>r\u00e9alit\u00e9<\/strong> de la valeur de la part. En plus, cette baisse permet d\u2019afficher un <strong>taux de distribution plus \u00e9lev\u00e9<\/strong> pour les ann\u00e9es \u00e0 venir.\u00a0<\/p><p>Si, l\u2019ann\u00e9e prochaine, la distribution reste stable, avec le nouveau prix de part \u00e0 166,63 \u20ac, alors <strong>le taux de distribution sera en hausse<\/strong> et passera \u00e0 4.73 %. Une rentabilit\u00e9 plus attractive pour les nouveaux investisseurs mais n\u2019oublions pas que, pour ceux qui ont investis en 2020, ils ont vu la valeur de la SCPI baisser de 15,66 % et la distribution de 10,54 %&#8230;<\/p><p>Faire le point aujourd\u2019hui sur les valeurs de reconstitution reste un exercice difficile car toutes n\u2019ont pas mis \u00e0 jour les informations au m\u00eame moment au cours de l&rsquo;ann\u00e9e \u00e9coul\u00e9e. Les<strong> valeurs au 31\/12\/2023 vont \u00eatre d\u00e9cisives<\/strong> et seront connues dans les prochains mois.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f2dfece elementor-widget elementor-widget-heading\" data-id=\"f2dfece\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Le nombre de parts en attente et le poids de \u201cgros porteurs\u201d<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-72186f0 elementor-widget elementor-widget-text-editor\" data-id=\"72186f0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Le <strong>nombre de parts en attente<\/strong> est un indicateur pertinent pour plusieurs raisons. Il d\u00e9montre d\u00e9j\u00e0 le <strong>manque d\u2019attractivit\u00e9<\/strong> de la SCPI, ou plut\u00f4t, il indique qu\u2019il y a plus de personnes qui veulent vendre leurs parts plut\u00f4t que de personnes qui veulent en acheter !\u00a0<\/p><p>Le probl\u00e8me, dans cette situation, est que la collecte ne sert pas \u00e0 faire des acquisitions dans un contexte tr\u00e8s favorable mais simplement \u00e0 financer les sorties des parts. Et puis, prenons le cas extr\u00eame o\u00f9 vous faites l\u2019acquisition d\u2019une part d\u2019une SCPI en pleine d\u00e9collecte, vous pouvez aussi vous retrouver face au cas \u00e9voqu\u00e9 pr\u00e9c\u00e9demment, celui d\u2019\u00eatre dans une SCPI qui doit vendre ses biens \u201c\u00e0 la casse\u201d.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-e846d07 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e846d07\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-wider\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-c6c889d\" data-id=\"c6c889d\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-01d2365 elementor-widget elementor-widget-text-editor\" data-id=\"01d2365\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"color: var( --e-global-color-7f9faf9 ); font-style: var( --e-global-typography-text-font-style ); letter-spacing: var( --e-global-typography-text-letter-spacing ); text-transform: var( --e-global-typography-text-text-transform ); background-color: var( --e-global-color-5daae3fe );\">Attention toutefois : un <strong>gros porteur<\/strong> peut venir fausser la situation. C\u2019est notamment le cas des institutionnels, qui peuvent avoir des parts importantes dans les SCPI. Si l\u2019un d\u2019entre eux d\u00e9cide de sortir, cela peut mat\u00e9rialiser une longue liste d\u2019attente, alors que, pour autant, aucun investisseur particulier ne souhaite en sortir ! C\u2019est pour cela qu\u2019il est important de regarder la part de \u201cgrands investisseurs\u201d dans le capital, un <strong>sondage que nous avons fait aupr\u00e8s de nos partenaires<\/strong> et nous attendons leur retour pour compl\u00e9ter cet article.