What Norma Capital does

Norma Capital is a French AMF-regulated portfolio management company (Société de Gestion de Portefeuille, SAS) founded in 2015 and headquartered in 75008 Paris, with a secondary office in Nantes. It specializes in the portfolio, asset, and property management of SCPI (Société Civile de Placement Immobilier) vehicles — French real estate investment trusts — and serves primarily individual French savers, complemented by professional and institutional clients. As of 31/03/2026, the company manages approximately €1.29 billion of SCPI assets under management across 31,162 investor-shareholders (associés) and 253 buildings covering more than 574,608 m². The product range comprises three ISR Immobilier-labelled public SCPIs: NCap Régions (diversified French regional real estate, €1,097.1M capitalization, 7.51% 2025 PGA), NCap Éducation Santé (thematic education and healthcare real estate, €116.7M capitalization, 4.52% 2025 PGA gross of foreign tax), and NCap Continent (European real estate across Spain, UK, and Germany, €71.5M capitalization, 7.10% 2025 PGA). Professional clients are served through OPPCI vehicles and club-deal solutions, and a programmed savings offering allows recurring contributions from €50/month.

The company's technology and operating model center on an internalized SCPI management platform with a regional investment footprint, a 100% digital subscription workflow dedicated to wealth management advisors via the Mipise platform (launched March 2021), a secured subscriber-facing portal ('Mon espace' at monespace.normacapital.fr), and a proprietary annual market intelligence instrument — the Baromètre Investissements & SCPI — co-produced with Occurrence IFOP based on a survey of 1,115 French savers, which directly informed the generalization of monthly dividend payments from February 2026. Go-to-market is hybrid: direct-to-consumer via the company website (advisor-led online subscription), inside sales through a commercial phone line (01 42 93 00 77), channel distribution through the CGP/CIF network on Mipise, and a digital SCPI marketplace partnership with Homunity, supplemented by real estate developer partnerships (REALITES for MedCorner City health poles, Carrere for enterprise real estate sourcing). Revenue is generated primarily through recurring asset-based management fees on SCPI AUM, supplemented by one-time subscription/entry fees, programmed savings flows, dividend reinvestment, and transaction/acquisition fees on portfolio deals.

Name

Norma Capital

Legal name

Norma Capital (Société par Actions Simplifiée)

Website

https://normacapital.fr

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

Norma Capital is a Paris-based, AMF-regulated French SCPI management company founded in 2015, managing three ISR-labelled public SCPIs (NCap Régions, NCap Éducation Santé, NCap Continent) with ~€1.29B AUM across French and European real estate, serving 31,162 individual savers and professional clients.

Ownership category

akta.pro rank

Product category

Real Estate Asset Management

NAICS

Offices of Real Estate Agents and Brokers (53121)

SIC

Real Estate (6500)

akta.pro primary industry

Commercial Real Estate Asset Management (BPAJAMAB)

akta.pro secondary industries

Debt & Structured Finance / Mortgage Brokerage (BPAJABAK), Real Estate Capital Markets Advisory (Debt/Equity Placement, Refinancing) (BPAJANAE), Corporate Finance & Capital Advisory (BPAHADAB)

Keywords

• SCPI management
• Real estate investment
• Asset management
• Property investment funds
• Wealth management solutions

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Recurring management fees on SCPI AUM: Ongoing asset-based fees on the SCPI portfolios under management (NCap Régions, NCap Education Santé, NCap Continent), generating a recurring revenue stream tied to ~€1.29B AUM as of 31/03/2026.
2. SCPI subscription (entry) fees: One-off subscription/entry fees paid by investors on new SCPI part acquisitions, contributing to revenue at each primary subscription.
3. Professional services for institutional/professional clients (OPPCI, club deals): Tailored investment solutions for professionals via OPPCI vehicles and club deals, complementing Grand Public SCPI revenue.
4. Programmed savings (versements programmés) and dividend reinvestment services: Recurring investment flows from programmed savings (dès 50€/mois) and automatic dividend reinvestment, expanding recurring subscription-based revenue.
5. Acquisition and transaction-related fees: Fees associated with asset acquisitions and ongoing portfolio transactions across French and European real estate assets.

