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FUND VIP

THE FUND VIP IS ONE OF THE THREE OLDEST OPEN REAL ESTATE INVESTMENT FUNDS IN PORTUGAL CREATED IN 1987.

It is an open Real Estate Investment Fund that distributes income to thousands of its Participants every 3 months.

For over 30 years, the Fund VIP has remained in the Real Estate Investment Fund group with the highest performance levels.

DAILY UNITS VALUE

9,5967€

LAST DAILY VALUE
2019-10-18
OVER THE PAST 3 MONTHS

MARKETING

The minimum subscription amount is 5 Participation Units (U.P.), in multiples of 5 units for larger amounts.
Commission on subscription: The applicable commission varies depending on the following subscription amounts:

1% for amounts under 2,500,000€;

0,5% for amounts equal to or over 2,500,000€ and under 5,000,000€;

0,25% for amounts equal to or over 5,000,000€ and under 10,000,000€;

0,125% for amounts equal to or over 10,000,000€.

New term – If subscribed until 30th June 2018, no subscription commissions will be charged.

The subscriber has the option of automatically reinvesting net income distributed quarterly into new units, through a written order. Income can only be reinvested if it meets the established minimums (subscriptions equal to or higher than 5 units and in multiples of 5 units). In this case, no subscription commission is applied.

1. Participation units subscribed up to 25 September 2015 are subject to the following settlement periods, based on the amount to be reimbursed:

5 days for amounts up to 10,000€;

10 days for amounts up to 25,000€;

15 days for amounts up to 50,000€;

30 days for amounts up to 125,000€;

60 days for amounts up to 500,000€.

For higher amounts, the payment will be made within 90 days, unless it is necessary to dispose of real estate assets, in which case the settlement period may be extended to up to 12 months.

2. Participation units subscribed after 25 September 2015

Participants may only request the redemption 12 months after the date of the corresponding subscription.

Redemptions will be registered annually on 30 June of each year, at the Participation Unit value published on that day.

To this end, all redemption requests received at least 6 months in advance will be considered, in other words, those made by 31 December of the previous year.

Payment of redemptions will be made on the 5th business day after the registration date mentioned above.

The applicable commission depends on the following holding periods of the Units:

1,5% before 3 years have passed from the subscription date of the units to be reimbursed;

1% after 3 years and before 5 years from the subscription date of the units to be reimbursed;

0.5% after 5 years and before 10 years from the subscription date of the units to be reimbursed;

0,25% after 10 years from the subscription date of the units to be reimbursed.

KEY INVESTOR INFORMATION

INCOME DISTRIBUTION

ACTIVITY REPORTS

The attached reports give a detailed description of the activity of the VIP Fund in the corresponding periods, to allow the Participants, the Supervisory Body, the Auditor and all interested parties to make a reasoned judgement on the FUND, its results and the short-term Outlook.

PROSPECTUS

Key Investor Information – Fund VIP, which includes all the informational elements set forth in the legal regime for Real Estate Investment Funds and CMVM (Portuguese Securities and Exchange Commission) regulations.

VIP FUND PORTFOLIO

Listing of the properties in the Fund.

FAQ'S

What is the Fund VIP?

The Fundo VIP – Valores e Investimentos Prediais, Fundo de Investimento Imobiliário Aberto is an Open Real Estate Investment Fund, with a variable number of participation units.

 

Note:

  • The Real Estate Investment Funds (REIFs) may be open (for income or accumulation), closed or mixed.
  • Investment funds are open when participation units vary in number.
  • Investment funds are closed when there is a fixed number of participation units.
  • Investment funds are mixed when there are two categories of participation units, one fixed in number and the other that varies in number.

 

The Fund VIP was established in 1987 and is one of the oldest open real estate investment funds in Portugal.

 

Real Estate Investment Funds established in Portugal are under the legal regime provided for in Law 16/2015, of 24 February (RGOIC) and the regulation issued by the Portuguese Securities and Exchange Commission and the Bank of Portugal, being subject to the oversight and authority of these two regulatory entities (CMVM and BoP).

Who is the depositary of the VIP Fund?

The depositary institution is the Caixa Económica Montepio Geral (CEMG)

What is the role of the depositary (Montepio Geral)?

Caixa Económica Montepio Geral assumes the monitoring role and ensures compliance with the law and Management Regulation, pays participants their share of Fund VIP income, carries out the Managing Company’s instructions, receives deposits or registers real estate assets of the Fund VIP, keeps an up-to-date chronological listing of all transactions made and prepares a quarterly itemised inventory of the amounts in its keeping, registers the participation units that represent the Fund VIP, completes all the purchases and sales of the Fund VIP securities as commissioned by the managing company, the transactions for collecting interest, dividends and other revenues produced by the Fund, as well as transactions resulting from exercising other patrimonial rights related to those assets.

Who is responsible for trading the Fund VIP?

The Fund VIP is marketed by the depositary entity, the Caixa Económica Montepio Geral, where participation units can be purchased at any branch of that entity, through the opening of an account.

 

The entity receives and fills the subscription and redemption requests, charging the corresponding commissions for each transaction.

 

The Deutsche Bank and BPI guarantee the redemption requests.

What is the investment policy?

The Fund VIP investment policy is guided by the diversification of risk and the search for the highest appreciation of participation units in order to generate a safe and effective yield.

 

Assets that make up Fund VIP equity include real estate properties or units of properties, preference being given to offices, warehouses, business, industry, and establishments for learning, culture, tourism, health and recreation, as well as residential buildings and construction lots.

 

Geographically, the Fund VIP has favoured real estate acquisitions and real estate project developments in the area of Greater Lisbon and Greater Porto, where most of its assets are located.

What is the level of risk associated with the Fund VIP?

The associated risk is low, especially as a result of a risk diversification strategy, carried out through investment in undertakings that do not, individually, represent an excessive share of the fund’s assets, and the fruit of a commitment to secure investments that favour quality and locations in areas with a greater demand.

 

On a scale of 1(min)/6(max), the associated risk is 1.

Is the Fund VIP intended for institutions or individuals?

The Fund VIP is focused on the long-term application of savings for companies and institutions as well as individuals.

Is there a minimum subscription amount?

The minimum subscription amount is 5 participation units (U.P.), with multiples of 5 units for higher amounts.
Each participation unit, at the end of last year, had a value of 9.4441 euros.

Is there a maximum?

No, there is not.

What is the subscription/issuance commission?

At this time, and until the end of 2018, there are no subscription commissions charged.

 

After that time, the subscription commission depends on the amounts applied:

  • 0.125% for amounts equal to or over 10,000,000€.
  • 0.25% for amounts equal to or over 5,000,000€ and under 10,000,000€;
  • 0.5% for amounts equal to or over 2,500,000€ and under 5,000,000€;
  • 1% for amounts under 2,500,000€;
Why are no commissions being charged until the end of the year?

In order to capture new subscriptions, since the exemption of a subscription commission increases the profitability of the investments made in the VIP Fund.

How do redemption commissions work?

The applicable commission depends on the following holding periods of the units:

  • 0.25% after 10 years from the subscription date of the units to be reimbursed
  • 0.5% after 5 years and before 10 years from the subscription date of the units to be reimbursed
  • 1% after 3 years and before 5 years from the subscription date of the units to be reimbursed
  • 1.5% before 3 years have passed from the subscription date of the units to be reimbursed
Where can Participation Units be purchased?

Only at Caixa Económica Montepio Geral.