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-23bb47c\" data-id=\"23bb47c\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-dffb81f elementor-widget elementor-widget-spacer\" data-id=\"dffb81f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-049efbf elementor-widget elementor-widget-image\" data-id=\"049efbf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"814\" height=\"412\" src=\"https:\/\/ad-maiora.fr\/wp-content\/uploads\/2024\/02\/Parts-en-attente-1.png\" class=\"attachment-full size-full wp-image-4717\" alt=\"\" srcset=\"https:\/\/ad-maiora.fr\/wp-content\/uploads\/2024\/02\/Parts-en-attente-1.png 814w, https:\/\/ad-maiora.fr\/wp-content\/uploads\/2024\/02\/Parts-en-attente-1-300x152.png 300w, https:\/\/ad-maiora.fr\/wp-content\/uploads\/2024\/02\/Parts-en-attente-1-768x389.png 768w, https:\/\/ad-maiora.fr\/wp-content\/uploads\/2024\/02\/Parts-en-attente-1-585x295.png 585w\" sizes=\"(max-width: 814px) 100vw, 814px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-f25b304 elementor-widget elementor-widget-heading\" data-id=\"f25b304\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">La capacit\u00e9 \u00e0 collecter<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-97ee248 elementor-widget elementor-widget-heading\" data-id=\"97ee248\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">La valeur de reconstitution <\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-3242cc9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3242cc9\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-wider\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-66385e9\" data-id=\"66385e9\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3d10d8d elementor-widget elementor-widget-text-editor\" data-id=\"3d10d8d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>La <strong>p\u00e9riode est particuli\u00e8rement favorable<\/strong> pour les soci\u00e9t\u00e9s en <strong>phase d\u2019acquisition<\/strong> (<em>bonjour les opportunit\u00e9s lorsque le vendeur c\u00e8de le bien avec une d\u00e9cote importante<\/em>). Mais pour pouvoir r\u00e9aliser ces acquisitions, il y a deux possibilit\u00e9s :\u00a0<\/p><ul style=\"font-size: 16px; background-color: #ffffff;\"><li style=\"font-size: 16px;\" aria-level=\"1\"><strong>S\u2019endetter<\/strong>. Au vu du contexte, l\u2019op\u00e9ration est beaucoup moins favorable que lorsque les \u00a0taux \u00e9taient \u00e0 1 %.\u00a0<\/li><li style=\"font-size: 16px;\" aria-level=\"1\"><strong>Avoir une collecte nette positive<\/strong> ! Et oui, si le montant de la collecte est inf\u00e9rieur aux sorties, alors, le cash n&rsquo;est pas utiliser pour investir !<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-21d9e8f\" data-id=\"21d9e8f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7f32bd8 elementor-widget elementor-widget-text-editor\" data-id=\"7f32bd8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Prenons l\u2019exemple des plus gros collecteurs de 2023 : <\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f5f61fe elementor-widget elementor-widget-image\" data-id=\"f5f61fe\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"759\" height=\"658\" src=\"https:\/\/ad-maiora.fr\/wp-content\/uploads\/2024\/02\/Collecte-.png\" class=\"attachment-full size-full wp-image-4718\" alt=\"\" srcset=\"https:\/\/ad-maiora.fr\/wp-content\/uploads\/2024\/02\/Collecte-.png 759w, https:\/\/ad-maiora.fr\/wp-content\/uploads\/2024\/02\/Collecte--300x260.png 300w\" sizes=\"(max-width: 759px) 100vw, 759px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-823eb7f elementor-widget elementor-widget-heading\" data-id=\"823eb7f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Le taux d\u2019endettement <\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5821c9a elementor-widget elementor-widget-text-editor\" data-id=\"5821c9a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Le <strong>recours \u00e0 l&rsquo;endettement<\/strong> peut \u00eatre une aubaine pour les SCPI, lorsqu&rsquo;elles profitent de pr\u00eats amortissables \u00e0 des <strong>taux d&rsquo;int\u00e9r\u00eat bas voire tr\u00e8s bas<\/strong>.