Immobilier 21
Real Estate · Eurozone · Listed Real Estate
Figures refer to the share class ISIN FR0010540716, currency EUR, retail share class.
Fund documents
For the share class shown above.
Factsheet: not publicly available (not found in the public sources checked).
KID: not publicly available (not found in the public sources checked).
Key facts
- Management company
- Gestion 21
- Asset class
- Real Estate
- Geography
- Eurozone
- Strategy
- Listed Real Estate
- Share class currency
- EUR
- Share class inception
- 27.11.2007
- Fund size
- 90 million (as at 14.09.2026)
- Management fee
- 1.40%
- Performance fee
- Yes
- Liquidity
- Not available in this publication
- UCITS
- Yes
- Risk grade (SRRI)
- Not available in this publication
- Registered in Switzerland
- No (qualified investors only)
Price history
Fund and benchmark rebased to 100 at 30.09.2021.
Table view
| Period | From | Fund (100 at start) | Benchmark (100 at start) |
|---|---|---|---|
| 1Y | 03.10.2025 | 88.2 | 90.3 |
| 3Y | 29.09.2023 | 120.9 | 110.2 |
| 5Y | 30.09.2021 | 89.8 | 64.2 |
| Since 2007 | 30.09.2016 | 86.9 | 71.8 |
Total return: distributions reinvested.
In EUR, the currency of the share class shown.
Fund history to 28.09.2026.
Benchmark history to 28.09.2026.
Past performance is not a reliable indicator of future results, and the value of investments can fall as well as rise.
Performance against the benchmark
| 1M | 3M | 6M | YTD | 2025 | 2024 | 2023 | 1Y | 3Y | 5Y | Volatility | Sharpe R. | Max DD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FundISIN FR0010540716, currency EUR, retail share class | -6.04 | -5.55 | -12.92 | -2.20 | 10.17 | 2.52 | 21.04 | -5.66 | 8.22 | -2.07 | 19.86 | 0.36 | -13.93 |
| BenchmarkEuropean property (tracker proxy) EUR | -4.52 | -6.81 | -14.94 | -3.37 | 5.07 | -2.99 | 13.75 | -4.79 | 4.88 | -8.42 | 19.92 | 0.20 | -14.94 |
| Differencefund minus benchmark, in percentage points | -1.52 | 1.26 | 2.01 | 1.17 | 5.10 | 5.50 | 7.29 | -0.88 | 3.34 | 6.36 | – | – | – |
Within the list: OpenList — Real Assets
Compared with the real estate funds on OpenList — Real Assets (5 funds), each in the share class and currency its list shows. Returns are in each share class's own currency and are not converted.
| This fund | Group median | Position | |
|---|---|---|---|
| Return 1Y | -5.66 | 1.91 | 5 of 5 |
| Return 3Y p.a. | 8.22 | 10.21 | 4 of 5 |
| 3Y p.a. over its own benchmark | 3.34 | 4.58 | 4 of 5 |
| Volatility 3Y | 19.86 | 15.57 | 5 of 5 |
| Sharpe ratio 3Y | 0.36 | 0.41 | 4 of 5 |
| Max drawdown 3Y | -13.93 | -12.00 | 4 of 5 |
| Management fee | 1.40% | 0.80% | 4 of 5 |
Position 1 is the highest value, except for volatility and the management fee, where 1 is the lowest; for max drawdown, 1 is the smallest fall.
Return against risk, 3 years
WSP report
Ask WSP which research is available for this fund and what it covers.
Enquire about WSP researchBack to the list: OpenList — Real Assets
Performance: in %, in the currency of the share class shown. 3Y and 5Y are annualised. Volatility and Sharpe ratio are over three years; Max DD is the largest fall over three years.
Benchmark: each fund is measured against the index its own documents name. Where WSP measures a fund against a comparator of its own instead, the row names it: a tracker or a blend of the markets the fund invests in, or a cash-plus hurdle
– means not applicable. "Not available in this publication" means no value is shown here; it does not mean zero.
Period figures as of 31.08.2026.
This page is advertising within the meaning of the Swiss Financial Services Act. It is not an offer, a recommendation or investment advice. The prospectus and key information document for any fund shown may be obtained free of charge from its management company or Swiss representative
WSP commentary
Draft commentary, machine-generated from the fund's fund document, not yet reviewed by WSP.
Investment rationale
IMMOBILIER 21 is a French UCITS equity fund designed to give long-term exposure to listed real estate companies in the Eurozone, with a recommended holding period of more than five years. Its stated objective is to achieve the best possible performance both in absolute terms and relative to the listed property market, while also pursuing ESG Climate performance. The fund is aimed at investors seeking exposure to Eurozone listed real estate and who understand the risks inherent in equity markets; A shares are intended more particularly for private individuals and I shares for institutional investors. Given its concentrated, sector-specific exposure to quoted property companies and possible small-cap bias, it is a distinct and specialized choice rather than a broad diversified equity allocation.