Pricing tiers

Go-to-market motion5 records

Distribution channels5 records

Marketing channels8 records

Core offering

Norma Capital is a French AMF-regulated portfolio management company (Société de Gestion de Portefeuille) that manages three ISR Immobilier-labelled SCPIs — NCap Régions (diversified French regional real estate), NCap Éducation Santé (education and healthcare real estate), and NCap Continent (European real estate in Spain, UK, Germany). It sells SCPI units to individual savers and professional investors, manages the underlying real estate portfolio, and provides supporting services including programmed savings, dividend reinvestment, and OPPCI/club-deal solutions for institutional clients.

Differentiator

Problem solved

Functional benefit

Brands

• NCap Régions: Diversified SCPI focused on French regional real estate; previously known as Vendôme Régions. PGA/distribution rate 7.51%, capitalization €1,097.1M, ticket €3,410 (5 parts at €682).
• NCap Education Santé
• NCap Continent

Products and services

• NCap Régions Diversified French regional SCPI investing in offices, retail, business premises, education and healthcare properties across France. As of 31/03/2026: 2025 PGA/distribution rate of 7.51%, 5-year TRI of 5.44%, capitalization of €1,097.1M, minimum entry of 5 parts at €682 = €3,410. ISR Immobilier-labelled. Available to individual savers and professional investors.
• NCap Éducation Santé Thematic SCPI dedicated to education and healthcare real estate (clinics, medical centres, EHPAD, schools, vocational training). As of 31/03/2026: 2025 gross distribution rate of 4.52%, distribution rate of 2.87%, capitalization of €116.7M, minimum entry of 5 parts at €202 = €1,010. ISR Immobilier-labelled. Part of the unified NCap Grand Public range.
• NCap Continent European SCPI investing outside France in offices, business premises and retail across Spain, the United Kingdom and Germany. As of 31/03/2026: 2025 PGA of 7.10%, capitalization of €71.5M, minimum entry of 10 parts at €210 = €2,100. ISR Immobilier-labelled. Part of the unified NCap Grand Public range.
• Épargne programmée (programmed savings) Subscription programme allowing savers to invest progressively in Norma Capital's SCPIs through periodic payments (monthly, quarterly, semi-annual or annual) from €50/month. Full freedom to modify, suspend or terminate without duration commitment. Requires minimum initial subscription of 5 parts (NCap Régions, NCap Éducation Santé) or 10 parts (NCap Continent).
• OPPCI vehicles and club-deal solutions for professional clients Tailored real estate investment solutions for professional and institutional clients via OPPCI (Organisme de Placement Professionnel Collectif Immobilier) vehicles and club-deal structures, complementing the Grand Public SCPI range.

Quantifiable outcome

• ~€1.29 billion in SCPI AUM as of 31/03/2026
• +7 more outcomes

Named customers9 records

Segments6 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Twelve partnerships are on record, tiered core, minor, major and supporting.