\u00a0<\/p><p>Il faut toutefois se poser la question du <strong>rendement<\/strong>, si l\u2019effet de levier du cr\u00e9dit n&rsquo;est plus au rendez-vous &#8211; <em>\u00a0ie. les taux sont \u00e9lev\u00e9s<\/em>. Pour s&rsquo;en rendre compte, sachez que 5 % d\u2019effet de levier, en emprunt amortissable, c\u2019est environ 0,15 points de rendement locatif en plus \u00a0pour une SCPI, lorsque les taux sont inf\u00e9rieurs \u00e0 1.50 %.\u00a0<\/p><p>Il faut aussi et surtout s\u2019interroger sur l\u2019\u00e9tat des <strong>pr\u00eats in-fine<\/strong> et leurs <strong>\u00e9ch\u00e9ances<\/strong>. En effet, la majorit\u00e9 de ces pr\u00eats sont reconduits \u00e0 leur \u00e9ch\u00e9ance. Si celle-ci intervient dans les prochains mois, les choix ne seront pas tr\u00e8s favorables :\u00a0<\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\">Prolonger le pr\u00eat \u00e0 des taux biens plus \u00e9lev\u00e9s,\u00a0<\/li><li style=\"font-weight: 400;\" aria-level=\"1\">Vendre un ou des biens pour rembourser le pr\u00eat <em>&#8211; \u00e0 quel prix ?\u00a0<\/em><\/li><li style=\"font-weight: 400;\" aria-level=\"1\">Utiliser la tr\u00e9sorerie pour rembourser le pr\u00eat <em>&#8211; au lieu de l\u2019utiliser pour acheter des biens plus rentables.<br \/><\/em> \u00a0<\/li><\/ul><p>Ne soyons pas r\u00e9ducteurs, la liste n&rsquo;est pas exhaustive. Il s&rsquo;agit de crit\u00e8res d\u00e9terminants mais n&rsquo;oublions pas les autres \u00e9l\u00e9ments n\u00e9cessaires \u00e0 la bonne appr\u00e9ciation d\u2019une SCPI : la qualit\u00e9 du patrimoine acquis, la dur\u00e9e r\u00e9siduelle des baux, le report \u00e0 nouveau, les provisions pour gros travaux, etc\u2026<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7961222 elementor-widget elementor-widget-heading\" data-id=\"7961222\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Une p\u00e9riode particuli\u00e8rement faste pour les nouvelles SCPI<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-40c3a6f elementor-widget elementor-widget-text-editor\" data-id=\"40c3a6f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Pendant de nombreuses ann\u00e9es, les clients nous ont entendu dire que la force d\u2019une SCPI r\u00e9sidait, notamment, dans la <strong>diversification<\/strong> qu\u2019elle apportait de par sa <strong>taille<\/strong>. Nous attendions donc toujours qu\u2019une SCPI passe le seuil de<strong> 200 millions d\u2019euros<\/strong>\u00a0de capitalisation pour commencer \u00e0 nous y int\u00e9resser.<\/p><p>Toutefois, les SCPI avec les capitalisations les plus importantes sont aussi souvent les v\u00e9hicules <strong>les plus anciens,\u00a0<\/strong>et poss\u00e8dent un <strong>stock d\u2019immobilier<\/strong> qui a tendance \u00e0 se <strong>d\u00e9valoriser<\/strong> pour toutes les raisons \u00e9voqu\u00e9es pr\u00e9c\u00e9demment. Loin d&rsquo;\u00eatre une g\u00e9n\u00e9ralit\u00e9 sur le march\u00e9, c\u2019est tout de m\u00eame un constat assez simple \u00e0 r\u00e9aliser.\u00a0<\/p><p>D&rsquo;ailleurs, si nous faisons r\u00e9f\u00e9rence aux \u201c<strong>gros porteurs<\/strong>\u201d, une SCPI de 3 ou 4 milliards d&rsquo;euros de capitalisation est susceptible de devoir g\u00e9rer des <strong>demandes de retraits<\/strong> de plusieurs centaines de millions d\u2019euros. Et alors que, ces m\u00eames SCPI ne sont pas forc\u00e9ment celles qui attirent le plus de collecte aujourd\u2019hui.