Investment strategy
The fund is classified as Eurozone equities and invests mainly in listed real estate companies in order to provide indirect exposure to the property sector and to the rents received by Eurozone listed property companies. It invests at least 75% and up to 100% of net assets in Eurozone real estate equities, may invest up to 10% in non-Eurozone equities, up to 25% in Eurozone investment-grade debt securities and money-market instruments, up to 10% in units or shares of UCITS/FIA/trackers/ETFs, and may hold up to 10% cash. It may use listed futures and options up to 100% of assets for equity-risk hedging, and may hold up to 10% in embedded-derivative instruments such as warrants, subscription rights, allocation rights and convertible bonds; securities lending and repo/reverse repo operations are limited to 10% of assets. The reference index is the FTSE EPRA Nareit Eurozone Capped Net Return index, used as an ex-post comparison only, with portfolio weights set by management conviction and potentially diverging significantly from the index. The fund offers capitalisation shares (IC, AC) and distribution shares (ID, AD), is SFDR Article 8, and the recommended investment horizon is more than five years.
Investment philosophy
• The investment universe is a focused set of about 70 Eurozone listed real estate companies that the management team actively follows and has historically analyzed in depth; portfolio construction can result in a limited number of holdings, typically 25 to 30 stocks.
• Stock selection combines financial and extra-financial analysis. Financial criteria include balance sheet strength, cash flow, growth, valuation, property portfolio positioning by asset type and geography, management quality, and comparative valuation based on sustainable cash flows.
• The process has a clear value/cash-flow bias: GESTION 21 emphasizes the capacity of companies to generate solid and durable results, while expected growth plays only a limited role apart from organic growth. The firm also uses proprietary indicators, including a prospective vacancy-rate measure and a critical interest-rate indicator that identifies the theoretical rate level at which cash flow becomes nil.
• ESG is integrated directly into security analysis and line sizing through an internal rating tool combining quantitative and qualitative scoring. The Environment pillar is overweighted at 60%, with Social and Human Rights at 20% and Governance at 20%; the quantitative score is based on eight indicators, including carbon intensity, energy efficiency, certified surface area, training metrics, Global Compact signature, ESG-linked executive pay and board attendance.
• The fund commits to maintaining a weighted average ESG score above a reference universe adjusted for the worst 20% ESG scores, with ESG score coverage above 90% of the portfolio and uncertified/unrated assets limited to 10%. It also targets a higher level of environmental certification than the universe and aims to outperform its reference universe on carbon intensity, greenhouse-gas intensity and gender diversity in governance bodies, while respecting asset-level limits on non-Eurozone equities, debt securities, embedded derivatives, borrowing and temporary securities transactions.
The asset manager
The management company is GESTION 21 SA, located at 8 rue Volney, 75002 Paris. It is a portfolio management company authorized by the AMF on 31 July 2007 under number GP-07000020. The prospectus presents GESTION 21 as the manager and distributor of the fund, and describes a long-standing specialization in deep analysis of around 70 listed real estate companies in the Eurozone. The same firm is also the contact point for annual and periodic reports and ESG-related documents.
Strengths
A defining feature of IMMOBILIER 21 is its narrow specialization in Eurozone listed property companies combined with a concentrated portfolio built from a deeply researched universe of around 70 names. The process also stands out for its proprietary real estate indicators, notably the prospective vacancy-rate measure and the critical interest-rate measure, which are tailored to listed property companies. ESG integration is unusually explicit for this sector focus, with a 60% weighting to the Environment pillar, climate-oriented objectives, and portfolio-level commitments on ESG score, certifications, carbon indicators and governance diversity. The fund also has a detailed liquidity framework, including J+3 redemptions, daily and monthly liquidity monitoring, restrictions on new investments in companies whose market capitalization is below fund size, and a gate mechanism triggered if net redemptions exceed 5% of net assets.
Risks
The prospectus identifies risk of capital loss, as the fund offers no capital guarantee. Its main structural risks come from equity-market exposure of at least 75% and up to 100% to listed real estate shares, creating both general equity risk and sector concentration risk tied specifically to property stocks. Liquidity risk is relevant because the portfolio may invest in small-cap companies and is concentrated in roughly 25 to 30 holdings, which may force sales at lower prices when market demand is insufficient. Additional named risks are discretionary management risk, currency risk on non-Eurozone exposure capped at 10%, interest-rate risk and credit risk on the debt and money-market bucket limited to 25%, sustainability risk under SFDR, and risk linked to ESG integration, which may affect returns on the financial instruments held.