• Occurrence IFOPcoreGTM or Marketing Partner · 1 April 2025Co-production partner of the 'Baromètre Investissements & SCPI' — a proprietary annual survey of 1,115 French savers (first wave 30 January – 10 February 2025; results published 22 May 2025; barometer 2025 published 17 June 2026). Used as a market-intelligence and content engine that informs product evolution (e.g., monthly dividends from February 2026).
• LifeazminorOthers · 26 January 2022Partnership announced in January 2022 to offer Norma Capital's tenants the possibility to install life-saving connected devices (defibrillators) — a value-added tenant service initiative.
• Carrere (pôle Immobilier d'entreprise)majorStrategic or Co-development Partner · 10 December 2021Partnership with Carrere's enterprise real estate division signed on 10 December 2021. Provides Norma Capital with structured access to enterprise real estate sourcing and distribution.
• REALITESmajorStrategic or Co-development Partner · 7 December 2021Partnership signed on 7 December 2021 covering the acquisition of the walls (real estate) of future MedCorner City health poles developed by REALITES for Norma Capital's SCPIs. Strengthens the health/education investment thesis (NCap Education Santé).
• OID (Observatoire de l'Immobilier Durable)supportingOthers · 30 March 2021Norma Capital joined the OID on 30 March 2021 as part of its responsible real estate engagement. Supports ESG/ISR benchmarking and reporting.
• MipisecoreTechnology or Integration · 25 March 2021Technology partner providing the 100% digital subscription platform dedicated to CGP/CIF wealth advisors, launched 25 March 2021 to digitalize subscription workflows for Norma Capital's SCPIs.
• Asgard REIMminorOthers · 17 March 2021Counterparty for the acquisition in March 2021 of two office buildings totaling more than 5,600 m² in the Saint-Quentin-en-Yvelines agglomeration for the SCPI Vendôme Régions.
• HomunitycoreChannel Partner/ Reseller/ Distributor · 21 October 2020Partnership to digitalize and democratize the distribution of Norma Capital's SCPIs (Vendôme Régions and Fair Invest). The collaboration enables 100% digital subscription of SCPI units via Homunity's platform and was announced alongside the October 2020 press release 'Norma Capital et Homunity démocratisent la distribution des SCPI'.
• EthiketsupportingOthers · 1 July 2020Society responsible for the ISR Immobilier label referenced in coverage of Norma Capital's responsible investment strategy (mentioned July 2020).
• ASPIM (Association française des Sociétés de Placement Immobilier)supportingOthersIndustry body whose studies and statistics (e.g., 2024 SCPI market data, internationalisation study of November 2025) are referenced as authoritative third-party sources by Norma Capital. Norma Capital is an active industry participant through ASPIM.
• PixalionesupportingOthersAgency responsible for the realisation (design/development) of the normacapital.fr website, as stated in the legal notices.
• OVHsupportingOthersHosting provider for the normacapital.fr website, disclosed in the legal notices.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Sofidy: One of France's largest independent SCPI and real-estate asset managers, running multiple Grand Public SCPIs across offices, retail and logistics. Directly comparable to Norma Capital in product mix (multi-SCPI platform), distribution via CGPs, and target of French retail savers, but at materially larger AUM scale.
• Primonial REIM: Major French real-estate asset manager with a broad SCPI/OPCI range distributed via wealth advisors and digital platforms. Comparable to Norma Capital on multi-vehicle SCPI strategy, ISR-labelling trajectory, and CGP/CIF distribution, but at significantly larger AUM scale.
• Corum Asset Management: French SCPI manager specialised in European commercial real estate, distributed via digital channels. Comparable to Norma Capital's NCap Continent on European investment scope and digital-first distribution model, and to its overall multi-SCPI platform.
• Voisin (Voisin Life / Voisin Foncier): Independent French SCPI manager with a multi-vehicle range distributed via wealth advisors. Comparable to Norma Capital on independent mid-size SCPI platform, CGP distribution, and French retail focus.
• Sogenial Immobilier: Independent French SCPI manager with several thematic and diversified SCPIs distributed via CGP networks. Closely comparable to Norma Capital on size tier, multi-vehicle approach, CGP/CIF focus, and ISR/ESG positioning.
• Perial Asset Management: Long-established French SCPI manager with a diversified SCPI range and ESG-labelled vehicles. Highly comparable to Norma Capital on product architecture (multi-SCPI platform), ISR positioning, and CGP distribution model.
• La Française Real Estate Managers: French SCPI and OPCI manager within the La Française group, with multiple retail SCPI products and ESG-labelled vehicles. Comparable to Norma Capital on multi-SCPI product set, CGP distribution, and ISR focus, with broader group resources.

Broad incumbents

• Amundi Immobilier: Real-estate arm of Amundi, one of Europe's largest asset managers, with a wide SCPI/OPCI and institutional range. Operates in the same French SCPI category as Norma Capital but as part of a much broader asset-management platform with institutional scale advantages.
• BNP Paribas Real Estate Investment Management: Real-estate investment platform of BNP Paribas covering French and European real estate funds, including SCPIs. Operates broadly in Norma Capital's space but as part of a global banking group, with institutional scale and broader product suite.

Emerging players

• Iroko: French-born SCPI/OPCI manager with a digital-first and European-focused proposition. Comparable to Norma Capital's NCap Continent strategy and digital subscription UX, and to its positioning as a 'neo-SCPI' challenger.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/NormaCapital
• LinkedInlinkedin.com/company/norma-capital

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Norma Capital