\u00a0<\/p><p>On peut donc se retrouver face \u00e0 des <strong>situations<\/strong> plut\u00f4t <strong>difficiles<\/strong> pour certaines d\u2019entre elles, voire une vraie descente aux enfers via un <strong>effet boule de neige<\/strong> :\u00a0<\/p><ol><li style=\"font-weight: 400;\" aria-level=\"1\">Le v\u00e9hicule se dirige vers une baisse de la valeur des actifs. \u00a0<\/li><li style=\"font-weight: 400;\" aria-level=\"1\">Les gros porteurs demandent \u00e0 sortir.\u00a0<\/li><li style=\"font-weight: 400;\" aria-level=\"1\">Le prix de la part baisse. \u00a0<\/li><li style=\"font-weight: 400;\" aria-level=\"1\">Les petits porteurs demandent \u00e0 sortir.\u00a0<\/li><li style=\"font-weight: 400;\" aria-level=\"1\">La SCPI est oblig\u00e9e de vendre des biens dans la pire p\u00e9riode pour financer les sorties. \u00a0<\/li><li style=\"font-weight: 400;\" aria-level=\"1\">D\u2019autres porteurs demandent \u00e0 sortir. \u00a0<\/li><li style=\"font-weight: 400;\" aria-level=\"1\">Le prix de la part baisse. \u00a0<\/li><li style=\"font-weight: 400;\" aria-level=\"1\">\u2026\u00a0<\/li><\/ol><p>On comprend donc assez vite qu&rsquo;il est plus favorable de se positionner sur des SCPI<strong> plus r\u00e9centes<\/strong>, moins sensibles au risque de subir des retraits massifs et des baisses de valorisation. <br \/>Revenons tout de m\u00eame sur le point 2 de l&rsquo;exemple (<em>l\u2019impact des gros porteurs<\/em>). Si une SCPI d\u2019une taille significative a acquis un patrimoine qui ne s\u2019est pas d\u00e9valoris\u00e9, qu\u2019elle ne subit pas les demandes de retrait des gros porteurs et qu\u2019elle reste sur une collecte nette positive, alors elle doit continuer \u00e0 \u00eatre prise en compte dans une r\u00e9flexion d&rsquo;acquisition de nos jours. Ce n&rsquo;est pas <strong>l&rsquo;anciennet\u00e9<\/strong> de la SCPI qui est d\u00e9terminante, bien qu&rsquo;elle puisse \u00eatre un <strong>indicateur<\/strong> \u00e0 surveiller. On se base toujours sur les crit\u00e8res d\u00e9velopp\u00e9s plus haut.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4667eae elementor-widget elementor-widget-text-editor\" data-id=\"4667eae\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Gr\u00e2ce \u00e0 l\u2019acquisition de biens d\u00e9cot\u00e9s dans la p\u00e9riode actuelle, les SCPI en phase d\u2019acquisition offrent deux avantages aux investisseurs :\u00a0<\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\">Des rendements cl\u00e9s en main plus \u00e9lev\u00e9s. Il n\u2019est pas rare de voir des rendements compris entre 6 et 7 %.\u00a0<\/li><li style=\"font-weight: 400;\" aria-level=\"1\">Un potentiel de valorisation des actifs \u00e0 la hausse, lorsque la baisse des taux sera engag\u00e9e. N\u2019oublions pas l\u2019exemple du d\u00e9but de l&rsquo;article :\u00a0<\/li><\/ul><p>\u00ab\u00a0Fatalement, il faut donc jouer sur un deuxi\u00e8me point pour optimiser la rentabilit\u00e9 : la <strong>valorisation<\/strong> du bien \u2026 47.686 \u20ac \/ 6 % conduit \u00e0 une valorisation de <strong>794.766 \u20ac<\/strong>.\u00a0Pour r\u00e9pondre aux attentes des investisseurs, la valeur du bien doit donc chuter de 1.000.000 \u20ac \u00e0 794.766 \u20ac (<em>soit une baisse de plus de 20 %<\/em>).\u00a0<\/p><p>M\u00eame si cet exemple est un peu extr\u00eame et simplificateur, il permet de comprendre en partie les <strong>mouvements<\/strong> des valorisations. Si &#8211;<em> dans un futur proche en principe<\/em> &#8211; les taux baissent, que les investisseurs attendent une rentabilit\u00e9 \u00e0 5.20 %, alors le bien sera valoris\u00e9 \u00e0 917.038 \u20ac dans ce cas.\u00a0\u00bb<\/p><p>En reprenant ces chiffres, une SCPI ayant fait l\u2019acquisition de ce bien \u00e0 794.766 \u20ac, pourrait constater une \u00e9volution de plus de 15,38 % de la valeur de l\u2019actif, dans l&rsquo;hypoth\u00e8se d\u2019une hausse de la valorisation gr\u00e2ce aux nouvelles attentes de rendement des investisseurs.\u00a0<\/p><p>Comme d\u00e9velopp\u00e9 plus haut, il n\u2019y a pas que le facteur \u201cnouveau\u201d \u00e0 regarder pour les SCPI, il faut s\u2019assurer de tr\u00e8s nombreux \u00e9l\u00e9ments et notamment du s\u00e9rieux des g\u00e9rants et de leur connaissance du march\u00e9.\u00a0<\/p><p>Les SCPI ayant toute notre attention vous seront pr\u00e9sent\u00e9es dans une lettre d\u2019opportunit\u00e9 dans les prochaines semaines.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e85dd60 elementor-section-content-middle elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"e85dd60\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-custom\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e7bdaba elementor-invisible\" data-id=\"e7bdaba\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;animation&quot;:&quot;slideInUp&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9f0acd2 elementor-widget-divider--view-line_icon elementor-view-default elementor-widget-divider--element-align-center elementor-widget elementor-widget-divider\" data-id=\"9f0acd2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon elementor-divider__element\">\n\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" id=\"Calque_1\" x=\"0px\" y=\"0px\" viewBox=\"0 0 500 350.9\" style=\"enable-background:new 0 0 500 350.9;\" xml:space=\"preserve\"><style type=\"text\/css\">\t.st0{fill:#BA7F57;}<\/style><g>\t<path class=\"st0\" d=\"M138.7,201.8c-13.1-5.6-27.9-8.7-43.8-8.7C42.4,193.2,0,228.3,0,271.9c0,43.5,42.4,78.7,94.9,78.7  c15.9,0,30.7-3.1,43.8-8.7c-30.4-13.1-51.4-39.6-51.4-70.1C87.4,241.4,108.3,215.2,138.7,201.8z\"><\/path>\t<path class=\"st0\" d=\"M237.5,314.4c-35.4-41.9-48.4-101-28.8-156.4c5.9-16.5,14.5-31.4,24.9-44.6c-8.9-24.4-32.2-42-59.7-42  c-7.5,0-15.1,1.4-22.1,4.2v41.9v33.2v135.4c0,35.2,28.5,63.6,63.6,63.6c12.2,0,24-3.6,34.2-10c1.7-1.1,3.5-2.1,5.2-3.4l2.8-2.2  C250.3,328.1,243.6,321.5,237.5,314.4z\"><\/path>\t<path class=\"st0\" d=\"M74.7,160.6c24.8,0,44.8-20.1,44.8-44.8c0-24.8-20.1-44.8-44.8-44.8S29.8,91,29.8,115.8  C29.8,140.5,49.9,160.6,74.7,160.6z\"><\/path>\t<path class=\"st0\" d=\"M317.2,164.4c14.8-41.6,47.4-71.7,86-85.1c-71.7-24-149.9,13.7-175.6,85.4c-25.7,72.6,12.3,152.4,84.9,178.1  c31,11.2,63.4,10.3,92.1,0.6c-0.8-0.3-1.7-0.6-2.5-0.8C329.5,316.5,291.5,237,317.2,164.4z\"><\/path>\t<path class=\"st0\" d=\"M413.8,260.3c0,47.5,38,87.2,85.5,87.3c0.2,0,0.5,0,0.7,0V0h-86.2V260.3z\"><\/path><\/g><\/svg><\/div>\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7ef0b9e elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7ef0b9e\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-custom\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a70e07a\" data-id=\"a70e07a\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div 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elementor-posts__hover-none elementor-grid-3 elementor-grid-mobile-1 elementor-posts--thumbnail-top elementor-widget elementor-widget-posts\" data-id=\"1c5f385\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;cards_columns_tablet&quot;:&quot;1&quot;,&quot;cards_row_gap&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:30,&quot;sizes&quot;:[]},&quot;pagination_type&quot;:&quot;numbers&quot;,&quot;cards_columns&quot;:&quot;3&quot;,&quot;cards_columns_mobile&quot;:&quot;1&quot;,&quot;cards_row_gap_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;cards_row_gap_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]}}\" data-widget_type=\"posts.cards\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-posts-container elementor-posts elementor-posts--skin-cards elementor-grid\" role=\"list\">\n\t\t\t\t<article 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class=\"elementor-post__text\">\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/article>\n\t\t\t\t<\/div>\n\t\t\n\t\t\t\t<div class=\"e-load-more-anchor\" data-page=\"1\" data-max-page=\"8\" data-next-page=\"https:\/\/ad-maiora.fr\/index.php\/wp-json\/wp\/v2\/posts\/4598\/page\/2\/\"><\/div>\n\t\t\t\t<nav class=\"elementor-pagination\" aria-label=\"Pagination\">\n\t\t\t<span aria-current=\"page\" class=\"page-numbers current\"><span class=\"elementor-screen-only\">Page<\/span>1<\/span>\n<a class=\"page-numbers\" href=\"https:\/\/ad-maiora.fr\/index.php\/wp-json\/wp\/v2\/posts\/4598\/page\/2\/\"><span class=\"elementor-screen-only\">Page<\/span>2<\/a>\n<a class=\"page-numbers\" href=\"https:\/\/ad-maiora.fr\/index.php\/wp-json\/wp\/v2\/posts\/4598\/page\/3\/\"><span class=\"elementor-screen-only\">Page<\/span>3<\/a>\n<span class=\"page-numbers dots\">\u2026<\/span>\n<a class=\"page-numbers\" href=\"https:\/\/ad-maiora.fr\/index.php\/wp-json\/wp\/v2\/posts\/4598\/page\/8\/\"><span 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data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b72888c\" data-id=\"b72888c\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5206250 elementor-headline--style-rotate elementor-widget elementor-widget-animated-headline\" data-id=\"5206250\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;headline_style&quot;:&quot;rotate&quot;,&quot;animation_type&quot;:&quot;slide&quot;,&quot;rotating_text&quot;:&quot;Nos r\\u00e9dactions \\nNos opportunit\\u00e9s \\nNos recherches&quot;,&quot;loop&quot;:&quot;yes&quot;,&quot;rotate_iteration_delay&quot;:2500}\" data-widget_type=\"animated-headline.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h2 class=\"elementor-headline elementor-headline-animation-type-slide\">\n\t\t\t\t\t<span class=\"elementor-headline-plain-text elementor-headline-text-wrapper\">AD maiora<br><\/span>\n\t\t\t\t<span class=\"elementor-headline-dynamic-wrapper elementor-headline-text-wrapper\">\n\t\t\t\t\t<span class=\"elementor-headline-dynamic-text elementor-headline-text-active\">\n\t\t\t\tNos&nbsp;r\u00e9dactions&nbsp;\t\t\t<\/span>\n\t\t\t\t\t<span class=\"elementor-headline-dynamic-text\">\n\t\t\t\tNos&nbsp;opportunit\u00e9s&nbsp;\t\t\t<\/span>\n\t\t\t\t\t<span class=\"elementor-headline-dynamic-text\">\n\t\t\t\tNos&nbsp;recherches\t\t\t<\/span>\n\t\t\t\t\t\t<\/span>\n\t\t\t\t<\/h2>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-efc2e68 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"efc2e68\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-33522d2\" data-id=\"33522d2\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-03922db elementor-section-height-min-height elementor-section-boxed elementor-section-height-default\" data-id=\"03922db\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-wider\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-66b98ca\" data-id=\"66b98ca\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b678d9a elementor-widget elementor-widget-text-editor\" data-id=\"b678d9a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p dir=\"ltr\">et si on parlait<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-7ab839f\" data-id=\"7ab839f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-62aa665 elementor-align-left elementor-widget elementor-widget-button\" data-id=\"62aa665\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-lg\" href=\"#\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"far fa-comment\"><\/i>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">parlons-en<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<footer class=\"elementor-section elementor-top-section elementor-element elementor-element-7b3560e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7b3560e\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d3e2855\" data-id=\"d3e2855\" 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data-widget_type=\"icon.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-wrapper\">\n\t\t\t<div class=\"elementor-icon\">\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" id=\"Calque_1\" x=\"0px\" y=\"0px\" viewBox=\"0 0 500 350.9\" style=\"enable-background:new 0 0 500 350.9;\" xml:space=\"preserve\"><style type=\"text\/css\">\t.st0{fill:#BA7F57;}<\/style><g>\t<path class=\"st0\" d=\"M138.7,201.8c-13.1-5.6-27.9-8.7-43.8-8.7C42.4,193.2,0,228.3,0,271.9c0,43.5,42.4,78.7,94.9,78.7  c15.9,0,30.7-3.1,43.8-8.7c-30.4-13.1-51.4-39.6-51.4-70.1C87.4,241.4,108.3,215.2,138.7,201.8z\"><\/path>\t<path class=\"st0\" d=\"M237.5,314.4c-35.4-41.9-48.4-101-28.8-156.4c5.9-16.5,14.5-31.4,24.9-44.6c-8.9-24.4-32.2-42-59.7-42  c-7.5,0-15.1,1.4-22.1,4.2v41.9v33.2v135.4c0,35.2,28.5,63.6,63.6,63.6c12.2,0,24-3.6,34.2-10c1.7-1.1,3.5-2.1,5.2-3.4l2.8-2.2  C250.3,328.1,243.6,321.5,237.5,314.4z\"><\/path>\t<path class=\"st0\" d=\"M74.7,160.6c24.8,0,44.8-20.1,44.8-44.8c0-24.8-20.1-44.8-44.8-44.8S29.8,91,29.8,115.8  C29.8,140.5,49.9,160.6,74.7,160.6z\"><\/path>\t<path class=\"st0\" d=\"M317.2,164.4c14.8-41.6,47.4-71.7,86-85.1c-71.7-24-149.9,13.7-175.6,85.4c-25.7,72.6,12.3,152.4,84.9,178.1  c31,11.2,63.4,10.3,92.1,0.6c-0.8-0.3-1.7-0.6-2.5-0.8C329.5,316.5,291.5,237,317.2,164.4z\"><\/path>\t<path class=\"st0\" d=\"M413.8,260.3c0,47.5,38,87.2,85.5,87.3c0.2,0,0.5,0,0.7,0V0h-86.2V260.3z\"><\/path><\/g><\/svg>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-inner-column elementor-element elementor-element-8a98dd5 elementor-hidden-mobile elementor-hidden-tablet\" data-id=\"8a98dd5\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-69a1f96 elementor-widget elementor-widget-text-editor\" data-id=\"69a1f96\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Conseiller en investissement financier et courtier d&rsquo;assurance enregistr\u00e9 au Registre unique des interm\u00e9diaires en assurance, banque et finance sous le num\u00e9ro 22004293 (www.orias.fr) en qualit\u00e9 d&rsquo;adh\u00e9rent de la<br \/>Chambre nationale des conseils en gestion de patrimoine,<br \/>association agr\u00e9\u00e9e par l\u2019Autorit\u00e9 des march\u00e9s financiers.<\/p><p>SAS au capital social de 1.000 euros<\/p><p>Immatricul\u00e9e au Registre du Commerce et des Soci\u00e9t\u00e9s de Grenoble sous le num\u00e9ro 915 349 518 RCS GRENOBLE<\/p><p>Si\u00e8ge social situ\u00e9 au 29 Rue des Glairaux 38120 Saint-Egr\u00e8ve<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-inner-column elementor-element elementor-element-14be11e\" data-id=\"14be11e\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b692c19 elementor-widget elementor-widget-heading\" data-id=\"b692c19\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Follow Us<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8753da4 elementor-shape-circle e-grid-align-right elementor-grid-0 elementor-widget elementor-widget-social-icons\" data-id=\"8753da4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"social-icons.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-social-icons-wrapper elementor-grid\" role=\"list\">\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\" role=\"listitem\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-linkedin elementor-repeater-item-43eca71\" href=\"https:\/\/www.linkedin.com\/company\/ad-maiora-gestion-de-patrimoine\/\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Linkedin<\/span>\n\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-linkedin\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\" role=\"listitem\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-instagram elementor-repeater-item-d550229\" href=\"https:\/\/instagram.com\/ad_maiora_patrimoine?igshid=YmMyMTA2M2Y=\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Instagram<\/span>\n\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-instagram\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\" role=\"listitem\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-facebook-f elementor-repeater-item-9758c9c\" href=\"https:\/\/www.facebook.com\/ADMAIORAGestiondePatrimoine\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Facebook-f<\/span>\n\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-facebook-f\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-c03ef3e elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c03ef3e\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-64c8b44\" data-id=\"64c8b44\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9989bc7 elementor-widget elementor-widget-text-editor\" data-id=\"9989bc7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>AD MAIORA \u2022 Gestion de patrimoine \u2022 Tous droits r\u00e9serv\u00e9s \u2022 2022<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-e0a2783\" data-id=\"e0a2783\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8f39abe elementor-widget elementor-widget-text-editor\" data-id=\"8f39abe\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>AD MAIORA <span style=\"color: #ff0000;\">\u2764<\/span><strong> <a href=\"mailto: sodagraphique@gmail.com\">SodaGraphique<\/a><\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/footer>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>AD maiora Nos&nbsp;r\u00e9dactions&nbsp; Nos&nbsp;opportunit\u00e9s&nbsp; Nos&nbsp;recherches \u00ab\u00a0Vers de plus grands projets\u00a0\u00bb SCPI : deux salles,<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"elementor_canvas","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4598","post","type-post","status-publish","format-standard","hentry","category-non-classe"],"_links":{"self":[{"href":"https:\/\/ad-maiora.fr\/index.php\/wp-json\/wp\/v2\/posts\/4598","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ad-maiora.fr\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ad-maiora.fr\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ad-maiora.fr\/index.php\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/ad-maiora.fr\/index.php\/wp-json\/wp\/v2\/comments?post=4598"}],"version-history":[{"count":1,"href":"https:\/\/ad-maiora.fr\/index.php\/wp-json\/wp\/v2\/posts\/4598\/revisions"}],"predecessor-version":[{"id":93856,"href":"https:\/\/ad-maiora.fr\/index.php\/wp-json\/wp\/v2\/posts\/4598\/revisions\/93856"}],"wp:attachment":[{"href":"https:\/\/ad-maiora.fr\/index.php\/wp-json\/wp\/v2\/media?parent=4598"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ad-maiora.fr\/index.php\/wp-json\/wp\/v2\/categories?post=4598"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ad-maiora.fr\/index.php\/wp-json\/wp\/v2\/tags?post=4598"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}